“The next six months will be an interesting time for Radio operators,” says Tom Buono, the founder and CEO of BIA Advisory Services. “As we get to the next stage of the pandemic and start to see unemployment numbers drop and businesses re-emerge, Radio is uniquely positioned to benefit from this recovery.”
With those positive sentiments, BIA will host a webinar focused on local radio that’s scheduled for July 14.
“Unlike digital media and many traditional media, Radio has a beacon into local markets and has a personal relationship with its audience,” Buono says. “In addition, the sales professionals at Radio stations have a direct relationship with local advertisers and know the challenges and needs of these businesses. They are often viewed as a trusted advisor to business leaders.”
While the recovery from COVID-19 fueled ad dollar depression will vary from market to market, how a business has been impacted and how well it will emerge from the shutdown will also vary based on the specific service provided, Buono says. “For example, a hairdresser or restaurant may have been much more severely impacted as compared to a B2B provider in which their employees have continued to work from home,” he notes.
As such, Buono believes radio “is the perfect vehicle to announce a new opening or special service or promotion. Given their rate card, they are also better positioned to create awareness for these smaller businesses. And while TV spots will be flooded with political ads in the second half of the year, Radio has, and will have, more avails to promote these recovering businesses.”
As Buono and his team look at the local landscapes, the consensus is that Radio will be successful with a number of key verticals. This includes education, restaurants, legal services, and home services.
More of the positive feels for radio are on tap for the webinar, which starts July 14 at 11am Eastern and is hosted by BIA Managing Director Rick Ducey and Chief Economist Dr. Mark Fratrik.
They’ll share forecast estimates, share of wallet estimates across media, and “Radio’s unique opportunities.”
A guest speaker, Revenue Development Resources President Mark Levy, will also appear.
Details and registration for the BIA webinar can be found here.