Privatisation in 1990s opened up the market and now the options are many and a huge section of the consumer base are tuning in. Internet has opened up the market even more. These are all well described before we will not go into it here. With all the background that we do know, why is radio a relevant and vibrant option for sharing messages in the era of diverse modes of connections?
Balances Discovery and Familiarity
In a post on his blog Seth Godin speaks about the notion of Discovery Fatigue, it speaks of the consumer getting tired of having to discover new things from the pool of unknown and then adding those discoveries to the list of things one has to deal with. In the same blog Godin has written about the demise of radio too where he says that regardless of having access to thousands of radio channels through internet we end up with three or four. However, in a strange case of irony or language constraints he refers to the loyalty that radio channels demand too when he says that regardless of how many radio stations there are we end up with three or four.
Hence, radio now allows for the possibility of discovery while as medium it retains its most characteristic feature, a loyal readership. This point of radio commanding loyalty and trust being a democratic medium in India leads us to the next point.
Radio being a democratic and popular medium with high penetration has the greatest advantage for local businesses with off-site shops. As regional and targeted advertisements have proven to be able to drive consumers to act on the message they receive by bringing them to the doorstep of the business. This trust invested in the message that radio delivers by the consumers especially when it is targeted in the region a business operates, is huge.
Quantitatively speaking ROI is the end game of any business and though radio has seen some of its share in ad budgets fall year by year, it continues to give good if not increasing ad revenues. Also Radio is highly cost-effective when compared to other mediums such as TV. Combine this with the loyal consumer base it can develop by tuning into them when they are receptive to advertisements (when they are on the go) makes radio an important part of advertising strategy.
Incorporating internet based mobile radio applications allows for greater tracking and targeting. The message can then be optimised to the intended consumers, to be received when they are travelling without hindering their schedule. As always it comes down to the creativity of the content in the end.