Most (if not all) businesses' continued viability as an organization relies on public perception of their corporate goodwill. Consumers who view a particular brand favorably are much more likely to buy from that brand than unfamiliar or unfavored competitors. That’s the idea behind corporate goodwill, as it helps companies establish themselves with communities, earning consumer support while themselves supporting their customers.
It should be a top priority for all companies to generate goodwill among their target audience. Since 55% of consumers are more willing to purchase from brands that share their values publicly, business owners must convey their investment in the community. One of the best ways to achieve this is through public radio sponsorship.
What Corporate Goodwill is and Why Companies Need It
Goodwill means something slightly different when discussing it from the company and customer perspectives, but the concepts reflect each other well. Corporate goodwill is the intangible worth that a business has accrued over time as a result of its reputation, brand recognition, positive position in the community and general achievements in the market.
Whereas customer goodwill refers specifically to the value that a business has built up with its customers. It is the intangible benefit a company gains from having a loyal customer base that trusts and values the company's products or services. Customer goodwill can be built through factors such as exceptional customer service, quality products, fair pricing, and personalized attention.
Companies can demonstrate their goodwill and appreciation for the support from the local community by giving back. Proving their commitment to the community creates a loyal, local customer base that will leverage their business repeatedly.
Goodwill marketing can act as a "force multiplier" for your brand, enhancing the appeal and impact of your other marketing efforts. Companies can achieve this through hosting local events, supporting charities, and by and by promoting their brand and efforts on public radio, also known as “sponsorship.”
Earn Goodwill by Adding Public Radio to Your Marketing Strategy
Public radio can be a powerful tool for boosting your goodwill marketing efforts. Businesses that sponsor public radio programming are typically beneficiaries of the so-called "Halo Effect," where consumers view a brand more favorably because of its support of or association with another favored institution. Moreover, as you expand your goodwill marketing campaign via public radio sponsorships, consumers will increasingly view your company as a staple of the community and a local institution to cherish and support.
Public radio's audience are devoted listeners who disproportionately care and connect to their communities. Supporting public radio by promoting your brand on air contributes to developing an educated community that benefits from unbiased journalism and entertainment. You can build goodwill with customers who feel passionate and are likely to make a significant difference in their communities.
Audiences Trust Public Radio
Audiences tend to place greater trust in public radio than most other forms of media — including social media. For example, news reporting and investigative journalism on public radio are often viewed as more trustworthy than reports from other news channels. Investing in a public radio sponsorship helps build awareness of your business among a loyal and supportive audience. It also develops consumer trust in your brand by associating with public radio.
Even how public radio messages are formatted and presented can leave a positive impression on listeners. For instance, sponsored messages on public radio are only broadcast a few minutes per hour, at set times before, during, and after the programming Audiences expect sponsored messaging and with their short format, listeners tend to engage more instead of turning the dial, especially if one of their favorite radio personalities presents the information.
In a time where trust between consumers and business organizations has noticeably declined, public radio remains a bulwark standing against that trend. When your business demonstrates its investment in and commitment to public radio, it ingratiates itself to the local community and wins an elevated reputation among listeners.
Connect with the Proper Audience
As you consider investing in public radio sponsorship, another factor to weigh is how this medium can connect your business to a diverse and highly engaged audience in the local area. Depending on which consumer segments you want to target, you'll likely have several options regarding which shows to sponsor.
Some marketers have the idea that public radio is only for older demographics. However, research indicates that members of Gen Z (including adults aged 18 to 27) spend over half of their daily audio time listening to spoken word audio, with 58% of that time spent listening to public radio.
Of course, public radio also attracts a diverse consumer base in terms of culture, background, political affiliation, and ethnicity. It is an ideal place to reach your desired customers, as the medium lends itself to attentive listening. Sponsorship messaging is also built into the programming, meaning listeners expect and embrace it.
Use Public Radio Sponsorships to Boost Your Goodwill Marketing
Goodwill marketing creates a positive cycle between companies and their communities. Companies rely on their local communities to support and help them grow, but they are also part of those communities. Small businesses often hire local employees, and their owners have deep roots within the local area. They may even know many customers on a first-name basis. Ultimately, prosperous communities develop from successful businesses, creating a thriving local economy.
No business exists in a vacuum, and using goodwill in their marketing strategy means embracing and emphasizing the positive change you bring to the community. Conspicuously benefiting your community helps you increase awareness while demonstrating that you invest in your community’s wellbeing.
