Marketers everywhere share a common goal: increasing the ROI of their campaigns. Understanding whether your strategy is worth the spend is key to running a successful campaign that returns the most profit from your investment. One way to put your campaign on the right track is by choosing a highly profitable platform. Choosing a public media campaign is a cost-effective, high-return strategy that can ensure you reach your marketing goals.
ROI is a term that gets thrown out in virtually every context. Everyone understands that it’s important, but what does it really mean? Return on investment is what you get for each dollar you spend. It is one of the most critical metrics for the success of your campaign and one that your executives will be the most interested in.
Tracking how much benefit you get from your marketing investment gives business leaders evidence of the effectiveness of your marketing program. Your goal is to get as much return as possible on your marketing spend. Savvy marketers understand how to measure the performance of their campaigns and where to invest their dollars in driving the greatest profit margins. One of the most impressive results of smart marketing investment is public media ROI.
Calculating ROI is fairly straightforward. If you spend $100 on campaign costs and your sales growth increases by $1,000, you have a 900% return on investment. The calculation for ROI=((Sales growth - marketing cost)/marketing cost) x 100% or, in this example, ((1,000 - 100)/100)*100%=900%. However, this isn't realistic, as it doesn't take organic growth, performance over time or other benefits like increased sales leads into consideration.
Calculating public media ROI accurately involves making sure it ties to the goals you set at the onset of your campaign. Public media sponsorships can create impressive returns based on a variety of goals that focus on driving brand awareness, increasing reach, improving sales, differentiating your brand from your competitors, generating leads or showing that your company is a responsible corporate citizen who cares about the issues your viewers or listeners value. Explaining the value of sponsorship to your organization is easy once you make them aware of what drives the ROI of a public media campaign.
Public media is unique in terms of traditional advertising channels. Public media audiences are educated, affluent, politically active, socially aware and want to frequent businesses that represent values similar to their own. So, how does that translate to ROI? Two compelling statistics that show how public radio sponsorships offer a significant ROI are:
73% of public radio listeners have a more positive opinion of a company that sponsors public radio. That indicates that a significant driver of public media ROI is the strong positive emotional bond between sponsors and audiences.
70% of public radio listeners choose to buy from companies that support public radio over those that don't when the cost and quality of the products are comparable. This statistic shows how public radio sponsorship makes your message stand out, favorably differentiating your brand from the competition and delivering significant public media ROI.
Another point to consider is that public media isn't just about one platform. When looking for a public media station to sponsor, consider the other opportunities beyond broadcast, such as content that is also delivered on mobile, digital, podcasts and streaming. Think of these multiplatform opportunities as multipliers that increase your reach, reinforce your message, and elevate your brand. Ultimately, these complementary avenues to reach your target audience result in significantly increased marketing ROI.
Marketers understand that business leaders want definitive proof of a positive ROI for their marketing spend. Proving the efficacy of their marketing strategies also influences the budget and resources allocated for future campaigns. That means marketers must know where to invest their marketing budget and understand how to track and measure productivity in a way that allows them to explain it to the executives. Adding a public media sponsorship to your campaign can be a smart strategy for an impressive ROI.
Measuring public media ROI means setting clear goals at the start of your campaign and tracking them over time. Public media sponsorship is an ideal way to improve brand recognition, inspire brand loyalty, maximize your reach and increase sales leads. For more resources on how to ensure success for your marketing campaigns, subscribe to our blog.