2024 Radio Revenue Outlook

Retail is routinely the highest radio spender, and the many subcategories of this are varied, from local shops tonational franchises. These advertisers have two urgent needs — more sales and more employees. You can help them with ads for both, designing campaigns to reach the right audience based on dayparts and programming. Whether it’s a promotion for a holiday sale, announcing a new location or driving job seekers to apply, radio is a strong channel for all these advertising goals.

Real estate is a volatile industry and different for every region. Housing inventory remains low, and interest rates are holding but are still higher than they’ve been in several years. If they fall in 2024, real estate will get a boost.

Regardless, real estate agents need to reach local audiences frequently, and radio enables them to do so. They may need help with messaging to potential homebuyers and sellers. With a fluctuating market, they need to build trust. Since radio has such a strong relationship with its listeners, it’s the ideal tactic to continue cultivating this.

Local dealers are loyal radio advertisers. They understand the value of local spots and are often your partners for events with on-air personalities. The auto industry has had a unique few years, which included inventory shortages. They’ve completely recovered, and inventory is now sitting on lots a little too long. Incentives have come back, so they now have more specials to broadcast.

To capture more of their traditional advertising dollars, you should consider a few things. First, talk to them about more radio spots beyond new and preowned car sales. Dealerships make a lot of money from service and parts, so they should advertise these things. Second, many businesses have an overabundance of electric vehicles, which were once hard to find. There’s some trepidation from consumers on this, and radio ads can be a compelling way to clear up misconceptions and emphasize the cost savings of EVs while people sit in traffic and burn gas.

The RAB reports that financial services are big radio spenders. Creating trust is critical in financial advertisements, which makes radio a better choice than digital. Listeners also pay more attention to these ads, and if they involve reads from loved on-air talent, their impact can be great for the advertiser.

Financial topics can be complex, and spots are only so long. When talking with financial services about radio ad campaigns, discuss ways to be concise and transparent with copy, and ensure there’s a specific CTA (call to action) to visit in person or online.

Every market has health care advertisers, and radio spots work well for them in several ways. This industry also wants to capitalize on the trust factor of radio, and they realize that consumers have options when choosing physicians. These organizations also need employees, as health care workers, especially nurses, are in great demand. These gaps are only growing, and health care facilities need to leverage every ad channel to find their next hire.

To gain more dollars from health care advertisers, discuss how radio spots are an excellent tactic for whomever they want to speak to — patients or potential employees. Pitch them ideas about using real testimonials from current patients and workers to make this authentic.