Why audio is the untapped ‘Moneyball medium’

Audio attracts massive audiences of engaged, loyal listeners and delivers stellar performance for brands. Yet, as an advertising medium it is still riding the bench in many media plans, constrained by outdated thinking and perceptions.

It’s time to debunk these myths, and talk about audio’s role as an essential part of the media mix.

A new study conducted by WARC and Audacy surveyed top media buyers, sellers and measurement specialists responsible for millions in ad investment, and its findings highlight audio’s many strengths. Among them, it revealed:

• Audio is the number one reach medium in the United States, and it’s growing faster than media channels overall.
• Audio listeners are more attentive to ads than any other media.
• Engagement and trust in audio drives results through the entire marketing funnel.
• Audio measurement is more robust than ever.

The study’s insights revealed major upsides for advertisers who are willing to break through the perception barriers and unlock audio’s full potential.

“Audio is the most underutilized medium in terms of the payback it can potentially offer advertisers,” said one participating agency executive. “People have a preconceived notion of what works and what doesn’t, irrespective of whether it’s true or not. This hinders both audio and our ability to diversify the channel mix more generally.”

Below are four misconceptions that the study disproved, and the facts that justify audio as a larger share of media budgets.

Myth: Audio has limited measurement capabilities.

Truth: Audio publishers can measure almost anything.
 

Marketers today demand real-time data, full-funnel conversion metrics and precise attribution.

The ability to quantify critical KPIs including foot traffic, web conversion, sales conversion, app downloads and brand lift is critical. And partnerships with the likes of Claritas and ArtsAI bring digital sophistication to audio measurement.

For instance, combining pixel-tracking with Claritas’ identity graph (which includes 120 million consumer profiles) allows brands to match audio ad exposure with online and in-store conversions, and to compare audio’s influence to other media.

Myth: Listeners ignore ads.

Truth: Audio is the attention grabber.
 

Want your brand to get noticed? No medium does that better than audio. Video and digital advertising are easy for consumers to avoid—switch the channel, scroll on social media, simply click away. But audio captures listeners’ attention and holds it better than any other channel.

A recent study by Dentsu and Lumen Research shows audio ads drive more attention than online video and twice as much attention as TV, social media and display.

“We know from our attention studies that visual ads are really easy to ignore,” said Lumens Research CEO Mike Follett. “However, that’s almost impossible with audio advertising: you can’t close your ears. The content envelops and surrounds listeners, and so do the ads.”

Not only does audio command more attention, but it does so at a fraction of the investment. According to the WARC-Audacy study, radio is 40 times more efficient than other mediums to achieve similar attention levels.

Underinvesting in audio means missing out on cost-effective, attention-grabbing media and spending more on less impactful channels.

Myth: Audio targeting is based on broad audience segments.

Truth: Audio can target specific audiences and behaviors.
 

If a brand can imagine their ideal consumer, audio can find them, whether that means directing ads based on gender, interests, purchase history, activities or even zip code. Advanced audience insights make it possible by combining millions of over-the-air and digital listener profiles with leading third-party data providers.

For example, audio can identify moms shopping for their families who listen to Country music and true crime podcasts or business decision-makers who stream news and comedy.

Myth: Audio isn’t impactful across the marketing funnel.

Truth: Audio boosts the path-to-purchase journey and turbo charges the media mix.
 

Media execs and brand marketers often label audio as a reach-heavy, brand-building channel—but it’s so much more. Audio pulls listeners through the entire marketing funnel, from awareness to intent and conversion, and boosts the effectiveness of other platforms.

Neustar analyzed media plans for more than 40 national brands in fields including automotive, retail, financial services and telecom, and it concluded that shifting just 1.2% of ad spending to audio would increase ad-related sales by more than 30% and generate an additional $6 billion in revenue. 

A larger audio slice of the media mix benefits advertisers’ bottom line, particularly as other media lose their audience and influence.

“I’ve always felt that audio is an integral part of the mix,” a senior director of media in the retail sector said. “It hasn’t had the significant declines in audiences that you’ve seen in print and linear TV, plus podcasts and streaming provide new ways to reach customers.”

To unlock audio's full potential for driving sales, many brands are taking queues from advertisers seeing success with new channels. Consider Allbirds.

Partnering with Ad Results Media, they used programmatic buying, focusing on high-interest streaming and podcast audiences identified from paid search and social campaigns. The results were impressive: 

• 47% more site visits
• 39% lower cost-per-order
• 24% higher return on ad spend

The bottom line for brands

As Grace Kite, founder of consultancy Magic Numbers, put it best, audio is “the Moneyball medium.”

Marketers who embrace audio know that it works, perhaps harder than any other channel in their media mix because it is:

Everywhere: Audio is the on-the-go medium, consumed by listeners whenever they want and wherever they are.
 
Engaging:  Audio generates the highest levels of attention compared to all other media.
 
Effective:  Audio reaches consumers when they are closest to the point of purchase and are in the mindset to make decisions.  
 
Efficient:  Audio drives higher reach and attention than TV and social media at more desirable CPMs.  

It’s time to put audio to work for you.

Closing the investment gap can help brands tap into major growth opportunities and stand out in today’s crowded media landscape.