As local economies start to move into their phased re-openings, consumers are increasing their rate of spending intentions for businesses in different verticals.
BIA will analyze the opportunities for radio sellers looking for effective selling strategies as we evolve through this pandemic marketplace in a live webinar, Wednesday, July 14th at 11 a.m. EDT.
Last week, BIA’s CEO Tom Buono shared some insights on how to position for the rebound of radio. Now, in this post, we drill down on how we’ll cover prioritizing radio selling strategies by vertical in this webinar.
In the chart below, we call out data from several of the 95 business verticals and sub-verticals tracked in BIA’s local market intelligence platform, BIA ADVantage. It shows that the Auto vertical will spend $1.5 billion and the Finance/Insurance vertical will spend another $2.0 billion in Radio in 2020.
For local sellers, this means that if accounts and prospects in these verticals paused spending due to the pandemic, now is the time to go back to these buyers to update their plans.
In chart above, along with BIA’s estimates for 2020, you’ll also see some new Nielsen consumer survey data that reveals where consumers intend to spend more money within two months after restrictions are eased. The important insight here is that when compared to the general sample, in these business sub-verticals heavy radio listeners over-indexed.
This data also indicates that, for example, in the Auto Parts sub-vertical, heavy radio listeners are 120 percent more likely to have the intention to spend more than the average consumer. For auto parts dealers trying to find and target consumers most likely to have demand for their services, this is a great selling insight to help them prioritize their media buying.
Click here for more details on this webinar and treat yourself to more data, insights and radio selling strategies.