Financial institutions need to convey a wide range of brand attributes in their messaging in order to distinguish themselves from competitors and win over prospective clients. With its mass reach, local influence, and receptive audience, radio is an ideal platform for these financial brands to make people aware of their offerings and grow consideration among consumers.
Katz conducted brand lift studies for two commercial banks running robust radio campaigns across the country during 4th Quarter 2023. The studies found that both brands' investments in radio successfully boosted interest in opening a bank account with them. Brand consideration increased an average of +20% among those who heard the campaigns.
Click gray circle to enlarge chart.
BANKING TARGETS ARE RECEPTIVE AND RESPONSIVE TO RADIO ADVERTISING
Not only were listeners more likely to open an account with the respective bank after hearing radio advertising, they were more likely to take other actions as well. 64% of consumers said radio advertising could encourage them to learn more about the bank itself, and about opening an account in the future. A reason that radio advertising helped grow brand consideration and the desire to learn more is that listeners are receptive to financial ads on the radio. 8 in 10 listeners believe it is smart for financial companies to use radio advertising to make people aware of their offerings.
Click gray circle to enlarge chart.
Katz's study provided evidence that radio positively impacted key metrics for financial institutions. Listeners were receptive to banks using radio ads to promote their offerings and more likely to take action after hearing them. The radio campaigns successfully broke through and resonated among target consumers, leading to greater brand consideration in the near and distant future.