Study Reveals Listeners as Key Financial Service Consumers

RADIO ONLINE | Tuesday, February 18, 2025

Cumulus Media and Westwood One

Studies commissioned over eight years by the Cumulus Media | Westwood One Audio Active Group have revealed that audio listeners, including those who tune into AM/FM radio and podcasts, are highly valuable for financial services marketing. These studies compared the effects of audio campaigns to those on television and found notable differences in consumer engagement and brand impact.

Key findings show that audio listeners are more likely than TV viewers to own investment assets and to seek financial services. Despite heavy investment in television advertising by financial brands, TV audiences show low brand loyalty and interest in financial services, attributed to an older demographic.

The research highlights several case studies:

• MESH Experience found that among consumers with over $500K in investable assets, heavy AM/FM radio listeners are three times more likely to seek new financial services than TV viewers.

• Growth Metrics: AM/FM radio significantly boosts top-of-the-funnel metrics such as brand awareness, favorability, and consideration.

• MARU/Matchbox: A six-month AM/FM radio campaign for those with $1M in assets saw double-digit increases in brand equity measures.

• Investor Engagement: AM/FM listeners are typically more active investors compared to TV viewers.

• Financial Thrivers: Individuals who enjoy taking investment risks are 44% more likely to be heavy radio listeners.

• Diverse Investments: Audio listeners generally have investments in a broader range of asset classes.

• Harris Poll Brand Tracker: An NFL radio campaign by Westwood One resulted in significantly stronger brand equity compared to TV.

Despite this, top financial services brands still allocate half of their advertising budget to television, 44% to digital, and only 5% to radio, according to Vivvix data.

MRI-Simmons further supports these findings by noting that heavy podcast and AM/FM radio listeners are ideal targets for financial services, given their willingness to invest in premium services.

Moreover, a variety of AM/FM radio and podcast genres attract consumers in-market for financial services. However, targeting only a narrow selection of financial planning-related podcasts is insufficient. To effectively build a brand and drive sales, financial marketers are advised to reach a broader audience rather than focusing narrowly.