Radio Ideal Medium to Reach In-Market HIA Individuals

RADIO ONLINE | Monday, June 28, 2021

Westwood One

Cumulus Media and Westwood One recently retained market researcher MESH Experience to survey 300 U.S. high-investable-asset individuals in April, 2021 for a major financial services brand. The brand wanted to quantify linear television viewing and AM/FM radio listening within the $500,000+ investable-asset segment and among individuals who were likely to be in the market for a new or additional financial services firm in the next 12 months.

This week's Westwood One blog outlines the key findings, revealing that AM/FM radio is the ideal medium to reach this audience.

• The best demographic to target to reach individuals with $500K+ of investable assets is Persons 35+, not persons 25-54: Half of those with $500K+ of investable assets are persons 35-64. The other half are 65+.

• A quarter of the high-investable-asset segment are likely to be in the market for a new or additional financial firm: 23% of the $500K+ investable-assets consumer group say they are very or somewhat likely to be in market for a new or additional financial advisory firm.

• Heavy AM/FM radio listeners are three times more likely to be in-market consumers compared to heavy linear TV viewers.

• Those who are employed are eleven times more likely to be in the market for a new financial services firm compared to retired persons.

• AM/FM radio is the soundtrack of the American worker; TV is the soundtrack of retired Americans: Among the high-investable-assets consumer segment, heavy AM/FM radio listeners are twice as likely to be employed versus heavy TV viewers.

• Oldies/Classic Hits, Classic Rock, News/Talk, Rock, and Top 40 are the best AM/FM radio formats to target those with $500K+ of investable assets.

• Classic Rock, Rock, News/Talk, Oldies/Classic Hits, Top 40, Sports, Adult Contemporary, and NPR are the best AM/FM radio formats to target those in the market for a new financial firm.

• According to a Nielsen Media Impact analysis, the average financial services brand would experience a +63% increase in reach with the addition of AM/FM radio to the plan, and no increase in budget.

• AM/FM radio listeners are more than four times more likely to act upon hearing a financial services brand ad: According to MESH Experience, whether the action was contacting the company, visiting the website, visiting a brand office, or opening an account, AM/FM radio listeners were four times as likely as TV viewers to take action.