MUMBAI: The first half of the India Radio Forum (IRF) held in Mumbai on Friday was dominated by a discussion on how radio could turn out to be the next big thing in the marketing space, the importance of the medium to brands and the necessity of a measuring tool for radio.
The first session of the day – ‘Measuring ROI For Radio’ had OLX chief marketing officer Gaurav Mehta sharing his experiences and explaining the reasons that are keeping advertisers away from radio. He also proposed certain solutions that could help the radio industry trap the big fish.
Mehta said though advertisers talk highly of radio as a medium, no one wants to invest in it. In fact, OLX itself kept away from radio advertising for a year. During this period, they were extensively promoting themselves on TV.
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OLX has been closely monitoring ROI and radio has worked differently in different regions for the company. “Consumer behaviour differs in different markets and radio is a local medium thus, it helps. However, the returns are different. We deploy analytics to understand what’s working and what’s not. This is also one of the reasons why our media plans keep changing every second day,” explained Mehta.
The analytics let an advertiser understand whether the brand is reaching the consumer and if it offers good returns on investment. But not all advertisers would put in the effort to get the pertinent analytics, he pointed out. He also added, “We do not understand the radio industry well.” Thus, it is for the radio industry to take the data to them.
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