Investing 11% of an advertising campaign budget in radio can double its effectiveness, according to a study delivered by Mark Ritson and presented at this year's HEARD 2024 event hosted by Commercial Radio & Audio (CRA).

The research was a collaboration between Ritson and CRA to understand the influence of radio investment on a campaign's effectiveness. The research analysed the Advertising Council of Australia's Effectiveness Database to determine how changes in the allocation of advertising budget to radio impacted the success of a campaign. The database includes all Effie Award entries since 2018, with 460 campaigns analysed.

Adding radio to a campaign to exceed share of voice [eSOV] results in a 32-point improvement in business results, according to Ritson. He also noted radio has a 3.5x impact on retention, as well as double-digit improvements to brand association, mental availability, acquisition and brand awareness.

Radio is the ultimate sidekick," Ritson told attendees, comparing the channel to Batman's Robin, or Han Solo's Chewbacca and highlighting its key attributes as practical, stoic, loyal, dependable, dedicated, unpretentious and supportive.

"Radio has been underrated in maximising the overall impact of your marketing. For the best bang-for-buck, marketers should consider radio as an integral part of the channel mix - and an 11% investment can double your campaign's impact.

Ritson also said radio has a lower CPM of most media and is good value for money. "It makes other media look good, which is an ironic predicament for radio because it's not taking credit for itself," he added.

Ciaran Davis, Chairman of CRA and CEO and Managing Director of ARN Media, welcomed Ritson to HEARD. He echoed Ritson's sentiments, stating, "Radio and audio deliver the best bang for your advertising buck. That is why we've seen our industry remain steady despite the challenging conditions over the past 12 months."

"If advertisers aren't thinking about investing in radio, then they're missing a significant opportunity to drive ROI for their business," Davis added.

Ritson further highlighted the value of radio, stating, "Radio doesn't need to be the hero, or the lead media, but it does drive a disproportionately large impact for a relatively modest investment of just 11%. It's the ultimate sidekick."

The study was delivered by Ritson to an audience of around 500 industry professionals in Sydney. HEARD 2024 also featured an immersive experience hosted by consumer psychologist and Thinkerbell founder, Adam Ferrier, and a panel discussion with Managing Director of Analytic Partners, Paul Sinkinson. Attendees also heard from popular Australian radio hosts Tim Blackwell and Joel Creasey, and a panel discussion with Amanda Keller, Deb Knight, Kate Ritchie and Erin Molan.