The idea that podcasts are the future of radio is dangerous, says marketer Mark Ritson, founder of Marketing Week Mini MBA.
Ritson, speaking at CRA's (Commercial Radio & Audio) HEARD conference, revealed that investing 11% of an advertising campaign budget in radio will double its effectiveness.
But as some clients and the industry think podcasts are the future of audio, radio is often an afterthought.
To be future-focused brands can look to podcasts as a opportunity but they also can't discount what radio can do, says Ritson.
"Podcasts are not the future in the sense that there's a flip from radio to podcast, it's incremental and additional to radio advertising," Ritson told AdNews.
"Podcasts are not going to replace radio - you're allowed to have your cake and eat it if you're working in the audio business, because you've got this lovely cash cow radio, which isn't going anywhere. Then on top you've got podcasts."
Another dangerous issue is when marketers and advertisers chop radio content and drop it into podcast.
"I think the right kind of podcast advertising is completely different from radio," Ritson said.
"Podcasts are part of the audio church, but they're different beasts and they're incremental beasts."
Also at the conference Adam Ferrier, Thinkerbell founder and consumer psychologist, told the audience that video content distracts the industry.
In recent years, YouTube has leaned into audio more with investments into integrating podcasting tools on its traditionally video-based platform, but Ritson doesn't believe audio will be successful on that platform.
"I think YouTube is a brilliant video medium, a supplement to TV and also a great targeted short video tool," Ritson said.
"But I don't think the audio thing will be as successful for them, as if you look at all the data from a video point its phenomenal."
Radio doesn’t need to be the hero
Radio's best quality is that it doesn't need to be the lead media, instead its the ultimate sidekick.
And TV remains as the predominant brand building medium, says Ritson.
"I don't know anyone that looks at the data with impartiality that wouldn't agree with that point," Ritson said.
"Having said that [TV] clearly has a reach issue especially for that younger demographic which has to be addressed.
"Partly because we're not seeing a big drop in the cost of TV ads, but also because TV used to hit 70% of the population you can't do that anymore.
"But I still remain a massive proponent of TV and even when I do the YouTube stuff I still say that platform can't replace TV.
"We've learned that over the history of media, one medium doesn't knock out the other they end up finding a new status quo, when TV joined radio in the '50s."
Ritson points out that Uber Eats and Aldi campaigns both use radio for long-term performance with beautiful execution and creativity.
"I would bet, without knowing anything, they put about 10% of marketing spend into radio - they use radio as the perfect sidekick to their other TV and digital work," Ritson said.
"And you've got to look at those brands as some of the smartest marketers in the country."
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