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Does anyone have a rough figure of the cost of radio advertising? What kind of budget would you be expected to prepare if you are considering this advertising medium?

This depends on a lot of different factors! Are you looking to advertise in a metro market, on a major radio station? What is your product, and who is your target market?

Every radio station is different, they have different demographics, pricing and advertising design. Some radio stations will charge $1500+ for a 30 second slot during prime time, or you might be able to advertise for a week on a country radio station for less than a few hundred dollars.