Arbitron, Dial-Global, Premiere Radio Networks, and Westwood One are partnering in an initiative they hope will improve how radio is incorporated into marketing mix models that are widely used by advertisers to evaluate how product sales are influenced by advertising via different combinations of media.

The consortium will fund the initiative and work with the leading marketing mix companies to update their models with more granular and timely radio data.

The initiative is designed to help radio claim a larger share of marketing dollars spent, according to Arbitron. The groups involved say the project will ensure that best practices and available data are employed when determining the value of radio to an advertiser’s potential investment, allowing advertisers to understand the link between radio and product sales.

The consortium companies have retained Sequent Partners to guide and coordinate their effort. Sequent Partners is a brand and media metrics consultancy.

Overall radio revenue is expected to return to positive growth by 2011, according to ZenithOptimedia. Online radio revenue will grow 12% this year, to $441 million, and by 20%, to $530 million, in 2010.