Should your business start a podcast?
The buzzword for 2018?
Everywhere we go we are hearing about a new podcast that was released or how our clients want to start one, and rightfully so. 124 million people in the United States have listened to a podcast with 73 million of them listening on a monthly basis. This means there is a strong chance that your target audience is there, too. How do you know if your business is a good candidate for podcasts? Here are a few reasons why we think podcasting is so important and how it can benefit any business that would like to apply this new content platform to their marketing strategy.
Use your voice to blog.
Podcasting is vocal blogging. Are we saying that you should ditch the keyboard and grab a mic? Not necessarily. Podcasting presents a new and intriguing way to present content to your targeted audience. A key benefit of being able to listen to podcasts is mobility. We all know it’s not super safe to watch TV or read while you’re driving (even though we do like to watch tutorials while coasting down 435….just kidding), but listening to podcasts creates the opportunity to listen anywhere at anytime, which is great for business. While you are sleeping, your targeted audience is taking in your content and becoming a loyal fan while they are doing their laundry. It’s seriously a win-win for everyone. Using your voice establishes a different aspect of your brand personality and is a great way to build a new level of connection and loyalty with your audience. But don’t worry, blogging is definitely still a thing. You can create blog posts around your podcasts that can also increase website traffic. Share what your podcast is about with a few key points. Now, your blog audience has the chance to try out your podcasts, and your podcast audience is increasing your website traffic, which also boosts your SEO score. Again, another win-win.
Everyone, but no one is podcasting.
According to Apple, there are currently more than 550,000 podcast shows as of 2018. This pales in comparison to the 50 million businesses that use Facebook pages and the 2 million blog posts that are posted in one day across the internet. Here’s the thing- the earlier you get in, the better. There is a possibility that one day the podcasting market could become quite saturated. If your business can create content for your targeted audience before your niche in the podcast industry is too saturated, you have the opportunity to be a leader within your industry. The earlier you get in, the higher your chance is to target your audience and build a loyal following. This could also lead to advertising sponsorships and more, which leads us to our next point.
Lip service. In a good way.
Now that we know that there is a podcast space for everyone and that the market is still young and thriving with plenty more space, let’s talk about how to advertise or utilize ads to benefit your audience and create a new source of revenue. Out of those 73 million people that listen to podcasts daily, 40% listen to the podcast in its entirety, while 45% listen to most of the podcast. There are many opportunities to advertise your business. The concept of advertising on podcasts is two-fold.
- By starting a podcast, you are growing your audience and partnering with advertisers. As your podcast grows with an engaged and loyal audience, advertisers will be more likely to reach out to collaborate with you with hopes of you promoting their products. The average rate of an advertisement spot for a podcast with 5,000 listeners is $25 for 60 seconds.
- If you are a business that has products and wants to target a specific audience, utilizing podcasts can be beneficial to you. With a small investment, the ROI can be very impressive. Also, why are the ads that are usually skipped on Google and YouTube now being listened to and engaged with? The host reads them. Podcasts have become the word of mouth marketing platform. Because of the relationships that are built from listening to podcasts, it has been proven that 85% of listeners can recall a brand shared on a podcast and 57% are more likely to purchase from that brand. Advertising your service or product on a popular or growing podcast can prove itself to be a great investment.
Yes, podcasts are one of the most popular concepts within the marketing industry, but before running out to grab a microphone, give us a call. Lillian James Creative can assist you in finding your targeted and engaged listening audience so that you are able to be the most successful in this endeavor, if you do decide to do so.