Podcasting: A Powerful and Overlooked Marketing Tool
Podcasts were everywhere in 2022, and they’re not going away anytime soon. The podcasting industry has expanded into a multibillion-dollar one in recent years from its unassuming, casual beginnings with niche audiences to its ascension to dominance in the cutthroat media market. Its growth has been fueled by a plethora of shows, participation from celebs, investments from major corporations including Spotify, and the spread of technologies that increase awareness, such as smart speakers. The global audience for podcasts is expected to nearly double from 275 million in 2019 to over 500 million by 2024.
Content creators are flocking to podcasting because it provides them a “creative outlet” without the layers of complications in the media that control the process such as networks. Because podcasts lack visuals, they are distinctive and captivating to many in our screen-driven culture, and creators are aware of this opportunity.
Numerous brands have similarly been drawn in by the rapid growth of the podcast industry to take advantage of advertising opportunities targeted at niche audiences and in turn, provide a boost to the creative economy. With 4.8 million different podcasts already out there, the future of audio entertainment is boundless for consumers, advertisers, creators, and tech development professionals alike.
Why should podcasts matter to marketers?
For marketers, it's important to address the fact that people don’t just want to buy from businesses anymore but want to actively participate by buying into them. Hence the importance of brand identities, brand stories, and brand transparency. There are many ways in which businesses can increase their brand-building efforts such as social media, influencer marketing, and brand partnerships. A comparatively untapped option is to develop a podcast content strategy. Podcasting works well for brands because of its on-demand nature. Podcast listeners have cash and they're really keen to learn new things. While earlier they catered to a younger demographic, the audience is now shifting. According to industry pundits, the percentage of 35-54-year-olds engaging in the medium is rising steadily, and from a marketer’s perspective, that’s good news.
With a wider age range of people engaging in the medium, your potential for reaching the right ears is that much more.
If executed well, podcasts are an excellent way of:
● Promoting a good or service
● Attracting and generating new leads
● Persuading warm leads to become covert
● Increasing overall conversion rates and revenue
● Increasing the number of invested, devoted, and loyal customers
● Increasing traffic to your website (and your SEO)
Branded podcasts are the answer
A branded podcast is the most obvious place to start on your audio wave journey as these types of podcasts are created by a business in an attempt to predominantly establish relationships with ideal customers (or clients). They might be trying to expand their brand, increase sales, market a new product, or improve content marketing.
A well-executed podcast content strategy will increase the brand's authority in the market in each of these areas.
Some other benefits of branded podcasts include:
1. Establish stronger connections with your audiences
A brand’s voice is a powerful tool, and is capable of building up a more personal connection with one’s audience than written content is. It can increase loyalty and help establish trust, both of which are necessary for selling a product or service.
2. Improve brand image
A podcast content strategy gives you the chance to remind listeners about your brand, your mission, and any products or services you're promoting or selling. One way to subtly promote your brand is to include your logo in the artwork for your podcast. As will a succinct and snappy brand pitch in the introduction and conclusion of your episodes. More importantly, podcasts are an opportunity to tell listeners about your brand’s story. When it comes to attracting a loyal clientele, being transparent about the history of your company and the principles you uphold can be really helpful. If the audience genuinely feel like they know who you are as a brand, they’ll be more willing to buy into your business.
3. Episodes are mobile-ready for audiences
A significant advantage of podcasting is that episodes are incredibly easy for people to download and listen to, from wherever they are. No screens required. They can be out running errands, doing the commute to work, or simply on a walk. A podcast episode takes practically no effort to listen to, and once downloaded, it can be listened to at any time. This in turn improves listener retention. The most recent episodes will also be downloaded automatically onto the devices of anyone who subscribes to the podcast.
4. Podcasts are highly engaging when done right
A welcome change from reading online content is the spoken word and a branded podcast can reap huge benefits from this. Additionally, it is a more interactive method of communicating with your audience, allowing you to get to know them better and establish a long-lasting dialogue with them.
5. Uptake in website traffic
The most challenging step in the sales process is directing customers to your brand's website. Fortunately, this can be made easier with a solid podcast content strategy. Because as interest in your brand’s podcast grows, so will consumer trust.
6. Higher conversion rates and more sales
One of the most obvious advantages of starting a branded podcast is that it should increase conversion rates and sales. You have a better chance of closing the deal if you can win over your audience's trust. And the key to establishing that trust is to take the lead, put a face to the name, and engage with customers honestly.
9. There is less industry saturation
Currently, audio content has a higher cut-through rate than other forms of media. There are 51 million YouTube channels, 600 million blogs, but only 4 million podcasts. However, this situation won’t last forever as more and more brands start to board the podcast bandwagon.
It's obvious that more and more businesses are realising the value of podcasting as a conversational and easygoing medium for connecting with customers. Podcasts also help to educate and connect with customers at a deeper level while building a community. The growing audiences have caught the attention of marketers and advertisers as well. In an age where brands want to be omnipresent across social media platforms, the value and ROI a podcast can bring to the marketing strategy mix should be music to any CMO’s ears. Tune in!
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