Everyone seems to be podcasting lately, with all sorts of different topics and programs all around. But did you know that they can actually be a huge boost for your business?
Through this article we're going to discuss the power of podcasting as part of your marketing strategy - so your business can steal the thunder!
Let's start with the basics, do you know what podcasting means?
Well, the term was coined by the journalist Ben Hammersley in 2004, in an article published about the rising popularity of Apple’s iPods and online broadcasting… iPod Broadcasting - Podcast! It was an offhand creation on Hammersley’s part, but it has become one of the biggest digital changes that have completely revolutionised consumption habits in the 21st century.
When we think of podcasts, we often think about them purely on an entertainment level; something in the background whilst you do your daily chores, or maybe to pass the time when commuting to work. But recently, podcasts have become a goldmine of expert information on all types of industries, and have become an integral part of many business marketing strategies across the globe.
That’s because, in just the past two years, the number of podcasts has doubled, reaching over 850,000 podcasts, 30 million episodes, in 100 different languages. This has created a whole new audience that businesses can target, and a big audience at that!
So, how can podcasts help your business grow?
Promoting Your Business Using Podcasts
There are two ways you can use podcasts to grow your business; advertising through podcasts, and creating your very own! Advertising through podcasts is pretty self-explanatory, and yields a lot of success - studies have shown an average of a 12% rise in purchase intent after advertising through a podcast. But making the decision to create your own podcast for your business can often be tough and risky. You need to weigh up the benefits of each to determine which route will be best for you.
As you can see, both options have similar benefits, such as attracting a new audience and customers. However, there are some integral differences between these two routes. Advertising through a podcast is more beneficial for businesses looking for an immediate impact on their marketing efforts and ROI. Creating your own podcast, however, is better for businesses looking for a slowly building engagement, that will result in long-term customer relationships.
As mentioned, both options have advantages but if you decide that advertising through existing podcasts is the best route for you, then there are some important factors to take into account.
Here are some great first steps:
Align your audiences: make sure that you choose a podcast that you know and love to advertise through. You want your target audience and their target audience to overlap slightly, to ensure that their interests are aligned.
Choose the right time: There are many types of ad positionings within a podcast, and they all come at a different price. The most popular are pre-roll ads (before the podcast starts) and mid-roll ads (during the middle of the podcast). It’s a good idea to calculate the budget of your advertising to determine which position may be most effective for you.
Flat rate or CPM?: As podcasts have become so popular, ad payments have changed. Nowadays, you are more likely to be offered a CPM rate (cost per mille), rather than the previously popular flat rate. It’s important to take into account data such as audience size, download rates, and listener ratios to determine whether the ad will be worth the money.
If you believe that creating your own podcast is the next step needed to boost your business, then please stay tuned for our new, simple guide on creating your own business podcast, coming your way very soon!