Over the last decade, podcasting has taken over many households — not only as a new, innovative method of consuming content but as an efficient way to advertise and promote your brand. Podcasting can help your business build brand awareness, attract prospects, and potentially land high-dollar customers. This has become especially true as listeners grow in volume and commitment to their favorite podcast/hosts. In fact, studies are showing a significant increase in podcast usage and trust.
According to Small Biz Genius, 197 million Americans have heard about podcasts. Of those 197 million Americans, 32% of Americans listen to podcasts at least once a month, and more than half (51%) over the age of 12 have listened to a podcast before. What's more, 54% of podcast consumers say they think about buying advertised products, and brands that promote their products and services on business podcasts enjoy an average 14% rise in purchase intent.
And that's only a small portion of the success and potential podcasting can bring to your marketing mix. Here are some more ways podcasts can help grow your business.
Your Business will be Conveniently Accessible to All
One of the major benefits of podcasting is getting your brand in front of people who have never heard of you and enriching their lives with your content. This is significant because while there are many ways to reach a larger audience, few have shown such success. This is because audio content doesn't require the listener's undivided attention like written content. Instead, it can be consumed while working, driving, cleaning, etc., which means your audience can access your business anytime, anywhere, on their own time.
Having this accessibility will also allow you to share your message with more people. The truth is, as many as 3 out of 4 podcast listeners in the U.S. say they tune in to learn new things. Use this convenient access to your business to teach them more about your product, brand, and industry.
Boost Brand Awareness and Loyalty
When your audience realizes the added value your brand can bring to their life and experience with your product, they'll be more inclined to make repeat purchases and become loyal. Oberlo’s research has found that 54% of podcast listeners are either somewhat or much more likely to consider buying from a brand after hearing its advertisement on a podcast. The report has also found that "podcast listeners are more likely to follow brands on their social media sites."
When it comes down to it, people love to connect with other people — not companies necessarily. So, when you give your brand a human touch, you allow people to connect with you more personally. This, in turn, gives you more influence over prospects and current customers.
Stand Out From Competitors
Depending on your niche, you could be one of only a few podcasters in your industry. For instance, the B2B market has very few podcasts right now compared to B2C, despite research showing more than two million podcasts and more than 48 million podcast episodes. This can allow your brand to engage new prospects in ways your competitors aren't and keep your brand relevant among current customers.
The podcast space is less "saturated" than marketing methods like blogging and social media, helping you stand out. It's also the perfect time to get established as a podcaster in your niche while your competitors aren't. That way, your audience can rely on and trust you for expert advice and guidance before your competition even has a chance to establish the same credibility.
Become a Thought Leader in Your Field
Advertising has shifted significantly from heavy promotional sales to thought leadership and educational value. Podcasting is less about selling and more about giving value to listeners. People tune in to learn and be entertained, so your brand must resist the temptation to sell your product and give more attention to the value you can provide to the audience in your industry. For instance, an industry giant like Nike would do well to provide athletic advice and host interviews with experts to their podcast to bring value to their audience.
The key is to present ideas and expertise in your field, giving your audience information that will help them beyond your product. Take this time to share personal experiences, tips, interview people, etc. Then, before you know it, you'll become known as a trusted expert leader in your industry.
Cross-Promote With Ease
While podcasting isn't about selling your products and services, there's still room for product mentions and recommendations. When you have an engaged audience, it's a good time to cross-promote or mention your products/services as they relate to your discussions. For instance, a software company would do well to say their programmatic service while discussing ad buying with an expert, or a cookware company would benefit from mentioning products when talking about a holiday recipe.
This is because people are more inclined to like and trust you as they get more familiar with your podcast. Likewise, many people will be willing to listen — and in some cases, even eager to know — about what else you have to offer. Spread the word about your services and what you provide without hard sells that tend to push listeners away.
The Future of Podcasting is Promising
From being low-cost to relatively easy to produce, there are more reasons than not to take advantage of podcasting right away. According to Insider Intelligence, "By the end of 2025, there will be over 144 million monthly podcast listeners in the U.S. People are also spending more time with podcasts—among adult podcast listeners, time spent with podcasts will increase by 8.1% YoY [year over year] to a little more than 44 minutes per day." The report also found that podcast advertising is on track to see more growth, with ad spend increasing to 38.7% YoY to reach $1.33 billion by the end of 2021 (nearly doubling from the $701 million allocated to podcast advertising in 2019).
Create a Well-Rounded Marketing Mix with a Media Partner
Of course, no great marketing method comes without its challenges. It can be time-consuming and difficult to bring actual value to your audience with your own podcasting or via another podcast's promotion. However, working with a media partner can not only help you create a marketing mix that allows your business to grow but make your process much smoother.