In an era where information is consumed on-the-go, podcasts have surged in popularity - providing a unique platform for businesses to reach their target audience.
If you're still on the fence about whether or not to add podcasting to your business's marketing strategy, here are five reasons to consider doing so!
1. PODCASTS EXPAND YOUR REACH
Podcasts - as a medium - have grown exponentially in popularity over the last few years. What began for many as a niche hobby, has transformed into a mainstream platform that spans countless topics and interests. One of the primary benefits for businesses venturing into podcasting is the potential to significantly broaden their audience base.
First and foremost, many millions of individuals tune into podcasts each week across the globe. The vast demographic within these millions includes people who might not typically engage with traditional marketing channels, but will willingly listen to a podcast episode during their daily activities. Podcasts are perfectly suited for on-the-go consumption, and enables listeners to multitask while engaging with a business or brand.
Due to their episodic nature, podcasts offer businesses a chance to be a constant presence in the lives of their stakeholders. Commitment to the regular uploading of episodes ensures that listeners stay engaged and connected with your brand over extended periods of time. In tandem with the algorithms set up within streaming services, business has the potential to be discovered by a wider audience who might not have come across your brand otherwise.
Most importantly of all though, the ability to access people globally is arguably its greatest asset. Unlike region-restricted platforms, podcasts can be accessed from anywhere in the world. This means that your business could appeal not only to local clientele, but also to international markets, vastly expanding your reach.
2. THEY ENHANCE ENGAGEMENT WITH YOUR AUDIENCE
Unlike many other marketing tools that cut off the sense of hearing, listening to someone's voice and sensing their emotions can create a connection that written words often don’t match. Over time, this repeated auditory interaction builds a sense of familiarity and trust between the brand and its listeners.
Elements within a podcast amplify this engagement – for example a Q&A session. Addressing queries from listeners and providing feedback, or stories can create a two-way conversation that subsequently makes their audience feel more seen and valued. Additionally, it enhances audience engagement!
As podcast communities grow, they eventually lead to a formation of dedicated listener groups, forums, or social media channels. Those groups, forums and channels become places for discussions, networking, and even user-generated content – all of which increases audience engagement!
3. THEY BUILD LONG-TERM RELATIONSHIPS
To build on the idea of the second dot point above, podcasts possess a unique quality to foster sustained engagement. Over a timeline of weeks, months - or even year – the repetitive uploading and exposure and builds a profound connection. It could even be likened to talking over coffee with a friend – over time, trust is established and bonds solidify.
For businesses, this bond translates to brand loyalty. If the listener starts associating the brand with trustworthiness, expertise, and value – you’ve reached a very important goal! Additionally, they begin to anticipate new episodes and updates, ensuring they remain connected with the brand's ongoing narrative. Consistent engagement paves the way for long-term ‘customer’ retention. By embedding themselves into the daily or weekly routines of their listeners, businesses can ensure a lasting relationship that goes beyond mere transactions!
4. PODCASTS ARE SURPRISINGLY COST-EFFECTIVE IN THE LONG RUN
A very common belief amongst podcast consumers is that the cost of beginning your own is quite heavy. Contrary to this popular belief, podcasting is a surprisingly cost-effective asset for businesses.
Initial setup costs - which involve equipment and software procurement - are one-time investments. Once basic infrastructure has been purchased, producing consistent content can be done with minimal recurring expenses. This is a key difference compared to more generic video production that might involve transport, lighting, or makeup.
Additionally, the return on investment is further maximised through content repurposing. A single episode can be transformed into multiple content pieces. Transcriptions can become blog posts, episode snippets can be shared on social media, and key takeaways can be converted into newsletters.
5. ANOTHER AVENUE FOR CREATING NETWORKING OPPORTUNITIES
Podcasting is more than just a content creation tool; it can also be a powerful networking magnet. When businesses invite industry leaders or influencers on for an interview and second voice for your podcast, it doesn’t just provide valuable content - it initiates relationships. These interactions can lead to collaborations, partnerships, or other business ventures that may not have been possible through traditional networking means.
Hosting a podcast also gives the position that the business is an active contributor within industry discussions, and greatly aids the quest to expand reach. Furthermore, as listeners tune into these episodes, they associate the hosting brand with the expertise of the guest, undoubtedly elevating the brand's credibility.
Over time, if done right, the ripple effect of these networking endeavours will have substantial benefits. from co-branding opportunities to joint ventures, or even referrals. In the digital world, fostering such valuable relationships through podcasting can be a game-changer for business growth.
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6. INCREASED AD REVENUE AND MONETISATION
Once your podcast is up and running, it unveils myriad monetisation opportunities. A regular audience for your content can attract sponsors or advertisers looking for exposure. These sponsorships are prominent in all successful podcasts, and can be seamlessly integrated into episodes as ads - providing businesses with a steady stream of revenue.
The authentic nature of podcasts makes promotional content less intrusive, and more acceptable to listeners - especially when recommendations come directly from trusted hosts (as mentioned in Tip #5 above). Beyond external sponsorships, businesses can promote their products and services in a subtle manner, which will ideally lead to increased sales.
For instance, offering exclusive discounts to podcast listeners can incentivise listeners to purchase your own produce, and increase sales conversions. The beauty of podcast monetisation lies in its versatility to optimise revenue generation.
7. STRENGTHENS BRAND IDENTITY
Podcasts can serve as an invaluable tool when distinguishing your brand or business from competition in a crowded marketplace.
The types of episode themes, guest selections, or even background music reflect the brand's personality. Over time, these elements will sub-consciously form a distinct brand identity in their minds.
For example - a brand who has core beliefs revolving around being eco-friendly - that consistently discusses sustainable practices in their industry podcasts will be viewed as environmentally conscious. As they resonate with the brand's ethos and principles, they're more likely to transition from passive listeners to loyal customers and advocates.
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Written by Will Faulkner The Brand Bar Pty Ltd #WeBuildBrands