PODCAST- THE EMERGING MARKETING CHANNEL IN 21ST CENTURY
Marketing, especially the digital field keeps evolving, more and more forms of content appear and disrupt the traditional ways people do marketing. If Netflix emerged as the leader in the streaming industry, then podcasting is having a giant leap in the on-demand listening field. Let’s go on a tour discovering everything about Podcasts, starting from the statistics and definition, the benefits of podcasts, and ending with how your business can reap the advantages of this emerging marketing channel in 2021.
Ultimate podcasts statistics
In January 2021, there were 1,750,000 active podcasts and over 43 million episodes currently available worldwide(Winn, 2021).
The global average number of podcast listeners is 41%.
In Australia, the number of podcast listeners increased from 27% in 2019 to 32% in 2020
The most popular category amongst Australian listeners is Specialist podcasts (15%), followed by lifestyle (12%), news (11%), contemporary life (11%), and sport (7%).
A majority of Australian podcast listeners use podcasts to widen their perspectives.
Podcast listeners demographic: highly educated news consumers in English speaking countries.
Obviously, there’s a demand for Podcasts out there.
What is the Podcast?
According to Collins dictionary, “A podcast is an audio file similar to a radio broadcast, that can be downloaded and listened to on a computer or MP3 player”. In detail, a podcast is a series of audio episodes with a pre-defined main topic or theme. Depending on the intention of the creators, the length, format, style, or any level of production can be chosen. In order to listen to the podcast, you can subscribe to the show via an app on your phone to receive the notification when the new episode is released anytime and anywhere.
Some people may be confused about Podcasts and Radio, as they are both audio forms. Here are the comparisons that can clarify the differences for the beginners.
How many types of podcasts?
Generally, there are three types of podcasts: Interview podcasts, solo podcasts, and multi-host podcasts.
The interview podcasts involve the appearance of guest speakers on the show. During the podcasts, hosts will interview and discuss with guests particular topics. It is also the most popular format for podcasts.
The solo podcasts: this format can be the easiest way for beginners to pick up Podcasts. One individual will run the show. However, the challenge of this format lies in the content and the voice quality. You have to make sure that your audiences will not be bored by listening to only one voice during the whole podcast.
The multi-host podcasts: compared to the solo podcasts, this format is more dynamic as two or more hosts will discuss one topic and present different perspectives. It can be less pressure and more entertaining for listeners, keeping them engaged with the content as they can hear many opinions.
Where can people get access to Podcasts?
For Apple fans: The Podcasts app for iOS provides easy access to popular and featured podcasts
For Android fans: Install the app “Google podcasts” in the play store app
Recommendation Aussie Podcast for business: Beers, Blokes & Business Podcasts | The Startup Playbook Podcast | The Money | The Australian Finance Podcast
How to do marketing on Podcasts?
Currently, businesses can have two ways to promote their brands via podcast: producing their own podcast or placing advertisements on the specific podcasts.
Producing their own podcast: the brand will create their own podcasts so that they can communicate with their own target audiences. “The Sauce” by McDonald's, #LIPSTORIES by Sephora Collection, “Open for Business” by eBay, etc are examples from companies that have successfully integrated podcasting into their brand messaging.
Another type of marketing on podcasts is placing the advertisement: this method is similar to other digital advertising ways when brands will pay money to place their advertisement on the Podcasts. The chosen podcasts should have the same target audiences as your brand’s.
PODCAST FOR BUSINESS?
At the first glance, revenues in the podcast advertising market are projected to grow 14.7% year over year to nearly $1 billion in 2020, according to the IAB and PricewaterhouseCooper’s full-year podcast ad revenue study (Weissbrot, 2020). Although many industries are slammed by COVID-19, podcast advertising still grows. “It’s definitely a resilient media”, said Zoe Soon, VP of consumer experience center at the IAB.
54% of podcast consumers say they think about buying advertising products. (Grow Your Business Podcast)
Brands that advertise their products and services on business podcasts enjoy an average 14% rise in purchase intent. (Grow Your Business Podcast)
39% of small and medium-sized business owners are podcast users. (Forbes)
69% agreed that podcast ads made them aware of new products or services. (Music Oomph)
In fact, podcasts have been used by businesses to improve their prospects. Another factor that contributes to the explosive growth of this type of marketing is the increased usage of mobile phones. The benefits of Podcasts for businesses are massive if they know how to use this type of marketing wisely.
Easy to create
It is totally easy to get started. To create a podcast, all you need is yourself (actually your voice), a microphone, and an appealing script. On the other hand, producing a video requires more expensive equipment and effort, including at least one quality camera, good lighting, a microphone, decent video editing skills. All come with a cost, which is usually high.
Fast and convenient
Unlike radio which people have to tune in for the content, podcast listeners will be able to listen to podcast episodes on the go, carrying around an entire library of podcasts in their pockets. In addition, as they choose the time to listen to the podcast, it is likely that they can comprehend and consume the content better than a traditional blog post.
When producing a podcast, there are many ways that can be used to get the attention and involvement of the listeners. It can be collecting questions from relevant social media platforms, asking them to leave a comment after the podcasts, calling them directly while producing, or competitions.
Creating a personal connection with audience
Traditionally, customers connect with the brand through the products, brand’s social media platforms, employees, etc. And now, your business will have another option to keep in touch with customers- via podcasts.
Compared to blogs or social media platforms where all they’re doing is reading, commenting, podcasts create the human connection. Customers can hear your voice every week, join the jokes, engage in the discussions, and in turn, build a special personal connection with the brand.
A voice can create more trust than words, and that will make them into loyal customers and convert the sales.
Generate high traffic
As usual, listeners will subscribe to the series of podcasts. As long as the episodes continue, your audience will get notification from the subscription and keep listening to your podcasts.
Moreover, the listeners can recommend your podcasts to their friends/ families and colleagues who may have the same interest. As a result, your podcast can reach a larger number of potential audiences via Word- of- mouth.
Build Brand Authority
When a brand produces their own podcasts in the industry they expertise, the consumers have more chances to hear the high-quality content, insights from the experts in the team. Gradually, your brand has successfully created the impression as the professional in the industry you are operating, and become the go-to-people listeners want to hear from and talk to.
Reduce noise, scrolling through rate
52% of podcast subscribers listen to entire episodes and 58% listen to between 76% and 100% of all the podcasts downloaded on their device. (Edison Research)
59% of respondents spend more time listening to podcasts than on social media (Podcast Trends Report 2019)
From the perspective of marketers, “scrolling through” is not a good sign, as your advertisement/ posts will be lost in heaps of competitors’ contents. An interesting fact about podcasts is that, once customers choose to listen to that episode, they will spend time hearing the whole episode. As a result, your message/ advertisement can be fully delivered to the customers without noise.
It is said that: Podcast is Netflix in the on-demand listening industry. This proves the huge potential of this channel in the future. Suit up, and prepare for your business to keep up with the speedy growth of Podcasts in no time.
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