This year saw a significant increase in the number of podcasts being published, with an estimated 2.4 million podcasts and over 66 million unique episodes as of Q2 of 2022. Podcasting has well and truly become an integral part of our cultural zeitgeist, particularly during the last several years of “pandemic life” as we desperately sought out ways of staying connected through alternative means.
Statistics show that 62% of individuals aged 12 years or older have listened to a podcast and over 79% are familiar with this type of media. And this growing upswell in popularity has not escaped the attention of corporations and businesses.
The industry’s growth isn’t slowing down for branded shows. Between 2020 and 2021 alone, Apple Podcasts saw an 82% increase in the number of new branded podcasts launched. Companies have begun to appreciate the boundless marketing and brand recognition opportunities afforded by hosting their own shows.
A podcast is an excellent choice for brands seeking to reconnect with their existing audience or attract new consumers, especially considering how effective this medium is in terms of audience engagement. The popularity of podcasts will only increase in 2023, so embracing this trend will help your company target and reach new audiences all year round. So, as we look forward to next year, here are six reasons why your company should leap onto the podcasting wagon ASAP, if it hasn’t already.
Develop Global Connections
Despite early concerns that podcasts were nothing more than a passing fad, the number of podcast listeners has continued to increase year-on-year and is certain to carry on growing, especially as new shows continue to launch every day. Podcasts therefore represent the perfect starting point for potential customers to learn about or engage with your brand. Podcasts have never been more well-liked than they are now.
According to the latest edition of the Infinite Dial, the United States’ longest-running survey of digital media consumer behavior, over 73% of the adult U.S. population has listened to online media in the last month and over one-third listen to podcasts on a regular basis. While Europe and North America are often considered the largest consumers of podcasts, China and Brazil rank second and third globally in terms of number of listeners at a whopping 85.6 million and 39.2 million, respectively. The opportunity to expand your consumer base is therefore quite literally limitless.
Target Elusive Market Segments
Elusive but lucrative一this is how marketing execs often describe millennials and Gen Z-ers. Surprise! This is precisely the demographic that makes up the majority of podcast audiences: young, wealthy, and highly educated. Even better, podcast marketing tactics have proven to be especially effective at reaching this market segment, many of whom are self-proclaimed “ad avoiders” who are notoriously difficult to connect with through traditional marketing channels.
According to a 2019 study, brand references in podcasts were found to increase engagement by 16% and recall by 12%, resulting in better brand recognition (+89%), consideration (+57%), favourability (+24%), and purchasing intent (+14%). Conventional marketing materials are usually poorly received by potential consumers; in contrast, experience shows that more people are open to branded content when presented in audio form, although poor-quality or transparent “cash-grabbing” marketing tactics will most likely still be rejected regardless of format.
Establish Relationships with Consumers
Podcasts are a fantastic method to establish a relationship with your audience and customers, both new and returning. Connecting with your consumers through this channel can help you further develop your brand in the eyes of individuals who may have previously dismissed you as a one-dimensional logo or product.
By its very nature, podcasting encourages audience interaction and retention. This high degree of engagement is evidenced by the stats: on average, podcast listeners in Canada listen to six episodes per week, of which 80% listen to the majority or entirety of each episode. By quite literally giving a friendly human voice to your company, you can forge a personal, intimate connection with your audience which will help your customers view your brand as trustworthy and reliable.
Become a Podcast Pioneer
If your company provides a specialized product or service, then you have the opportunity to be the first to develop a podcast to concentrate exclusively on that market一one might even call it the pioneering podcast for your field. This can be a terrific way to attract new clients and boost engagement, as well as establishing your brand as ground-breaking, creative, and unique.
A branded podcast has a ton of potential to be the first podcast in its particular niche. It is crucial for organizations to engage with their present audience and attract new customers through a variety of channels, one of which should undoubtedly be a podcast. Even better, being innovative and launching a podcast could be a wonderful approach to achieve momentum for startups trying to build a following.
Grab Attention On-The-Go
Visual advertising tactics are only effective while your target audience remains stationary and focused, whether that focus is directed at a screen or printed page or billboard. But what happens when they don’t stay in one place? If you want to maximize your reach, you need to develop new marketing methods that can target consumers on the move. Podcasts are incredibly convenient because they can still reach listeners even at times when they can’t or don’t want to look at screens.
Whether you’re driving a car, working out, in the office, or at home meal-prepping and doing laundry … podcasts are the apex of multitasking entertainment and can be listened to anywhere, at any time. In my personal opinion, this makes podcasts one of the most convenient and accessible forms of marketing for consumers and businesses alike, particularly as podcasts are perfect for cross-promoting your brand’s other social media channels, such as Twitter, TikTok, Facebook, and Instagram.
Bring in More Revenue
Last but certainly not least, podcasts represent a fantastic additional source of revenue, whether through direct sales conversions, sponsorships, m-commerce opportunities, ad revenue, or via lead generation. By 2025, economists predict that the market for podcast advertising will be worth close to $3.5 billion. Apart from lining your wallet, those extra dollars coming in can be put to work in various ways: you can use them to invest in other aspects of the business to strengthen your brand or pour them back into the show to improve your podcast’s technology, equipment, and quality, thereby continuing to increase exposure and listenership. Although launching a podcast does cost money, this investment is undeniably cost-effective, as podcast shows are generally much cheaper to develop and launch compared to traditional visual media campaigns.
While it can be hard to justify the expense, time, and resources needed for a successful, high-quality podcast, especially as a startup or if you’re on a limited budget, there are huge gains to be had from investing in this form of marketing. With access to a highly loyal, engaged, and captive audience and the opportunity to establish yourself as a trend-setter and household name, make 2023 the year that your company launches its branded podcast.
Fatima Zaidi is the Founder and CEO at Quill Inc., an award-winning production agency specializing in corporate audio, and CoHost, a podcast growth and analytics tool.
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