The leading French novelist, Milan Kundera, said,
Business has only two functions- marketing and innovation.
For any organization, marketing falls in the spectrum of primary business activities. It is an undeniable fact that while sales drive revenue, marketing gravitates people towards a brand and inspires purchasing decisions.
Having said that, marketing is the most powerful catalyst to sales; and in the absence of innovative and effective marketing, your business will struggle to survive the massive competition.
Marketing Is Evolving
Businesses are now realizing the influence of marketing more than ever before. Consequently, they are happy to allocate large funds to their marketing pursuits and endeavors. Do you have any idea of the extent to which the global marketing expenses have increased?
As per McKinsey, businesses all across the globe spend around 1 trillion US dollars on marketing. Businesses are doing everything they can to create a buzz around their brands and attract customers. Are you catching up with the pace?
Further, be it a small business that started six months ago or a well-established MNC like Tesla or Google, marketing is of immense significance to all businesses. This explains why marketing in itself is a domain of business rivalry.
But are all businesses succeeding in their marketing objectives? How can a business outperform others when it comes to marketing? The answer lies in innovation and keeping up with the latest trends in the dynamic world of marketing.
This is where we need to talk about podcast marketing as an emerging trend that a lot of businesses are subscribing to. Podcast marketing is gaining immense popularity among marketers.
You will be amused to know that almost 80 percent of Americans are quite familiar with the concept of podcasts. Further, Edison Research concludes that more than 51 percent of Americans have listened to a podcast at least once.
Therefore, you can be sure of the fact that podcasting marketing already has a great outreach. All that you need to do is to exploit this great opportunity as a streak smart and innovative leader.
In fact, the market size of the global podcasts was worth 11.46 billion in 2020. Further, it is estimated to expand at a CAGR (compound annual growth rate) of 31.1% between 2021 to 2028.
Insights Into Podcast Marketing
Certainly, podcasting marketing has some incredible benefits that businesses are relying on. Otherwise, do you still think they would be investing decent amounts of money in podcast marketing?
Before heading to the amazing benefits of podcast marketing, let’s first have a look at some more fascinating insights on the effectiveness of podcasting marketing:
- Businesses that invested in business podcasts experienced a 14% hike in purchase intent
- Half of the listeners in the US pay attention to the ads in podcasts
- 38% of podcast listeners purchase the product included in podcasts
- 90% of the listeners believe podcast ads are effective
Moving ahead, let us now discover the pivotal merits of using podcasts as an innovative and trending marketing technique.
Five Primary Merits of Podcasts as a Marketing Tool
1- Podcasts Lead to Higher Engagement
As per the IAB research, 71% of the podcast listeners report a higher level of concentration when compared with social media at 53%.
When your audience is concentrated, the level of engagement in podcasts increases. In fact, the same research also shows that the engagement rate in podcasts is 76%.
These engagement trends can be the key to your brand recognition objectives and ambitions. The greater the engagement the stronger will be the brand perception.
When your target audience engages with your brand, they will keep discovering your products and services in a constant way. Hence, leads will keep growing when people start showing greater interest in your business.
The key is to offer informative content via podcasts and not limit the podcasts to self-promotional content. If your podcasts can solve user queries or their common issues, it is going to be a great hit for sure.
You need to keep experimenting with different forms of content to identify what engages your audience the best.
2- Podcasts Can Engage Listeners Anytime and Anywhere
The best part is, no matter what your target audience is up to, they can always listen to podcasts. Needless to say, people, these days, are busy and always on the move. But podcasts can still engage customers no matter what they are doing.
It is intriguing to note that as per First Site Guide, 79.8% of people listen to podcasts while commuting. Moreover, 69.3% of listeners do that while being indulged in household work.
Having said that, podcast marketing can be quite a competitive advantage because there are no constraints in terms of listening to podcasts.
With this feature of podcasts, you can keep increasing your audience and can target different customer segments. No matter how busy they are, a podcast playing in the backdrop will always correlate with their subconscious minds.
3- Podcasts Offer SEO Benefits
Smart marketers know well that podcast marketing can also offer some great SEO benefits. In the usual sense, we associate SEO and keyword optimization with blogs, articles, and images. However, the same is relevant in the case of podcast marketing as well.
You can optimize your podcasts with keywords when it comes to titles and descriptions. By doing so, you can enhance the online presence of your business and the authority of your business website in search engine results.
In contemporary times, building a strong digital presence has become indispensable. While you may be already doing a lot in that context, podcasts can give a massive boost to your online marketing endeavors.
Besides, when people come to your website, they should have the privilege to choose the kind of content they love the most. To elaborate, avid readers should have a wide range of blogs and articles to choose from. In a similar manner, those who love podcasts should have their share of relatable content.
Also, another key SEO benefit of podcasts is that you can enhance your social media engagement and link-building efforts with podcasts. As stated above, podcasts give a superlative sense of authority and authenticity to a website.
Remember, businesses are cruising ahead with spot-on SEO techniques and trends. There is no way you can choose to ignore the SEO merits of podcasting!
Podcasts have become quite a compulsion for businesses to succeed in their strategic planning when it comes to marketing.
4- Podcasts Have Great Scope for Collaboration
We often talk about influencer marketing and how impactful it can be for any business – big or small. Well, the same impact can be created even in podcast marketing.
In podcast marketing, you can collaborate with famous podcast producers who already have a hold on their niche audience. In this way, you can target their audience and market your business to them.
Besides, you can also collaborate with other brands that are targeting the same audience segment and do podcasts in collaboration. Brand partnerships can work out pretty effectively with podcasts.
Furthermore, podcasts also provide a great opportunity for effective brand storytelling.
If you ask marketers, most of them will say that storytelling marketing is the future of marketing. Having said that, podcasts can be your ultimate opportunity to make brand storytelling more engaging than before.
Tell your brand’s story to millions of people out there with the power and influence of storytelling via podcasts.
5- Podcasts are Amazingly Cost and Time Effective
What can be better than an amazing marketing strategy that doesn’t cost much in terms of money and time? Needless to say, for any marketing initiative you undertake, ROI is the first consideration.
This is where podcast marketing excels yet again and offers a great alternative to expensive marketing tactics. Having said that, it can be a great way for small businesses to reach out to their target audience. As a small business owner, you can achieve big marketing milestones with podcasts.
To elaborate, podcasts ad campaigns have an average ROI of $ 2.42 for every dollar spent as per an industrial study. Also, the conversion rate of podcast marketing is impressive enough. Interestingly, the rate of purchase conversion for podcasts is the highest in the parenting industry followed by retailing, travel, and fashion.
Moreover, podcasts are much more time effective when compared to creating videos for marketing or visual brand storytelling.
To recapitulate, podcasts come with great marketing benefits including a high ROI. Moreover, the amount of investments going into podcast marketing is pretty low. The rest is up to your effectiveness as a leader and your team’s marketing expertise to drive constant innovation.
Jessica Robinson is a charismatic corporate leader, a selfless educator, and a versatile content creator. Despite a management degree, her vision behind blogging is not only to follow her passion but to create more informed societies. Her selflessness reflects in every piece of her work on SpeakingNerd & TheSpeakingPolymath
Smart Hustle Resources
Seven Business Podcasts You Should Subscribe To
Every Entrepreneur Should Have a Podcast, Says Seth Godin
7 Ways To Make Perfect Podcasts That Keep an Audience Engaged
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