Podcasts are trending at the moment, perhaps they are the shiny new toy for marketers? In 2006 a mere 22% of Americans knew what podcasting was, this has since leapt to 70%, in the UK 18% of people listen to podcasts weekly and the total of podcasts available on iTunes alone is at over 700,000. Podcasting is popular across so many different industries that anyone can find a niche; ‘how- to’ podcasts have seen a 45% increase in listeners since lockdown and work from home measures came into place because people are having time to indulge their hobbies. In general, comedy, business, news and podcasts about culture were the most listened to podcast genres in 2019, however, this is likely to change in 2020. Due to more people working from home, hobby podcasts have picked up, these can be on anything ranging from arts and crafts, true crime to investment advice and finance podcasts for people looking to use their free time to learn more and educate themselves. It is worth noting that the majority of podcast listeners are college graduates; about 27% in the US or successful professionals and entrepreneurs, therefore educational podcasts do tend to be more popular.
In our previous blog post, we delved into the different reasons why podcasts have become increasingly popular both for listeners and as a marketing tool (check it out here: - https://www.smallgiants.agency/post/1-85-billion-reasons-why-podcasts-should-be-part-of-your-marketing-efforts), which left many of our readers with the question; ‘should I make a podcast?’ In answer to this; it depends. Every business is unique and the decision on whether or not podcasting will be a good move for your business boils down to a variety of factors. Here are a few questions to ask yourself if you are considering starting a podcast:
Do you have the resources for it?
Podcasts can be costly so unless you are an expert already you may need to outsource help to ensure you have good audio quality and editing. You need to have the recording facilities for the podcast and editing software so even if you can do it all yourself, it is likely to incur an additional cost. Basic equipment includes a computer, microphone, mixer, windscreen, headphones, acoustic treatments and recording and editing software. Something to also think about is having high-quality remote recording equipment to ensure you can continue to put out content even if you cant be recording in person. We suggest using a web-based recording platform like Zencastr, Squadcast, or Zoom if your budget and skill-level is lower, for the slightly more expensive and skilled podcasters portable recorders such as the Zoom H6 or H5 are good.
Time is another resource, do you have it? You will need to spend time recording, marketing and some time making sure your podcast are on the most popular podcast directories because this is the best way to ensure you get as much exposure as possible. A few podcasting platforms we recommend are; Apple (the most important one), Google Play Music, Google Podcasts, Spotify, Stitcher, Podchaser and Tunein to list a few. Data from The Podcast Host showed that approximately 46% of 12-34-year-olds used Spotify as their preferred podcast listening platform, compared to only 20% of the same demographic using Apple Music so it is worth taking time to do your research to make sure you are covering platforms compatible with your target demographic and multiple devices i.e. Android, Apple, Samsung etc. To really reap the benefits of having a podcast you need to be consistent, make sure if you start it, that you can commit.
Do you have something to share?
Ask yourself, do you actually have something to say and can you offer something unique to listeners? Podcasts are popular so there are a lot of them out there. What can you offer listeners that others aren’t? Podcast listeners are smart, less than 15% of podcast listeners have only been educated to a high school level, with the majority of them being college-educated people they want to listen to content with substance. This could be a unique perspective on topics you are discussing, a network of guests you can bring on to your show, your personality and the way you carry the conversation, perhaps you have insight into a niche topic that you haven’t seen others share; 2019 saw podcasts on plant-based diets, zero-waste and healthy lifestyles gain traction and it is predicted that podcasts on sustainability will grow in 2020.
We have recently worked with Damian Handzy, Chief Commercial Officer at Style Analytics and financial markets experts to launch a podcast for investors called ‘What’s Your Prior?’. Damian utilised his unique personal and academic background as a physicist turned financial markets expert and professional experience which includes founding and selling his own business, to give his listeners a perspective on investment topics they might not hear elsewhere. Check it out here: http://podcast.styleanalytics.com/. At the end of the day, it’s just important that you have SOMETHING to justify why someone should spend 15 minutes or more of their day listening to you talk.
Is a podcast relevant to your business?
Ultimately, you can really make a podcast talking about anything and if it is something you are interested in doing as a hobby, this doesn’t really matter. However, given the time and money associated with podcasting you should ask yourself, is my ideal customer going to care about a podcast and would it relate to my business? For example, if you are in the business of selling furniture, a podcast is probably not worth your time, but if you are in the finance industry, a podcast is more likely to resonate with your customers who want to understand and learn about money. Approximately 80% of podcast listeners will listen to a podcast the whole way through, that means they are not skipping through ads so use your time wisely! Make sure you are selling your business or product appropriately either implicitly throughout the podcast or with a short advertisement clipped into it. If you are using podcasting to grow your business this is key, research has shown that 63% of podcast listeners have purchased from a business from podcast advertisements.
If you have thought through these questions but still aren’t sure if podcasting is the right move for you, why not consult the experts? Small Giants specialises in creating digital marketing strategy for early-stage companies and can provide you with personalised advice and strategy on how to grow your business. Feel free to drop us a message on our website www.smallgiants.agency and follow our social media pages to keep up with the latest in digital marketing.