Podcasting has exploded in the last few years. It’s as new as it is old as far as storytelling platforms go. They are the fire side chats of 2018. The popularity of this form of radio media has been steadily climbing since 2014. With the release of shows like Serial, TED Radio Hour, and The Dave Ramsey Show, podcasts have become part of every day life. Serial alone has been downloaded 250 million times in countries all over the world. According to Edison Research, 40% of Americans say they have listened to a podcast. And these days, it seems they’re making their way in to just about every industry. So that being said, should your brand start a business podcast? The answer is a resounding yes, absolutely! Here’s 7 reasons why.
1. Increased Brand Awareness
This is probably the most obvious but overlooked benefit of podcasting for businesses. After all, customers have to be aware of your business before any other marketing can even take place, right? So go where the customers are! Jim Lenskold put it perfectly when he said, ” The value of brand awareness is the equivalent of half of a $100 bill. Unless you know where to find the other half, there really is no value. Brand awareness does not have a financial value on its own but is part of the collective effort necessary for marketing to drive incremental sales.” Hosting a weekly podcast is an excellent addition to any robust digital marketing strategy.
2. Innovative Form of Advertising
If your eyes glaze over when you open your mail box and see a pile of loud flyers advertising pizza delivery and house cleaning services, you’re not alone. The landscape of marketing is changing. What consumers want and respond to is definitely changing, and marketers have to adapt. Consumers are arguably more bombarded with choices than they’ve ever been. For example, if you have 20 different brands to choose from when shopping for a blender, how do you decide? Certain companies probable come to mind simply because you’re aware of them. The you might whittle it down to companies you already trust. And then finally you might whittle it down to one or two that stand out to you because there’s some novel, attractive, or innovative about it, right? The same logic applies to any form of advertising. Doing something different and innovative like podcasting is a great way to stand out amongst your competitors.
3. Builds a Community Around Your Business
Theres tons of research to support the connection between community and a successful business. If you have a network of customers who freely support and advocate for your business, you’ve found yourself the holy grail of advertising. Having a community around your business means your customers are doing the marketing for you. And creating a regular podcast that people love is an excellent way to foster this sense of community. The reach potential is practically limitless. Think about it. A handful of people discover your podcast, love it, and share it on their social media profiles. And then those people share it with their friends, and on and on it goes. This will drive more traffic to your website and lead to more conversions. Win!
4. Educates Your Client Base
As a business owner, it’s easy to forget sometimes that your customers are likely not experts in your industry. Thats part of why they’re coming to you! A huge but often overlooked part of your job is to educate your potential clients. And to answer the questions they wouldn’t even know to ask. You want to acknowledge all of their fears and worries and put them completely at ease. Educating your customers also makes you an authority in your industry in their eyes. They know that you’re experienced and knowledgeable and will take care of them and their needs. Podcasting is a fantastic tool to educate your customers. And it can apply to nearly any industry. If you’re a real estate agent, auto mechanic, or an app developer, you likely have expertise in your area that the general public does not. Sharing your knowledge will help you grow a loyal following of clients that trust and support your business.
5. Humanizes Your Brand
Podcasts foster connection. When you tune in week after week, you get to know the person telling the story, the ancillary characters, and maybe even other listeners. Their voices become familiar to you and you likely grow to trust them. Most consumers are far more likely to trust a brand they feel a connection to in some way. Consumer trust in big companies has been steadily declining for years. According to a Harris poll, less than 20% of the general public reported that they trust large corporations. This is largely due to these brands having reputations of being cold, faceless companies. Podcasting is a great way to humanize your brand, the secret ingredient many brands are lacking.
6. Increases Revenue
Generating revenue from podcasts can be tricky, though not impossible. Theres actually several ways this can happen. The most popular way podcasts profit financially is through sponsorship. Don’t be afraid to reach out to companies for sponsorship that aren’t directly related to your industry. If you’ve got several thousand subscribers, companies will jump at the opportunity to be featured on your show. Additionally, some media hosting sites will even do the work for you. BlueBrry and Libsyn both offer services to help you find sponsorship or even fully manage your sponsors for you.
7. Increases Website Traffic
If your website traffic has plateaued, starting a podcast can boost your traffic significantly. These days so many people find their favorite brands through social media. And now podcasts are making their way into that category as well. The more avenues you have for your customers to find you, the better your chances are of reaching the right clients. Casting a wide net, so to speak, can greatly increase not only your website traffic, but also your conversion rate. Hosting a regular podcast might attract some listeners who aren’t currently in the market for your services, but as soon as they are your brand will be the first one that comes to mind!
Podcasting is a great media platform for fostering connections, humanizing your brand, and reaching the widest audience possible. There are so many resources out there to help people get started with little to no experience. Here’s a handful of helpful links to get you started on your podcast journey. Good luck!