The popularity of podcasts has skyrocketed in recent years. According to Voxnest, since the beginning of the COVID-19 pandemic, the number of people tuning in to podcasts has surged by 42% across the globe. This suggests that more people are finding information through this medium. From a business marketing perspective, you can use podcasts to sell your goods and services to a broad audience.
A podcast’s relatively minimal production costs make it particularly appealing to startups and business owners. Here’s how a podcast can give your business a more personal approach to reaching potential customers.
What is a podcast?
Before we jump into a more in-depth explanation, do you really know what a podcast is? You might have heard someone mention a podcast before, but where can you find it? Is it from the radio? Streaming? Both?
Podcasts are digital audio content distributed over the internet using a podcast hosting service. The form and content resemble a radio broadcast, except that it is hosted on a digital platform like YouTube, Apple Podcasts, or Spotify. Depending on their interests, listeners can select a variety of podcasts. True crime, finance, debates on mental health, scary stories, daily life “vlogs,” and many other topics are available.
Here are five ways podcasts can take your marketing efforts to the next level and be one of your best business marketing strategies.
Starts a conversation and builds relationships
It is crucial to recognize the importance of cultivating a relationship with your prospects before they become actual customers. Some clients may only need a few days, while others may require months or even years to feel secure enough to spend money on your products or services, especially if what you are providing is pricey. To add value and understanding of the process, podcasts are among the most convenient ways to start a conversation around the topic. These conversations can cover an overarching topic related to your business, solution, or product. In subsequent episodes, you can deep dive into specific areas within that broader topic.
You’ll need to remember that podcast listeners do not give podcasts their complete and full attention. Just like when one tunes in to the radio, many podcast listeners listen to episodes while they are doing something else. They could be driving or commuting, dining, taking a shower, performing chores, or even working.
On one hand, some argue that without their full attention, it is hard to connect. But remember, when listeners tune in to a certain podcast, they are doing so intentionally. You have your voice in a state where they welcome what you are talking about. According to BBC’s research, these activities actually contribute to higher scores when measuring engagement, emotional intensity, and long-term memory of the podcast.
Much like you would to a radio, the moment a point of importance or interest comes up, they would subconsciously give your podcast their undivided attention. Some may even rewind the podcast to listen to it again.
Increases business’ rankings
It’s possible that even though making a podcast is a very cost-friendly business marketing, many businesses are still unaware of how affordable podcast marketing is. Because it is predominantly in audio format, you can use your phone to record a podcast.
For those who struggle with writing, speaking may be an easier alternative. Armed with talking points, you can increase your business awareness through thought leadership podcast recordings.
Audiogo contends that podcast marketing can be cost-effective. It suggests a staggering ROI of 242% on every dollar spent. On top of that, research has shown that podcast campaigns also have the most fantastic conversion rates. According to Podsights, the average podcast ad purchase conversion rate stands at 6.8%. This outperformed Google search’s click-through rate (CTR) of 1.55%, Facebook’s CTR of 1.11%, TikTok’s 0.97% CTR, Twitter’s 0.86% CTR, and Google Display’s 0.47% CTR.
Some industries perform better than the average. These include parenting (11.9%), Beauty (11.2%), and professional services (7.9%). Automotive (5.0%), Financial (4.9%), and Health and Wellness (4.7%) fare lower than the average podcast CTR – but still higher against other platforms.
Build an authoritative presence
Thought leadership has been in the marketing lexicon for a while now. It is the expression of ideas that demonstrate you have expertise in a particular field, area, or topic. Most thought leaders not only master their subject area, but they are also passionate about it. That passion translates into enthusiasm which can be heard in a podcaster’s voice. Something that is often removed from other marketing approaches.
Talking about subjects and issues related to your niche on a podcast is a compelling option. Your vocal projection and approach may change depending on the subject. Making it more conversational and natural will encourage listeners to find out more about the podcast host and their company. Customers want to feel that they are in good hands.
Remember that trustworthy podcasts can quickly establish your authority and dependability while giving your audience helpful information.
Raises brand recognition and awareness
Returning to the BBC research, brand mentions in a podcast deliver on average 16% higher engagement and 12% higher memory encoding than the surrounding content. The intimate and conversational nature of podcasting creates a heightened state of engagement for brand mentions. On top of that, it also cuts through ad avoiders.
So, can producing and sharing podcasts be a good business marketing strategy? Yes, it is possible to use podcasts as a way to introduce your brand and products to more customers.
You can reach a sizable audience who will listen to your podcast as they do their daily activities. And after you have some loyal listeners, you can foster a sense of community around your brand and company. Indeed, this benefits your business no matter the size—be it a small business or an established corporation.
Build Lasting Relationships with Your Audience
Listeners often create subconscious associations with the brand in podcasts based on the words they hear. In the sample used by the BBC in its research, the word ‘innovative’ was repeated 12 times. When asked, the respondents were more likely to call the sponsor of that episode “innovative”. This suggests that they instinctively associate the brand with the message.
Using the same, identify one or two key terms that best describe your offering. Use it frequently in your podcast to allow your listeners to associate your brand with that term. Over the long run, you can gradually warm up cold leads with little risk involved with podcasts. You must develop relationships and engage with the listeners through interviews and other guests on your program. Become the living embodiment of the efficacy of your products, and don’t sound like someone is just trying to pitch them.
A company podcast can be solid support for current business marketing strategies and a powerful marketing tool on its own. Most importantly, listeners will actually hear your messages, making them more likely to engage with your business and take action.