If you're in business or considering going into business, you should be informed about all the latest technologies to help you succeed.
Whether it's shoes you're selling or a service to help others, podcasting is one technology that isn't going anywhere.
Sure, social media can be helpful, as well as a website. If you combine that will a full-on PR and marketing strategy, you can get quite a bit of notoriety. However, podcasting can bring your business to a new level.
Since its inception in 2004, podcasting has continued to grow and gain in popularity as time goes on. It has been steadily growing at a rate of around 10% per year and currently has approximately 504 million people who listen to an episode at least once a month.
If you aren't familiar with what a podcast is, it's a set of digital audio files available on the Internet for downloading. A user may subscribe to a podcast to receive the digital files once they are uploaded on popular platforms such as Apple Podcasts, Google Play, Stitcher, Spotify, and more.
Many businesses have discovered that utilizing podcasts to improve their prospects can change the way their ideal customers interact and buy from them.
Today's podcasts are often thought of as the new talk radio allowing listeners to follow their favorite shows anywhere at any time. Reports suggest the increased usage of cellular phones has led to the wide growth of podcasting over the years, along with its increasing popularity.
Before we dive into how podcasts can boost your business, let's talk about why they increase business.
The Way People Buy and Interact With Brands Is Changing.
More now than ever before, people are supporting brands with a cult-like following. While this is largely due to different marketing strategies, buyers are changing how they support based on company messaging and what they value. Podcasting is a simple way for companies can bring clarity to their target customer and create content that keeps them engaged.
The key to leveraging a podcast for your brand is engagement.
While many companies provide a product or service, it's rare to engage the way customers want. With podcasting, it not only gives you the freedom to engage with your ideal clients but it also lets them get the inside scoop on what's going on. Many times podcasts can be educational to their listeners. For example, if you are a part of a company such as Kuiu, a prominent hunting brand, it's beneficial to bring guests on and interview successful hunters. This gives customers a reason to engage with your brand, and you are now not only selling them something but providing them with educational value as well. Bringing on industry experts or industry leaders helps build strong relationships between listeners and the brand. This provided value not only helps bring target customers back to listen over and over again but also keeps your brand at the forefront of their minds.
Customers buy from companies they know, like, and trust. By having a podcast to help support your brand, it becomes easier for clients to know more about it, like what it has to say, and trust that the people you're having on believing the same thing they want to. Winning over your potential customers is easy when you can keep them engaged, and with a clear marketing plan of value and sales, it's a win-win.
Business podcasts can cover a wide range of listeners, from loyal subscribers who wouldn't miss a show to casual listeners who may hit play every couple of weeks. Pick a podcast format that works for you and your business and start to create shows around it as well as a post on your social media channels. Give your listeners every opportunity to become a part of your loyal audience and develop a personal connection with your brand.
Here are some ways how podcasting can boost your business.
Podcasts Can Be Better than Video
Many people already know video marketing is important to a business, but not everyone is comfortable shooting videos. Because of this leveraging, a podcast might be the right option for you. For anyone who is uncomfortable being on video, it's as easy as grabbing a pair of headphones and a mobile device such as an iPhone and hitting record. Check out how to start a podcast on iPhone here.
Also, some smaller businesses may not have the proper video equipment to take videos that will stand out. That's because there are many factors involved in shooting videos, like the use of proper lighting, sound, background, etc. Each of these things may go wrong if they are not done the right way; therefore, podcasts can be a better option. Additionally, a great camera, lens, microphone, and lights can easily become costly. Many video camera setups can cost more than $2000 and have a much higher learning curve. A podcast, on the other hand, can be recorded on an iPhone but depending on how you set up your podcast, a good microphone, and a quiet room can produce some incredible audio quality.
Getting More Traffic
Another good thing about a podcast for your business is that it could aid in reaching new audiences. Podcasts can help build familiarity across all kinds of audiences. Listeners typically subscribe to a series and regularly tune in. If the audio series stays on their phone, your audience will mostly keep listening.
Another added plus is your audience might recommend the podcasts to friends and colleagues who may be interested, which will increase reach. The result could lead to improved traffic faster. Podcasts are a great way to cultivate new ideas and target relevant keywords allowing you to repurpose your content in the form of a blog post or transcript that can be found on search engines.
Better Relationships with the Audience
Don't think just because a podcast is a one-sided technology, it is limited. It ultimately could help in building effective relationships with your listeners. A podcast lets an audience of listeners become better acquainted with an individual's speaking on the podcast. People tune in to podcasts because they have a common bond with the speaker and the speaker's brand. Many of the most successful podcasts make listeners feel like they are a part of their personal life and share a human connection with the host.
Having a good relationship can help build trust, and this encourages listeners to be associated with the brand, which may lead to improved conversion. Why? People usually are more likely to buy from brands and companies they know, like, and trust. Podcasts rarely contain a sales pitch, and audiences love that. It's an easy way to provide effective education on your products or services without the sales feel to it.
Easy to Create
Launching a podcast is not necessarily time-consuming or difficult. For example, the equipment needed is reasonably priced and can be found easily. All you need is a good-quality microphone and headphones for making a podcast. The editing software is typically free and simple to use. For uploading the files on your website, a good Wi-Fi connection is also needed. You will also need a podcast host like Buzzsport. You may also need to send the podcast to your audience through an email program on your computer or through a smart device. Activecampaign is an incredible program to help gather emails and begin to send email messages to your audience.
Once you have created the podcast, you can start promoting it to boost its exposure and reach a larger audience. To do this, you will need to make the podcasts available on various distribution channels. By leveraging a platform host like Buzzsprout, it's as easy as following their quick five-step process, and they take care of the heavy lifting. They also offer a magic mastering tool that will take your audio and help it sound amazing. This makes creating podcasts even faster and easier.
Podcasts are Fun
Since people are often on tech overload – from their computers, tablets and phones, and other electronic devices – they may welcome a podcast as a needed break. The average person commutes for about an hour per day. Changing up your normal routine with a podcast is something that more and more people are starting to gravitate to. Podcasts can cover a large variety of genres, and even podcasts that are hosted by businesses can be fun and engaging. People are looking to elevate their everyday lives, and if your podcast is the thing that brings them joy, they will return for years to come. Try to devise ways to make the mundane and boring seem fun and exciting or provide valuable content someone may want, and they will subscribe.
In a survey conducted on 300,000 podcast listeners, 63 percent of the respondents had bought what the host had promoted. This could be an indicator that podcasts may be used to engage the audience and influence their buying decisions on a positive note. If you make your podcast fun and enjoyable it's only going to increase the chances for your audience to turn into consumers.
Improves Public Speaking Skills
Another way a podcast can build your business is that regularly hosting podcasts may aid in public speaking. Being a podcaster and developing your show could help you begin developing a more natural, laid-back flow while speaking, too. You could also get asked to do some public speaking gigs and promote your business as a result. The more you practice, the better you will get. While not everyone wants to be a public speaker, you are reading this blog to learn how to promote your business, and becoming a speaker is another benefit and avenue that you can explore.
Many businesses have already begun incorporating podcasts into their overall marketing strategies. There are even more benefits of starting a podcast for your business that most people don't know about.
1. The pandemic has changed the way we do business.
The coronavirus pandemic has increased the time Americans have to consume content. With millions of unemployed Americans, it’s also changed buying habits. A podcast helps you gain the attention of millions of Americans at home. It also enables you to tap into the homes of potential consumers to convert them into buyers. While the growth of podcasts has slowed slightly during the pandemic, the demand for new content hasn't. Listeners prefer an intimate connection with businesses they feel passionate about. Now more than ever, they want to become fans of podcasts but also supporters of the people and brands behind them. They want to consume all of the content a brand produces and become a part of its most loyal listener base.
2. Businesses need to stay lean while still Marketing.
During difficult times, businesses tend to cut costs. Most times, Marketing budgets get slashed significantly. At the same time, Marketing is one of the best ways to attract new customers. A podcast is a quick way to add to your Marketing by creating episodes around your product, service, or business brand. Podcast equipment is fairly cheap, and starting a podcast is simple. Starting a new podcast is quick and easy, and with a catchy title and a well-written podcast description, you can begin to engage with an audience you never knew existed. Couple that with a few social media posts on different platforms, and you will be bringing in new customers in no time.
3. Make the most out of your quarantine time.
Consumers aren’t the only ones on lockdown. Businesses and business owners are quarantined too. Starting a podcast is a great way to make use of the extra time. You add a new medium to reach customers. Talk about how the pandemic has affected your business. Discuss the ways you are addressing it and how you are helping your customers. You can also repurpose your content on social media or blog posts. This gives you the ability to be found in a variety of different channels, not just the main podcasting apps. This strategy of leveraging already-made content is easy business marketing that anyone can do, especially during downtime.
4. Podcast listeners are on the rise.
A lot of people believe the podcast space is saturated. However, that’s far from reality. As of 2018, there are over 155 million podcast listeners. This number has grown to 54% in the last three years and in 2022, is currently around 500 million podcast listeners. This number is expected to grow exponentially in the next three years, and there is no end in sight. With more avenues to grow your business and your show adding a podcast is a no-brainer to keep growing.
5. Podcast listeners are high earners.
According to Music Oomph, 45% of podcast listeners have an annual household income of more than $250,000. More than 60% have a postgraduate degree. Podcast listeners have the disposable income to buy your products and services. Chances are, they are in decision-making positions for B2B companies. This means adding a podcast to your marketing strategy can help attract not only new clients but clients that can afford your most premium products. There is a saying that on average, a millionaire reads seven books a year. While there is no official statistic to say how many podcasts they listen to, I'm sure it's a lot.
6. Establish yourself as a subject matter expert.
In 2020 and beyond, customers will be more likely to buy from businesses they know, like, and trust. A podcast is a way to show how your company solves problems. Trust is created by creating content and showing the world you're willing to help and educate. Doing this over and over again will help establish your reputation, and when people see it repeatedly, they will begin to trust your company. As time goes on, you will begin gaining subscribers who trust your business. They will be more likely to buy or recommend your store because you have established yourself or your company as an expert. That’s what content marketing is all about.
7. Reach your target audience.
Podcasts are distributed on platforms like Apple, Spotify, Podbean, and Stitcher. Businesses can define and reach their audience with relative ease. Podcasts are also more likely to be audio-only, allowing listeners to tune in during activities where normal social media isn't accessible. These can include, but aren't limited to, driving, working out, hiking, and more. Unlike other forms of Content Marketing, you can craft podcasts for a specific category and subcategory of listeners.
8. Help build a community around your brand.
Apple has done a fantastic job of building a cult following. Despite the product, Apple enthusiasts will still buy. This behavior comes down to the community. Can you develop your Tribe? A podcast is a great way to create your business tribe. If you keep creating epic content, your community will keep buying again and again.
9. One medium, several revenue streams.
During the pandemic, companies that once had several customers and high revenues suddenly needed to pivot. The pandemic made customers inaccessible and reduced income. A podcast can attract customers for your business but can multiply into different revenue streams. Podcast ads, sponsored content, and collaborations can add to your bottom line.
10. Access to your business at their convenience.
Podcasts, like blogs and other forms of content, are always on and always working for your business. Podcast listeners can download your episodes and listen at any time. In these difficult times, having a channel that promotes your brand 24/7 is crucial.
11. An excellent Content Marketing Tool.
Did you know that podcasts fall under Content Marketing? According to Hubspot, “Content marketing is a strategic marketing and business process focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience, and ultimately, to drive profitable customer action.” Podcasts sit at the top of the sales funnel, helps build awareness, and convert sales.
12. Build capacity and employee skills in your business.
This period of lockdown is an opportunity to grow the capacity of your business. Can one of your team members host the podcast? The host can build public speaking skills, presentation skills, and marketing skills. Those skills transfer into the business, helping you become a more reliable team.
13. Easily repurposed to the relevant social media platforms.
Creating podcast episodes is a great marketing tool, but don’t stop there. Podcasts can be easily repurposed into YouTube videos and transcribed into blog posts. You can pull audio snippets to post on social media or turn amazing content into lead magnets. A podcast for business should be just one part of your content marketing efforts.
14. Low startup costs/Easy to create.
Starting a podcast for business should now be an expensive endeavor. All you need is a phone, mic, and an app like Anchor to store your content. If you have some money to invest, you can start for as little as $500. As technology gets more efficient, starting a podcast gets cheaper and easier to create.
15. Build strategic partnerships for future business growth.
Podcasts are a great way to attract like-minded businesses to work with. These partnerships can grow into virtual summits, webinars, shared Marketing, or commissions. This year is the year for collaboration. Podcasts are an excellent way for businesses to help each other grow in this challenging year.
16. Entertain while still selling.
With the rise of Tik Tok in the last year, consumers want to be entertained. A podcast is an easy way to entertain your customers and potential leads genuinely. Inject your brand’s voice into the interviews, content, and stories. Your products and services will sell themselves.
17. Gain global reach for your business.
Podcast growth is not only happening in America. South Korea and South American countries like Chile, Argentina, and Mexico have rapid podcast growth. Podcasts are a great way to reach a brand new market, getting you new customers during the pandemic.
18. Sell, sell, sell!
Every episode should be an opportunity to sell your business. It’s one of the many ways you can directly benefit from a podcast. The more episodes you complete, the easier it will be to pitch your services and craft your sales message. Don’t hesitate to sell. That is what makes a podcast for business so powerful.
19. An incubator to create more products and services.
The more content you create, the more ideas you develop. The more guests, insightful conversations, and information you share, the more you find out what your audience needs. Podcasts can help you quickly create the things that customers need in our pandemic climate.
20. Podcasts are fun!
We all need a little fun in our lives! While podcasts can help us grow our businesses, we can still have fun along the way. Starting a podcast is a great way to be creative, meet new people, and share a few laughs.
If you're thinking about starting a podcast for your business, there are a few things you're going to need to get started. For most businesses, its a great way to build content and give a reason to reach out to your fan base. Check out this blog that covers how to start a podcast for beginners for a step-by-step tutorial.