Everywhere you turn, you can hear people talking about the latest podcasts. But is starting a podcast the right strategy for your business?
Podcasts have really found their footing in this fast-paced world we live in today. With everyone on the go and people wanting to maximize their time, listening to podcasts while you do other things is now the norm.
As this is a new media type, we see some businesses trying to get a foothold in this podcasting industry. Naturally, this gave birth to podcast marketing.
Podcast marketing is marketing your personality and building authority in your industry with episodes of audio content that can cover various topics while gently introducing products or services.
But just like any effective marketing strategy, you need to dedicate time and resources. So, is podcasting the right strategy for your business?
3 Benefits of Starting a Podcast
To help you determine if you should invest in a microphone and warm up your podcasting voice, here are the three main benefits of podcasting to consider.
1. Reaching the Right Audience
The benefit that can’t be understated is that the reach of podcasts is vastly increasing.
As long as someone has an Internet connection, they can search and discover your podcast. They can search any number of podcasts related to their interests with just a few clicks.
So if you have a good understanding of your target audience, you can strategize what kind of podcast or topics covered by your podcast would resonate the most so you can get discovered by the right people. And if you attract the right listeners, they will more likely be interested in your products and services.
2. Budget-Friendly Marketing
Hosting a podcast can range from as cheap as $97 to as expensive as $805. It depends on the range you are willing to go for, as well as what is the main point of having this podcast.
There are courses about how to get the most bang for your buck. The main point of your podcast is for business, which means a return on investment. You can go with the bare minimum cost and use compounding content to allow you to repurpose any content you might have.
Additionally, podcasting is a great way to reuse or repurpose content. Content is the cornerstone of marketing and SEO, but it can also be time-consuming and expensive to constantly create new content.
But repurposing content is a way to utilize one piece of content on multiple channels. You can see this a lot on Youtube, where people will take various forms of content from their websites and reformat them to a podcast that's hosted on their channel. This is called compounding content.
So a common example involves a blog. If you already have a blog, you can utilize blog articles as podcast topics. It also works vice versa. If you have a podcast, you can take the script and upload it to your website as a blog and then post it to social media. So with one piece of content, you're extending your reach across multiple platforms.
3. A Modern Approach
As technology evolves, we create different avenues for the media we consume. We have moved on from print and radio shows. Television has been replaced by streaming. With how fast-paced we are going with our technology, it is only natural that we go into podcasting, which is a combination of print and radio.
And people are busier more now than ever before, so reaching people and keeping their attention is where podcasting comes in.
Someone can be washing the dishes, riding the bus, or going on a morning run and be listening to your podcast. This is why podcasting is predicted to be a $4 billion industry by 2024.
Audience Demographics for Podcasts
Now that you have your podcast, you need to know how to get your audience into it. Knowing your audience is important in podcasting. Podcasting has evolved from being a platform mainly for the younger generation to having audiences for all age groups. By tuning into your specific niche, you will be able to more effectively put your resources into courting that specific audience.
A younger demographic (12-34 years old) tend to listen to podcasts more than older audiences. With that, here are some quick tips to keep in mind:
The younger generation prefers their ads to be mixed with their content organically
They want their content to be accessible on their devices
They prefer authentic content and not chasing gimmicky fads
However, it's also important to do target audience research to determine if podcasting is the right strategy for you. You may have an older demographic, but depending on the topic you want to focus on, podcasting could still be an effective way to reach them.
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If you're looking to utilize your digital content better to reach untapped markets, contact us today for a free consultation.