Considering a podcast? Find out if it makes sense for your business
Podcasts have become a very popular topic of discussion in the world of content and business. Many see podcasts as the future of content creation and a key component in building a lasting and engaged community for their business.
The rise in popularity is undeniable, and if you’re a business owner you should seriously consider what podcasts might be able to do for you, and your customers. In June 2019, Edison Research reported that approximately 90 million Americans tuned in to a podcast in the previous month.
Deciding to start a podcast can seem intimidating, but technology has enabled this to be a very streamlined process to get up and running.
You might be surprised by the benefits.
In this article by Midroll you can find case studies for advertisers showing a much higher increase in brand recognition, higher unaided recall of features, along with 2.5x – 4.4x the effectiveness of advertisements over digital ads. To put it simply, listeners are much more engaged with podcasts they listen to.
How would this help you as a business owner?
- Podcasts are a great way to build your audience and tell your story as a company
- There’s potential to find new customers by using a new medium of communication
- It’s another way to provide value to your customers
- Additional revenue streams
Let’s explore the points above as to how a podcast could empower your business to help you reach your goals. We’ll also get into what you would need to get started.
Build your audience
What drives you as a business owner? What do you offer your customers? What are you passionate about? What problems does your business solve in the market? What are common struggles you see with your customers? What makes your company different than others?
Having a podcast is a great way to answer all of these questions and many more. With our socially driven and technologically advanced culture, storytelling and social proof are important in gaining trust in a very crowded marketplace.
The key is to focus on what your customers are looking for and the problems they face. Too many times businesses make things about themselves and what they do. They often forget the most important piece – their customer! A podcast is a chance to speak directly to your customers in a very informal and conversational manner.
It’s human! Something that has been lost in many ways due to the advancement in technology. Podcasts breakdown that invisible barrier. The key here is to always be thinking about your customer and who your audience is. This will define the format and content of the podcast.
Finding New Customers
Due to the fact that podcasts are a new and evolving media format, the opportunity to gain new customers is on the rise. This format attracts people from all walks of life and often will reach those that you’ve otherwise never had the chance to get your company, and story, in front of. The conversational style of format is highly engaging and is a great way to show your value and potential for solving a problem customers have.
Since the format allows for a deep dive into the details and specifics, this could create customers from listeners who had no idea that what you provide was even available. Many products and services have been discovered this way!
Also, as podcasts are available on many platforms, you will be reaching audiences outside of the highly saturated platforms like social media and traditional advertising. This does not mean it will be easy. The focus still has to be on value provided for the customer.
A side note – there is potential to advertise on podcasts within communities you’re not yet reaching. This is a topic that can be explored in detail, but is something to consider when growing your audience and customer base. It is a great way to find specific audiences that align with your target demographic.
Learning and engagement is a massive component to the rapid growth of podcasts in the recent years. The format allows for people to listen on the go, enabling customers and listeners the ability to learn as they go about their day. It’s very potent for content.
Think of all the people who commute and have mindless chores to do around their home – this is your chance to speak directly to them and share what you provide as a business. This is not about selling for 30 minutes. This is about sharing the value of your offering. Talk about who your customers are, what they need, what they struggle with, and how you’ve been able to help them.
The more detailed you can discuss the challenges and journey of your customers, the more you will pull them in. Especially when you let your listeners know you’ve found a potential solution to their own challenge! The key is to relate and share with them. This is your chance to teach and guide.
If you run a bike shop, discuss your best trips and routes that you and your friends have discovered. Discuss the various brands of cycles and what you like or dislike about them. Explain the value for each style or type of bike. Discuss hacks that have helped you as an enthusiast and tricks you’ve learned along the way. Share the love of cycling. Interview inspirational cyclists and people who love the sport.
There is so much that you can discuss on a podcast that brings together passion, information, and value. It’s also an excellent chance to build loyal fans by being genuine. This is the beauty of podcasts! It allows you to build a micro community around your specific business and passion.
Additional Revenue Streams
This is hinging on the commitment you show and how much creation you’d like to do. If you’re willing to put the time and effort into a podcast, you will find they can provide additional streams of revenue for you as well.
The first would be to have advertisers pay you to promote their products on your podcast. If you grow a platform and have an audience, there’s a good chance you will have a specific demographic you’re speaking to. This allows for complementary companies and products to be marketed through your channel.
The second would be affiliate sales. Depending on the type of business, you could personally promote products and brands through your podcast. Usually this is done by having an offer that is unique to your community and promoted to your audience. Your audience wins and so do you!
A third way is one we discussed earlier, which is growing your customer base. You can run promotions and specials through your podcast to increase the reach of your marketing. It’s also a great way to interact directly with your customers by having ways they can interact with the podcast. Call-ins and surveys are very powerful and this is a great way to share with your customers.
Some podcasters offer a subscription model that provides additional value. This really depends on how deep you want to dive and what your objectives are, but it can be done for the right type of business. This is often for those creative businesses that are based around content. It’s much tougher, but it can be done!
There’s a lot of reasons to be excited about podcasts and their potential for your business. Technology has made starting a podcast simple and straightforward. You can literally get started with just your phone. Most people, when undertaking a new endeavor, want to get all the equipment, spend tons of time and research on making things perfect, and one day get to the actual creation of the podcast. This is not recommended. The best thing you can do is simply get started!
What would you need to get started? If you wanted to up the quality a bit you could grab a Blue Yeti. They provide solid quality for a great value and would take things to the next level. They also have features that allow the mic to work in different formats. An example would be, if you have a guest on your podcast, it will focus on two sides of the mic or you can have it focus solo.
Complex equipment is unnecessary to get started and will only make your life complicated. The key here is to keep momentum going and take small actions daily for progress. Anchor.fm is an app that gives you the ability to record sound clips, intros, call-ins for guests and co-hosts, and it distributes to all the main podcasts platforms. They also host your content- and all for free!
This is the best way to start. Start with content. Think about what value are you providing. Think about your customers and what are they looking for. Just get started. This is the biggest piece to creating a successful podcast. Also, think about the format. Will it be weekly? Daily? Monthly? Interviews? Solo? Co-hosted? These are the important questions to consider, but more than anything JUST GET STARTED!
Try to push out that fear and just get it out there. Ask your customers what they might like to learn. Think about your most frequently asked questions. Understand there will be a learning curve and over time the cream will begin to rise to the top. It’s a process! The key is to stick to a schedule and hold yourself to it. Start small in the beginning. Success is made step by step, bit by bit.
Principles don’t change with a new media. Effort and dedication are ultimately what it’s about.
You never know, your podcast could be the next tool to take your business to a new level. Now get out there and do it!
Have questions? Comments? Let us know. We’re here to help!