If you think podcasts are just a casual form of millennial entertainment, think again. Podcasting can be a really powerful tool to help drive your business, and this article will explain why.
A Growing Industry
Podcast consumption has nearly doubled in the last five years. In our increasingly digital world, not only are the forms of entertainment we consume changing, but also how we prefer to get all types of information like news, knowledge and advice. As our lives get busier, people are seeking the easiest way to find out everything they want to know, including the next best product or service to buy. For that, podcasting is the perfect solution.
Many businesses are recognising this as a valuable way to establish their brand and market their product or service. As more brands continue to join the podcasting world, it is estimated to become a $1 billion industry by the end of this year. A 2020 Statista study also found that over 15 million UK citizens were monthly podcast listeners, which is expected to grow to over 19 million people by 2024. That is a lot of potential customers!
Benefits for your Business
Promote your products and services
Corporate podcasts are the perfect opportunity to produce meaningful content that creates a specific audience interested in your product or service. Research companies have also determined that 54% of listeners believe that podcast advertisements make them much more likely to buy a product than any other advertising media.
Reach a wider audience and target your niche market
Podcasting is available globally, and due to the number of daily listeners, it provides a high chance of hitting your market niche. It is especially powerful in targeting a younger demographic, as most podcast listeners are between 12 to 34 years old, a group that is often difficult to reach using traditional marketing methods.
A cheaper and more accessible form of marketing
Unlike most other forms of marketing, podcasting is an inexpensive marketing tool where you are in full control of the content and how much to invest in it.
Gain more recognition in your field
By starting your own podcast, you can stay ahead of your competitors and display a commitment to innovation by staying in tune with the changing world. This can drastically increase the recognition and reputation your business has in your industry.
Engage with your customers
Listener engagement is far higher for podcasts than other platforms, making branded podcasts a great opportunity to create successful marketing campaigns. Podcasts provide a more intimate connection to an audience compared to other forms of media, so brands have a great chance of building a genuine connection to current and potential customers.
What about radio?
While radio is useful to reach a mass audience, a very small percentage of these will be in your target market. On the other hand, podcasting focuses on appealing to a niche market by discussing specific topics that will of interest to your specific target audience.
Podcasting is also outgrowing radio, as reported by Digital Ireland. Their latest report found that we now spend 49 minutes more per day listening to digital audio than radio. A BBC report also found that 78% of branded podcast listeners remembered a show’s branded content, compared to 53% of radio listeners.
Podcasting in Ireland
The podcasting scene is growing worldwide, and Ireland is no exception. Acast Ireland has reported over 7.5m podcast listens every month in Ireland, showcasing a growth of 39% within the last year. Micheal Scully, sales director of Acast Ireland suggested that podcasts are now “beyond the point where any serious marketeer can ignore them”.
Where to Start
If you think podcasting is a good move for your business but don’t know where to start, we have our own podcast studio with everything you need to produce a professional and high quality podcast. Come and record your show and we can help you get it up and running.
For more information on how to get started: https://www.gkmedia.ie/podcasts
