The Cost Effectiveness of Podcast Marketing vs. Other Strategies

Did you know the average podcast listener spends over 5 hours each day listening to podcasts? That means listeners spend almost a quarter of their day with a podcast in their ear.

Marketers have the opportunity to reach the ears of potential customers with podcast marketing, but is it profitable? Let’s deep dive into podcasting and how audio marketing fits in.

Why Podcast Marketing Is Profitable

Thanks to a large pool of loyal listeners, podcast advertisements are now considered an essential step in your marketing campaign. There are a variety of reasons why podcast advertisements are deemed profitable.

Podcast Advertisements Are Engaging

Over half of listeners find podcast ads engaging. When advertisements are related to the topic of the podcast, listeners are more likely to respond positively. With demographic targeting, engagement is higher than advertisements tailored toward a broader audience.

Additionally, podcasts are often hands-off. This means many people opt to listen to their favorite podcasts in their car or during their morning jog. Since listeners are preoccupied with their tasks, they’re less likely to skip through ads.

Profitability Is Data-Proven

Data-driven insights back the revenue potential of podcast marketing. Podcast ad revenue trends indicate a predicted increase of around $1 billion by 2021. Additionally, 63% of listeners say they bought a promoted product mentioned in a podcast.

You Can Target Your Preferred Audience

Podcasts typically produce content that is extremely niche. This allows you to advertise to your target audience more closely than ever.

By creating a podcast directly related to your product and service, advertising is both seamless and intriguing to the listeners. 

Listeners Are Loyal

Podcast listeners tend to stick around for specific reasons beyond the topic of discussion. The host, podcast guests, and cadence of the conversations are all factors that encourage listener loyalty.

Loyalty is essential when it comes to product marketing. Engaging the same audience with the same product or service advertisement strengthens your marketing campaign.

Getting Started With Your Podcast Marketing Campaign

Before you utilize the profitability of podcast marketing, it’s vital to plan out your niche and your intended audience.

Find Your Audience

Your target audience is a specific group of people within a particular demographic. This specific group of people is the audience who is most likely to buy your product and service and listen to content related to it. 

If you haven’t figured out your target market yet, research your customers and analyze your competition. Your largest customer base for your product or service should be the targeted audience.

Finding your target audience will help you figure out the perfect type of podcast to create.

Find Your Niche

After pinpointing your target market, finding your podcast’s niche is much simpler. Your podcast should directly relate to your product or service, as well as appeal to your target audience.

Next, figure out how you want to present your content. Will you create a platform for compelling stories or focus on interviews and discussions?

The route you take depends on your strategy and competition research. If your competition is mainly discussion-based, you can either take the same route or create an entirely new approach.

Ultimately, you want to differentiate yourself enough from your competitors to give your audience a reason to listen to you. Check out the reviews on competing podcasts to scope out what your target audience wants.

It’s up to you! You can always change the dynamic of your podcast based on feedback and engagement.