The Power of Podcasts: 3 Benefits of Using Podcast Marketing to Grow your Business
These days, podcasts are everywhere. From fan favorite shows on Spotify, Pandora, Apple, iHeartRadio, and more, there’s plenty of options to choose from to get your podcast fix. Other than being a source of entertainment, podcasts can also be a great way for brands and businesses to reach key audiences as they listen in. Keep reading to learn more about the benefits of podcast marketing and how it can help you connect with consumers to grow your business.
1.Build Trust and Increase Purchase Intent
Did you know that over half (54%) of podcast consumers say that they are more likely to consider the brands they hear advertised on podcasts? Why is that? Podcast fans tend to spend a lot of their time listening to podcasts. Whether it’s on their commute to work, at home, or with friends, podcast consumption has become a habit and routine among listeners. Over time, consumers develop familiarity and trust for their favorite podcast shows and hosts. Ever listen to a podcast or radio show and feel like you’re catching up with an old friend? It's no wonder why podcasts have become so popular - and listeners tend to remember what they hear on them too.
Consider these facts on podcast consumption from a
2019 Podcast Trends Report:
- 82% of people listen to podcasts for more than 7 hours each week.
- 33% of respondents have listened to a podcast on a smart speaker.
- 59% of respondents spend more time listening to podcasts than on social media.
- 55% of respondents said they purchased an item after hearing it advertised on a podcast.
Because listeners spend lengthy amounts of time listening to their favorite shows, they’re invested and more likely to recall the information they hear. Additionally, unlike other ad types, ads on podcasts are unskippable - meaning that all ears are on your business’ ad for the duration of the ad placement.
Podcast Ads in Action
Podcast advertising isn’t necessarily new - but it’s recently been gaining popularity, and businesses across many industries have seen success after running podcast ad placements. In one study from 2019, 800 listeners aged 25-54 were exposed to a podcast ad for a staffing firm across a popular podcast talk show. Compared to consumers unexposed to the podcast ad, those who heard it experienced much higher levels of recall - and key brand metrics also saw a major lift after exposure to the ad:
- Intent to seek more information and intent to recommend the staffing firm grew +73% among the exposed listeners compared to those unexposed.
- Familiarity (+67%), purchase intent (+64%), and affinity (+60%) also saw significant growth and increased awareness for the firm’s services.
2.Reach Targeted Audiences for Maximum Engagement
If you’re looking to reach target audiences according to their age and specific interests, podcast marketing is a no-brainer - one-third of Millennials are regular podcast listeners. If your aim is to reach consumers from specific income levels, podcasts have got you covered too. Findings show that roughly 34% of surveyed participants who make $50,000 to $75,000 annually and 32% of those making $75,000 to $100,000 listen to podcasts daily - which are higher rates than any other income brackets.
Podcast marketing can also allow your business to reach more people at once. Thanks to the growth of smart speakers (more on that in our previous article
here), Nielsen has found that listeners are now also playing podcasts out loud on their speakers and in the presence of more people - giving your business the opportunity for even greater reach.
Reach Multicultural Audiences
Podcast marketing has an added bonus of effectively reaching multicultural consumers. When it comes to reaching the Latino market, podcast advertising provides double the opportunity to reach consumers thanks to the prevalence of both English-language and Spanish-language podcast offerings available - and listening has skyrocketed since the beginning of the Covid-19 outbreak.
According to Edison Research’s 2020 Latino Podcast Listener
Report, findings for monthly Latino podcast listeners aged 18+ include:
- 80% say they are listening to podcasts more now than compared to one year ago.
- 26% say the source they use most for podcast discovery is social media posts, followed by recommendations from friends and family at 22%.
- 73% listened to an English podcast in the last month and 49% listened to a Spanish podcast in the last month.
- 47% agree it is “somewhat important” or “very important” that the podcasts they listen to include stories about and perspectives from their countries of origin.
Adding a podcast marketing component to your overall Hispanic digital marketing strategy can be a great way to complement your digital marketing campaigns by reaching highly engaged Hispanic audiences as they tune in to their favorite shows. By partnering with podcast shows made by and for the Latino community, businesses can reach this demographic in a highly personalized and relevant environment to create a lasting impression.
3.Connect with Listeners in a Growing Digital Environment
2020 has shown that the digital marketing environment is ever-changing and ever-growing as it continues to adapt to the needs of consumers. With the huge shift to digital platforms this year, podcast marketing has remained a point of growth within digital radio during the pandemic. eMarketer projects that spending towards all types of podcast ads, including host-read sponsorships, will rise by 10.4% this year to more than $780 million - and will surpass $1 billion in the U.S. for the first time next year.
That being said, it’s clear that businesses and marketers alike are taking notice of the power of podcasts. With growing audiences accelerated by new listeners joining each day, podcast marketing has been on an upward trajectory for good reason - and it’s expected to keep increasing.
How to Get Started with Digital Marketing
There’s no doubt that podcasts have become a staple in the world of digital. From true crime mysteries, sports recaps, interviews with celebrities, cultural shows, educational listening, and more, podcasts have something for everyone. With the ability to reach audiences from a wide range of backgrounds and interests, as well as targeting capabilities, you can tailor ads to reach the right audiences at the right time - for the best results possible.
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