I want to address the real value of podcasting.
Branding
Let me explain.
In 2021, we eclipsed 2.2 million podcasts distributed globally, and that number is up past 2.4 million now.
It’s not slowing down. 😬
Many people have naturally gravitated toward this form of creative expression. But it’s also in keeping with a growing audience. Podcast listenership has increased dramatically since the pandemic began.
There are now more than 116 million estimated monthly listeners.
Weekly listenership increased from an estimated 68 million people in 2019 to 80 million people in 2020.
So the content and demand are there.
What you’re seeing now is the result of individual content creators and brands recognizing the power of this medium and there’s a hefty amount of research to back this up.
They’re seeing that podcast listeners are:
- Engaged — 75% of listeners consume more than one podcast a week, with 29% listening to 5 or more and 7% listening to 11 or more.
- Valuable — 62% of heavy podcast listeners will visit a website about a product advertised, 40% will purchase or order a product advertised, and 10% will visit a physical retail store and make a purchase of a product that was advertised.
- Impressionable — Podcast listeners say branded podcasts lift brand awareness by 89%, increase brand consideration by 57%, increase brand favorability by 24%, and increase purchase intent by 14%.
That latter figure is critical to understanding our state of play.
Most podcasters are NOT directly monetizing their podcasts.
Instead, they’re using their podcast as part of their content marketing strategy to increase brand awareness, create brand engagement, and build thought leadership.
Podcasting has become a soft sell.
Downsides for branded podcasts
There is such a thing as having an overabundance. With so many podcasts, it’s more difficult for podcasters to grow organically.
The industry suffers from a massive problem of podcast discovery.
Discoverability is also cited as the No. 1 problem to growth in an industry that raked in $842 million in advertising revenue in 2020, with the lion’s share of those dollars going to the top 1% of podcast companies (iHeartMedia, Spotify, NPR, etc.).
But these downsides also reveal a fundamental misunderstanding of the role podcasts play for brands.
There are a few key points to consider here:
- All of your stakeholders aren’t customers. Consider your colleagues, partners, industry associates, and investors as part of your audience. They also require visibility into your organization and communication of your values on the platform of their choosing.
- Your podcast is just one aspect of your content marketing strategy. It should work in conjunction with your other marketing efforts (paid, earned, blog, video, social, email, etc.). You’ll know it’s working (and discoverable) when your podcast shows up on all of these channels.
- Building thought leadership happens over time and requires visibility into your brand or organization. A podcast serves as an opportunity to demonstrate your expertise and values for your stakeholders.
That means you don’t need thousands of downloads to justify your podcast’s existence or be ranked in the top 100 podcasts in your preferred category.
You just need the right audience. … Your audience.
One last thing…
Just having a podcast won’t help you. In fact, a poorly produced podcast can even hurt your brand.
Branded podcasts need to be adequately differentiated. And that happens in two different ways.
- How your podcast is presented — Your music, cover art, and production quality matter greatly to listeners, and they won’t click play or continue playing if the quality of your production isn’t there.
- Storytelling — Podcast listeners value audio storytelling and interviews. 50% of podcast listeners in 19 different countries say podcasts give them a “deeper understanding of specific issues” as opposed to other media, while 48% say podcasts “are a more convenient way of taking in information than other forms of media.” Unique storytelling centered on your expertise is crucial for a successful podcast.
So if you want your podcast to be a valuable asset, it also has to be a resource for your stakeholders.
For all of these reasons and more, branded podcasts are taking off. 🚀
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I’m also running a podcast survey about audio storytelling 🎙 and I’d love your input. 📝 I’ll be reporting results in the newsletter.