When we talk about the forms of communication or technological innovation to sweep society in the 21st Century, we think of Artificial Intelligence, self-driving cars, or at the bare minimum, virtual reality. But what if all we needed as humans was the company of other voices? That’s what podcasts provide.
As New York magazine noted in its article on the rise of podcasts, they said that “…these humble chunks of audio have emerged as the most significant and exciting cultural innovation of the new century.” There are an estimated 660,000 podcasts in production today, equating to around 28 million individual podcast episodes you can listen to right now. With a world of possibilities and a podcast for any subgenre you can think of, from the most popular podcast of all time Serial to a podcast of two comedians discussing recaps of the US Real Housewives franchises, marketing on podcasts can be an exciting option for reaching your target audience where they are.
First things first, what’s a podcast anyway?
As a hybrid between the words iPod (remember those?) and broadcast journalist Ben Hammersley first used in The Guardian in 2004, these pieces of audio emerged into the zeitgeist amid the digital music revolution. While the date of birth for the podcast is disputed, the claim is that it appeared in 2004 when Adam Curry, a VJ for MTV at the time and software developer David Winer distributed their Daily Source Code and Morning Coffee Notes shows using an RSS feed. The Oxford New American Dictionary declared podcast as the 2005 Word of the Year, and as the format has continued to grow in popularity and diversity, Spotify acquired Gimlet Media, a company that produces podcasts, for a reported $230 million.
How can podcasts work as a marketing tool?
Have you considered advertising your product or service on a podcast? That’s what we’re going to cover here by giving you an introduction to advertising on podcasts. The podcast advertising landscape is growing significantly, making it an exciting option for expanding your marketing mix.
What are the benefits of advertising on a podcast?
The latest edition of the IAB Podcast Ad Revenue Study, in conjunction with Price Waterhouse Coopers (PwC), found that podcast advertising revenues in the United States are projected to exceed $1 billion in 2021. The projected figure for the total US podcast advertising market in 2019 is $678.7 million. Over the past few years of the study, both the overall market figures and the self-reported numbers (the study relies on self-reported numbers from podcast makers) have increased considerably.
As the market continues to grow, there are several benefits we can note. One of the most critical parts of any marketing strategy is to target your audience correctly, and that’s one of the strengths we can get from a podcast. Ahrefs’s Rebekah Bek noted that since there’s a podcast to meet nearly every niche like the ones we highlighted before, as well as the extremely-popular true crime shows, you’ll be able to reach any audience you want.
Besides the hyper-targeting stemming from the niches we get based on the podcast topics, another advantage podcasts have over other pieces of content is their audiences are engaged and loyal. The fact that people go back to hear hosts over and over again for more episodes is a testament to their success as a content marketing format.
What are some things to keep in mind if you want to foray into podcast advertising?
The Ahrefs journey into podcast advertising offers excellent insights, as well as some crucial do’s and don’ts for advertising. Their lessons in the world of podcast sponsorship will help you get more acclimated and get ready to do the work. I highly suggest you take the time to read through the entire article, but here’s what you’ll need to take into consideration.
