If you’re reading this you’re either a hobbyist looking for a fun way to cover the subject you’re passionate about or you’re a business owner considering what a podcast can do for the image of your company. If you’ve done any of the research, you might’ve come across the fact that big name companies like Slack, Shopify, Sephora, and ZipRecruiter have utilized the power of podcasts. Why would a company spend their time, money, and energy on such an endeavor?
The real question is, why wouldn’t they? Podcasts are one of the fastest growing mediums. In less than 10 years, over 850,000 podcasts have been created. To put that into perspective, in the first 10 years of film’s existence, only 19 films were ever made. While, yes, technology has changed, podcasts were created to be one of the most accessible artforms. Simply download an app and plug in your earphones, and with the swift flick of your thumb you can harness any subject matter directly from your phone. It takes all but 2 minutes to join the 165 million people in the United States who consistently listen to podcasts.
Not only are podcasts easily accessible, but they’re needed. Millions of people around the world are hungry to learn topics they weren’t taught in school, or are simply looking for a distraction. They could be driving, commuting, exercising, or simply doing chores, and they’d be doing all of that while learning about YOUR topic of interest. All in all, a podcast can do wonders for your image.
1. Boost Awareness
If you’re a business trying to put a competitive edge on your market, a podcast can reach a broad audience in ways that tv commercials can’t. While, yes, commercials and other advertisements reach a large scope of people, audiences have been so bombarded with ads that people are simply tired of them. According to a study VIEO Design conducted in 2018, “77% [of participants] agree with the statement ‘I wish there were a way to ad-filter.’” What this means is not only do people wish there were more ways to stop ads from appearing (such as an ad block) but even in the age of targeted ads, people are tired of general attempts at various brand awareness. They want to enjoy their desired content consumption in a new way.
So, how do you gain awareness for your product or brand without outright saying, “Hi, buy this thing?”
Podcasts.
Let’s take #LIPSTORIES for example, which is a beauty podcast produced by Sephora. This is clearly a sponsored podcast, as it shares its name with one of the company’s makeup lines. In doing so, it continues to spread brand awareness, allowing for a company to have more financial success. While maybe not the direct result of the podcast, Sephora’s image and brand has allowed it to grow with a promised 100 new stores opening in 2020 despite the global pandemic.
A podcast’s success can be brand success.
2. Create Personal Connection
Podcasts are one of the most intimate art forms around. Giving your audience the feeling that they are in the room with you, having that “conversation,” can allow a listener to escape their current reality. Author and motivational speaker Jay Shetty hosts the podcast On Purpose with the intention of educating individuals on their personal and spiritual growth. His content has generated over 13,000 reviews according to Apple Podcasts, which have spanned into engaging conversations and learning-hubs across the internet. In doing so, he not only reaches his target audience, but he’s also able to promote content and merchandise.
Here at Mr. Thrive Media, our philosophy is to spend our time and energy providing you a platform to engage your audience, no matter how niche. This goes beyond your friends, family, customers, employees, and even network. Our marketing mindset is simply, “Who would be interested in talking about this?” By constantly searching for the right audience, you’re winning half the battle in convincing prospects of your value. Keep on approaching that community with your conversations and content, and your marketing will be powered by the most influential ad tool there is: Word of Mouth.
3. Open New Profit Streams
To put it simply, done right, podcasts are a great way to make money, and have revenue streams of their own.
Entire agencies and websites have been established for the sole purpose of connecting podcast hosts to various companies that are looking to advertise. There is clearly a need as more and more listeners discover the potential of podcasts.
Popular podcasts like The Joe Rogan Experience (JRE) earn a towering ad revenue of over $9.9 million as reported in 2017.
Now, before you get excited by figures like these, know that podcasts like The JRE are an anomaly within the grand pool of podcasts out there. We, at Mr. Thrive Media, suggest that if earning money on a similar scale is a motivation, don’t consider podcasts.
However, that doesn’t mean there’s no money in it. As Mr. Thrive Media grows into the company it’s currently soaring to be, we’re in the process of adding an internal service that connects our podcast hosts and clients to businesses looking to advertise. This allows for hosts to earn money from their work and take a more professional approach to their content creation, while remaining in house.
4. Place Yourself As A Leader of Your Industry
Those who talk the most about what they’re passionate about are listened to the most. At the very least, it leads to more content. As you discuss something more, and prove yourself capable, your audience will present itself, making you a mouthpiece, teacher, or even authority on your subject matter.
Slack, Shopify, Sephora, and ZipRecruiter all have podcasts, and they are all flagship leaders of their industries. Their competitive approach to outreach and communication has proven to raise brand awareness, and have given them another market to promote various products, services, and content they create.
At Mr. Thrive Media, we want to help you lead your industry. We currently produce podcasts covering Entertainment , Small Business , Financial Advice , Social Media , and Inspiring Underdog Tales . There is no topic that we won’t cover! We look forward to introducing your passions to the best of the best mouthpiece.
5. Convenient For Your Listeners
Ever had that friend that entered your personal space to make you watch something you could’ve lived your whole life without seeing? “Check out this YouTube video!” “I thought of you when she did this”. Etc. This unwarranted situation is inconvenient and an unnecessary add-on to the amount of screen time we are presented with on a regular basis. In 2019, a study by SimpleTextin discovered that Americans spend a daily average of 3 hours on their phone per day.
This doesn’t mean people are avoiding content consumption. It means that people desire a new way to consume it without involving their eyes.
In March 2020, several online podcast forums shared there was a sharp decline in listeners and downloads. Our confusion for this sudden drop was met with the quick understanding that podcasts were no longer competing with each other, but instead competing with Netflix, HBO, Peacock, Disney+ and every other streaming service you can think of. As soon as everyone was sent home, they wanted to divulge in escapism with screen time.
A month later, listenership skyrocketed. What happened? Well, quarantine happened. With everyone sitting at home, content is being consumed at an accelerated rate, and with hours upon hours of screen time, people started to get tired of watching their content. The key here is that they still need content.
Tell me if this lifestyle sounds familiar: You wake up and automatically open your phone to scroll through an hour’s worth of notifications you missed through the night. You eat breakfast while propping your phone on your salt shaker to watch your favorite YouTube series. You work on your passion project on your computer. You take a break by watching an episode of your favorite Netflix show. You facetime your friend from out of town who wants to know everything they’ve missed since the last time you spoke 1 year ago. This conversation goes on for two hours. You proceed to watch a famous chef as he explains how to make your desired tomato linguine dish. You unenthusiastically eat your burnt tomato linguine dish while watching another episode of your Netflix show. You scroll on your phone until you feel tired. You decide to try and sleep as soon as your phone runs out of battery. Then you plug it in and watch late night videos until you pass out, only to wake up and repeat a similar process.
Is that you?
Because if so, I’d wager you’d want to give your eyes a break.
Podcasts offer an easy solution to that, since all you have to do is listen. This convenience factor eases the eyes and stimulates the brain, allowing you to go about your day performing non-screen related activities, while continuing to consume content. In fact, multitasking is common among podcast listeners. In 2018, a study published on Medium found that 52% of people listen to podcasts while driving, 46% save their audio content for travel, 40% are exercising, 37% while commuting, and 4% are secretly listening to podcasts at their job.
Conclusion
It would be remiss to deny the effects that podcasts have on our society. On an international scale, podcasts allow for anyone – from the everyday person to the Fortune 500 company – to have a cultural impact. In less than 10 years an entire industry has been formed creating jobs and opportunities in an unexpected way. What’s more, during this quarantine, people desire podcasts more than ever before!
Does that mean you should jump into the game as soon as you can? Sure, but go in with the right resources. Mr. Thrive Media provides everything including scheduled podcast production, branding, distribution, social media, and more! Our ability to handle your podcast needs allows for you to focus on your tasks while giving your company the voice it needs to market itself.
We are here to answer questions at any time. You can reach me at Chaz@MrThrive.com for more information.
Charles Volk