Why your organization should be investing in a podcast right now.
With the pandemic showing no signs of going away, and an expected 2nd wave coming in the fall (which is right around the corner) marketers are (rightfully) scrambling to reach their audience in meaningful, authentic ways.
We’ve seen budgets shift to the online space, with brands racing to build an online event, or running webinar after webinar. But are these really the best use of your marketing dollars?
What is the best use of your marketing dollars?
Because they are more intimate, are a “pull” medium, they live longer online, the audience is growing, and they keep the audience’s attention.
Let us explain…
1. Podcasts are intimate.
I love events, and I think there is loads of value in brands running or sponsoring events. But there is no intimacy. Cramming into a hotel ballroom, attending a run, or cheering on your favorite team is not exactly how you would describe an intimate experience. And an online event seems even less intimate. Sure you are all alone, but you’re viewing the event through a small screen, forced to interact via chat, and “raising your hand”.
When you listen to a podcast it’s on your own time, and it’s your time. There’s no schedule, no time to show up and attend. Plus listening to a podcast is like having an expert or friend whispering in your ears. A well-produced podcast is like a secret that you are only privy to.
2. Podcasts allow you to be authentic.
Time and again I hear marketers saying how much they are struggling to find the right message during COVID. They don’t want come across as too “selly” they might not strike the right tone. I don’t doubt it. Its not an easy time to be a marketer.
Podcasts allow brands to share authentic content that by its very nature lacks any sales messaging. Nobody is going to listen to a 20-30 minute ad so at no point should you be selling your product.
A brand’s podcast needs to be story first. If a well-produced podcast is focused on telling an amazing, authentic story then the brand will get that halo effect.
3. Podcasts are evergreen.
Sure, your webinar or online event content will live online past the event date, but how much of the content is really evergreen? You might have noticed that a lot of the content coming from webinars and online events are only relevant for a short period of time. Depending on the story you are going to tell podcast content is evergreen. Evergreen podcasts are always relevant because they aren’t bound by time. They never go out of date. Someone can listen to an evergreen episode at any time and still get value from it.
Here’s an example. During episode 4 of Expedia’s Out Travel the System Podcast you learn about Minh-Chau and Vu Chu, a.k.a. “The Traveling Chus” who drove with their 4-year-old son, Harvey, on an epic 8-month road trip visiting 51 US National Parks. Along the way, they reconnected with one another and rediscovered their passion for nature. As long as the National Parks remain open, this episode will always remain relevant. It’s not bound by time.
4. Podcasts are inexpensive to produce (compared to other mediums).
Coming from almost 20 years in the agency world, I know how expensive it is to produce a quality video. You can easily pay $5,000 – $100,000+ for a short video (or 30-second pre-roll ad) and then you put it online and it barely gets any attention. You see very little watches and even less watch time. According to UHURU’s analysis of 56,000+ YouTube views, each YouTube average view duration was somewhere around 50-60% of the total video length.
That’s not a great return on your investment.
There is only 1 medium where we consistently see a 95%-98% listen-through rate.
And that’s for a 20-30 minute episode. Think about how much content is being consumed by your audience…!
Podcasts are incredible for engagement and if done well, you will see a much higher ROI. In fact, we have written The Ultimate Guide to Podcast ROI.
5. Podcast Listenership is Increasing
A quarter of Americans now listen to podcasts weekly, with an average weekly consumption of 6 hours and 37 minutes. The stats are changing daily, but the numbers are also increasing daily. We talked about how engaged this audience is as well. When was the last time your audience consumed 95-98% of your content?! Not only are these listeners engaged, they are also highly educated and oftentimes tricky to reach online.
Finally, the market for podcast advertising went from $200M in 2017 to a projected $863M in 2020… and should cross $1B in 2021.
6. It’s Still Early
Despite the rise in listenership, we’re still in “early days” when it comes to podcasting. Especially with brands. And because podcasts are the perfect opportunity for you to speak with authority on a certain niche topic, there can be little competition for your idea.
So what does the world need most that you are most qualified to talk about?
There’s no better way to spend your marketing budget during COVID than in podcasting. They are intimate, evergreen, inexpensive, and reach an engaged, growing audience that still has loads of runway. And how do we know all this? JAR Audio helps you grow your revenue and impact through ROI-driven podcasts that make meaningful connections with listeners. That’s all we do… And we’ve been lucky enough to do it for Expedia, Lululemon, Saje, Cineplex, and more.
To learn more about how to deploy your marketing budget in a whole new way, connect with us today!
Roger Nairn is the Co-Founder and CEO of JAR Audio