These key steps can help you prove a branded podcast is essential for staying competitive.
Podcasts offer a unique blend of entertainment and engagement, providing brands a distinct avenue to deepen connections with their audiences and potential customers. If you’re facing hesitation from leadership about stepping into podcasting, here’s how you can present a compelling podcast business plan, ensuring it shines in the crowded podcast space.
1. Define Your Goals
Before launching a podcast, articulate its purpose by identifying specific brand-related objectives such as increasing brand awareness, enhancing community engagement, generating leads, reaching new audiences, or establishing thought leadership. For instance, Chanelle Darden, Sr. Director of Brand Strategy & Content at The Wharton School, recently collaborated with JAR on a new podcast about AI in business sponsored by Accenture, aimed to showcase Wharton’s thought leadership in the AI/Business space.
Remember: Well-defined goals shape the content strategy and provide benchmarks to measure your podcast’s success. If unsure, consult an agency like JAR for guidance.
2. Highlight the Different Kinds of ROI: Qualitative Vs. Quantitative
Quantitative Metrics:
- Downloads and Unique Listeners: Measure the reach and growth of your audience.
- Brand Lift Studies: Assess improvements in brand recognition and perception.
- Time Spent Listening: Gauge how long listeners stay engaged.
- Website Traffic: Track increases in site visits directly from podcast listeners.
- Lead Generation: Monitor new leads or sign-ups driven by your podcast’s calls-to-action.
- Social Media Engagement: Analyze interactions related to your podcast on social platforms.
Qualitative Metrics:
- Audience Feedback: Gather insights from listener reviews and direct feedback.
- Community Interaction: Observe the level of participation in podcast-related events.
- Brand Trust: Evaluate the trust your audience places in your brand through consistent podcast content.
- Educational Impact: Assess how well your podcast educates the audience, reinforcing your brand’s authority.
- Social Influence: Look at the podcast’s role in fostering conversations aligned with societal values.
- Demographic Information: Extract key insights about your audience’s preferences and behaviors.
3. Compare Ad Spend/Impact Ratio
Your CMO should understand that podcast ad spend often yields greater impact than other forms of media due to the highly engaging nature of the platform, and its longform content. In 2023, podcast advertising revenue in the US increased by 5% to $1.9 billion, showcasing substantial audience reach. According to a study by the IAB, by 2026, podcast ad revenue is predicted to hit the 2.6 billion mark.
Here are some useful graphics to help make this point:
Tom Webster of Sounds Profitable assessed the overall “usage” of various social platforms, including podcasting. Note that podcasting is climbing the chart – #4 with a bullet!
Yet, in the graph below, compiled by JAR Audio and comprised of individually-sourced 2023 US ad revenue data across platforms, you can see that overall ad revenue on podcasts is on the lower end of the spectrum.
This means that companies – so far – are spending comparatively less on podcast ads – despite the potential they offer for greater audience exposure. This represents a HUGE opportunity for brands: your advertising dollars will go MUCH FURTHER in the podcast space. Put simply, with podcasting, your ad money buys you more audience time and deeper exposure. The advertising space here is less crowded. If you make a good show, people will spend hours and hours listening to your content. Advertisers looking for high-quality, intent-driven engagement should redirect some of their budgets from saturated platforms like Instagram and Facebook toward podcasts. Brands that invest in podcast ads early can get in at a lower cost before the ad market catches up to the true value of podcast listeners.
4. Podcast as a “Pillar” Asset
Using the podcast as a “pillar asset” in your content strategy can significantly amplify its ROI. This foundational content can be transformed into various formats—blog posts, infographics, white papers, social media clips, and more—extending your brand’s reach and influence across platforms.
5. Address Resourcing and Timing Concerns
Discuss the resources and time commitment required for launching and maintaining a podcast, and balance these against the potential long-term benefits. Explain the importance of quality production and consistent output for audience growth and retention. Talk about the fact that – just because you have a marketing department – it doesn’t mean they understand how to maximize opportunities in the podcast ecosystem, specifically. Nor do they necessarily have the bandwidth to tackle a podcast on their own. Chanelle Darden of Wharton School explains that, while her team already makes several good business-related podcasts, they were stretched to the max and needed some fresh ideas.
“While I believe we have strong content and creative capabilities in-house, we knew that producing a high-quality podcast—on top of everything else we’re managing—would stretch our bandwidth too thin. Bringing in an expert team like JAR allowed us to ensure a top-tier final product while keeping our team focused on department priorities.”
Look for ways your team could work together with an outside agency to deliver a high quality podcast, and try to clarify the “lift” for your team ahead of time. If you have questions about this – reach out to us at JAR for an initial informational meeting. We’re happy to chat.
6. Emphasize the Need for High-Quality Storytelling
With over 500 million podcast episodes available, creating a standout show is crucial. A truly engaging podcast is more than a bunch of tech bros sitting on a couch sharing a microphone. Stress the importance of professional storytelling and audience strategy to produce a podcast that truly represents your brand. Remember: a badly made podcast can do more harm than good.
7. Use Examples to Illustrate Points
Prepare examples of successful and unsuccessful podcasts to illustrate key differences. Audio? Video? 1-1 interviews vs narrative style? There is a lot of territory to explore. Analyze what contributes to a podcast’s success, such as compelling content and strategic promotion, and discuss common pitfalls like inconsistent release schedules or poor audio quality.
- For a super quick illustration of “good” vs “bad” branded podcasting – check out this short audio demo.
- In addition, you may want to introduce different styles of podcasting for advance consideration, such as simple 1-1 interviews, or immersive audio podcasts.
8. Stress the Need for a Promotional Budget
Discuss the necessity of a sufficient promotional budget to ensure your podcast reaches its target audience. Explain different marketing strategies and the importance of investing in paid promotion within the podcast ecosystem to maximize exposure. And be sure to tell your boss that listeners typically discover new podcasts while listening to other podcasts – so setting aside money for paid promotion within the podcast ecosystem brings the most bang for your buck.
9. Stress the Need for Close Monitoring
Highlight the importance of monitoring the podcast’s progress closely, using tools and services that provide regular, accountable reporting on audience statistics and feedback. This allows for timely adjustments and enhancements based on listener responses. You can do this by working with a company like JAR specializing in accountable podcast monitoring.
10. Envision the Wins
Get your team to imagine the following scenario:
It’s a few months from now. Your podcast has launched and quickly become the focal point in every boardroom discussion. It’s not just gaining traction; it’s winning industry awards and elevating your brand’s prestige. Clever advertisements on popular podcasts are amplifying its reach. It’s fueling a stream of blog posts and white papers, each extending its impact. Picture your team or the podcast host speaking at major conferences, establishing your brand as a thought leader. Visualize the deeper connections being forged through interviews with key clients and dynamic live podcast events—each creating unforgettable brand experiences. Finally, envision the meaningful discussions your brand is leading on vital social, environmental, tech, or economic topics, securing a powerful voice in crucial global conversations relevant to your industry.
To sum-up all this advice:
- Come out of the gate with a well-rounded strategy
- Highlight the different kinds of ROI.
- Highlight the audience engagement and trust-building opportunities.
- Expand thinking about what a podcast actually IS.
- Set realistic expectations by sharing examples.
- Build excitement by envisioning the wins.
What’s Next?
How can we help you tailor your pitch to align with the specific concerns or interests of your leadership team? Let’s refine it together to ensure it resonates well with your boss’s priorities and the company’s strategic goals.
Roger transitioned from a 22 year career in advertising account management to co-founding JAR, a podcast podcast production agency. As CEO of JAR, he propels the company’s growth by prioritizing audience engagement and podcast marketing. Under his guidance, JAR flourishes with a global clientele, aiming to broaden its reach across North America and revolutionize brand connections through immersive storytelling.
