There’s no shortage of statistics that tout the explosive growth within the population at large. But what if you’re not a budding Joe Rogan, but a marketing executive trying to figure out if creating a branded podcast could be a key innovative tool in your 2024 marketing budget? Maybe you’ve already done your budget, but you’re tossing and turning at night, because you’re asking yourself in retrospect:
- Did we just copy and paste our 2023 budget into 2024, with some marginal reallocation?
- Are the content-based pieces we pumped out last year actually being read?
- If they are, are they memorable and impactful?
- Are the media my customers are using growing or shrinking?
- After I do more of the same in 2024, will my brand matter more to my customers?
If you’re dissatisfied with your honest answers to the above, there are some good reasons to reassess your budget and wedge in an investment in branded podcasting for your organization. By branded podcasting, I’m talking about a podcast that is built around, sponsored by, and representative of your company’s brand, with podcast topics that showcase your organization’s expertise.
Branded podcasting is growing faster than most other marketing media.
The first place to start is to note the sheer growth of the medium, and compare it to more traditional alternatives. As I mentioned above, these stats are easy to find, but I pulled out ones that are most specific to a marketing executive operating in the B-to-B or B-to-C realm:
- 50% of marketers are using podcasts to reach their target audiences.
- The number of Podcast listeners have grown 29% in three years.
- Starting a business podcast and adding it to your marketing strategy increases trust levels from 45% to 63%. (The Guardian)
- According to Chartable, branded podcasting has grown 82% year over year.
Moving down the funnel, there’s a direct relationship between hearing about a product and service in a podcast and making a purchase.
- About 69% of listeners say podcast marketing campaigns introduce them to new products or services. (Neal Schaffer)
- Around 38% of listeners report purchasing products mentioned in podcasts. (Neal Schaffer)
There are signs that social media effectiveness is starting to tail off.
By contrast, there are signs that social media is leveling off in market share and saturation. Social media reach rates have been declining since 2021. Instagram fell from 13.9% to 9.3% and Facebook from 6.54% to 4.3% (SocialInsider , May 2023). Social media referrals to websites have dropped significantly. For example 19.6% for consumer brands, and as much as 60% (major new outlets).
This makes sense. While social media platforms boast massive user bases, they also suffer from algorithmic limitations that can restrict the organic reach of branded content. In contrast, branded podcasting offers a more direct line of communication with audiences. As of 2023, Statista reported that there were over 2.5 million active podcasts and more than 48 million episodes available worldwide. This abundance of content provides ample opportunities for businesses to connect with niche audiences and establish meaningful relationships.
Moreover, podcasts are incredibly accessible, allowing listeners to tune in while commuting, working out, or performing household chores. This flexibility enables brands to reach consumers during moments when they are most receptive to messaging, enhancing the effectiveness of their marketing efforts.
The Content Impact of Branded Podcasting
The relative growth statistics tell a compelling story here, but what it really comes down to is the content. Branded podcasting is more impactful than traditional and digital methods because the audio medium appeals to the listener's emotions, and such, the content is more likely to be remembered.
This is why over 65% of listeners who start listening to a podcast make it all the way to the end, even though a typical podcast takes significantly longer to listen to than reading a blog post or whitepaper. Most importantly, podcast marketers create enough time and space for the content to be meaningful to the listener’s personal or professional life, and this reflects favorably on the organization’s brand.
So back to budgeting…where are you going to get most “brand return” on your marketing dollars? A well done podcast need not break the bank, and can easily replace less effective vehicles that are covering the same marketing objective. If a quick look back to the budget with a sharpened pencil draws you to the same conclusion and want to learn how to start a podcast, feel free to reach out to us!
We’d love to start a conversation with you about your own podcast aspirations. We welcome you to visit our website at www.gomodpod.com, or reach out to us via our Contact form or at firstname.lastname@example.org.