Using podcasts to market your business and increase sales

The market for podcasts is expanding, so it's crucial to incorporate this category of media into your business plan. According to recent eMarketer projections, there will be over 420 million monthly listeners worldwide and over 125 million in the U.S. alone in 2022. The number of individuals listening to podcasts each week has increased from 19 million ten years ago to over 62 million now, according to a study by Edison Research and Triton Digital. Of course, the pandemic slowed the rise of podcast ad revenue, but the annual spend is still expected to increase overall. According to Emarketer, U.S. podcast advertising spending would rise by 30.2% YoY in 2022. Companies in the U.S. will spend more than $2 billion on podcast advertising next year. With the development of smartphone apps and thanks to the usage of advertising, podcasts have become both widespread and profitable. Podcasts make money, so you can too!

What is a podcast? 5 reasons why it's important for business

In general, a podcast is a serial program with one or more hosts discussing a certain subject. Nowadays it has spread, so it's possible to listen to podcasts with recorded videos on services such as YouTube. If you run a company, no matter if small or big, you should consider starting a business podcast. There are several reasons behind it:

1. Establishes the podcaster as a credible authority. Bringing up the reputation of the business or person builds expertise and trust. The creators become experts in the listener's minds by talking about what the company is producing. This type of media is useful for brands looking to increase instant reputation and trust by utilizing influencer marketing.

2. Podcasts are a direct line of communication with the audience. It helps to enhance "H2H" or Human To Human connection in a very inexpensive method, by starting a discussion between the host and the listener. Many individuals listen to podcasts while wearing headphones, making it a very personal experience. The majority of podcast listeners are young, wealthy, educated and open to commercials. These are the same people that marketers work so hard to reach, but are often blocked by ad blockers.

3. Raising Awareness. Tweeting and sharing visual and audio media information is generally easier than blogging. Advertising on podcasts is a great way for companies to expand their presence and reach new listeners in their target market. The wide range of podcast material is perfect for marketers looking to target a niche audience.

4. Greater shelf life compared to other media. Unlike more recent technologies, podcasts can be archived and listened to months or even years after publication. Depending on the subject, some older audio recordings are still relevant—often referred to as "evergreen content".

5. Improves SEO and draws in new viewers. Increasing your organic reach is enhanced by link sharing. By including a podcast in a blog post, you can encourage other bloggers to embed your podcast and link back to you, helping new followers discover your company.

How to make a podcast? Who is your audience?

You must first decide on a niche or topic. It is preferable to discuss topics that you are enthusiastic about. By doing this, you may narrow your content's target and grow your audience. Additionally, it will support your efforts to gain credibility and position yourself as an authority. Choose a subject that is wide enough to cover it in several episodes or seasons, yet narrow enough to appeal to a specific audience. Keep the audience in mind when creating material, and stick to a single theme or main concept.

Sometimes there are few to no podcasts on the subject you've chosen, or your market is already somewhat overcrowded. Even in such cases, researching will enable you to develop a unique brand positioning. The more specific the topic is, the easier it is to plan content around it. It's a smart idea to conduct interviews with marketing authorities. You may even provide a course when making a podcast to promote your company.

Gain a thorough understanding of the interests, habits, and preferences of your ideal consumers. What do they want to learn? How old are they? Where do they live? What do they do for a living? Do they already listen to podcasts? What is their hobby? What are their issues in life? These are the most typical concerns you must address before beginning a podcast.

Promotion is something you shouldn't overlook. A social media presence is essential in today's digital world to promote your podcast. Establish social media accounts for your show and maintain an online presence. Inform everyone in your family, company, and network about your new venture and ask them to help spread the news. Put your podcast on as many directories as you can. For your podcast to be optimized for search engine results, use the best SEO techniques. Repurposing material into blog entries is one way to achieve this.

How much does it cost to start a podcast?

The nicest part about podcasts is how easy it is to get started. While creating a show is free, setting yourself up will probably cost at least $100. The actual amount will vary depending on whether you're a hobbyist or intend to use your podcast for profit. Consider equipment, a podcast hosting account, a software subscription, and optional extras like theme music and cover art creation. If you choose the cheapest option, you should budget $50 for a microphone and $15 a month for podcast hosting. However, a high-quality podcast may require between $500 and $1,000 to start, plus an additional $30 to $50 each month for hosting and software subscriptions.

What equipment is needed to start a podcast?

A distraction-free recording room, a computer, and a good microphone are recommended for beginner hosts. For more experienced presenters, a podcast camera and noise-canceling headphones may be needed. Before recording each episode, it's a good idea to test your gear and ensure everything is in working order. To produce a quality podcast, a good microphone is the most vital piece of gear, along with reliable podcast recording software that can capture high-definition audio, eliminate background noise, and provide simple editing capabilities.

Monetize your podcast – how much money do podcasts make?

It's vital to mention data monitoring before addressing monetization. As with any business, analyzing metrics and streamlining production processes can optimize profits. While podcasting has many advantages, only a few can be directly monetized. Spreading knowledge about your name and brand is the first step, followed by connecting with interview guests, increasing traffic to the business website, and ultimately creating opportunities for sponsorship income.

Companies typically pay according to a CPM rate, or cost per 1000 listeners, for advertisements. For every 1,000 listeners, popular producers may charge between $25 and $40. A larger podcast with a million subscribers may charge $25,000 or more to read a single commercial. Some highly successful podcasts even earn millions as a result. Additionally, businesses may advertise their own branded goods and utilize affiliate marketing, where earnings are generated per item sold through the advertisement. Coaches and experts may also sell premium memberships or repurpose podcast content into public lectures, creating additional revenue streams.

Write a compelling podcast description – Choosing a good episode title

A name for a podcast that is already in use is not a smart choice. Choose a title that is catchy and related to your subject. The secret to promoting a program and its episodes on Google is to use SEO tactics. The term "Podcast" should not be included in the show's name as it takes up space without adding value. According to research by Pacific Content, most podcast names have no more than 29 characters. Include branding components like the show's cover image, color scheme, and any unique design or audio work. Develop a podcast website, and ensure that the title of each episode is short yet clearly indicative of the content.

How long should a podcast episode be and how often should new episodes be released?

Podcast episodes can range from 10 to 45 minutes, setting the listener's expectations that the content will not be delivered instantly. Given that listeners have taken time out of their busy schedules—while riding, walking, jogging, working out, driving, etc.—they appreciate content that fits into their daily routines. For daily releases, keeping it brief (around 10 minutes) is acceptable, while weekly episodes can last between 30 to 50 minutes. If episodes are less frequent, extending beyond an hour is often acceptable, provided the content remains valuable and engaging.

Many podcasters release new episodes daily, while others opt for a bi-weekly schedule. Consider how much useful information can be presented in each episode when deciding on frequency. Additionally, your podcast's introduction should include your name, the show's title, its subject, and what it offers the listeners—possibly accompanied by a slogan and opening music. It's advisable to have at least two or three episodes prepared before going live.