Podcasting Exploded In Recent Years

You might be paying attention to a TED Talk or a talk show featuring your favourite celebrities on your smartphone, and taking for granted that you are already listening to a podcast. But you do not make the connection about its potential to elevate your marketing strategy and reach a new audience outside of your standard customer demographic.

In terms of numbers, podcasting really exploded in recent years. Here are some of the statistics courtesy of Podcast Insights you should be aware of:

➔ 5 in 10 homes follow a podcast

➔ Nearly 5 in 10 of listeners have the purchasing power ($250,000 in annual household income)

➔ 3 in 10 listen to at least one podcast every month

➔ Google has registered over 2 million podcasts

➔ Nearly 8 in 10 are familiar with podcasting

➔ 77% of listeners belong to the 12-54 age demographic

How Businesses Are Using Podcasting

Businesses are also aware of this phenomenon and are jumping on the bandwagon. For example, in 2019, marketers spent about $420 million in podcasting, and the amount is projected to hit $520 by the end of 2020.

Generally, their decision to invest in podcasting has yielded positive results as it boosted purchase intent by 14%.

Podcasting as a marketing tool

Businesses that use podcasting as a marketing tool have enjoyed the following advantages:

➔ They develop a cult following from their clients.

➔ They open new opportunities to reach out to new customers.

➔ They can engage with their customers better. As a result, their customers find the business more relatable.

➔ It provides a platform for their audience to ring in their comments, suggestions, and even complaints.

➔ It helps establish themselves as the go-to experts in their respective fields.