Why Podcasting is Important for Your Brand

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.

Top Reasons Why Podcasts Must be a Crucial Part of Your Overall Content Strategy

Your Overall Content Strategy

 A podcast is an audio file that is available for download or streaming to a desktop or mobile device. Typically, it consists of a series of episodes released on instalments as part of a show. You can listen in free or via subscription.

Among the most popular podcasts include The Joe Rogan Experience, The Ben Shapiro Show, This American Life, and TED Talks Daily.

Here are some important statistics you should know about podcasts:

➔   As of April 2020, there are 20 million podcast episodes online.

➔   More than 500,000 of them are active shows on Apple with content available in 100 languages.

➔   Nearly 8 in 10 people are familiar with podcasts.

➔   Half of the American homes listen to audio content.

➔   Nearly 70 million Americans listen to at least one podcast a week.

➔   Almost half of the podcast listeners have buying power as their mean annual income is $75,000.

➔   8 in 10 podcast listeners belong to the 12-54 age demographic. 

When people think of content marketing, oftentimes, they only consider video and text. One reason that scares people away is the length of an episode. According to data, the average podcast lasts 43 minutes. With videos, for example, you can add fillers to keep the viewers interested. Meanwhile, the standard blog length is about 2,000 words. For the average reader, it will only take between 7-10 minutes to finish the whole piece.

But you have no such luxury with podcasts.

Understandably, it is intimidating to fill all that dead air, if you have a boring topic or you have nothing to say. Here are seven reasons why you should include podcast in your overall digital content plan:

1. Value for money -- Podcasts do not demand much in terms of production cost. You only need a soundproofed room (which you can DIY on our own using YouTube videos), decent audio technology, and a microphone. Most of the expenses are also spent during the initial preparation and launch.

2. It is mobile-friendly -- Podcasts are designed to reach out to people who are on the go. Most of the listeners consume their favourite podcasts while in their car or public transportation, as well as outdoor activities. Edison Research says about 7 in 10 listen to podcasts on their mobile gadgets.

3. It gives you a platform to showcase your expertise -- For companies, podcasts offer an opportunity for them to share their message with minimal interruption. They can also engage their customers and address their concerns on the fly. You can also leverage this interaction to solicit suggestions and recommendations from your customers on how to further improve your products and services. In the same vein, you can also connect with the experts in the industry to ping-pong ideas with the ultimate goal of educating your audience.

4. You can piggyback on a growing industry -- The number of podcasts is rapidly expanding. Technology has finally caught up with the demand. New pieces of audio equipment now are cheaper than ever, allowing the average person to invest in them and start their own show.

5. Edge out your competition -- You can get an edge over your competition by offering podcasts as one of your value-added services. Another benefit is that podcast listeners are quite possessive of their shows. It would be easy to gain loyal listeners if you have something substantial to share.

Conclusion

There is money to be made in podcasts if you can launch a successful product. You can earn revenues through sponsorships, partnerships, and ads. Joe Rogan pulls in $800,000 per episode for his thrice-a-week show. Of course, that is one extreme example.

Nevertheless, if the podcast will allow you to reach your customers and provide them with a platform to engage with you, then your investment into this type of content strategy is well worth the effort.

Using Digital Content To Connect With Your Customers During The Pandemic

Connecting With Your Customers 

The COVID-19 has screeched major economies to a halt and forced people into feeling like prisoners in their own homes. In the United States, for example, about 11 million workers lost their jobs as companies shut down, particularly the small and medium business that could not absorb the impact of prolonged lockdowns.

But it is also an opportunity for digital marketers because they have a ready audience who, more than ever, feels the need to communicate, socialise, and connect with others. With nothing better to do, they turn to the digital channels to fulfil this fundamental human need.

Whereas before, they viewed bite-size videos because the time for them was a luxurious commodity. Now, time is the only thing they have. The problem now is how they manage their time and become more productive while they are in quarantine. As a result, they are consuming more media at historic levels.

For example, according to data, the streaming hours for both Netflix and YouTube grew 25.2% and 21.7%, respectively, in May 2020 compared to February 2020. In the same vein, e-commerce websites are reaping the windfall of physical stores closing their doors for lack of shoppers. Amazon’s profits, for instance, ballooned by about 39% during the pandemic.

 It means Amazon founder Jeff Bezos just grew $13 billion richer.

Shifting Tides

Companies that have not ventured toward digital advertising may feel lost in the open sea with their mast broken. The dedicated budgets for traditional channels like sponsorships, trade shows, TV spots, travel, exhibits, and other collaterals is suddenly becoming useless.

But this is the perfect opportunity to migrate online and test the waters of your digital campaign. However, do not take the shotgun approach of simply pulling the trigger and hoping you hit something.

Fortunately, digital marketing is not a new concept.

In 2009, for example, marketers spent more than $333 billion for video, audio, and written content. The budget is projected to further grow to $385 billion in 2020 but the jury is still out on that one. 

Before launching your digital campaign, here are some crucial things to consider:

1. Positive message only, please --  The sinking boat theory suggests that customers are more likely to abandon a company that they believe is not performing well. The pandemic offers an opportunity for you to prove the resilience of your brand. Simply connecting with them and seeing how they are doing can go a long way for them to think of you.

2. Use existing resources -- The shutdowns began at the start of the second quarter of the year. Companies have already laid down their annual 2020 marketing budgets, and some have already started their campaigns. Then the pandemic spoiled all their plans. But you already have existing resources, and you only need to hire a digital marketing company that can optimise them when you migrate your campaign online. As such, you can even save some money.

3. Use social media sites to launch products -- The pandemic forced companies to postpone, if not cancel, their product launches. But it does not have to be that way. More and more products have released video teasers for a product launch scheduled at a later date. Even the much-anticipated live-action movie, Mulan, will debut on Disney+ in September, with limited theatre releases in some Asian countries. The strategy will also showcase your ability to adapt amid the uncertain times.

While some companies have tightened their belts because of the uncertain future, the numbers showed that forward-thinking organisations that invested during a crisis like the recent 2008 US recession, for instance, are more likely to come out on top when things return to normal.

Indeed, take the pandemic as an opportunity to revisit your marketing strategies and perhaps, this is the right time to shift your focus online.

The Importance of Producing ’Bite-Size’ Video Content

‘Bite-Size’ Video Content

When you are snacking on your favourite grub, you like to savour the taste and look forward to your next cheat day. So, what if you can replicate the same experience to your target audience? What if you can make them salivate in anticipation of when your next video content will drop?

 When you divide your videos into multiple chunks, you effectively split your information into “snackable” portions. As a result, the viewers will be able to nibble and gnaw on your message, get their fill for the day, and crave for the next instalment.

More Control Over Digital Campaigns

As you know, the advertising platform has migrated to digital formats, particularly leading social media sites like YouTube, Facebook, Instagram, or Twitter, among others.

The advantage is that you can calibrate your campaign to hyper-target your audience. For example, Facebook would be the ideal platform for brand awareness, engagement, and community-building. Instagram is a great tool if you want to launch a product, interact with audiences, or link up with influencers.

Meanwhile, YouTube is untouchable in terms of trying to relay your message through video content. You also have unparalleled access to a wide range of viewers. According to YouTube, more than a billion hours of videos are being watched every day. It has 100 different versions in the same number of countries, with at least 80 languages.

However, one advantage of the digital format over traditional media is the total control over your product.

With TV or radio, for example, you need to comply with their respective guidelines and rules before your ad will be broadcast. But video content posted on social media channels or your website is not governed by such restrictions. Instead of the usual 30-minute or 60-minute commercial, you have more elbow room to bend the rules a little.

Well, except for Old Spice, which stretched the rules to near breaking point. In fact, Procter & Gamble landed a mention in the Guinness Book of World Records for its Old Spice ad that ran for 14 hours in Brazil on Dec. 8, 2018.

Making Your Bite-Size Video

In a saturated ecosystem, the last thing you want is to contribute to the noise. Here are some tips to make the process easier: 

1. Define your objectives, which in turn will help to clarify the message.

2. Draft a script. Even the most spontaneous video podcasts follow a general flow to steer the conversation forward.

3. Invest in good audio. However, you should also factor in the fact that a large majority, or 8 in 10 viewers, watch a video without a sound. You can either add captions or create content that is easily understandable even without audio.

4. Front-load information to relay your message faster before the viewer gets bored.

How Long Should Your Video Be?

Commercial advertisements on traditional media typically last two minutes or less. A majority of them are between 30 seconds to 60 seconds.

With the rise of YouTube, however, marketers are now cramming decades’ worth of knowledge in 10-second ads. These skippable ads give the audience the power to “skip the ad” and allow them to continue what they were watching.

But they turned out to be very effective. For example, more than 6 in 10 people who happen to watch the first three seconds of the video will continue to watch the full 10-second ad. You would be surprised to know that 45% of them watch the rest of the 30-second advertisement.

The video length will depend on your objective. But here are some statistics that may help you:

➔   In 2018, the average business video content was 4 minutes long.

➔   More than 7 in 10 are only 2 minutes long, while the rest are 10 and as long as 20 minutes.

You can share a 10- to 15-minute video on YouTube and people may finish the entire thing. But you can’t do the same for Instagram, where bite-size clips lasting 30 seconds to a minute are the norm.

Meanwhile, Facebook clips are typically 60 seconds to 90 seconds long, although technically, it can support four-hour videos.

So, the crucial thing is to calibrate for the platform because the wrong decision can end up alienating your audience.