Podcast listenership has exploded over the past decade, with millions of people around the world now spending hours every week listening to their favourite creators.
Data shows that in the USA alone podcasts reach a staggering 116 million people, while in the UK it has become one of the most popular forms of entertainment – over 20% of the population now accesses this content and it’s expected to continue growing substantially over the next three years. Podcast advertising can help market your podcast.
Like most of us, you probably have several podcasts that you make sure to catch new episodes of every week.
You may even have a favourite creator or group of contributors who regularly appear on these shows, helping introduce you to new subjects and content. Either way, whether you’re into true crime, current affairs or MMA fighting, there is a podcast out there for everyone.
Last year, America’s favourite muscle man, Joe Rogan, famously signed a 100 million dollar deal with Spotify for exclusive rights to his podcast. It helped many traditional media outlets and advertisers see the writing on the wall – we’ve entered a new age of entertainment and how people want to consume content has shifted.
So, what does this mean for advertisers?
Put simply, there will be a learning curve but there’s a remarkable opportunity in this diverse market for you. You’re probably still thinking about how this all works though – If it’s true that podcasts are now one of the biggest sources of entertainment across the world, then surely we can reach your target audience through podcast ads?
Let’s show you how, this article is going to lay out the ways that businesses can create podcast marketing strategies to generate consistent boosts in awareness, leads and sales.
Where to start
There is a common pitfall for businesses first approaching podcast advertising that we better cover first. It’s completely understandable why so many pick something comfortable and familiar, choosing to advertise themselves on podcasts related to their service or product. But in reality, this isn’t always the best idea.
Try to remember that your target audience probably has interests outside what your business offers. While the listeners of a show dedicated to saying digital marketing could be a useful source of customers, it’s more than likely your target audience is going to be found elsewhere
In fact, your target audience likely listens to podcasts that cover anything but what they do on their 9-5 job. So, it’s important to think strategically and consider how you can track down your target audience.
Through some research, we found that most start-up owners and marketing executives were between 20-35, so we began to look at what types of podcasts this age group listens to. We found that one of the most popular genres was true crime, so we analysed a number of creators before eventually selecting “I Could Murder A Podcast” – an up and coming brand with around 40,000 weekly listeners. From each podcast episode we advertised on we’ve had an average of 3 sales qualified leads per episode.
This is all thanks to some easy legwork:
- Carrying out the analysis of our audience
- Identifying a viable platform for our ads
- Sending the podcast a message through Instagram.
Figure out your budget
One of the biggest issues with podcast advertising that businesses face is determining how much they should pay. Relatively speaking, podcast advertising is pretty new, so there aren’t really established benchmarks yet.
However, there are a few options that you should look at when creating your ad proposal. One of the most common strategies to determine cost is CPM (cost per mile), or the cost per 1,000 views or downloads.
Using this formula lets you figure out exactly how much you should be paying for your ads. This is a common strategy if you go through an agency that will speak to the podcasters for you. However, if you decide to talk to the creators directly, you might have a better chance of figuring out a price that works for both of you.
Establish your goals and consider your ROI
Creating an ad that appears on a popular podcast, especially one you personally enjoy, can be an incredible opportunity – it might even be a result you’re keen to show off to family and friends.
But, if it doesn’t lead to anything, what was the point of spending all that money? Last year, Ahrefs released a video that revealed the results of a $14,000 podcast ad campaign – only 339 site visits and 11 free trial signups, costing them $42 per site visit and $1290 per free trial signup!
While the ads seemed a disaster at first, they turned out to provide a wealth of unexpected results. This is because while they didn’t provide direct leads they did help them to raise their brand awareness. Ahrefs’ problem was that their service is an advanced piece of SEO software, so it was always going to be challenging to get people to sign up from just a single 30-second ad.
Using this knowledge, you should evaluate what you’re trying to advertise and what goals you’re looking to achieve. Podcast ads are great at boosting brand awareness and if you play your cards right by offering a unique offer directly to your target audience, they can be a great way to generate direct leads and sales. By doing your due diligence, you will save yourself a lot of money as well as set yourself up for creating future podcast ads that get you your desired results.
Create an ad with a strong message
If you’re already a regular podcast listener, you no doubt get sick of hearing the same old boring ads, and you probably try your hardest to skip past them without missing any of the podcast content. With this in mind, it’s crucial that you create a podcast ad that hooks the listeners right away.
So, be brave and get creative to grab your listeners attention, and once you’ve got your listener’s ears pricked, it’s time to start telling your story about how you can help fix your target audiences problem. You probably already know your product or service inside out, but the key is to communicate it to others in 30 seconds to a minute.
This will take in-depth knowledge of your target audience, so make sure you know them as well as you know your own product. Once you’ve shared your message, it’s vital to finish your ad with a compelling CTA (call to action). This can be anything from a discount code or an exclusive offer that only listeners can access.
A few final words
Podcasts are on the rise, and if you’re looking to take your advertising game to the next level, there is a whole world of opportunities available for those who are willing to put in the time and effort into creating compelling ads.
Hopefully, this article has given you some insights into how you can start your podcast advertising journey. Good luck!
Article by Joe Robertshaw
Joe Robertshaw is the founder and lead content strategist of Jubilee Copy, an SEO and content marketing agency. Drawing from a wealth of experience working with some of the UK’s most prominent digital marketing agencies, Joe now leads one of the UK’s fastest-growing agencies alongside a team of SEO and content experts.