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Of the many marketing and other growth tactics that can increase a company’s profits, podcasting may not be the first that comes to mind. But even a cursory look at the numbers makes it clear that it can be an engine for very real growth.
Finally, as an entrepreneur/owner, you most likely bring real-world expertise to your niche – you have unique knowledge and perspectives that can provide both entertainment and helpful insight to an audience – thereby generating additional exposure and sales.
A large and engaged audience
Pew Research from 2023 shows that a remarkable 43% of Americans ages 12 and older listen to podcasts every month. Statista, meanwhile, predicts that the number of monthly US listeners will exceed 100 million by the end of 2024 and 110 million by 2029. And perhaps even more important than the size of that audience is the level of engagement that this media sector generates – particularly when it comes to response to ads. Research from Spotify shows that an impressive 81% of podcast listeners take action after hearing an ad read by the host, while 52% say they have more trust in advertisers who are recommended by a podcast host.
And if you don’t like the idea of starting your own show, it’s also worth becoming a sponsor. By advertising on a podcast, you gain access to a highly engaged audience that is more likely to take action than if they had been exposed to your marketing through other channels.
Related: 5 Reasons Why Brands Should Consider Creating a Podcast
Connections that lead to action
While podcasts can provide a significant boost to advertisers, the impact is much greater when a company actually produces a show, in part because hosts can be among the most influential figures in listeners’ lives. According to a study by Marketing Charts, 68% of listeners feel like they have a deep connection with favorite podcast hosts. They are also more likely to say that podcasters (as opposed to social media influencers, for example) have changed their minds on topics. In fact, 75% of listeners say hosts do this their most influential media personalities (who are way ahead of celebrities in other areas of media).
Sharing your opinions and experiences in this way, week after week, will make your audiences feel connected on a personal level that other forms of advertising simply can’t. According to a case study by Tamra Andress, whose podcast “The Messenger Movement” now has more than 450 episodes and is in the top 0.3% of business and faith shows in the sector worldwide, the resulting leads grew her business to six-figure revenue in 2021 and double every year thereafter. She also cites loyal listeners as a contributing factor to her book: The Joyful Entrepreneur: Principles, Power, Presence: Insider Secrets for Connecting Faith and Business(FIT Press, 2022), which reached number one on both the Amazon and Barnes & Noble bestseller lists.
Related: 7 Steps to Grow Your Podcast Audience Faster
Use the platform successfully
One of the biggest benefits of podcasting is that it offers multiple opportunities to increase business bottom line. However, achieving maximum results requires a solid strategy, including careful consideration of what type of content is most interesting and valuable. Use contacts to find experts to interview to gain unique insights, and always pay attention to the types of perspectives and knowledge that only you can share.
Next, content needs to be produced consequent. A weekly rhythm works well for many brands as it allows time for preparation between shows while becoming an integral part of listeners’ routines.
By combining consistency and commitment, you build authority in a niche – you can go from a relatively unknown company to a recognized expert – often simply by interacting with the right guests. Ideally, these people will bring their own audience, many of whom will stick around and listen to future episodes. And statistics have clearly proven that such new listeners are more likely to share your podcast with others around them.
Related: 5 questions that distinguish a successful podcast from a failed one
It can be intimidating at first to get in front of a microphone to share your story, advice, or thoughts on industry trends. But as so many other entrepreneurs have experienced, a strong podcast can be a gateway to exposing a brand to new audiences that might never have discovered it otherwise.
Invest time and effort into producing quality and the results will be impressive!