Research from Ofcom found that 7.1 million people in the UK listen to podcasts each week, and this is set to increase.
Why has there been an increase in podcast listeners?
This could be down to technological advancements as accessing the internet is easier than ever due to 4G and smart phones. Using mobile phones has also become a passive experience as we tend to complete multiple tasks while using our phones. As many people will listen to podcasts while driving, exercising or commuting. Also society is living busier lives, finding less time to sit and read for leisure, therefore podcasts have been the perfect replacement for this.
Podcasts provide a form of social interaction as consumers build a parasocial relationship with the host. This gives listeners an intimate bond with the presenter allowing for loyalty to be created.
In addition to the bonds developed, podcasts also offer both knowledge and entertainment due to the vast array of genres they cover. By providing knowledge customers can gain advanced information on the benefits product can have to there lives such as probiotics. There are podcasts about crime, health, business and sport just to name a few. But whatever the niche, there is a podcast on it!
Are you wondering how podcasts can benefit your business?
For businesses, podcasts can increase brand awareness and provide advertising opportunities. They allow for connectivity between the company and the audience. Podcasts also present the opportunity to feature guests that have expertise and are advocates in specialized areas adding value to the listeners experience. Mass audiences can be reached at any time due to podcasts over coming geographical and time barriers. Podcasts also present the opportunity to integrate social channels such as Instagram as listeners can be encouraged to ask questions to be discussed on the podcast.
Maybe creating your brands own podcast isn’t for you. But you could make use of podcasts by advertising. Individuals that listen to podcasts have a genuine interest in that subject therefore your target audience can be reached. To further this due to the audience being highly invested in the podcast return on investment can be enhanced. There are three stages in a podcast that present the opportunity for advertising these are the pre-roll, mid-roll and outro. The cost of podcast advertising depends on the number of listeners to that particular podcast and the stage of the podcast the advert is voiced. If you want to measure the success of your investment in podcast advertising, use discount codes. By advertising a specific code on the podcast conversions can be tracked.
Podcasts can be a worthy investment for the firm as highly engaged audiences can be targeted allowing for stronger bonds to be made both between the brand and the consumer but also the host. To further this loyalty can be created increasing repeat purchase intention. There are different pathways in which firms can adopt podcasting into their strategy from setting up their own channel to advertising through another. Therefore depending on the individual situation of the business different strategies can be integrated.