Everything you need to know about podcasts for your brand
With the popularity of podcasts growing, the way brands are using them is changing. Throughout 2021, podcasts have gained popularity, but using them for marketing means is still a new idea for many brands. Podcasts are a way for brands to build lasting and engaged relationships with their audience. Studies completed by Nielsen demonstrate that use of this marketing medium is only increasing, with a current growth rate of 20%. What’s more, the audience is predicted to double in size by 2023. Podcasts are a new and exciting way that brands can use creative content to communicate with their audience.
As a digital agency, we make it our mission to stay ahead of the game and understand the most effective and innovative strategies for your brand. Often podcasts can be overlooked, or are deemed unsuitable for some brands. We wanted to highlight some benefits of podcasting that could help a huge variety of brands increase their audience engagement.
Should your brand have a podcast?
Typically podcasts have smaller but highly engaged audiences, bringing topics of interest to those customers in alignment with your brand values and interests.
You can tailor your podcast topics and conversations to match audience interests, allowing you to connect with customers new and old. Podcasts also allow you to emphasise your mission, vision, and values—making your brand more personable and more understood. Your podcast can take many routes; whether it is to entertain, inform, or just to create a community of like-minded people.
With an increase in on-demand content, allowing your customers to listen in to your content whenever it fits their lifestyle, makes it a really attractive type of content for your customers regardless of when the episode is initially released. They can be listened to one at a time, or as a series, and due to the podcasts being available at any time of the day, you appeal to a more international audience than perhaps your social media marketing does.
Research shows 79% of podcast listeners do so to improve their knowledge on certain topics. This can be used to the advantage of brands, as it shows people’s willingness to learn something new about the work you’re doing, or the topics surrounding your brand. BBC recently found that branded podcasts can lead to an increase in brand awareness (89%), brand consideration (57%), and purchase intent (14%), showing the powerful impact a podcast could have on your bottom line.
Do podcasts create a higher engagement rate?
When it comes to marketing your brand, you want your customers to be fully engaged with your content. This can be difficult on social media where there is a lot of competition for the consumer’s attention. Due to their nature, podcasts have an average engagement time of 28 minutes and because of the flexibility of audio content, you can listen whenever you want, in fact, 94% of branded podcast listeners consume podcasts whilst completing other tasks.
Because of their conversational nature, podcasts have the ability to play with our emotions, engaging the consumer for a longer period of time. Good podcasts can really have an impact on how we think and feel about varying topics, you may even bring up the discussion points with your friends, family, or colleagues. Think of that from a branding perspective—there is no limit to the impact your podcast could have on your customers.
What are the types of podcast formats?
There are different formats brands use for podcasts but one of the most common is a two-way ‘interview’ between a host and a guest. Having a two-way conversation allows the host/brand to show more of their personality and thoughts. It feels as though you are listening to a conversation, that you would not otherwise have been privy to. Podcasts can feel much more intimate and personal compared to other types of content.
Panels are a great way to get a group of people together to discuss their views on topics which will help appeal to a wider range of listeners rather than just one opinion that not everyone may relate to or agree with. Whether it is a panel of industry experts who may not know each other well or a group of friends, there are always unique and interesting conversations.
Co-host format allows you to create valuable content for your audience that includes differing opinions and fun exchanges between hosts which makes it enjoyable to listen to.
Podcasts are known to be one of the cheaper ways of creating content. Some estimates suggest having a podcast for a year could cost around 10k where a single photo/video shot could cost you up to 35k. However, the costs of having a podcast will vary and depend on equipment needed, production costs (if any), and promotion. You may be able to have a successful podcast on a very small budget.
Who is listening to podcasts?
In 2020, Spotify said podcast consumption had doubled in the first six months of the pandemic. 31% of Gen Z and 26% of millennials—the groups with the biggest increase—are listening to more podcasts than previously. Podcasting is a phenomenal opportunity for brands to reach 10 million British users alone, a figure that has doubled in the past 5 years and continues to do so. Not only is there a wide number of users listening in, but 40% of those aged 18-34 also say they will listen to an entire podcast episode, with 89% of listeners doing so on their mobile.
How long is the average podcast?
There is a wide range of platforms that offer podcast hosting, from Apple to Google to Spotify. But the average length of a podcast according to Buzzsprout research, as of Feb 2021, is 20-40 mins (31%), with 23% of podcasts being 40-60 minutes long.
What brands are using podcasts for their content?
Here are some good examples of brands that use podcasts to promote their products and values:
Expedia produce ‘Out Travel The System’ discussing all things travel and adventure
IKEA produces ‘The IKEA Audio Catalog’ as a way of allowing their listeners to hear the product descriptions and design tips
LinkedIn produces ‘Hello Monday with Jessi Hempel’ with different guests each week discussing all things work-related
There are so many ways brands can produce engaging digital content across multiple platforms using a variety of formats. Podcasts have been around for a while, but with their increased popularity, they are now a key tool for brands looking to create innovative and dynamic content to drive success.
Check out our blog about Spotify for more details and information about paid advertising on the platform. Would you like help with your digital marketing? Get in touch with us today!