The Age of the Podcast has arrived. Just as the internet disrupted the monopoly of the print media, podcasts are now disrupting the dominance of on-screen content. This audio format is expanding rapidly — both in terms of listener numbers and in share of ad spend.
The trend is only set to grow. That’s why now is the time to get ahead of the curve; to understand why this medium can add so much value to your business and to find your brand’s podcasting voice.
Ready? Read on.
Who is the podcast audience?
Why do they matter?
How do podcasts help you to reach new audiences?
Who is the podcast audience?
The podcast audience is growing fast. Worldwide, the research company Omdia (formerly Ovum) estimates that the global monthly podcast listening figures will hit 1.85 billion by 2023 (a six-fold growth from the 2016 figure of 287 million).
In 2019, Ofcom said there were 7.1 million regular podcast listeners in the UK. The global measurement and data analytics company Nielsen estimates that within just three years – by 2022 - that number will have doubled.
The latest statistics (2018) show that there’s currently a gender split amongst UK listeners: with men representing 63% of the podcast audience and women 37%. There’s an age bias, too. The early adopters of podcasts are young: 14% are aged between 15 and 24; 38% between 25 – 34 and 29% between 35 – 54.
One other point to note? Figures show that podcast listeners tend to be affluent. While only 29% of households across America earn more than $75,000 or more per year; that rises to 41% amongst podcast listeners.
Why does the podcast audience matter to your brand?
Podcast listeners matter to brands because:
They’re young (they’re your current and future potential customer base).
They have spending power.
They are early adopters: helping to influence the behaviour of others.
The data says that the podcast audience is also engaged and loyal. That loyalty translates into consumer activity. According to the Stockholm-based podcasting platform Acast, 76% of this audience will follow up on the services or products discussed during a podcast: whether that’s linking to a website; making a purchase or taking out a subscription.
So, how do podcasts help you to reach a new audience?
There are three keys ways in which podcasts help to raise awareness of your brand, reach new audiences and convert listeners into customers and clients:
Visibility
Diversity
Connection
Visibility
You can choose to sponsor a podcast; run podcast ads or create your own branded podcasts. This audio content helps to promote your business and build awareness by providing visibility for your brand across a host of new channels.
Podcasts are hosted on networks. Some are small, independent platforms and some are huge global players (think iTunes; Spotify; Audible and Luminary). Once your podcast is made, it can be listed on different networks. And you can link your podcast back to your website on every distribution network you use – reaping SEO benefits , increasing your website traffic and building brand awareness.
Branded podcasts sit on the same platforms as podcasts from big name providers (like the BBC). Content isn’t separated: if you’ve got great audio you will rise to the top of the chats, increasing your visibility as you go.
And because your podcast is hosted on these distribution networks, users can find your content without having any prior knowledge of your brand. The result? These new channels give you an online presence that help you to reach a completely new audience.
Diversity
Podcasts are incredibly versatile: both in form and content. That means they can reflect your brand values and messaging and offer innovative, immersive ways of aligning your business with the base you want to reach.
They’re a tool for humanising stories; showcasing different voices; exploring new angles and aspects of your industry and identifying and discussing different points of view. And that’s just the start of what they can do. Here are some examples of the ways in which brands have used podcasts to raise their profile:
General Electric and The Message. The manufacturing and tech giant branded this mega-successful science fiction podcast series, subtly linking the business with its purpose: scientific innovation.
Buffer and Breaking Brand. The software company commissioned this five-episode narrative series following a New York brand agency as it relaunched itself as the home for a family of direct-to-consumer (DTC) brands. The audience the series was created to attract? Marketers and founders of DTC brands.
“We’ve noticed that this is a medium where our DTC customers are investing money themselves, and there appears to be great synergy between the age, interests, and aesthetics of the people who work at these brands and the type of content available through podcasting.”
Selfridges and Hot Air. The high-end department store created this multi-episode series that examine a contemporary issue: how can we enjoy both luxury and sustainable living? The message was aimed at ethically-minded, wealthy consumers: at Selfridges they care about the world and about living well – and the store’s products marry those two concerns.
Connection
The key to successful podcasts is that they build a direct relationship with their audience. They talk to - rather than at - their listeners. That connection builds trust, which extends to the associated advertising. Research from Nielsen in the US found that 57% of the podcast ads that they tested outperformed pre-roll video advertising in driving purchase intent.
This sense of connection is an indirect way of gaining new audiences. It familiarises your brand and gives it a voice with which people can identify. And it does it in a way that fits comfortably into their lives.
According to the data platform statista.com, 68% of UK podcast listening is currently done on a smartphone. This is a medium that allows you to connect with new audiences where they are: on the phone and on the go.
In the coming years, that move away from screen-based content to audio looks set to increase. One in five UK households now own a smart speaker: a device that is fundamentally changing the way people interact with technology and another channel from which podcasts are easier to access than screen content.
Want to know more? At Message Heard, we make podcasts that help your brand to reach new audiences. Find out what we can do for you. Find out how we can help by reaching out to us here!