Podcasts - A Force to Reckon With

If you are like me podcasts are an integral part of your life. I listen to podcasts when I walk my dog, Mr. Clean, while driving, at the supermarket buying my groceries, I even play video games while listening to podcasts, and even on the toilet …. Well, you see where I am going with this: I have a true passion for this medium.

It therefore just makes sense to take the time and look at podcasts from a marketing perspective. So let’s start with a stat. A big one:

15 billion hours

That's the total projected amount of hours spent listening to podcasts in 2021 (source). This number is up from 12 billion hours listened by the end of 2019. The adspend on podcast advertising is expected to surpass 1,6 billion USD by end of 2022. That’s double the ad spend in 2019.

So, marketers have clearly recognized the potential and though the growth curve is flattening a bit after years of intense growth, there is still a lot of growth potential left as podcasts are getting more and more popular around the world.?

Podcasting is not a US-only phenomenon

While podcasts are very popular in the US, the country that listens to podcasts most is actually (drumroll) SWEDEN!?

So what makes podcast ads interesting for marketers?

1. Podcast ads drive action: according to Adobe digital insights, 60% of US podcast listeners look up a product or service after hearing an ad. And a quarter of those is actually making a purchase (source).?
2. Podcast ads are less intrusive and more engaging: the same Adobe survey revealed that 40% of podcast listeners found podcast ads to be less intrusive compared to ads on other platforms, and 33% found them to be more engaging. A big reason for the acceptance of podcast ads is that listeners are happy to support their favorite shows and therefore don’t mind them (source). One of our favorite podcasts is the “Rights to Ricky Sanchez” basketball podcast (source). You should check them out as they always find new and creative ways to put the spotlight on their sponsors.
3. Podcast listeners are curious: 66% of podcast listeners name their desire to learn something new as the main motivator (source). As a result, podcast listeners are a great audience for new and innovative products and services.

What to pay attention to when testing podcast advertising:

1. Go for smaller podcasts with a highly engaged audience: just like with influencer marketing, the engagement rate of followers is more important than pure reach unless your goal is just maximum exposure. And consequently smaller podcasts usually outperform bigger ones in terms of ROI.
2. Host read ads are king: host read ads are more effective than other ad types (source). Podcast hosts with a talent for storytelling can bring your ads to life and dramatically increase brand recall.?

Measure results: make sure to have a discount or promo code to be part of the message. That makes it easy to monitor performance and efficiency.

Did you find this edition of the mrkt'insider inspiring? If so please share it with colleagues and friends! Want to grow faster? Don't be shy and reach out to me and let's see how we can kickstart your marketing ??