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6 Ways to Create a Winning Podcast Strategy for your Business

6 Ways to Create a Winning Podcast Strategy for your Business

The podcast industry continues to grow at a rapid rate. Current estimates project that listeners in the U.S. could increase from 75.9 million to 100 million listeners in the U.S. by 2024. This means a winning podcast strategy for your business is no longer a “nice to have” but a “need to have” when it comes to accelerating revenue growth and extending brand awareness.

Some businesses are finding podcasts are a significant source of revenue, while others may be seeing modest returns. The amount of money a business can generate from their podcast varies depending on the size of their audience, the quality and popularity of the content, and their ability to effectively monetize their podcast. Monetizing podcasts is a relatively new process and still in its infancy when it comes to finding the most effective ways to generate revenue.

Gaining an in depth knowledge of how podcast listeners behave gives you insight on actionable ways to improve your content and increase engagement which leads to successful ways to make money from podcasts:

Advertising: According to Edison S​uper Listeners Research, 51% said they pay more attention to podcast ads than other media. Promoting your own products and services inside your show can lead to new potential customers. Local, Regional and National advertisers can also invest in sponsoring specific episodes, shows or seasons of the podcast.

Branded Content: Partner with companies to create sponsored content, where the company’s products or services are integrated into your podcasts. For example, in this episode of Inside Design, hosts Joann Kandrac and Kelly Kole, owners of Kandrac and Kole Interior Design, interviewed Marlo Thomas about a new table top line that debuted at Williams & Sonoma. 

Subscriptions: A paid podcast subscription allows you to offer premium content to your listeners on a weekly or monthly basis for a fee. You can earn a predictable income from your podcast each month and your listeners get an ad-free podcast listening experience. An article from Podnews shows that 17% of people, which is equivalent to 19.7m, are “somewhat likely” to pay for podcasts. Popular hosting platforms such as Libsyn and Blubrry now offer the feature of having an Apple Podcasts Subscriptions version created automatically through delegated delivery which makes this an even more efficient option to explore this year.

Affiliate Marketing: Start including affiliate links in the show notes of your podcast episodes and earn a commission for any sales made through those links.

Merchandising: Create branded merch for your podcast such as t-shirts, mugs, etc. and promote it on your website and social media channels. 

Live events: Host live events, such as live recordings of the podcast, meet-and-greets, and other events including recording your podcast at industry trade events and conferences which can attract sponsors and increase thought leadership positioning in your business niche. 

A winning podcast marketing and monetization strategy provides your business with the opportunity to increase brand recognition and generate a new customer base. Additionally, businesses can use podcasts as an efficient content marketing strategy. 

Here’s another bonus… 60% of podcast listeners have bought something from a podcast ad and 69% of respondents say podcast ads increase their awareness of products, brands, and services according to Buzzsprout Podcast Statistics and Data. Now is the time to engage them through your podcast!

 

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