During the last years, the podcast It has positioned itself as one of the most attractive digital content formats for users. If yesterday reading a three-minute article on a blog was something much more accessible than reading a physical magazine, today, listening to this same content on audio format it is much more practical and inclusive than a lecture.
Colombia has not been oblivious to the exponential growth of the format. In Latin America: Colombia is in the top 5 of the countries with the highest growth in consumption and production along with countries such as Mexico, Argentina, Chile and Brazil and, worldwide, it is in the top 3 of the countries with the highest growth in podcast listening along with India and Turkey. It is also in the top 5 fastest growing countries for podcast creation along with Brazil, the United Kingdom, Canada and Italy. In conclusion, Colombia is exploiting the world of podcasting at its best.
2020 was a year that forced a large part of the population to stay at home, explore new activities and adapt our lives to new routines, forms of communication, learning and leisure. People’s interest led to more podcasts appearing, which increased to more than 400% in Spanish and Portuguese as of November 2020.
Now, how do these figures impact or benefit marketing and business? Here we have 5 keys to understand the world of the podcast and use this tool to position and sell a brand or idea.
1. The podcast is a 90% engagement strategy, 10% exponential sales
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It is important to understand this in the first place, because although sales move the existence of a business, these are not going to happen constantly and exponentially without users convinced of what and why they acquire the product or service. Good content does not focus on selling, but rather on bringing some benefit to the reader, such as solving a problem, clarifying a doubt or teaching something. The sale is only a consequence of this process. One committed customer is better than three occasional ones, hence strategies such as: brand ambassadors, earn points for frequent purchases in establishments, have discounts for recommendations or generate loyalty programs. The podcast has become one of the tools to attract, retain and be an opinion leader in a topic or industry.
2. Content must be accessible to everyone, everywhere
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And this is because we are currently in a scenario in which consumption is totally connected to technology, accessibility and practicality. A format such as a podcast allows people with visual or hearing difficulties to access information and make their lives easier. Additionally, distribution and hosting platforms charge very low prices for uploading these recorded materials, adding that they are within reach of the palm of the hand, through smartphones, which makes access to podcasts easy.
3. Advertising on podcast platforms is listened to more than in any other medium
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In the study The State of the Podcast Universe 2020 Where the advertising trends of this format are discussed, it is mentioned that as with any type of media that starts without advertising, it can be a difficult battle to get consumers to accept it. However, the podcasting industry knows that, based on the data of the last few years, the fight is worth it for the degree of engagement of the listeners.
An audience that is difficult to reach with traditional advertising is quite open to podcast ads. Nearly half of them (44%) say they pay more attention to podcast ads than any other media outlet, and 37% of them say podcasting is the best way for a brand to reach them .
Even before the pandemic, programmatic advertising not only grew 137% year over year at the end of 2019, but that growth continued and in just the first half of 2020 it was up an additional 65%.
4. Content marketing is growing
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Content marketing is a way to engage our target audience and grow the network of leads and customers through the creation of relevant and valuable content, attracting, involving and generating value for people and, in this way, create a positive perception of the brand generating more business. Keeping this concept in mind, in a world where marketing 3.0 and 4.0 are what are moving industries to focus on values, purpose, humanization, focus on the emotional needs of the consumer, omnichannel and hyperconnected media and generate genuine value, the podcast is a master answer.
According to a report published on Neil Patel’s blog, 78% of consumers will trust a brand if it creates more personalized content. Likewise, he mentions that content marketing costs 62% less than traditional marketing and generates approximately 3 times more contacts. If resources (i.e. time and money) are invested in content marketing, it will reduce costs while generating up to 3x the leads we would have gotten with native or traditional advertising. Smart marketers don’t put all their eggs in one basket. They diversify their efforts to get the best results. So we don’t advise abandoning traditional marketing altogether (because it can generate quick sales), but we do advise paying more attention to creating premium content.
5. It is a new source of income
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If we can bring to life a successful podcast that has thousands or millions of listeners, it can be monetized and used to generate income. How? There are many ways both directly and indirectly.
Directly, through sponsors who pay a fee to appear on the show, inserting commercials like the ones we hear on traditional radio shows, for revenue share from platforms such as Anchor, Spreaker or Ivoox, affiliate marketing, among others.
Indirectly, the podcast is not monetized by itself, but thanks to it, visibility increases, positioning as an opinion leader, a community is born and the income does not come from paying for the podcast, but from other products that the brand offers as an expert. in a certain area.
In conclusion, over time, not only can it help us position ourselves in Google searches, but it can also be used in conjunction with other tools such as the website and social networks so that potential customers can reach us more easily. If you dare to take advantage of the benefits of the podcast for business, you can make your idea or business known. build trust among potential customers, find a new way to earn income and bet on a format with a future without having to invest large amounts of money.
By Lina Marcela Garzón, Digital Consultant and Public Relations Manager at SpicyMinds