Podcasting is taking off and is not about to slow down anytime soon. People are listening to deep dives into their favourite subjects on the commute, in the bath, during work, and just about everywhere else. And people will find their favourite topics. On the other end of things, there is plenty to choose from amongst the vast number of podcasts that cover crime, sports, social issues, entertainment, and all that each of those entail.
But is it a realistic business plan? From the outside looking in, there is no money that is necessary to listen to podcasts, which might contribute to their popularity for consumers. On Spotify and Apple Podcasts, the most popular platforms by far for posting podcasts, there is no subscription or pay per episode like modern streaming services. However, other podcast platforms ask for subscriptions, such as Audible, which offers mainly audiobooks but also exclusive podcasts, and Luminary Podcasts, which asks for a subscription at the door.
And yet, more and more people are starting their own podcasts. They supplement businesses as much as a blog does, they’re being embraced by influencers and content creators, and a lot of celebrities are even releasing their own podcasts, the most famous of which would be Joe Rogan’s.
So how are they making their money? A few you could argue are a passion project, sure, but to have so many appear over the past few years must mean that they are a sustainable idea.
But how can it be done? We break down the four best types of adverts to generate ROI.
Why advertise on podcasts?
But is it worth it? Is podcasting reaching the people we need to?
Definitely. Podcasting’s popularity cannot be overstated. According to a study by The Infinite Dial over 55% of Americans listened to at least one podcast over 2020, which is an increase of 16% from the year before.
It is estimated that over 68 million people in the US alone have listened to a podcast in the last week of when the study was taken. That is a quarter of the US population.
On top of that, podcasts are a highly genre-specific type of media. Where YouTube videos cross genres and TikTok is more focused on communities, if a podcaster wants to hear about football, for example, they will find a podcast about football. If your product then lends itself to football fans, then you will have a dedicated audience ready to listen. And if you don’t, you will find another audience amongst the many genres of podcasts available.
So, how do you reach them?
Host-voiced ads
Host-voiced ads are the most common type of ads and are the closest to affiliate marketing you can get. Like any other form of content, YouTube creators, Instagram influencers, bloggers, they interrupt their content with a validation of the brand they are advertising.
They can feel more natural, particularly in podcasts, as they are just talking, and continue to talk, this time about your brand. It can sound very conversational, almost like it’s not a promotion at all, and it can be backed up by the reputation of the host.
Fully produced ads
Fully produced ads are exactly what they sound like. Taking tips from radio advertisements, a brand might want to build their advert from the ground up, giving a wealth of information, a charismatic speaker that is not the host, sometimes a sketch played out, and all the audio editing and effects that can be exploited.
It can be placed amongst the conversation to grab listeners’ attention or can be placed on the platform itself to be played in between podcasts.
This is a good option for a brand looking to control the marketing process from the ground up.
Data-driven ad insertions
A combination of a fully produced ad and a platform with the analysis capabilities to place your ad where it is needed, data-driven ads are the best of both worlds. With this approach, you can greatly increase your reach and know that your ads are reaching specific demographics that are likely to buy your product/service.
But it does require a degree of relinquishing control. These ads are automatic and will be placed according to an algorithm, which can occasionally get things wrong.
Branded podcasts
Branded podcasts are business supplements. They are becoming more popular as brands move drastically towards social media marketing. A lot of brands and businesses have in the past embraced supplement blogs for their websites, which are now being upgraded to podcasts.
They are full of information and educational or editorial in nature, which will appeal to a customer who is looking for information either on your brand or your products and services.
For more information on digital marketing and podcasting, take a look at our blog, or for more expert advice book a free call with a member of our team.
