Podcasts continue to rise in popularity with so many different options that can pretty much meet any appetite. There are more than 2 million podcasts as of last year and more than 48 million episodes as of last April, according to podcastsinsights.com.
With such a large audience listening to podcasts, there are obviously ample opportunities for advertising and promoting your product to new customers. Advertising on podcasts may be a better fit for your company/brand, especially if you rely less on visual assets.
It doesn’t hurt that podcasts keep listeners hooked for long times, per hubspot.com, which is a good sign in this era of swiping and retention concerns.
Here are some tips to remember and follow for executing a podcast marketing campaign.
KNOW YOUR AUDIENCE
Any marketing campaign requires knowledge of the target audience. The audience that is on Quora, for example, is not the same as the TikTok customer base.
The podcast listener tends to be a “well-educated, high-earning millennial” according to this hubspot.com article citing an edisonresearch.com article. These are good traits to tap into since this group has the financial means to purchase products–even if they are on the more expensive end–and may want to learn more about products that can add value to their life.
One particular recommendation is to search for podcasts that are connected to your audience. A crime podcast may not be the best fit if you are advertising clothing. But aligning with a fashion podcast could increase your brand’s outreach and awareness.
The podcast host can also be a great salesperson for your product since the individual is likely seen as a credible source, and by promoting your product they are vouching for it. That’s why it’s important to target podcasts that align to where your product provides values.
There are certain networks that produce podcasts that fall under the same umbrella, and if your brand aligns then it can be wise to invest with that network across multiple podcasts. This provides the opportunity for multiple spots but all within one target sector.
THE FINANCES
One simple suggestion for figuring out whether podcast advertising can fit into your budget is to do a rough estimate of what it might actually take.
Let’s say you wanted to sponsor an episode.
You could take how many downloads an episode receives and divide that number by 1,000, and then times that quotient by the cost per mille (CPM). The cost per mille is the cost per 1,000 impressions, and Hubspot.com reports the CPM is usually between $20-$50.
There are multiple options for ads, such as a native ad or a paid interview, so you need to find that one that fits your company’s budget the best.
One tip is to opt for multiple ads on a smaller show than attempting to purchase one advertisement for a massive show that may come with a substantial financial cost.
This also allows for the opportunity for changing your strategy if you find one advertisement isn’t working, but perhaps another is. You can adjust easier than if you had one large advertisement.
One potential avenue could be purchasing ads within old episodes that you know individuals are going to listen to. Obviously, the key is to find episodes that have longer shelf lives.
FOLLOW THE LEADER
We’ve written about it often here at Digicom but it is recommended that you see how your competitors are using social mediums for their advertising. This will help you learn more about the strategies that are working and areas in which you can differentiate your brand.
If you’re seeing a rival brand is having success within a certain category, that could be your opportunity to find other podcasts within that sector. You may also find they are not using certain podcasts that can help spread the word of the value your brand adds to consumers’ lives.
You also need to track how your advertisements are doing since this will allow you to see whether you need to make massive shifts to be more like your competitors.
MAKING THE AD
Once you have your advertisement plan ready to go, you need to choose which format you are going to use. This is determined by your budget and the aim of your campaign.
Having a host read your advertisement will cost more than a programmed advertisement but is more effective due to credibility, according to Nielsen.
Where you place your advertisement is also critical. Placing it right at the beginning could lead to it being skipped over, but there’s also the chance it’s more likely to be heard since individuals could be tuning out if you place the advertisement later in the program.
Advertisements in the middle segments have a higher CPM, per Hubspot.com, and could lead to more customers following your call to action since they are the more engaged listeners.
A lengthier ad, obviously, will cost more and could be in the range of $25 CPM for 60 seconds.
Once again, providing engaging, compelling content is key. You need to hook your listener or they will be tuning out during that advertisement as they wait for the podcast to resume. As mentioned earlier, having the host read the advertisement can provide a big lift since they can tell a story about your product and how it has helped their life and added value.
Be sure to include a call to action at the end of the ad, and one recommendation is to have the advertisement recorded as an mp3.
Hopefully, these tips will allow you to enter the podcast world and create vibrant, exciting campaigns that lead to a boon for your business!
SO, WHERE DO YOU FIND THIS PARTNER?
Well, aren’t we glad you asked! DigiCom is a proud Facebook Marketing Partner. We’re obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all Facebook platforms and placements, provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.