Hi everybody! It’s your host, Ruthie, of The Defiant Business Podcast. We’re well into season 3, in which we talk about the future of marketing. Today’s episode is about podcasting trends.
Podcasting has been growing over the last few years, but 2019 was really the year of the podcast. It seemed like everybody and their mom got a podcast! And that’s why what’s next is so important. These podcasting trends will drive the future of podcasting.
A lot of people are doing the same thing as everyone else. I think a lot of podcast hosts undervalue what they have to say to their audience, which is why I focus on delivering solid consulting and marketing advice to anybody who chooses to listen to this podcast.
Here’s the episode:
Here’s the video:
1. The Growth of Podcast Listeners
What sort of growth have we seen, in general? Well, over half of Americans who are 12 and older have said that they’ve listened to a podcast at least once, which is amazing! That’s a huge step that we’ve taken. More than half of Americans have listened to a podcast in their life. Podcasting is crossing over into the mainstream!
According to Edison’s research, ⅓ of the same population have reported listening to a podcast in the last month. That’s 90 million monthly listeners!
And when you choose to listen to a podcast, it’s something that you click on. It’s something that you want to hear. So even if you’re not consistently listening to the entire episode, it was something that you wanted to hear. That’s not necessarily the same as radio. You may choose the radio station, but it doesn’t mean that you’re consciously listening. And let’s be honest, most of us tune out anything we don’t want to hear.
Celebrity Podcasts: Good or Bad?
One noticeable area of growth is celebrity podcasts. There’s two minds about these celebrity podcasts. It does introduce the medium of podcasting to more people because celebrities advertise it on their social media. But some of the top-tier podcasters who aren’t celebrities feel that celebrity hosts might be dragging down podcasting.
Overall, I think that if it introduces new people who’ve never listened to a podcast before to the avenue of podcasting, it will have a positive effect.
Focus on the Right Top 10
If you look at any of the top podcasting platforms, you will see that celebrity podcasts usually dominate the top 10.
As a business owner who has a podcast, you’ll find more traction focusing on the top 10 of your industry, not on the top 10 of the whole platform. If you’re a business consultant, then you would want to have a podcast that dominates in the business category.
I listen to podcasts to learn things. I’m not generally listening to podcasts for entertainment. So I’m interested in business podcasts, sales, marketing, etc. Those are the types of podcasts that I typically interview on. Those are the type of people that I typically want on my podcast.
The Production Process for a Podcast Episode
I’ve found podcasting to be an easier way to generate content if you don’t overdo it. It’s super easy to overdo, in terms of production and what you feel everybody wants to see/hear from your podcast.
Also, it depends on how many steps you add to that production process. So in my case, I like to have the cleaned-up transcript and I like to create images for it. For our first episode, we’re investing more in the video process.
My process is growing and I thankfully have my virtual assistant to help me out with a lot of that, somebody who cleans up the transcripts for me, as well as using a transcript software. There are lots of ways to tweak that process. The more of a process you actually build it into, versus just doing everything willy-nilly, the smoother it’ll go for you.
2. Social Media Is Crucial for Podcasters
Social media is super important for podcasters. It’s the most popular way for people to discover new podcasts. I share about my podcast on Facebook, Instagram, LinkedIn, Twitter, Snapchat, Reddit; somebody will come across one of my links and they will follow it back to my podcast.
Remember: it’s about any social media platforms where your audience is. It’s where your audience is, not where you’d like to be. I mentioned this before; if Facebook is your jam, but your clients are on LinkedIn, then that’s where you need to be sharing your podcast.
So 60% of listeners find out about new podcasts through social media. Social media will continue to be huge. Please, if you’re a podcast host, don’t forget to share your podcast on your social media channels. I’d recommend that you “templatize” it out create a few posts around your podcast episodes, and then just schedule them so you don’t miss a beat.
Creating Content From Your Podcast Episodes
My two favorite ways to repurpose podcast content are to create quote graphics and audio snippets for social sharing.
When you create a quote graphic, you want to include the quote and who said it. Their picture alongside the quote can be a great promotion for your guest. If this is a solo podcast episode, then perhaps you can find a photo that speaks to the essence of your quote.
Audio snippets are a great way to share actual podcast audio in the form of a video. If you already have access to video editing software, you can do this in a few steps. If you don’t, you can try a platform like Wavve. If you keep your snippets to less than 60 seconds, then they’ll be great to upload on Instagram as well.
I know you want people to go back to your episode page and listen to the whole episode, but audio snippets are a great way to tease your social media audience. They’ll get a taste of the episode. Not to mention, you should see great engagement whether they click through or not.
3. The Growth of Podcast Ad Revenue
One of the big trends in 2019 was the growth of podcast ad revenue. I think it was over $400 million last year (it was $480 million). That’s huge! It’s not a surprise to see that as podcasts increase in popularity, we also see more ads.
Keep Your Ads Relevant to Your Content
If you’re a podcast host, keep in mind that your listeners might not mind ads too much, but keep the ads relevant to your content. If you’re a business consultant, then maybe a business platform or a CRM might be good ad spots for you to try and sell to other companies.
Run Shorter Ads
Don’t overdo the number of ads in your episodes though, and I’d recommend that you keep them short. Some ads may run for 60 seconds, but it needs to be a really well-written ad.
If I were you and I was the business that you were selling those ad spots to, I would say maybe 15-30 seconds, if we can be concise and clever. Maybe also tell them that you’ll give them a link because they sponsored an ad in your podcast episode. That way, the link is on the page. Anybody who hears the ad can go to the show notes and see that link there. That might be what I offer in the future.
Ads Enable You to Support Podcast Hosts
If you enjoy podcasts, but you hate ads and you’re like, “No! Ads are going to be the death of podcasts!” Just try and remember all of the work that goes into creating just one podcast episode.
By listening to the ads, you help support the podcast creator. Not to mention, if they keep their ads focused on things that you want to hear about, you may learn about a new product/service/event that interests you.
Event-Marketing via Podcasts
I think event-marketing via podcast ads will eventually be a huge spot. This is because many podcasts still don’t charge a crazy amount for their ad spots. This puts podcast ads within the realm of the affordable for many small businesses.
If you’re a small business who’s trying to organize an event, then perhaps buying ad space/ad spots in a podcast where your target audience is, the podcast host audience would be a great investment for you. I’ve seen podcast ad spots as low as $5!
Of course, they can get as expensive as $300+, but what would it cost for you to get that same audio out onto the radio? Then you’re not even really sure what the return on your ad spend is.
If you do it on a podcast, you’ll know that this is the right audience. People download, they’re active, and they’re engaged with the podcast host on social media. If you’re promoting an event and you want it to do really well, you might even be able to work with that podcast host and see if you could get a link in the show notes.
I think that is what’s next; great collaborative and thoughtful ad placement in podcasts. I also think that we’re still going to continue to see podcast growth.
More Podcast Failures
We’re going to start seeing more podcasts failures. We’re seeing some dead podcasts floating around just because we’re still seeing so much growth, but then people realize that it’s hard and they quit. I think we’re going to continue to see that.
More Short Podcast Episodes
I think we’re going to see more people trying this short podcast format that we favor here at The Defiant Business Podcast, just because it’s a little different. Anything you can do that’s different —as long as you’re not offending your audience—is a good thing!
All right. That’s been an episode of The Defiant Business Podcast. I’m interested to hear what you think is next for podcasting, so please comment, like, and share. Let me know your thoughts, and I can’t wait to share the next episode with you.