Why Does Podcast Advertising Work For Your Business?
Podcasts aren’t exactly a new concept but podcast advertising have never been so successful. Unlike most advertising, people are not inadvertently listening to or watching an ad, people are tuning in with purpose when listening to podcasts. When consumers welcome, as opposed to avoiding advertisements, the prospects of them buying the product increases by 40 percent. Popular brands are making room in the budget and developing a marketing strategy that includes podcast adverts. The big question for smaller businesses is, why does podcast advertising work? and how can it work for them? Here are 3 reasons why podcast advertising can work for your business and how to start looking for the right podcast to market your product.
A Break From The Norm
Listeners are more receptive to ads on podcasts because the ads don’t come off disingenuous, like most paid ads. People listening to podcasts have a deep appreciation for the host, they value the host’s opinions and suggestions. Podcast hosts’ market products to the listener in a subtle way, it’s much different than traditional advertising. For example, if a podcast about food mentions a particular food product in their segment, listeners don’t feel as though they’re being sold something. This type of passive advertising can work for your business because customers will attribute all the positive aspects of the podcast with your brand. Podcast advertising has mastered the art of brand loyalty. What took traditional advertising years to achieve, podcasts manage to do in a segment.
Podcast adverting is really successful because the ads are targeted. Podcasts are really niche. You would be hard-pressed to find a simple podcast about food, but you could probably find a podcast about Tex-Mex food for vegans, told from the point of view of a millennial. Having a niche audience means once you find a podcast that’s the best platform for your product, at least you know all the listeners are interested customers. Big brands spend and waste millions of dollars for paid ads that miss its intended audience. Podcast advertising is a sure thing because the right buyer is ready and waiting for your ad.
The best and most appealing reason to use podcast advertising is the cost benefits. Podcast advertising cost a fraction of the price of traditional advertising, print, commercial, or otherwise. There are three different routes to pricing podcast ads and sponsorships. These include cost per mile, cost per acquisition, and freely negotiated price. Although all these different models have their own set of pros and cons, the cost per mile route seems to be the most preferred. Under the cost per mile model, the price is determined per thousand listens. For every thousand podcasts listened, the advertiser will pay a certain amount of money.
Podcast advertising is here to stay; both big and small businesses have jumped on the bandwagon. Podcasts are one of the most approachable advertising mediums, no matter what your brand is marketing. There’s a podcast out there for any product or any company and the added plus is, if for whatever reason you can find a podcast for your business, you can always make your own.