Why You Should Start a Podcast for Your Business

Why You Should Start a Podcast for Your Business

Podcasting might be the missing link to your branding efforts!

The one thing Microsoft and Michelle Obama have in common is that both run their own successful podcasts. Podcasting has been experiencing exponential growth during the pandemic, with the number of podcast listeners increasing from 274.8 million in 2019 to 383.7 million as of July 2021. 

The growth of the podcasting industry offers businesses a new space to advertise themselves and reach a greater audience. In fact, podcasts have a 47% higher engagement rate than radio and a 27% higher engagement rate than television, making them a great tool for advertisement. Need more convincing? Here are some of the key reasons why you should start a podcast for your business and some tips on how to go about it: 

Advantages of starting a podcast for your business

To build deeper connections with customers

Podcasting is an intimate form of communication. People love to listen to podcasts not only for the content but also for the sake of companionship. After listening to episode after episode of a podcast, people learn more about the host(s). Podcasts make listeners feel like they are in the know about running jokes or events mentioned in other episodes. This helps you build personal connections with listeners and builds trust. The greater the trust, the higher the chances of a person actually buying a product or service you offer. 

Easy content consumption for your customers

Unlike other forms of content, like videos or blog posts where the consumer would have to give 100% of their attention to what you are trying to discuss, people can listen to podcasts while doing other things. Moreover, since the average time a user spends on a webpage is less than a minute, you need to be brief with your blog content. Most podcasts, on the other hand, are of at least 20-40 minutes, which gives you a lot of time to fit in everything you want to tell your prospective customers. 

Cheap to produce

You might believe that adding a new marketing stream is going to make a dent in your company’s wallet, but that couldn’t be further from the truth. All you really need to get in order to start a podcast is a microphone and a host. You don’t need a professional studio to record in; a quiet room would do just fine. If you record and edit it all yourself, it wouldn’t cost you more than US$20 a month. You can also outsource your podcast production to a productive service for as low as US$500 if you want to avoid the additional work. 

Content can be reused 

Another great thing about podcast production is that you don’t have to put your finished content onto streaming platforms alone—you can also use clips from the episode as content for your business’s social media handles. These clips could be the most interesting bits from the episodes or funny parts that make people want to go back and listen to the entire episode. 

If you use more than one content format to reach your customer base, then you can simply convert one form into another. Let’s say you put out a blog post which turned out to be a great hit, you can give a fresh take on the same topic by making a podcast episode about it. 

How to create a podcast?

If all the plus points of having a podcast have convinced you to get started on a podcasting journey, here are the steps you should follow: 

Come up with a concept that aligns with your business 

To reach the right audience, you need to come up with an overall theme for your podcast that remind your listeners of your business. To understand this, let’s take a look at the messaging program Slack’s podcast, Slack’s Variety Pack. The podcast discusses the stories of successful businesses and the teams behind them. This is very similar to what Slack actually does—connecting teams through a messaging program. So let’s say you run a recruitment board, your podcast can be about tips on how to help people get the jobs of their dreams. 

Finding the right format

There are multiple ways of creating podcasts. These include—interview podcasts, monologue podcasts, co-hosted podcasts, panel podcasts (single host with multiple guests) and non-fiction storytelling podcasts, to name a few. 

Different businesses can benefit from various kinds of podcast formats. Let’s take a look at McDonald’s podcast, The Sauce. This podcast was about how customers rioted for Szechuan sauce at McDonald’s locations in the United States back in 2017. Exploring the problems caused by the lack of this sauce and how it was brought back onto the menu, the podcast was done in an investigative manner containing bits and pieces of interviews with a single host. Using this as a reference, if you run a fashion e-commerce website, perhaps a podcast co-hosted by fashion influencers discussing the latest trends might be the way to go. 

Once you figure out these two steps, you will be better equipped to work out other details, like the cover art, a name and a description for the podcast, to make it recognizable. Yet, given the popularity of podcasting, know that you will have to compete with a lot of other podcasts out there. As of December 2021, there are 3.2 million podcasts on Spotify. This should tell you that you will have to fight for your audience’s attention and try to create content that stands out. 

To do so, try to talk about unique themes and add in music to make the episodes sound polished. Also, make sure you have a strict posting schedule so that your audience knows when to expect the next episode. Ultimately, it is a trial and error process, and you will learn more about the kind of content your audience likes as you begin releasing episodes. 

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Header image courtesy of Unsplash.

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