Why You Should Care About Podcasting

 

We’re all tired of hearing about COVID. Believe me, I am too. However, the impact it left on businesses – of all sizes, and how it shifted the landscape cannot be denied. With every crisis, there is opportunity, and one of the things that boomed in the last year was podcasting.

Prior to 2020, podcasting was already on the rise. According to Convince and Convert, at the start of last year, the numbers were up 10 percent year over year. That momentum has only grown during and post-pandemic, as podcast familiarity has grown amongst the American population to 78 percent, up from 75 percent a year ago.

However, despite its growth, podcasting is still a medium in its infancy. If podcasting was a person, you could say it’s a teenager. The growth spurt isn’t over yet, but it’s also far from mature.

There are currently an estimated 1.75 million podcasts worldwide, totaling more than 43 million episodes. While that seems like a big number, only 850,000 are active. Many of those shows may still be listed on Apple (by far the largest podcast directory) but have podfaded away. It’s a topic that I have addressed on my podcast as well.

However, if you think the market is saturated, it’s not. There is a great audience for podcasting ripe for the taking. Edison Research recently released its latest Infinite Dial survey, one of the most trusted in the industry. Take a look at the numbers below:

 162 million have listened to a podcast (57% of the U.S. total population)

 116 million listen monthly (41%)

 80 million listen weekly (28%)

 More women are listening than ever before

 Age 55+ is one of the fastest-growing groups

 The average person listens to 8 podcast episodes a week from 5 shows

 

Why should businesses care about podcasting? Because it’s an effective way to disseminate the message you want to convey to not only existing customers but attract new ones. In 2019, 68 percent of the 25 largest Fortune 500 companies hosted their own podcasts on their own corporate websites. Also, 40 percent of small business owners listen to podcasts, while 72 percent of business owners with between 100-500 employees do, too.

Podcast listeners are your customers and their circle(s). Your goal with a podcast shouldn’t be to become rich doing it – very few do. Instead, it should be a strategic way to enhance your brand, add credibility, and learn from your guests who are subject matter experts. A podcast is an audio blog post you can use to show clients what you do. You can also use your podcast interviews to get in front of people you want to connect with and become your clients.

Podcasting is a win-win situation for everyone involved.

The barriers to entry and benchmarks of success aren’t as high as you might think. Consider this: the average podcast sees between 100 to 140 downloads in the first 30 days. It doesn’t take much to beat half of the podcasters out there, build an audience, and become a go-to expert in your field.

Podcast ad revenue is also growing. This is yet another inexpensive way to get brand recognition and despite competing with media dollars, it remains fairly inexpensive. According to AdvertiseCast, a 10-second ad CPM (or Cost Per Mille – or cost per 1,000 listeners) is $15. For a 30-second ad CPM, it’s $18 and a 60-second ad will cost you $25. Podcast advertising is expected to surpass the $1 billion mark by the end of the year.

Now is the time for you to start a podcast. Just don’t do it alone. Everyone – from Fortune 500 companies, to small business owners, has found value in creating their own podcast because they’re effective, inexpensive, and has fast-scaling reach.

I have given you plenty of reasons why you, as a business owner, should care about having a podcast. Numbers don’t lie. Get in the game or risk getting left behind.

If you already have a podcast, we can help you grow. The power of affiliation is tangible. C-Suite Radio is the world’s #1 business podcast network, we are growing, and you don’t want to miss out on the momentum.

Click here to learn more and start turning the volume up on business.