The 6 top benefits of podcasting in 2023
The popularity of podcasts is exploding.
73% of US consumers over the age of 12 say they’ve listened to a podcast in the last month. What’s more, around 80 million Americans (26%) identify themselves as regular podcast listeners, who tune into at least one show per week.
There’s a simple explanation for this: podcasts are convenient, entertaining, and enriching.
While we don’t always have the time to sit down and read an article, anyone can tune into a podcast and absorb information with minimal effort.
Still not convinced?
Let’s look at some of the top benefits of podcasting in 2023, to help you see why you shouldn’t be missing out on the trend.
1. Podcasts improve brand reach
By 2022, 62% of Americans had officially listened to at least one podcast. That’s around 177 million people – an increase of 57% from 2021. The statistics tell us that podcasts already have significant reach, and their impact is evolving all the time.
Podcasts give you an opportunity to reach the potential prospects and customers who might be ignoring your blogs or skipping your videos on social media. You can publish your podcasts on the channels your audience already use, like Spotify and Apple Music, or you can provide your audience with an option to download your audio straight from your website.
One great thing about podcasts is they even allow you to reach your laziest prospects. Listening to a podcast doesn’t require your customer to give you 100% of their attention. They can tune in while driving to work or eating their lunch, and your brand reach still benefits.
2. They enhance engagement
Podcasts don’t just help you to reach more customers, they can also help to engage your followers too. With a podcast, you can provide useful insights and information that inspires your audience to act. Many podcast hosts provide their audience with actionable guidance and steps on how to use certain products, and services effectively.
Podcasts can even help you nurture your prospects into active consumers. One survey of 300,000 podcast listeners found that 63% of people had already purchased something after they heard it being promoted on one of their favorite shows.
The same survey also revealed that 71% of people would visit a sponsor’s website after hearing about it on a podcast, and 63% would consider a new product or service after it had been advertised to them by a podcast host that they trusted.
3. Podcasts position you as an authority
There’s a reason that so many companies invest in “content” as their number one form of inbound marketing. The more content you create, the more you develop your thought leadership status. Creating engaging, interesting, and valuable content demonstrates you have a deep knowledge of your industry, and positions you as an authority to your target audience.
However, it’s not just written content that has an impact. Any piece of content that gives your customers something valuable to take away and use improves your reputation. Sharing top tips and recommendations on a podcast can make you seem just as credible as writing great blog posts.
You can even increase your authority and credibility by aligning yourself with other well-known thought leaders and influencers during your podcast episodes. For instance, you could invite an influencer to join you for an interview, or ask for quotes from well-known market leaders you can share during your episodes.
4. They improve brand awareness
Podcasts are a fantastic way to give your audience more information about your business, and what it stands for. You can use your podcast to literally share your unique tone of voice with your audience. This is a great way to create more emotional, intimate relationships with your target audience. We’re more likely to feel affinity with someone when we hear their voice, instead of just reading text.
You can also build your brand identity in a range of other ways with podcasts. You could create your own cover art for your episodes, to grab audience attention when they’re scrolling through Apple and Google podcast lists. You can choose a name reflective of your company and personality.
Some companies even create jingles and audio snippets to play at the beginning and end of their podcast episodes, to make themselves more memorable. All of these little details contribute to making your company more interesting to your target audience.
5. Podcasts deliver new revenue opportunities
Not only do Podcasts give you an opportunity to earn more income, by attracting more prospects you can convert into leads and customers, but they can also open the door to other sources of revenue too. For instance, if your podcast is successful, you could offer other brands an opportunity to sponsor your content, in exchange for a small fee.
Some studies suggest the podcast advertising revenue market will reach a value of around $4.2 billion by the end of 2024. The more well-known your podcast becomes, the more likely you’ll be to attract new earning opportunities.
You might even be able to use your podcasts to attract new partners potential employees to your team, so you can grow your business faster.
6. They offer useful insights
Finally, like many marketing strategies, podcasting can be an excellent way to learn more about your target audience. Most podcast hosting tools will allow you to track useful metrics and analytics to help you understand which types of content your audience is most interested in.
You’ll be able to monitor where the majority of your customers are coming from, and track which platforms customers use to listen to your content. You can even take your insights to the next level by asking your customers questions during your podcasts and collecting their feedback.
The more you connect with your audience, the more you’ll learn about their needs, goals, and pain points. This means you’ll be able to create better campaigns in the long term.
It’s time to invest in podcasts
For businesses, creating a podcast means unlocking a new avenue for connecting with your audience, building long-term relationships, and demonstrating credibility. Plus, you don’t have to spend a fortune developing your audio either. With countless simple tools available for editing and recording, even the smallest company can create an impactful podcast.
Need help getting started? Contact us today to see what we can do to help your business grow.