According to the 2020 forecast from eMarketer on US weekly podcast listeners, 77.9 million people will listen to a podcast at least once a week in 2021. This means weekly podcast listenership has more than doubled since 2016 and is now a $1 billion industry.
Although podcasts have been around for nearly two decades, they have grown and transformed dramatically over the past few years. Today, they offer robust niche and more mainstream content offerings. This content boom is seemingly the result of increasingly innovative and intuitive technology, making both producing and consuming content much easier. As we look to the future, we see a platform entering an era that will undoubtedly advance creativity and thought expression, as well as marketing and brand-building opportunities. The question is: how can we properly leverage this significant platform on behalf of the brands we steward?
Clearly, the podcast audience is large and growing. Rising listenership provides increased opportunity, not only for those looking for a dynamic vehicle for delivering long-form branded content, but also for advertisers as well. Podcast listeners tend to be young, affluent, and educated, and generally open to advertising. They also tend to be loyal consumers of the content they have sought out and prioritized. In fact, research suggests that podcast listeners often develop a personal connection with the podcasters, leading to higher levels of loyalty and trust. So, how can brands take full advantage of this rapidly expanding communications channel? We have a few ideas.
1. Find the right relationship.
Like brands, podcast personalities are most respected and admired when they are authentic. Finding a podcast to align with should start with the construct of the audience and the relevancy of content to your brand. Think quality of audience over quantity as a starting point.
2. Walk before you run.
In terms of sponsorship opportunities, take a page from the NASCAR book. Many people don’t realize that you don’t have to go “all in” on sponsoring a car or team for the full season; you can in many instances pick to sponsor a single race or series of races. Offer the same opportunity to the podcaster you think you want to work with. Look at their content calendar or guest list. Find a topic or person you feel aligns well with your brand and start there.
3. Consider brand placement or product placement.
Before you begin to look at potential partners, think about what you want to promote. Are you looking to build brand value or exposure, or do you need to boost trial of a specific product? Both are possible, but as you unwind your specific purpose, you may need to change direction in terms of how to best meet your specific strategy.
4. Have a conversation.
Don’t be afraid to discuss how your brand and product can fit best into the podcaster’s channel and approach. Talking through how the brands can work together usually reveals innovative ideas and opportunities beyond a sponsor mention or the requisite 30 seconds endorsement.
If you have ideas regarding how podcasts fit into marketing, or just want to tell us what’s in your rotation, drop us a line. We’d love to hear what’s on your mind.