Podcasts have seen explosive growth over the past seven years. As noted in Edison Research and Triton Digital, there are now 62 million American’s listening to podcasts each week, which is a considerably large jump from the noted 19 million back in 2013. This growth solidifies why It may feel like everyone and their mother is the host of at least one podcast today. While you’re former college roommate’s “Bachelor in Paradise” review podcast may not have taken off within this newly crowded space yet, successful podcasters have built dedicated and trusting audiences around targeted topics that advertisers can leverage for increased brand awareness and incremental revenue.
While podcasts will continue to grow, advertisers already have a wide inventory of content vehicles to increase their share of ear considering there are already 525,000 active shows with more than 18.5 million episodes according to Apple statistics. Here’s why marketers should be looking into allocating their media budgets toward podcast sponsorships.
You're buying more than just an ad spot
Podcasts give brands an opportunity to partner up with podcasters who are trusted influencers. Successful podcast hosts have developed unique personalities that have earned the respect of their audiences, which keeps listeners coming back for new episodes. As such, podcast hosts can lend strong brand equity through a podcast sponsorship. But brands need to be incredibly thoughtful about the shows they're looking to partner with. You should understand what the shows you're partnering with are all about.
As ad tech continues to evolve, some brands will be tempted to invest in more programmatic, pre-recorded ad buys that are placed based on certain data points and deliver the desired scripted message. But doing so comes at the cost of giving up on the ability to leverage a host’s natural personality and ability to seamlessly work your ad read within the show, making the audience much less likely to skip your pre- or mid-roll ad read.
Accessing an audience during intimate moments
This may sound strange at first, but if you consume podcasts on a regular bases, I’d be willing to bet that you’ve listened to an episode or two while driving in your car, cleaning the house, walking a dog, or even while knocking out certain projects at work. Podcasts can quickly become part of a person’s daily/weekly routine.
Distraction-free environments are rare in today’s world, but when someone makes podcasts part of their daily routines, they actually become plugged in (or connected via BlueTooth headphones) to a show because the podcast is a more natural extension of their lives. When that happens, the listener is typically experiencing a strong connection to the content they’re consuming and have the ability to think and reflect on messaging. This gives an ad the power to drive higher impact and recall for the listener as opposed to other ad platforms, (especially those of the social nature), which are constantly battling for attention during the user experience.
Increased branding and direct response
By mixing trusted personalities and relevant brand messaging during an audience’s intimate moments, marketers can increase brand recall and direct response goals. Nielsen conducted 11 effectiveness studies that showed 61 percent of consumers exposed to podcast ads for well-known brands became more likely to purchase the products that were advertised during the study.
While branding and intent studies are typically only available for high spending blue-chip brands, direct response attribution is fairly simple for markers in high-growth stages that are looking to generate a target return on ad spend. All it takes is the implementation of a promo-code or by using their call to action to direct traffic toward a designated landing page to measure conversions and grow an internal brand’s prospect and customer database.
Getting started with podcasts
If your brand has never run a podcast campaign before, I highly recommend that you begin speaking to podcast publishing networks and getting an idea of what you should be spending on your podcast buys.
The amount a brand will pay for a campaign will vary depending on the length of a spot or type of ad read. According to advertisecast, you can expect an average of a 30 second pre-roll read to be around an $18 CPM while a 60-second midroll reads will be closer to $25 CPM.
Podcast networks you can look into
If your marketing team is already spread too thin, you can search for an agency who understands the digital landscape or has a history of successful audio campaigns and they can help support your research to finalize a media budget and streamline the process of your audio buys for your marketing team.
Contact Investis Digital
It’s going to be another big year for businesses that understand how to adapt to the dynamic performance marketing landscape. Investis Digital can help you succeed. Our performance marketing solutions help you reach, influence, and convert the people who matter most to you. Contact Investis Digital to learn more.