Growing your business is hard work, no matter your industry or niche. And now, more than ever, with so many people looking for ways to generate second (or third!) streams of revenue, or finding ways to turn their side hustle into something more, it is imperative for entrepreneurs, business owners, and managers alike to find effective ways to really connect with their audience and establish brand authority and trust.
Want to know a really effective way to do all this and so much more? Have you thought about starting a podcast?
Podcasts are a great way to grow your business and we’re firm believers that they could be a fantastic addition to your marketing strategy.
Firstly because the popularity of podcasts has surged in the last few years! But more specifically, podcast ad spend has soared. According to reports compiled by iAB, podcast advertising revenues climbed to $842 million in 2020! This is up from $708 million in the previous year! That’s seriously impressive! The report goes on to say that this figure is set to exceed $2B by 2023!
From this, it’s clear that marketing strategists, business owners, and entrepreneurs are all paying attention to podcasts as a competitive form of brand advertising. And that is exactly why a business-focused podcast is growing in popularity amongst businesses and brands of all shapes and sizes.
But besides these massive numbers, there are a whole list of reasons why starting a podcast for your business is a great idea!
Let’s dive right in…
1. There’s a Low Barrier to Entry
First up, podcasts have a low barrier to entry. With just some basic know-how, it really is possible for anyone to start a podcast.
This is not to say that podcasting is plain sailing, but the low barrier to entry does mean that podcasting is a more accessible form of media communication to use for business marketing when compared to other channels, such as video.
And to make it even easier to get your business podcast up and running, you can check out the multitude of helpful how-to blogs, informative YouTube videos, and even other podcasts that are aimed at helping you start a podcast.
Again, we are not saying that creating high-quality episodes is easy. On the contrary, as it is with anything worthwhile, it will take significant time and effort – especially in the beginning – to ensure that your episodes sound great and are full of valuable content that engages your listeners. But what we are saying is that once you’ve got the basics sorted, entry into the podcasting medium can be easily achieved by anyone desiring to do so. So don’t let the unknown or, as of yet, undeveloped skills keep you and your business from getting into the podcasting game.
Related read: Top 10 Podcasts About Podcasting
2. Podcasts Are an Effective Low-Cost Marketing Option
Besides there being a low barrier to entry to getting your voice out there via your podcast, podcasting is also a cost-effective form of marketing. Yes, you will need to invest in some equipment, such as a quality microphone and a great pair of earphones or headphones. There may be some hosting costs involved, and you might also have to budget for the services of a podcast editing company. But compared to the costs involved in producing high-quality video content, podcasting is a much more reasonable, but still super engaging marketing avenue.
Instead of creating video advertisements, each podcast episode you launch is a high-quality audio production, which can either directly share info on your products or business, or could be used to further establish your brand and build your relationship with your customers.
3. Podcasts Are Surging in Popularity
In March of 2021, Edison Research released The Infinite Dial Report. The major takeaway from this report? 80 million Americans listen to podcasts on a weekly basis. That’s huge!
By starting a podcast for your business, within the right niche, and creating valuable content which meets the needs of your specific audience, you’ll be able to leverage the popularity of the medium into an opportunity to convert a whole host of avid podcast listeners into potential customers.
4. Podcasts Are a Great Way to Boost Brand Awareness
Podcast episodes are a great channel through which to share your business vision, your goals, and boost your brand awareness overall. Through each episode, your listeners will get to hear from you directly, and you’ll be able to consistently build your brand as you connect with your audience in a much more intimate way.
And through building this relationship with your listeners and strengthening your brand awareness, you will increase the likelihood of conversion from listener to customer.
Which brings us nicely to our next reason why starting a podcast for your business is a fantastic idea…
5. A Podcast Can Help you Expand Your Reach
Another really compelling reason to start a podcast for your business, be it big or small or just in its infancy, is that a podcast is an incredibly effective way to expand your reach. Through starting your own show, you’ll be able to branch out to an entirely new audience. You may have a thriving Instagram community and an active Facebook following, but starting a podcast for your business opens up a whole new avenue for customer growth by enabling you to share your brand across yet another platform.
And if you align your podcast with the right niches, you’ll connect your business to a plethora of new, like-minded people who are just waiting to connect with you, engage with your content, and ultimately, support your business.
Related read: How To Land A Guest Spot On A Top Podcast
6. Podcasts Enable You to Better Connect with Your Customers
One of the, perhaps unanticipated, reasons for how podcast’s popularity continues to grow is because of the bond that tends to form between host and listener. If you’re already an avid podcast listener yourself, you know what I’m talking about. And your business podcast could enable you to make those kinds of deep connections with your target audience.
Now, building these authentic, real relationships with your audience does not just happen. But if you consistently pack your podcast with valuable insights, and if your podcast continues to successfully meet the needs of your listeners, you’ll gain their trust, which is the foundation upon which these sought-after connections are built. And this trust can ultimately manifest as loyal support of you and your business.
7. You Can Gain Deeper Insight into Your Customers
Your podcast will enable you to grow and promote your business in exciting ways as you create and nurture relationships with your audience. But that’s not the only benefit of forming such a connection. You’ll also be able to glean deeper insights into your customers, so that you can find the best ways to meet their needs. As we have mentioned, podcasting creates an incredible space for meaningful connections.
So be sure to ask for listener input during your episodes, provide a space for them to ask you questions, or even ask them what they would like to hear more of on your show. All of this information is incredibly useful when it comes to gaining a deeper understanding of your customers. And all of this knowledge puts you in a great position to be the one they turn to time and time again.
Related read: How To Build a Strong Podcast Community
8. Establish Brand Identity
Whether you’re posting on social media, sharing blog posts, or buying up ad space, the end goal is not only to increase sales, but it is also to enhance your authority within your niche.
Just as a new platform opens you up to a whole other level of reach, so finding your business presence on another medium strengthens your authority within your niche in the minds of your potential customers, and so builds your brand identity.
Through your podcast episodes, you will be able to share your business vision, your goals, and your mission. Your listeners, who are your potential customers, are able to connect with you and your brand through your podcast and become loyal supporters of you and your business.
9. Build Brand Trust
Following Point 8, a podcast can, not only help you establish and cement your brand identity in the minds of your audience, but it’s a unique method of building that all-important brand trust.
By using your podcast to generously and passionately share your knowledge, your niche expertise, or even your unique point of view, your listeners will begin to understand more about you and your business. And consequently, they will learn more about your overall brand, and this will develop and strengthen that vital brand trust.
10. A Podcast Helps To Establish Yourself as an Industry Expert
Through regular podcast episodes, you’re consistently sharing your knowledge and expertise with the world. And this is a big step to establishing yourself as an industry expert. Freely sharing your expertise is a well-utilized method for establishing yourself as an authority. And being seen as an authority is a top goal of all business owners and entrepreneurs!
The more places that you “show up” – your website, your social media platforms, your Facebook group, email newsletters, and now your podcast – the more you’ll be seen as that industry expert and authority, and the more trust you’ll develop with your target audience.
Related read: 8 Strategies To Build Authority In Your Podcast Niche
11. You Can Use Your Podcast to Create Networking Opportunities
You can also use your podcast to grow your business by creating networking opportunities. No matter what line of business you’re in, the industry you’re in, or even your niche, networking will always contribute to the overall success of a business.
Whether it’s through establishing Facebook groups, hosting or attending conferences or live podcasting events, or even through being strategic with who you invite onto your show, the podcast industry has a healthy networking culture that you can leverage to help grow your business.
Reach out to other brands for collaboration opportunities, look for other entrepreneurs who you could host events with, or invite industry leaders to contribute to your blog or other platforms. All of these are effective ways to open up your business to some great networking opportunities.
Related read: Top Networking Tips – An Introvert’s Perspective
12. Generate Traffic to Your Website
Your podcast platform is an effective way to generate increased traffic to your business’s website. When actively utilized as a part of your marketing strategy, a branded or business-focused podcast can be a really effective way to get more clicks on your website and eyes on your content and products. And this, of course, can ultimately then lead to more sales.
You can use creative call-to-actions in your episodes to direct your audience to your website. You could share a discount code via your podcast outro that your listeners can use for purchases on your online store. Or you could even ask your listeners to give you their input and opinions on a new feature or product you’ve added to your website. If you’ve put in the time and effort to build up trust between you and your listeners, then more and more frequently, the traffic to your website and setting eyes on your content and products will lead to conversions and sales.
13. Great Way to Repurpose Your Content
Lastly, starting a podcast for your business is a great way to repurpose all your valuable content. If you already have a business blog, turn posts into podcast episodes and put your expertise in front of a whole new audience.
Do you regularly post on LinkedIn? Use this content for your show! Continually fielding the same industry questions? Build your authority by building episodes around these answers! Starting a podcast certainly does not have to mean doubling your workload. Yes, there will be new skills to be developed and time needed to pull together top quality audio, but the content of your episodes can be repurposed from so much of what you’ve already done.
Whether you’re just starting out in your entrepreneurial adventure or you’re looking for ways to usher in a growth spurt for your business, starting a podcast can help you accomplish this and a whole lot more.
Through consistently sharing valuable content, you’ll be in a formidable position to build trust with your target audience, as well as increasing your brand awareness and identity. And with the popularity of the medium on an upward trajectory, and with all the massive amounts of money being sown into podcast advertising, there has never been a better time to leverage the medium of podcasts to help you accomplish all you’ve dreamed for your business and more.