8 min read
Opinions expressed by Entrepreneur contributors are their own.
By Lina Marcela Garzón, Digital Consultant and Public Relations Manager at SpicyMinds
In recent years, the podcast has positioned itself as one of the most attractive digital content formats for users. If yesterday reading a three-minute article on a blog was something much more accessible than reading a physical magazine, today, listening to this same content in audio format is much more practical and inclusive than reading.
Colombia has not been immune to the exponential growth of the format. In Latin America: Colombia is in the top 5 of the countries that grow the most in consumption and production together with countries such as Mexico, Argentina, Chile and Brazil and, worldwide, it is in the top 3 of countries with the highest growth in listening to podcasts along with India and Turkey. It is also in the top 5 of the fastest growing countries for podcasting alongside Brazil, the UK, Canada and Italy. In conclusion, Colombia is exploiting the world of podcasting at its best.
2020 was a year that forced a large part of the population to stay at home, explore new activities and adapt our lives to new routines, forms of communication, learning and leisure. The interest of people led to more podcasts appearing, which increased to more than 400% in Spanish and Portuguese as of November 2020.
Now, how do these figures impact or benefit marketing and business? Here we have 5 keys to understand the world of the podcast and use this tool to position and sell a brand or idea.
1. The podcast is a 90% engagement strategy, 10% exponential sales
It is important to understand this in the first place, because although sales move the existence of a business, these will not happen constantly and exponentially without convinced users of what and why they acquire the product or service. Good content is not focused on selling, but on bringing some benefit to those who read it, such as solving a problem, clarifying a doubt or teaching something. The sale is only one consequence of this process. It is better to have a client committed to three occasional ones, hence strategies such as: brand ambassadors, earning points for frequent purchases in establishments, having discounts for recommendations or generating loyalty programs. The podcast has become one of the tools to attract, retain and be an opinion leader in a topic or industry.
2. Content must be accessible to everyone everywhere
And this is because at present, we are within a scenario in which consuming is totally connected to technology, accessibility and practicality. A format such as a podcast allows people with visual or hearing difficulties to access information and make life easier for them. Additionally, the distribution and hosting platforms charge very low prices for uploading these recorded materials, adding that they are within reach of the palm of the hand, through smartphones, which makes access to podcasts easy.
3. Advertising on podcast platforms is heard more than in any other medium
In the study The State of the Podcast Universe 2020 where the advertising trends of this format are discussed, it is mentioned that as with any type of media that begins without advertising, it can be a complicated battle to get consumers to accept the herself. However, the podcaster industry knows that based on data from the past few years, the fight is worth it for the degree of engagement from listeners.
A hard-to-reach audience with traditional advertising is quite open to podcast ads. Almost half of them (44%) say they pay more attention to podcast ads than any other media outlet, and 37% of them say podcasting is the best way for a brand to reach them .
Even before the pandemic, programmatic advertising not only grew by 137% year-on-year at the end of 2019, but that growth continued, and in the first half of 2020 it rose a further 65%.
4. Content marketing is growing
Image: Austin Distel via Unsplash
Content marketing is a way to involve our target audience and grow the network of leads and customers through the creation of relevant and valuable content, attracting, involving and generating value for people and, in this way, create a positive perception of the brand generating more business. With this concept in mind, in a world where marketing 3.0 and 4.0 are what are moving industries to focus on values, purpose, humanization, focus on consumer emotional needs, omnichannel and hyper-connected media and generating genuine value, the podcast is a master answer.
According to a report posted on Neil Patel’s blog , 78% of consumers will trust a brand if it creates more personalized content. Likewise, it mentions that content marketing costs 62% less than traditional marketing and generates approximately 3 times more contacts. By investing your resources (i.e. time and money) into content marketing, you will reduce costs and at the same time generate up to 3 times the leads that we would have achieved with native or traditional advertising. Smart marketers don’t put all their eggs in one basket. They diversify their efforts to get the best results. So we do not advise abandoning traditional marketing completely (because it can generate quick sales), but paying more attention to creating premium content.
5. It is a new source of income
Image: Austin Distel via Unsplash
If we manage to bring to life a successful podcast that has thousands or millions of listeners, it can be monetized and used to generate income. How? There are many ways both directly and indirectly.
Directly, through sponsors who pay a fee to appear in the program, inserting advertising spots like the ones we hear in traditional radio programs, by revenue share from platforms such as Anchor , Spreaker or Ivoox , affiliate marketing, among others.
Indirectly, the podcast is not monetized by itself, but thanks to it, visibility increases, positioning as an opinion leader, a community is born and the income does not come because they pay for the podcast, but for other products that the brand offers as an expert. in a certain area.
In conclusion, over time, not only can it help us position ourselves in Google searches, but it can also be used in conjunction with other tools such as the website and social networks so that potential clients arrive more easily. If you dare to take advantage of the benefits of the podcast for business, you will be able to publicize your idea or business. build trust among potential customers, find a new way to earn income and bet on a format with a future without the need to invest large amounts of money.