Podcasting has grown in popularity by leaps and bounds over the last five years, and its growth is far from over. Podcasts offer listeners one of the most passive ways to consume content.
While video and text are undoubtedly effective marketing tools, podcasts allow businesses to communicate their message while their audiences are doing other things.
Podcasting should be seen by brands as a brand-building mechanism more than a direct revenue stream. It’s also an opportunity to understand a new storytelling format that could become even more lucrative in the future. A brand building mechanism with a low barrier to entry and little to no overhead expense is a valuable endeavor.
While podcast production doesn’t have to be expensive, there can be certain costs associated with recording, editing, music, and talent. Although any smart phone will record your voice, higher quality microphones will require an initial investment. Additionally, if your business outsources post-production editing and enhancements, a labor cost is required. Adding a video component may introduce another set of costs.
The good news is you don’t have to pay for it! No matter what your industry, there is almost certainly another business who would like to communicate with your audience. Sponsoring your podcast can give them that opportunity.
Selling short ads on your podcast allows you to make up the cost of production, and maybe even turn a profit. Imagine creating valuable content for your audience, expanding your business reach to new markets, strengthening customer loyalty, and turning a profit on the whole enterprise!
Podcast sponsorships are minimally invasive, and the industry standard for monetization, so they won’t affect the listening experience. If the partners are well aligned, a sponsorship will add value to the listener.
Even if your audience is not large, it’s probably extremely targeted. The attention of 300 local real estate agents would be worth more to a title company than a month’s lease on a billboard. How much would a nutritional supplement store pay to get the ear of 500 gym members?
Whatever your industry, your audience is valuable to businesses trying to reach a similar group. Often it’s valuable enough to cover the production costs of your podcasts.
If you’ve been thinking about setting up a podcast for your business, make a list of 4-5 other businesses that might have an interest in reaching your audience. Maybe you’ve already got a relationship with a few. Reach out and see if any or all of them are interested in a partnership, and then give us a call. We’ll help you every step of the way.