“You just need one person to listen, get your message and pass it on to someone else. And you’ve doubled your audience.” Robert Gerrish
As a passionate entrepreneur, I have a firm commitment to continuous learning. This stretches me, elevates my abilities and sets me on course to actualize my dreams. A big part of learning is always connecting with my clients so that I can better meet their needs. Social media has made massive strides for entrepreneurs seeking one-to-one interaction with their clients. Furthermore, social media platforms enable direct advertising to potential new clients resulting in increased opportunities to connect with a client base.
Today, people want to connect deeper with the products and services that are available to them– and social media does not deliver this depth. In the past, knowing the attributes of the product or service was enough, but now, the modern client is looking to immerse themselves in a brand story. Deeper connections and experiences are leading the way for conversion. And as with any vacuum, there is something that is available to immediately meet this need, and that is Podcasting.
In the early 2000s, podcasting began to catch on with the introduction of the iPod. Podcasts allowed people to have conversations about all types of issues, and soon, business gurus and entrepreneurs took notice. Podcasting began a steady rise because of growing listenership which has been great news for advertising. This environment is excellent for entrepreneurs seeking to benefit from new marketing techniques.
“Podcast advertising revenue has grown from $314m in 2017, to $479m in 2018 and is projected to hit $1b in 2021.” Research by Interactive Advertising Bureau
How can an Entrepreneur benefit from Podcasting?
Begin by thinking about your potential market—the ideal customer that you would like to reach. As of 2019, before the pandemic, there were 165 million Americans who had listened to a podcast, and of those, 90 million Americans listen to a podcast at least each month. With podcasting, you can be highly targeted in your customer approach and interact with people who genuinely want what you offer.
As an entrepreneur, you have three options that you can try out: –
1. Create a podcast
This would take the most time to create and grow, though it offers the highest advantages. Having your own podcast enables you to build a community around your brand that are ‘ready customers’ for what you offer. This makes it possible to engage and share knowledge that you know will be beneficial for your target market. Furthermore, with a large audience, conversions and sales become much easier.
2. Advertise on a podcast
You can seek an established podcast with an independent podcaster who has a large and regular audience. Through this avenue, you can sign an exclusive partnership with the podcaster so that they share your offering with their audience. You can also create opportunities for conversions through offers, making it easier to measure the results of the partnership.
3. Guest star on a podcast
Featuring on a well-established podcast makes you stand out as a thought leader in your industry. This is a low-cost option that will allow you a short-term boost. As an entrepreneur, you need to think through how you can maximize what you do with this short-term boost to drive your offering. The benefit of being a guest is reaching a wide already in place audience who all have the potential to be a new customer.
The world of podcasting continues to evolve. As of January 2021, there are over 850,000 active podcasts in America, with the rest of the world growing rapidly in this new space. Podcasts target consumers from the age of 12 and above, and can easily be accessed on smartphones or tablets. As an entrepreneur, creating, taking part in or advertising on a podcast will take you to the next level.