Digital media continuously grows and evolves, and a great example of that is the rapid growth that podcast advertising has had in recent years. It’s fast becoming a popular way for brands to reach potential customers.
Have you been considering if podcast advertising is right for your business? Well in this blog post, we’ll take a look at what podcast advertising is, how to choose the right podcast to align with your brand, why you should use podcast advertising, and how you can track conversions from podcast advertising to evaluate its success.
So, what is Podcast Advertising?
Podcast advertising is a form of digital advertising that involves placing audio ads within podcasts. The ads are typically played at the beginning of, or during, episodes and can range from a few seconds to a few minutes in length. Podcast advertising is an effective way to reach potential customers because it allows you to target a specific audience. Most podcasts cover a niche topic, there aren’t many podcasts that appeal to a vast range of audiences. This is different to radio advertising where the audience is anyone tuning in at the time, mostly out of convenience and not genuine interest in what’s being played.
Consumers seek out podcasts that align with their interests and therefore you can target a specific audience easier using podcast advertising. For example, if you have a product that targets parents, you can advertise on parenting-focused podcasts to reach your target audience.
Since podcast listeners are typically more engaged than other digital media audiences, podcast advertising is an excellent way to build brand awareness and engagement.
A past IAB study found that about 67% of listeners could recall an actual product feature or promotion mentioned in a podcast ad.
How to Choose a Podcast to Advertise On
When it comes to choosing a podcast to advertise on, there are a few key factors to consider. First, you should consider the size of the podcast audience. If you are targeting a specific audience, then it’s important to choose a podcast that has a large enough audience to reach your target market. Additionally, you should consider the quality of the podcast content. If the podcast is well-produced and offers valuable content, then it is likely that the podcast audience will be more engaged with your ad.
You should also consider the podcast host and platform. When choosing a podcast to advertise on, it’s important to consider the podcast host and platform the show is hosted on. Ideally, you should choose a podcast that is hosted on a reputable platform, such as Spotify or Apple Podcasts, and is hosted by a credible host that has the ability to influence their audience. Additionally, you should consider the podcast’s pricing structure. Some podcasts may charge a flat rate for ad placements, while others may charge a fee based on the number of impressions your ad receives.
The most common podcast advertising formats include:
- Audio Ads (pre-roll, mid-roll, post-roll)
- Host Reads (pre-recorded or live)
- Endorsements
- Custom Segments
- Branded Series
- Presenting Sponsorships
Finally, you should consider the podcast’s audience demographics. It is important to choose a podcast that appeals to your target audience. You should look for podcasts that have an audience that matches your target audience in terms of age, gender, location, and interests. By taking the time to research the podcast’s audience, you can ensure that you are targeting the right people with your ad.
Why should you use Podcast Advertising?
Podcast advertising provides warm leads. This makes your potential customers more likely to purchase your product or service. These leads are similar to those of affiliate marketing or word-of-mouth advertising. According to marketing expert Hailey Friedman, podcast leads’ conversion rate is seven times higher than the rate of standard website traffic leads.
Podcast advertising is a quick growing market. According to the WARC report, the podcast advertising industry is currently worth $855 million, and was expected to reach $1.6 billion by 2022. That’s still small compared to digital advertising’s worth of nearly $130 billion, but this allows those who do advertise on podcasts to stand out. You’re less likely to be drowned out by a multitude of competitors.
Perhaps the biggest benefit of podcast ads is that listeners enjoy them. Edison Research found that 67% of podcast listeners enjoy hearing the ads, compared with just 6% for TV and radio audiences. The WARC report said that 78% of listeners are comfortable with hearing ads on podcasts to support free content. They tend to be memorable and enjoyable, which can give the consumer a more positive feeling about the company.
How to Track Conversions From Podcast Advertising
Because of the audio-only nature of podcast advertising, the best way to track conversions is with a dedicated offer or code that listeners can use on your products/services. Providing hosts with a dedicated code, such as ‘podcastname15’ provides listeners with a 15% discount for use at your store and allows you to track how many sales the campaign generated based on the number of purchases/bookings that were made with that code. Using a generic code that you use across other platforms is not recommended as you’re unable to tell exactly what channel led to that sale.
Some podcasts’ advertising packages may also include promotion across their other channels, such as social media posts, email shoutouts, review videos, etc. If that’s the case a dedicated tracking setup is the best to use. This will allow you to track not only conversions with the offer code but also website traffic from the posts.
Podcast advertising is an effective way to reach potential customers and increase conversions. It allows you to target a specific audience and build relationships with potential customers. If you’ve been considering podcast advertising for your brand, there’s never been a better time than now!
