The 7 Reasons That Podcasting is Great for Your Business
I’ve been podcasting now since January 2018 and I love it. My show is listened to in 49 different countries now and that fact alone blows my mind! To know that there are people listening to my show in India, Brazil, China, the US and many others is crazy!
In this post we’re going to have a deep dive into the reasons why podcasting is great for your business.
So, I’ve got 7 reasons to walk you through and hopefully by the end of this episode, if your were thinking about podcasting and were on the fence about it, I’ll have inspired you to start your own show!
So, let’s dive in!
1) Podcasting helps to grow your email list and reach a new audience.
Podcasting is a great way to reach a whole new audience and grow your email list at the same time. How can you do that? Well, I’ll give you a example. Perhaps you have a podcast about gardening and you create an episode about the times of the year to plant different plants and flowers. You could also create a free checklist to go alongside the episode that your listeners can use throughout the year to plan their planting schedule. You’d then tell your listeners about it on the episode and give them a web address to go to to download it.
You certainly don’t have to do this for every episode but if there’s something that could add value and build on one of your episodes definitely do it. A good example of someone who does this really well is Amy Porterfield who creates great freebies to go with around 1 in 6 of her episodes.
I’ve done this in my own show but plan to do it more often too. Podcast listeners are also very loyal and according to research and now listen to on average 7 episodes per week so this is a great way to reach a whole new audience.
2) Podcasting gives you the opportunity to repurpose your content.
Podcasting gives you an awesome way to repurpose your content so you don’t feel like it’s one more thing you have to do. Let me walk you through this. So, you create a podcast episode on a particular topic. When you’re creating it you write a detailed outline of what you’ll cover in the episode before you record it. You can then turn this outline into a
use parts of it for social media posts,
you can create a linkedin article with some of the key points.
You can also use apps like wavve.co and podclipper to create audio snippets to share on social media too. Finally, you can also video record yourself while recording your episode if you’d like to and create a Youtube episode too.
So many opportunities to repurpose!
3) Podcasting is a massively growing content medium
Podcasting is hugely on the rise! Ofcom research carried out last year reported that Podcast listeners are loyal, affluent and educated.
Here are some incredible facts about podcast listening:
80% listen to the entire episode.
Listening has grown from 10% to 30% of population.
73 million people listen every month
12 million people listened to a podcast for the very first time last year.
49% listen at home, 22% in car.
56% of listeners are Men and 44% are women. 44% of listeners are aged 18-35 and 33% are 35-54.
Listeners spend on average 1-3 hours per week listening to episodes
Most people listen on smartphone. As the popularity of Smart Speakers has grown so has podcasting. Gary V talks about this. Ofcom research found it’s a habit forming activity. For example, you get in the car and listen, you get to work, pop in your ear buds and listen.
A really interesting fact for entrepreneurs is that 63% of podcast listeners make a purchase based on the advice of the host. So if you have sponsors you absolutely have to make sure that you truly believe in the products and services your advertising on your show.
Another huge indication that podcasting is here to stay and on the rise is that mainstream media are investing heavily in creating their own shows. The likes of the BBC and the Guardian both have very successful shows.
4) Podcasting can be another revenue stream in your business
Podcasting can definitely be an additional revenue stream in your business. There are quite a few ways to monetise your show. For example, with sponsorships. You can use a company that will source sponsorship for you like Midroll.
Companies like this have a specific formula as to how much you’ll get paid per episode based on how many downloads you get. For example you could earn approximately £25 per episode per 1000 downloads. So if you had 5000 downloads per episode and did one episode per week you could earn £6500 per year for a 30 second ad on your show. So, grow your downloads and you grow your income.
If you don’t want to pay a company to source sponsorship for you you could find your own sponsors. This doesn't have to be a lot of work especially if you have quite a niche podcast. For example, let’s say your show is all about learning to develop a particular skill. You could reach out to the best teachers or instructors of that skill to see if they’d like to sponsor your show.
There are no hard and fast rules for how much to charge here but as a guide you should think about having sponsors for no less than one month at a time. So if you do an episode each week that would be 4 episodes. If you’re quite new to podcasting, you can sell the sponsorship on the basis that future listeners will also be able to hear the episodes they’ve sponsored too.
You could choose to follow the same pricing structure as someone like Midrol or if you’ve got a more niche show you can develop your own pricing structure. For example, £100 per episode. There are lots of other ways to monetise too including Patreon where listeners pay per listen.
5) Podcasting is great for introverts
So, we all know that video is massive and very popular but what if you’re a huge introvert? What if the thought of going live on video makes you break out in a sweat? Then podcasting is for you! I still highly recommend that you get more comfortable with video too. The facts are though that you can still create and promote your show without video if you really want to. (AND record your show in your pyjamas!)
6) Podcasting helps to grow the ‘know , like and trust’ factor very quickly
Podcasting is such an intimate way to connect with your audience. You’re literally in their ears every week and you’re listeners really get to know you without ever having met you! Podcasting creates 2 to 3 times more engagement amongst your audience than by using social media alone.
One of the reasons for this is that when a new listener finds a show they typically binge listen. They get to know you, your voice, your message and your personality very quickly. This means they get to know you, like you and trust you much quicker which ultimately will result in more sales in your business but also to have much more impact with your show as you very quickly grow authority in your niche.
Let’s say there are 5 people who do what you do but you’re the only one who has a podcast show too. You instantly become the one with more credibility. It’s just a fact!
7) Podcasting can open up many new doors for you
Podcasting definitely opens up new doors for you in your business. You instantly become part of the media when you start your show. It gives you a reason, if you feel you need one, to reach out to some big names in your industry to ask them to be on your show.
For example, last year I had Carrie Green, the founder of the Female Entrepreneur Association on my podcast. She has a huge following in her membership, instagram and facebook. This led to me being asked to be a masterclass contributor in 2019 which opens me up to a whole new audience! Such a great opportunity!
You also get asked to be on others shows too as a podcaster and you often find it easier to get asked to speak at events too. It just sets you apart from everyone else and in this crazy, busy online marketplace that’s got to be a good thing right?
So there we have it. The 7 reasons why podcasting is great for your business.