(By Tina Nole) As a former radio/news producer and child of the ’80s, it’s quite possible I have a chip on my shoulder because of the song “Video Killed the Radio Star.” I mean, it’s not that I truly believe podcasting will overtake video completely as a marketing strategy for big brands and businesses, but I do believe it’s poised to give video a run for its money.
1) Podcast Listeners Stay Connected: When consumers watch video, the drop-off rate begins at 10 seconds when 20% of watchers click off. After 1 minute 45% drop, by 2 minutes over half the audience moves on to something else. Eighty-five percent of podcast listeners say they listen to all or most of a podcast, and the average length is 30 minutes. Think of that, your brand, voice, message in your audience’s ears, undivided for 30 minutes or longer.
2) Podcasts allow people to multitask: Watching a video means you’re trapped in a place for a specific period of time, not so with podcasts. Seventy-six percent of podcast fans listen on a smartphone or tablet while doing another task. They tend to incorporate listening into their daily lives – which makes listening mobile and habitual.
3) Time-shifted material = brand loyalty: Video viewership tends to be one and done, as opposed to podcast listeners who, when they find a show they like, tend to go back and listen to previous episodes. No matter how popular the first episode of your podcast is, the number of listeners to it will continue to grow – FOREVER. As you add episodes, and listenership grows, your previous episodes also gain new listeners. That can be very alluring to advertisers and sponsors.
4) Podcast listeners tend to be well educated and more affluent than the general population: That means they’re curious and they have more disposable income. When asked “Do you follow brands on Twitter and Facebook?” 48% of podcast listeners said yes, as opposed to 31% of the general population. So when it comes to brand engagement, podcast listeners are extremely well positioned to go farther, with a brand or product they like and trust – they’ll search for it online, like it on social, and ultimately will purchase that product or service.
76% — Explored
55% — Shared
25% — Purchased
5) Cost & Time Effective: Podcasting is a faster and more forgiving medium. No “lights, camera, action” – you can record in your pajamas in the dark if you want to, as long as you have a nice microphone. Point is, you don’t need a fancy set-up to make a great-sounding podcast.
Sources: Edison Research 2018 – https://www.edisonresearch.com/podcast-consumer-2018/
Tina Nole is the Founder/Chief Creative at Larj Media. Larj Media produces podcasts for thought leaders, celebrities, and brands. http://www.larjmedia.com