Podcasts have become more and more popular over the years, providing advertising opportunities for brands seeking to promote their products and services. Magna, a research and marketplace intelligence unit, forecasts that podcast ad spending will top $1.2 billion by 2023. The main question: Is podcast advertising right for your business?
Let’s take a look at some of the benefits of podcast advertising:
- It’s personal. Because most ads are placed within the podcast and read by the host, they are more personal than your typical radio ad. By having the host speak about the business being advertised, there’s a stronger sense of trust because the audience supports and believes in the host. This trust is a big advantage; if the host says they like a product or support a brand, the audience will be more inclined to check it out.
- Another great aspect of podcast advertising is you have a captive audience. They may be driving, taking a walk, or riding their bike. When the ad comes on, they are already focused and listening. Unlike an email advertisement where you are hoping to grab their attention with a subject line, the attention and focus is already there. With podcast advertising, you do not have to catch the listener when they happen to be in their car or in front of their TV - podcasts can be listened to anywhere.
- Ads are limited. The average podcast only has a few ads; one at the beginning, one towards the middle, and one at the end. This produces a better listening experience and less frustration. A great example of this is driving in a car - when the station goes to a commercial break, most people simply tune to a different station because they don’t want to sit through the ads. With a podcast, the listener is already interested in the podcast and knows the ad breaks will be quick.
- Podcast advertising can target a very specific audience, making it easier to place relevant ads. For example, if your audience happens to be females who like to stay in shape, targeting a podcast that is closely related is the obvious choice. Knowing your target market as well as the target market of the podcast is critical for success.
- Podcast ad prices are relatively affordable. AdvertiseCast reports that the average price for a 30 second ad CPM (cost per 1,000 listeners) is $18 and the average price for a 60 second ad CPM is $25, as opposed to the average cost for a radio ad that ranges from $500 to $5,000 and up, depending on the market, time of the ad, and audience size.
Podcast advertising is a fairly new advertising platform. Your business could benefit from a podcast ad that targets a specific market or audience, giving your brand exposure and, in return, driving more conversions.