Podcasts have become increasingly popular, so it’s not a surprise that one of the questions we get asked often from clients is: “Should we start a podcast?” It makes sense too! Podcasts are not only a fantastic way to reach an audience, but they are expected to generate $1 billion in ad revenue in 2021. However, they aren’t the right fit for everyone, and there are a few key things to consider before launching a podcast.
It’s a crowded space
There are so many podcasts! As of 2020, there were 850,000 podcasts with over 30 million individual episodes. The competition is fierce and unless you can slot your brand into a completely differentiated niche, it might be hard to establish yours as a unique listening experience.
You must find an audience
Some brands will have a built-in audience ready to go. Big brands that already have a lot of social media followers might not have a problem launching a podcast and quickly building up a strong listener base. However, smaller brands may find it difficult to do this, so it’s important to determine if you have a willing audience before creating a podcast.
It is incredibly time consuming
Creating a podcast takes extraordinary amounts of time. It’s not as simple as sitting in front of a microphone and talking. You must have strategy with advanced plans for each podcast. Topics, special guests and episode outlines must be created and researched. On top of that, there’s also production and editing. Brands should also have a team to upload, seek out guests and advertisers, and answer any listener questions. It’s a lot.
It might be better to be a guest
While it’s tempting to start your own podcast, try being a guest first. It will get your brand some of the exposure you want, and you can see a bit more of what it takes to put on a podcast. If you don’t have the time or resources to make your own, you can become a go-to guest for insights into your industry, which might be a better fit!
There are a ton of opportunities to advertise on podcasts. Not only could you run a commercial you create, but podcasters will often prefer to create or read the ad themselves, making it incredibly easy to market through a podcast. If you can find a podcast that is a good match for your brand, advertising is a win-win. You can get exposure within a target audience without having to produce a podcast yourself.
Before you cast
There are several important considerations to review before starting a podcast of your own. Since the marketplace is so crowded, and developing and creating a podcast is time consuming, it might be better to be a special guest or choose to advertise on podcasts instead. However, if you think you have the perfect content niche and an audience that’s ready to subscribe, it may be time to get to podcasting!