Tuning in to a podcast strategy: exploring how podcasts can boost your business – part two
In the second part of our blog series on podcast strategy (read first blog here), we speak to two agency leaders who have grabbed the audio-opportunity with both hands.
Katie Street, founder of the Street Agency, hosts Word on the Street, a podcast which explores ideas on how to attract and win new business. In each episode, Katie delves into the world of marketing and new business, speaking to agencies and brands from across the globe to get an insight into their world.
James Burtt is managing director of the Ultimate Podcast Group, and is a leading expert in delivering successful podcasts, having worked with over 100+ clients to plan, produce and monetise podcasts for businesses of all shapes and sizes – including personally creating three iTunes top 50 podcasts.
We sat down with our prestigious podcast pair to get their insights on how and why brands and agencies should approach the medium.
Is it worth making a podcast now? Or have I missed the boat?
“I want to say a resounding YES. However I am saying it with a warning. Why? Well I heard a scary stat the other day – 44% of podcasts on the Apple Store have fewer than three episodes.
Like with any marketing tactic, consistency and regularity will be one of the key ingredients to your podcast success so I would only consider making a podcast if you truly have the time to invest in producing content on a regular basis. My personal suggestion would be that weekly releases work best as listeners know a new episode will be released on a certain day. You are not too late to the party, it is still a fairly small pool. Regular podcasts are rarer than you think!
- Katie Street
“Great question and this is one I get all the time. You have NOT missed the boat and here is why: the audience numbers for podcasting is growing consistently, the amount of content consumed per listener is going up, the CTA clickthrough rate from a podcast is estimated to be 56% and the demographic of listeners is 80% ABC1. There are currently 2 million podcasts listed on the various content platforms – which might sound a lot – but compared to 47 million FB pages and a billion YouTube accounts, audio is definitely still a growth market. So get started, like, today!”
What are the classic pitfalls of first time podcasters?
“Well, first of all what I say above – the stats show that not planning ahead and thinking of the ongoing effort required and keeping it up means producing a podcast could be a waste of time and effort. I would also add that many people don’t think of the purpose of their podcast, why are you doing it? What is your aim? For fun, fame or fortune? Define your strategy and then set your podcast for success by making sure you are designing your podcast strategy, content and marketing to meet the needs of your audience and the value you want to create for them. We did this when launching my Agency Marketing & New Business Podcast – Word on The Street and it has meant we have consistently been in the UK Marketing top 20 chart since launch!”
- Katie Street
“Not promoting their content. This is the most common and biggest fail that I see consistently. Podcasters will spend a load of time, effort, energy and money making a show and then they ‘forget’ to promote it. You should spend as much focus on the promo of the content as the making of it. Simple tactics like a consistent content posting plan for each episode works really well – assets like audiograms, quote graphics, videograms etc. are great ways of constantly and consistently promoting a show”
- James Burtt
How do you know what your audience wants?
“Speak to your prospects and audience and ask them. Simple huh? Any good marketing and business strategy should start with understanding the needs of your audience. We tend to look at four pillars.
1. Your Customers – what do they value, what are their problems/needs and what do they truly value about you or others they work with and listen to.
2. Your Peers and Competitors, what are they talking about? How do they talk? Is there content proving to be successful?
3. The Market – What is happening in the world or your industry sector that people care about. What trends are there and what are your opinions on them.
4. Of course last but not least… Your brand and vision and mission. What is it that you are or want to be. How can your Podcast help you tell this story, and map back to the value that the market and your prospective audience requires.”
“You don’t to start with. That’s why, when you’re launching a show, you need to treat it like the launch of anything else to do with your brand.
Look at why you are actually creating a show, what is it for, what’s the outcome of this content… what education / information / entertainment do you intend to create for you ideal listener. Create the show like an extension of the wider brand – create is based on your core values, USPs, Mission Statement, Ideal Listener Avatar, Stakeholder, Target Market etc. Then, once you are up and running, ask listeners what they want. Podcast audiences are a proactive bunch, so ask them – in the show – what they want. Put a link in the show notes to a Google doc, send them to a poll on your socials and tell them to slide into your DMs with content suggestions.”
What does success look like for my podcast?
“I love this question! Well, what do you want it to look like? The benefits can include; giving you gravitas and fame, gaining an engaged audience, having the opportunity to speak to people you would love to be a client, learning a lot from the amazing people you interview and of course helping to market your business.
There are so many benefits. However it takes planning, time and effort to make your podcast a success so think about your goals upfront and make sure you have planned the time needed to make it a success.”
- Katie Street
“Great question and one that only you can answer. Most people think a massive Joe Rogan sized audience is the only metric of success, but in all honesty, I know of (and have run) brands that have done six and seven figures in sales via a podcast without necessarily getting millions of downloads either.
If success to you means gaining a greater perception with your network of industry contacts then an interview based podcast where you are positioned as a peer to the thought-leaders in your sector would work well. If you want to increase your own authority and expert positioning then a solo show could be great. Want to have a way to connect with people that would otherwise be out of your reach? Then a podcast is powerful – people are much more likely to connect with you for 30 mins on a podcast than ‘grab a coffee sometime’. Success, much like beauty, is in the eye of the beholder.”
At Propeller Group we produce two podcasts of our own, the Dog ‘n’ Bone and Views on the News, as well as a series of podcasts for our clients. To learn more about the world of B2B podcasting, and to assess if a podcast is the right vehicle for your business, drop us a note at email@example.com.