5 Reasons All Entrepreneurs Need A Podcast Today Podcasting will expose your brand and business to a larger audience than conventional advertising methods.
By Julie Lokun, JD •
Opinions expressed by Entrepreneur contributors are their own.
Embracing the authoritative magic of podcasting is a marketing tool that entrepreneurs cannot ignore. Relegating this powerful medium to the corner limits your brand's identity. Not only does podcasting offer an opportunity for monetization, but podcasting also opens up a global audience hungry for your message.
As an entrepreneur, visibility is critical to your overall success. While social media has democratized marketing by being the lowest entry point in a marketing strategy, creating a well-rounded online presence is essential. A dynamic and diversified online presence is critical when courting Google and other search engines.
This is where podcasting makes its grand entrance. The dance of marketing strategy strengthens when brand messaging is curated into an engaging platform like podcasting. With over 2 million worldwide, the consumption rate is on a rapid ascension of growth.
Advertising dollars in the US exceed $1.7 billion, and advertisers are hungry for content that represents their overall mission. Not only is the number of podcasts and listeners increasing, but also the ad revenues. It's anticipated that US marketers will spend more than $1.3 billion on podcast ads in 2021. What's more, it's expected to exceed the $2 billion mark in two years, and in 2025 it will be closer to $3 billion.
While the statistics are staggering, with the podcast pool toppling 2 million, there are approximately only 850,000 active podcasts. This means that advertisers are hungry for your voice and vantage point. You simply need to curate unique content and streamline your broadcast with your brand.
Related: Why Every Entrepreneur Needs a Podcast
Why podcast?
Podcasting is a powerful marketing arm for your brand, and its power is unsurpassed. While followers and downloads matter, the secret sauce to podcasting starts with a conversation. As a podcaster, you have the forum to engage in conversations with thought leaders and experts in your field. Without a podcast, the door quite possibly will be closed. The overarching reach for a podcast is mindboggling. And as an entrepreneur, you have the power to cast your brand into the universe and ultimately attract a new consumer base.
1. SEO
Podcasting bolsters your Search Engine Optimization (SEO). The more online content created offers an increased probability of being found online. Online content includes blogs, videos, social media, websites and, of course, podcasting. SEO improves your digital marketing strategy and solidifies your positioning online. If syndicated properly, podcasting directly increases searchability, brand identity awareness and hyperlinks that will direct traffic to your website.
Google yourself. Does your online presence properly reflect your brand's identity? You can boost your visibility and strengthen your brand message as a podcast host or guest.
2. Monetization
Podcasting is not the silver bullet to becoming rich or famous. However, it is an anchor that can support a new income stream. The road to monetization is a slow and steady endeavor, meaning that podcasting is not the answer if you are hungry for instant gratification.
With a steady cadence, a dash of determination and a sprinkle of creativity, podcasting can attract sponsors who will pay to have a host promote their brand, catching the eye of a potential sponsor.
Creative monetization attempts can be fruitful if you offer a niched podcast and understand your audience's needs. If you are a life coach or a Fortune 500 company CEO, the road to optimizing profits is an equitable pursuit.
Monetization looks different for each podcaster. Podcasters can reap the rewards by pursuing donations, referral sponsorships, traditional sponsorships, paid membership tiers and premium paid-for episodes. Advertising networks, such as Advertisecast and Podcorn, are excellent examples of websites that connect podcasters with potential advertisers.
Related: Podcasting for Profit: How to Turn Your Podcast Into a Full-Time Job
3. Strategic partnerships
Podcasting opens the door to conversations you would never have had the opportunity to engage with. For example, if you are chomping at the bit to have a conversation with Brene Brown, the odds are that this icon in personal and professional development has a schedule that will not allow for a quick chat on the phone. As a podcaster, you have the platform needed to edify and promote the messaging of gurus like Brown.
Providing your audience with well-known celebrities and influencers creates a ripple effect on your digital reputation. The strategic partnership created will be inextricably linked online until the end of time. Taking this approach one step further, creating a relationship with your guest can lead to opportunities and collaborations. Building any business begins with relationship building, and podcasting is the perfect medium to commence a fruitful collaboration.
4. Brand messaging
Shaping your brand's identity takes time. Podcasting is a vehicle to mold a more powerful brand story. It allows you to curate a space representing an intimate glimpse behind the branding curtain. Even more dynamic is podcasting will enable you to build your value proposition. Podcasting, in turn, through analytics, give you a distinct vantage point as to who is consuming your content. Branding is an evolving art, yet the consistency of your voice solidifies the call to action that differentiates your brand from everyone else.
5. Intimacy
Podcasting creates intimacy. References recognize that the connection made through podcasting is more powerful than a social media post or a paid advertisement in the local newspaper. A bond is created between the host and the listener when sharing a powerful lesson, message or interview that speaks straight to the heart. The global experience of isolation is clamoring for intimate connections, and podcasting satiates this need.
Podcasting is a journey of storytelling. Podcasting is a path to innovative marketing. Podcasting is a platform that, when harnessed intentionally, has the power to change the trajectory of entrepreneurial life.
