Podcast Marketing Definition
There is no standard definition of the term “podcast” as the format is very diverse. Because this includes audio and video formats, interviews, discussions, comedy, and other topics. From a purely technical point of view, a podcast is a series of media files subscribed to. These can be downloaded or automatically received as a subscription. Thus, podcast marketing first deals with a suitable strategy to win as many listeners as possible and to increase the overall reach of the podcast. If this strategy works, a podcast can turn out to be very lucrative.
Find A Podcast Marketing Strategy To Make Money
To start with, podcast marketing is more of an investment strategy. This means that the right system cannot be implemented directly and profitably, which is influenced by several factors:
1. You need a strong audience
Especially when you start, not all of your customers or prospects will necessarily have just waited to experience you live with topics from your specialist area. Building a podcast is more of an endurance task. You listen to your podcast once in a while. Some stay with it because what you’re talking about is exciting, and over time more and more listeners are added. There is hardly any case where you start your podcast marketing, and it hits like a bomb. The exception is when you have already established yourself as a brand in mind and life of your customers. Apple would be a classic example of this.
2. Your listeners need to invest in you
This may seem evident at first glance, but it is much more complex to look at. The investment of your audience is not initially meant financially. In the beginning, there is that your listeners invest time in you. That is anything but natural. How many companies, magazines, and other portals offer a podcast? And why shouldn’t I turn on the radio or the television when I want to get a sound? The offer is vast – and if you’re not delivering on podcast marketing, then you’re interchangeable. The first step is to get your audience to invest time in you. This is closely linked to point 1, because only through this will you gain an audience.
This is precisely where the fundamental problem of completely monetizing podcast marketing lies. If you start right away by taking mandatory fees for your podcasts, you will not generate an audience. There are enough other podcasts for your customers to engage in if they want. If you build up an audience and then move on to taking mandatory money for it, you will, from now on, offer virtually the same offer, but expect your listeners to invest money in addition to their time. This can backfire very quickly and has often already led to the rapid discontinuation of a podcast.
3. It doesn’t work without added value
That leads to the absolute foundation of how to podcast marketing can even work. It would help if you had the often cited added value to get people excited about your podcast in the first place. Most of all, this takes time to create a high-quality podcast. You have to develop a suitable topic, make it as exciting as possible, research and ultimately present a result that rewards your listeners for investing their time in you. From half a day to several weeks, everything is possible here.
If you convert this time into the investment of working time alone, you can quickly add up to a few hundred to thousand euros. You can’t get it back in by hoping that your customers will be happy to pay you for it. Direct monetization in podcast marketing is correspondingly problematic. It’s hard to slip into a real profit zone just by just running a podcast. Many professional and well-known podcasts in German-speaking countries even have a problem. Podcast marketing is very rarely suitable for making a living from it.
The Ways To Make Money From A Podcast
The first option is to get voluntary payment from your listeners. There are portals like Flattr and Patreon for this. With these providers, listeners can pay for their services through a voluntary settlement. Outlets like Steady even take care of additional administrative tasks related to your podcast marketing for you. PayPal also offers your audience the opportunity to transfer money to you on an excellent podcast voluntarily.
Possible podcast taking strategies
The slightly more lucrative but also riskier option is to advertise for other companies. Sponsoring is – especially with the vast podcasts – one of the primary sources of income. You can again do affiliate marketing by forwarding you to specific products and offers from other portals. The problem with this is that your audience will be more reserved the more it sounds like advertising and sales to them. On the one hand, you can counteract this by professionalizing it. For example, invite someone from the relevant company to answer questions on a specific topic in an interview, with the definitive reference to suitable offers that the counterpart is offering. On the other hand, you shouldn’t overdo it either. To put it simply: You are not a sales channel like QVC.
Of course, you can also advertise your products in your podcast that fit a topic. This is still one of the best strategies for direct marketing through your podcast. In this way, you are not selling just anything, but precisely the things that you deal with every day and for which you are the expert. It is only necessary to pay attention to the qualitative added value of the podcast and to present your products as a supplement to the information received.
The added value of a podcast marketing strategy
The direct income chances with a podcast are somewhat tricky. But the added value is obvious: you establish yourself as a company in the life of your audience – and that turns you into a brand, a brand that offers more than the product itself. So, above all, it expands your sales opportunities in the long term. Establishing in the customer’s life means maximum customer loyalty.
Amazon’s marketing strategy
This marketing strategy was recognized by the mail-order company Amazon well over ten years ago. That is why today, we are talking about a company that instead has to be asked where it is not active. This is basically how the now very established business model, Amazon Prime works with free premium shipping and additional offers. Amazon doesn’t do that because it gets rich from 70 euros per customer per year. Amazon does this because it makes the company omnipresent.
- Do you want to order something? In any case, have a look at Amazon, because you save shipping.
- Is nothing on TV? Anyway, I have Prime.
- I want to listen to music but can’t click through YouTube videos? Hey, I’ve got a million songs on Prime Music that I can listen to for free.
In podcast marketing, of course, this principle does not take place on this global level as it does with Amazon. The functionality is still similar. With the podcast, you offer your customers the opportunity to keep them loyal to you. As a podcaster, you don’t even notice it, but when someone listens to you and your people for months or years, that someone builds a particular relationship with you. He gets to know you better, appreciates you for the content you convey to him, and lets you into his life for a while. In this way, you bind your listeners pragmatically and emotionally at the same time. Pragmatic because they have the knowledge or exciting stories get to hear from you when they invest their time in you. Emotionally, because in a podcast, you, of course, also reveal things about yourself and make yourself more approachable.
The benefits of podcast marketing
In summary, there are numerous benefits of podcast marketing. Because in combination with the right product, for example, you make acquisition easier in the long term or, in theory, you can even do without focusing more on product development or opening up new sales channels. What you invest now in time, you will notice, especially in the long term. If you manage to establish yourself as a brand, you will find that your sales work a lot easier. And it is precisely on this basis that you can deepen your business, grow, spread yourself further, and become a much larger company than you will ever manage without optimally exploiting customer loyalty.
The bottom line is that you can compare your podcast marketing with a blog or a YouTube channel. You provide a regular incentive for your customers to visit you and get the latest content. The main difference is that this type of marketing goes much more profound due to the more personal communication and is much easier and more convenient for your customers to access than a written text or a video. And it is precisely at this level that your customers get access to you – and you to them.
You can also benefit from the following podcast marketing benefits:
- The easiest and healthiest way to have direct access to you and your company is through voice. This bond is the basis for everything interpersonal – including increased sales.
- The audio recording of the presentation means that no direct examination of the content is necessary, as is necessary, for example, with a written text. Your audience can you during the housework, learning the easy sport listening on the couch or comfortable.
- You gain a lot more influence over what you tell by how you mean it. It gives you a lot more leeway to shape and emphasize the content exactly as you want to get it across.
Podcast marketing is rather unsuitable for earning money as directly as possible. On the one hand, the range – and therefore the competition – is enormous. On the other hand, too few providers succeed in making more than homeopathic profits. Consequently, it is almost always better to think of it as a complement to marketing. With your podcast, you enable your customers to add additional content that they will hopefully not get anywhere else.
This means that your listeners will switch on again for the next episode – and this slowly but surely creates a bond with you and your company. If you succeed, these customers will usually remain loyal to you for years and even longer. Accordingly, as a long-term concept, it will also bring you long-term success.