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by Colleen Kowalski on September 30, 2021
How Podcasting Has Grown to a Prominent Marketing Strategy
Podcasts have gained popularity in the past few years. As of 2021, there are over two million podcasts in existence. These podcasts account for more than 48 million episodes. That’s right, over 48 million episodes of content for listeners to consume. What is shocking is that just three years ago, in 2018, there were only around 500,000 active podcasts.
September 30 is International Podcast Day. Podcasts present a great opportunity for business professionals to meet their audiences where they are. Whether you launch your own podcast or advertise on a leading industry podcast, adding podcasting to your marketing plan will drive quality leads to your organization.
The Growth of Baby Boomer Podcast Listeners
According to a recent study by Edison Research and Triton Digital, The Infinite Dial, 57% of Americans have listened to a podcast. More importantly for our Certified Exit Planning Advisors, from 2020 to 2021, the percentage of Americans ages 55 or older who listen to podcasts monthly increased by 18%. Currently, more than one-quarter of all consumers over 55 years of age in the United States are listening to podcasts each month.
This means that the Baby Boomer business owner clients you are looking to attract can be reached through a podcast ad or interview. CEPA and EPI Faculty member, Justin Goodbread noticed a 400% increase in revenue and a 900% margin growth in his business since starting his podcast, Financially Simple. He says the influence this podcast provides for his business is “immeasurable” and his audience has increased by tens of thousands of listeners.
Incorporate Podcasts in Your Marketing Strategy
Launch Your Own Podcast
Research shows that 35.4% of people listen to podcasts while they are at work. This number is only increasing with time. Between 2018 and 2019, those who listened at work almost doubled. With the large variety of podcasts available to these listeners, it can seem futile to add podcasting to your marketing strategy. However, according to a study in 2018, 67% of listeners claim that podcasts positively impact their intellectual growth. Professionals are turning to podcasts to broaden their education around hyperspecific topics.
While the seemingly infinite amount of podcasts in the market can seem overwhelming, it also shows that there is a niche market for every interest. Justin Goodbread says, “At the time of launching, there were not any teaching podcasts designed for the micro business market. While there are quite a few interview-style podcasts in a Q&A format, few podcasts even today, address the ‘how’ of business for business owners. The Financially Simple BizCast is a teaching podcast which addresses the questions many business owners desire to have answered.”
By launching your own podcast, you project authority to your audience by being their main source of knowledge surrounding a topic. As a CEPA you or your firm can begin a podcast about holistic value growth, business succession success stories, or personal financial planning. The opportunities to educate your potential clients are endless when you control the narrative being shared.
Be a Guest Speaker on Prominent Podcasts
Creating your own podcast seems like a daunting task. Start by trying to be a featured guest on prominent industry podcasts. Features on already established podcasts can drive new leads to your sales funnel. It can also increase your firm’s awareness with an entirely new section of your target market at little to no cost.
Reach out to the hosts or their marketing teams with the benefits of having you as a featured guest. Remember to highlight your unique experience and skills. Share what you will provide their listeners and how your background will correlate with the podcast demographic.
Justin shared that he often approaches his topics in a series and books his guests based on their experience with the given topic. He says, “We are constantly solicited by “experts” to come onto the podcast so they can ‘pitch’ their products to our listeners and we guard heavily against this action as we don’t want the show to be a constant solicitation. However, we often find dynamic guests we believe will add value to our listener base. As such, we have a qualified waiting guest list where we can add the experts teaching with the relevant topic at the proper time.”
Most importantly, share what’s in it for them. Offer to promote the podcast on your social media profiles, share a link in a weekly newsletter, or include the podcast link on your website. You have to prove to the host that you are a worthy guest and will create engaging conversation for their podcast.
Advertise on Industry-Leading Podcasts
Another way to incorporate podcasts into your marketing strategy is through sponsored ad placements. Studies show that 54% of listeners are either somewhat or much more interested in purchasing a product or working with a business after hearing an advertisement for them on a podcast. NPR found that 75% of its listeners will take some sort of action after listening to sponsored content. These actions can include visiting the sponsor’s site, purchasing a product, or downloading the advertised materials.
Ensure that the podcasts you are spending advertising dollars on are of interest to your target audience. There are multiple options for sponsoring a podcast. Your advertisement could roll before, during, or immediately following a podcast episode, you can sponsor a block of episodes, or you can be a show sponsor. Different sponsorships offer varying levels of reach but all are important ways to promote your brand.
When drafting your ad copy, make sure that you have a clear call to action and easily understood verbiage. A call to action could be to visit a specific webpage, subscribe to your blog, or request a content download. Your call to action must be something of value for the audience and must be easily understood in only a few seconds’ time. Most podcast hosts will read your ad script themselves, so make sure to include any pronunciation tips. For example, when we promote the Certified Exit Planning Advisor credential, CEPA, on a podcast, we provide the phonetic pronunciation in the copy.
Exit Planning Institute’s Favorite Podcasts
We have curated a list of some CEPA podcasts and industry-leading financial podcasts for you:
CEPA, Justin Goodbread, hosts this podcast. One of the most small-business-specific podcasts out there, the Financially Simple podcast is designed with the small business owner in mind.
John Warrillow interviews business leaders, marketing professionals, and entrepreneurs about building value in organizations.
A podcast from ENNIS Legacy Partners and GRF CPAs & Advisors, Pat Ennis and CEPA, Walter Deyhle. They discuss business exit readiness, accounting considerations, and value growth strategies.
Longtime CEPA, Julie Keyes, hosts the Poised For Exit podcast. On the podcast, Julie talks with a range of entrepreneurs and professionals about preparing your business for a future transition.
CEPA, Landon Mance, and his business partner, Austin Peterson, host this podcast. They discuss small business success stories, entrepreneur journeys, and business growth strategies.
This industry-leading podcast is hosted by Michael Kitces. This podcast highlights successful businesses, how they became successful, and what obstacles they have had to overcome to make their business a success.
What are some of your favorite podcasts? Do you listen to podcasts for entertainment or education? Share your favorites on LinkedIn and be sure to tag Exit Planning Institute!
