Are you a Digital Marketing Agency?
Then you sure are breaking grounds to create successful marketing campaigns for your clients. You might have tried every new, out of the box ideas to stay ahead of the curve. But as technology continues to rise at a rapid pace, it gets more challenging to keep up with it to make a substantial impact. Hence, it’s essential to know all the latest techniques to hack your way to the top. Especially when the new decade is nearing, it’s pretty wise to know where the trajectory is heading over to in 2020.
So, do you know the next big thing in the digital world? It’s podcast marketing. This is a time when communications are heading to a more content-centric approach. Thus, it is paving the way for the new and resourceful podcast market.
Although in its nascent stages, the global podcast industry is set to reach $20 Billion. While the US is currently the most advanced podcast market, many other countries have started adopting it, including India. The podcast has vast growth potential in the country as more and more audiences seek diversified and insightful content.
The podcast statistics reveal a lot about the millennial consumer behavior and the rise of audio as a content marketing avenue.
Here are some latest statistics to ponder over:
There are more than 700,000 active podcasts and more than 29 million podcast episodes. According to Apple at WDC 2018, these numbers stood at 550,000 and 18.5 million, respectively. This means that it is gradually increasing. Millennials spend an average of 11 hours each week listening to the audio, and they tend to do it when they're on the way to making a purchase. This means that the audio platform millennials are spending so much time is important for a digital marketing agency looking to engage followers.
As of June 2019, PWC estimates Indian podcast listener base was at 40 million by the end of 2018, a 58% rise from the year before. But if we consider Prime Minister Narendra Modi's Modi's Mann Ki Baat as a podcast, then the baseline instantly moves to 600 million listeners. Besides, the show has been generating revenue of 5 crores with a huge user base. This validates the hypothesis that you can reach the grassroots through valuable audio content.
A Prime opportunity for any Digital Marketing Agency
The growth of podcasts in recent years have been noticeable. A wide variety of media organizations are pouring resources to create such content to target a younger demographic.
For instance, Spotify paid nearly $340 million to acquire two influential companies in the podcast industry. Spotify's investment in the sector underlines just how serious such content is being viewed.
Podcasts advertising is a burgeoning market and has excellent potential for any digital marketing agency willing to take a chance. Being a part of a popular podcast can position your brand in a way no other channel possibly can. Recently, a survey was carried out with more than 300,000 podcast listeners. The study showed that 63 percent of listeners had purchased something they heard advertised on a podcast. Podcast advertising can be a strain on the pocket, but in terms of loyalty and targeting, it can go a long way.
Plus, a podcast also provides SEO benefits. SEO and podcasts can work hand in hand and result in significant gains for any business. Placing podcast players on the page will potentially increase the user's time on a page. You can also partner with hosting and distribution networks where users can find your content without any prior knowledge of your brand. For example, iTunes is a Page Rank one website, and every episode usually links back to both the show's website and the guest's website.
We have recently done market research on a few SEO experts and found out they have started implementing podcasts in their SEO strategy. One example is Neil Patel, the renowned global SEO influencer. He has been advocating the benefits of producing valuable podcasts. Not to mention, guest podcasting is another content strategy suggested by this Digital Marketing head. If you appear as a guest on a podcast, it puts you in front of a loyal group of followers. Also, it will open a new set of doors to people who are regular listeners. Interviewing on a podcast is an easy and effective way to expand your audience and generate new leads.
A podcast is a largely untapped market that could translate into a huge opportunity for every Digital Marketing Agency. With the endless possibilities of audience targeting, the loyalty of subscribers and the rising popularity amongst millennials, podcast advertising could be the opportunity you've been looking for.
It's time to get into the shoes of the millennial audience and tap into exponential brand growth with podcast marketing.
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