January 25, 2023
A core challenge for any marketer is choosing which advertising mediums make up their marketing mix. Even a great message won’t elevate your brand if it’s not placed in the right environment. Short consumer attention spans and limitless media options make marketers work even more challenging as they seek to connect with more segmented (and distracted) consumers.
Podcast advertising is a complementary addition to any media mix, connecting with a large, engaged audience proven to generate positive sales results. Listeners and fans have high engagement with the medium as they listen intently to their favorite shows, and in turn, hear your brand message. Read on to understand why adding podcasts to your media mix is a valuable addition for any marketer.
Podcasting has grown beyond its niche origins to become a force in the entertainment industry and a central part of many people’s lives. 109 million Americans (38%) are monthly podcast listeners. Entertainment seekers have been looking for content that is high-quality, available on demand and tailored to their specific interests. Podcasts meet the need perfectly, and tens of millions of people are tuning in.
Podcast audience growth has also led to more time spent with the medium. Today, 21% of all time spent on spoken word content is with podcasts (up 163% over the past eight years). That number increases to 26% for millennials, so if your business is looking for a way to connect with younger consumers, podcast advertising will reach your target.
Podcasting has shown to have a much higher brand lift and impact than other advertising mediums. According to the Claritas Conversion Lift Study, the average brand lift (how much your ads are shaping consumer perception and behavior) for non-podcast mediums is 2.6%. For podcasts, it’s 34%. This means that the impact of podcast advertisements is 13 times higher than other mediums.
Even though podcast advertising is increasing rapidly (expected to exceed $4B in 2024, up from $1.4B in 2021) brands can still stand out. A study by the World Advertising Research Center found that only 4% of all marketing spend is invested in digital audio. Podcasts are not only a wildly effective advertising medium, but one that many companies have yet to explore.
But what makes podcasting so uniquely effective compared to other channels? What is unique about the medium as an entertainment experience that makes it that much better for advertisers?
Greater trust, higher engagement, and better recall are some of the reasons why podcasts are uniquely effective for forming an intimate connection with consumers and generating more sales for advertisers.
Podcast listeners have a high level of engagement. 81% of podcast listeners say they pay attention to podcast ads more than radio, TV commercials, and digital ads on social media. Podcast listeners are actively tuned in, meaning that your brand message, often voiced by the host, is heard and remembered.
Paying attention to an ad in the moment is good, but podcasts also drive ad recall. 67% of listeners can accurately recall products and brands mentioned in podcast advertisements (by comparison, only 14% of consumers can recall the last display ad they’ve seen). Podcast advertising connects your brand with a highly receptive audience that will consider your product or service when making purchase decisions.
Podcasts reach consumers in moments other media cannot. 79% of audio listening takes place in moments when consumers cannot be reached with visual media. This includes times when listeners are driving, cooking, exercising or doing something that prevents them from looking at a screen. Advertising on podcasts means you have less competition with other media, helping your message cut through the clutter.
If podcast marketing seems confusing or intimidating, partnering with an experienced media partner like Soundrise can clear up any uncertainty and help your marketing efforts thrive. Podcasting is a growing medium with uniquely high levels of engagement that has proven to generate strong marketing results. However, the sheer number of podcasts available (more than 3 million) can make choosing which ones to leverage intimidating.
Working with a company like Soundrise that has experience forming effective partnerships between brands and audiences can help you get a return on your investment and reach the right target consumers to achieve your business goals.