Technology is dynamic. What happens to be the trend today will cease to be a trend tomorrow when it gets replaced by something which aligns with what the people need at that particular time. One such phenomenon that is taking over the world by storm is podcasting. This audio-based communicative platform has brought in a new wave in marketing. In 2019, the global podcasting market was valued at $9.28 billion. It is expected to grow at a compound annual growth rate (CAGR) of 27.5% from 2020 to 2027.
Podcasts are user-friendly and easily accessible. If you want to indulge in a form of entertainment which you can consume with absolutely no hassle, while multitasking, then podcasts are your best friend. It can make the barriers to using technology disappear. You do not have to use your device constantly to indulge in this. While listening to music, it is common practice for us to scroll through our playlists after every song in order to choose the song that we want to play. Since podcasts are long series of audio in an episode format, the need for tapping and swiping has been diminished.
How are podcasts convenient for their dominant audience?
Podcasting presently has a youthful audience and a common denominator with today’s youth is the lack of time. With increasing school work and the necessity for internships and part-time jobs, youngsters today do not have much time to indulge in heavy to consume entertainment. Listening to podcasts is a form of multitasking without actually having to put in any form of effort. Watching web series, films, or consuming another form of digital media such as YouTube require attention from the consumer. People need to have enough time and mental energy in order to look at a screen and process the information. An audio series is extremely versatile this way. You could be commuting, jogging, taking a walk, etcetera, and listening to a podcast simultaneously.
Consumers are gradually moving away from a PC or a desktop setting into a mobile setting. Phones are compact, highly efficient, and do not take up much space. It is a gadget we use throughout the day for our day to day activities. Podcasts have been made available on mobile platforms for this particular reason. Music streaming giant Spotify has its own section for podcasts which requires just a mobile, a pair of headphones, and an internet service. Businesses are making themselves flexible enough to make themselves available on mobile platforms in order to increase the engrossment their audience has with their podcasts.
Personalisation and Informality
Brands create a deeper, more personal connection with their audience via this audio format. Since the human voice is more personal, indulging in a format where a particular topic is being spoken about in great detail, in an informal setting, builds customer loyalty. The brand could be anything, it could be a business or a content creator online but the end result is positively in the favour of both parties. Podcasting promotes the engagement of brands with their audience. In some ways, it is quite similar to the experienced garnered from reading books. Books have always been encouraged because it promotes creativity and the reader can paint his own scenarios while reading a novel. Similarly, with podcasts, the listener is imagining his own production but unlike reading, the listener is getting to do this while multitasking and without having to look at a page or a screen and integrate himself into the medium visually.
Podcasts are particularly easy and inexpensive to set up. However, it is important to have good audio equipment to maximize clarity and minimize noise because even with good content, the audience is not very likely to consume an audio format with poor quality. It can be processed on recording software like Audacity which allows one to edit the audio and clean it. Issues with noise can be handled and fixed in that software.
Focusing on your niche
Any kind of content generally has a niche audience that consumes the highest amount of content. It is crucial for businesses and brands to successfully market themselves to that audience because that is where they gain their highest amount of engagement from. This category of the audience is interested in actually indulging in a long, detailed conversation regarding the particular brand and what it has to offer. Factors such as brand recognition, brand awareness, and customer loyalty can be optimized through this. Detailing and specifications are a great way to make a brand more reliable, trustworthy, and dependable.
Youtubers and their shift towards podcasts
With podcasting turning into a more popular platform, YouTubers and influencers are gradually creating their own podcasts. This in no way states that they are quitting their main format for podcasts but they are simply gathering a different set of audience. The podcast industry also pays more money per thousand impressions compared to YouTube and Instagram. It is also easy to strip the audio out from a video and make a podcast. A testament to podcast popularity would be in the fact that even though it is an easy and convenient platform, people are willing to consume the content provided by podcasts in a visual setting. Podcasters often record themselves hosting the podcast visually for YouTube and it is a popular method. It is the informative, personalized engagement provided by podcasts that act as a magnet for the audience.
Podcasts and their impact on marketing
The podcasting industry is in its embryonic stage when it comes to marketing. It has also acted as one of the best formats for entertainment consumption in commutes. However, the need for commuting has been minimized drastically in the pandemic for obvious reasons and yet, podcasts have not diminished in popularity. It is one of the highest and fastest-growing entertainment formats currently, especially with the increment in Bluetooth audio systems. The industry is not very competitive yet but that is gradually changing. More and more content is being made available by podcasters for its audience to augment its brand marketing and increase its audience. With an easy setup and consumable format, podcasts act as an advantage for brands and consumers alike which is why it is the future of marketing.