Does Podcast Advertising Really Work?
In the world of audio, there is a silent revolution taking place and that revolution is called podcasting. Only in USA, more than 750,000 different podcasts are now available. Their combined back library has more than 30 million episodes, which can be downloaded and streamed on various podcast platforms, including YouTube, Apple Podcasts, Spotify, and various other podcast applications.
The rapid increase in podcast listening, which has increased by 157 percent since 2014, has been fueled by the widespread availability of smartphones. The ever expanding reach of smartphones will only serve to accelerate the expansion of on-demand audio services further.
Unsurprisingly, advertising expenditure in podcasting is increasing, even though it is still a very tiny advertising industry. Now, podcast advertising valued up to $800 million worldwide, and according to WARC, this figure will quadruple by 2022. By that time, podcast advertising will have accounted for about five percent of total audio advertising expenditure.
There are various ways to delivered ads in podcasts . Specifically, this involves dynamic serving at the time of download and listening, providing marketers with the most incredible targeting options. It contains advertisements woven into the aural fabric of the podcast as an essential component of the content.
How Effective Are Podcast Advertising?
The overall level of engagement with podcast material, including editorial and commercial, is usually very high. Podcast subscribers, downloaders, and listeners consciously decide to subscribe to, download, and listen to podcasts. It is what they want to listen to, when they want to hear it, and where they want to hear it.
According to Nielsen research conducted for podcast advertising company Midroll, podcast advertisements are 4.4 times more successful than display advertisements. Also, listening to podcasts containing advertisements results in an average 10% increase in purchase intent. 61 percent of podcast listeners shows interest in buying, compared to 56 percent of listeners who didn’t hear an advertisement.
Podcast Ads Are Quite Flexible
A successful podcast advertising strategy does not consist of adapting radio advertisements to fit into podcasts. Successful online video advertising involves more than simply adapting television commercials to fit into YouTube or Facebook feeds.
In podcasts, there is a deep and personal connection between podcast listeners and their presenters. Because they have faith in them, advertisements with presenter voiceovers seem considerably more relevant to listeners.
Promo Codes Are Also Very Effective In Podcasting
Each podcast or episode should have its promo code, which can collect detailed show-level data and determine who is more effective at generating sales. Brands may provide a customized promo code on each podcast they advertise to encourage trial, incentivize purchase, or allow bulk sampling initiatives.
A podcast presenter will include references of the promo code in the main content of the show, or they may be promoted via more conventional means such as advertisements and companion unit placement. Ensure that your technology infrastructure supports the capacity to generate and monitor numerous distinct promo codes.
Vanity-tracking URLs are used to monitor the performance of brands attempting to create instant discussions or broad-based attention. Although it has been used for DRTV for decades, this tried and tested direct response measurement strategy. And, it’s just as important today for podcasting as it has been in the past.
When utilizing vanity tracking URLs, one approach to make the transition smoother and to provide a “warm handoff” is to build bespoke landing pages that include references to the referring content, offer, or podcast. These will confirm to the customer that they have arrived at the correct location and create a tiny amount of goodwill by reminding them that your business is supporting their favorite podcasts through your advertising campaigns.
Podcasting Provides An Opportunity To Reach New Audiences
Whether you create your podcast, collaborate with another producer, or appear as a guest, you are increasing your reach. In podcasts, by focusing on topics relevant to target audience, you may connect with listeners who may become prospective clients.
For instance, if you own a yoga clothing company, you could contact a range of podcasts focusing on yoga. You may provide them knowledge in exchange for access to a highly focused audience.
Research The Best Ad Practices Before Advertising On Podcasts
Regarding podcast advertising, advertisers have two primary options: advertising during apparent commercial breaks or during segues in which one of the featured speakers promotes a business. Each has advantages and disadvantages. But, many listeners favor the latter (mid-roll) over the former (pre-roll). That’s because mid-roll advertisements seem more natural and less invasive or forced.
The more likely listeners will actively listen to the advertisement, the more the advertiser will pay. Pre-roll advertisements are usually 25% less expensive than mid-roll advertisements. So, if you’re on a budget or unsure if podcast advertising is appropriate for your business, pre-roll advertisements may be a smart place to start.