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How podcasts are changing the way people buy!

Uncategorized Mar 03, 2020

How podcasts are changing the way people buy

Podcasts are Changing Purchasing Behavior

Advertising trends generally change from year to year. When audio is predominant one year, video may become the trend for the following year. One of the key reasons for the popularity of audio during the last ten years is podcasts. As the growth of podcasting continues to expand, more individuals will be affected by the content. Advertisers and brands are becoming an important part of the industry. The purchasing behavior of consumers is being changed by new advertising strategies and information.

According to the scientific community, podcasting is addictive due to the images created in the minds of the listeners. People are now dedicating more time to audio. According to research, this trend has increased by 300 percent since 2006. Roughly 73 million Americans are tuning in on a monthly basis. The trend is the beginning of a new technology transition. Part of the popularity is due to the tremendous number of shows available, on-demand streaming services and advancements in technology.

The Popularity of Audio Broadcasts

There is a niche for every viewer, including comedy, fitness, politics, and cooking. Advertising influencers are certain of reaching the targeted audience through podcasting. The most frequent listeners are between 18 and 34, with marketers extremely interested in this demographic. During a recent study, 65 percent of the participants stated they are more likely to consider services and products promoted on an audio broadcast.

In 2017 alone, in excess of $250 million was spent on this type of advertising. Podcasting enables people to connect to modern society. Listeners receive enjoyment from every location, including work, home, in a car, or while taking a walk. Technology seems to disappear through this medium. All the user needs to do is listen. There is no need to click, swipe, or tap. Advertisers are offering consumers not in front of a television a way to click with their brands.

The connection is more personal because the voice creates pictures in the minds of the listeners. The hosts are trusted and passionate experts for specific niches. For this reason, the most preferable ads are read by the hosts. Numerous marketers have turned from social media to audio advertising with relevant, unobtrusive, and authentic messages. The result is amplifying the marketing strategies of the brand.

The Millennial Perspective

Millennials purchase differently, see the world through unique eyes, and are interested in different types of causes than generations of the past. The result is the development of a new approach to news, information, and entertainment. The increase in the number of podcasts has been steady for every demographic since the smartphone and iPhone were introduced in 2007. According to research, the largest group of listeners are millennials between the ages of 18 to 34.

The fact 38 percent of all listeners are millennials provides exceptional potential for marketers. Influencers interested in social media in the past are taking another look at podcasting. The education, purchasing power, and trends of millennials are important considerations. Millennials are changing how audio is consumed. This is having a direct impact influence on podcasting. Whether now or later, millennials are interested in knowledge on their specific terms.

According to research, 34 percent of all millennials are using smartphones for listening to audio. Podcasting offers easy to access knowledge right at the fingertips of the listener. Millennials have become used to having what they desire whenever they want. When this generation is used as either a sub or prime demographic, one of the best possible ways of making a connection is through podcasting. In addition to catering to this demographic, remaining consistent with the release schedule is critical.

The expectations of millennials are high. They will remember when the next podcast is scheduled to be released. The release schedule must be consistent, or podcasters will be subjected to negative feedback. This generation places more value on time than money. The exception is recent graduates with extremely limited means because money is the equivalent of having food to eat. These individuals will not waste valuable time searching for podcasters pertinent to their lives.

The majority of small businesses have podcasting available through social media, specifically to reach this generation. The value of both like and share on Google+, Facebook, Instagram, and Twitter should never be underestimated. Millennials have a lot more trust in friends than advertising. More than 95 percent have said the most credible and trustworthy information source is friends. Advertisers can successfully target this generation through the preferences of their friends.

Advertisers are beginning to realize this is an excellent opportunity to save both time and money. Encouragement should be provided to entice users to share and like advertising content available through podcasting. Some of the best marketing tactics include bonus whitepaper, ungated content, and free giveaways. Ads need to put out the word using the most trusted sources available. Millennials will come to view these sources as trusted information from a friend.

Just because a friend has introduced a friend to specific podcasters does not mean an investment in the brand will be made immediately, or the advertiser will not have to continue working to improve brand awareness. Millennials also take steps to remain in full control of every experience whenever possible such as paying for a Netflix membership to binge-watch a favorite or highly anticipated program or purchasing a music membership to control the way music is used.

By paying a little more money, both of the above types of content can have little or no advertisements included. One of the best benefits of podcasting is the podcaster retains full control over the experience of the listeners. This is in direct correlation to the experience most desired by millennial listeners. Millennials will be willing to listen to ads containing content suiting their needs and desires provided the ads are not too lengthy or played too frequently.

The ultimate goals of every podcaster are fulfilling the needs of the listeners and podcaster's desires. If the podcaster is careful, it may be possible to reach out to the listeners directly to obtain funds. In the eyes of a millennial, one of the key benefits to podcasting is they can listen without traditional ads. In some instances, making a payment for the support of the podcaster, valuable content, and company are considered 100 percent justifiable.

The only thing more desirable than podcasting containing excellent information is when the contents can be backed up through a website posting verifiable facts and data. The other way podcasting is being shaped by millennials is because the information is required to be fact-checked. The program is also available at the discretion of the listener. Millennials are interested in proof, charts, documents, and data for a reference regarding the information revealed by the podcaster.

None of the information is accepted at face value. This must be taken into consideration prior to planning the delivery of the content. Podcasters provide listeners with data and facts essential for delivering the news, a specific message, or making product introductions. The level of trust the listeners are looking for must be continually offered. As time passes, providing the information is what will draw listeners to the podcasting, while ensuring listeners come back for more. The gap between the product or services and the consumer can be filled by the podcaster.

The Power of Influencer Advertising

Influencer advertising is a combination of both new and old tools used for ads. A good example is celebrity endorsements used as the content for driving a modern advertising campaign. The key difference regarding influencer advertising is the campaign results are a combination of the collaboration established between the influencers and the brands. The reason the campaigns are influential is due to the large followings on social platforms and the internet.

An influencer can be many things, such as an Instagram food critic, an expert cybersecurity blogger on Twitter, or a LinkedIn marketing executive. Every industry has influential people. The secret is finding them. Advertisers can recognize them because their fan base ranges from hundreds of thousands to millions. This is the audience advertisers interested in targeting. The approach needs to be considered very carefully, including a budget, plan, and strategy.

The organization is important, and time must be spent conducting research, organization, developing a schedule, and speaking with people as opposed to companies. The advertiser must determine if newsletters or biannual, quarterly, or monthly calls are preferable. Integration is required for the release schedule of the product and the PR schedule. Emails for the key executives should be sent along with planning executive traveling schedules for attending meetings.

When a brand is advertising on a social platform, the identity of the brand is established first. Once the user base started to grown, identifying the champions of the brand was easy. The concept of podcasting is different because the podcaster is responsible for growing the brand through content, information, and verifiable facts. The needs of the listeners must be considered at all times to ensure attention to the brand.

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