8 Ways a Podcast Is Effective At Growing Your Business & Sustainable
Without a doubt, podcasts have been one of the most significant factors in my business growth. As a Digital Marketer, I use different forms of marketing, and podcasting is right up there in terms of value.
Over the last five years, businesses large and small have created shows to increase their reach. But is it useful?
If you're looking to increase your revenue, can a podcast help? Here are seven ways that a well thought out podcast can help you move from 4 figures to 5 or even 6 figures every month.
1. It's excellent TOFU.
We're not talking vegan here. TOFU means Top Of the Funnel, a phrase coined by master digital marketers like Ryan Deiss. It's all about a journey through the Marketing funnel.
By creating and publishing free content, brands can build awareness.
Once they become aware of the business, potential customers will engage with your content.
This then allows you to sell to them, building interest before converting them into a sale.
The goal is to grab as many potential customers as possible in the awareness stage through content.
Content can be anything from blogs, videos, and social media posts. However, podcasting could be just as powerful.
In a recent survey, 64% of businesses believed podcasts were instrumental in the buying journey. So if you're creating your very first content marketing funnel, don't forget to add podcasting to the mix.
2. Podcasting builds your authority.
When a business starts a podcast, the goal is to position themselves as an authority to the listener. That means the content must be relevant and valuable.
If you're in the Web Development space, you'll more likely find engagement talking about web design than flowers.
Authority is critical in today's world, where everyone competes for attention. Customers want to know that the person selling them is their trusted source.
With a catalog of relevant content, your company will see natural growth.
3. Podcasting connects you to your ideal customers.
Who is your ideal customer?
That's the person who will buy your products, stick around for years, and tell others about your stuff.
Ideal customers are out there.
But to get them to pull out their wallets, you have to earn their trust first.
Stats from the Content Marketing Institute show that content marketing increases engagement by 72%. If you know your target audience, you can create content tailored to get their attention and earn their trust.
Podcasts are great as the listeners who find your content are actively looking for that information and are likely to seek you out if you can add value.
Let's go a bit further. Can you invite your ideal customer as a guest on your podcast? Building rapport with a potential client can turn into a lucrative working partnership down the road.
4. It exposes you to new audiences.
We can get our ideal audience, but a podcast can do much more. You can also gain exposure to new audiences around the world.
Those new listeners could be future advocates. Podcasts have the advantage of distribution on multiple platforms when compared to other types of content. So don't hesitate to use Spotify, Stitcher, Podbean, and other repositories.
Quantity of listeners can be as useful to growth as the quality of listeners.
5. It helps you diversify your revenue.
Once the podcast begins building traction, other avenues of earning revenue present themselves.
Of course, you'll have ad revenue and paid sponsorships available.
But you can also collaborate with other brands, do affiliate marketing, or revenue sharing.
Different forms of revenue help your business during lean times or when clients don't renew.
6. Podcasts give you referrals and leads.
My podcast created an unexpected cycle of growth through referrals and leads.
I would invite guests on my podcast to add value to them and my listeners.
Those guests built a rapport with me and began to trust me more, especially when I asked them for other guest suggestions.
Those suggestions turned into more guests, and those guests gave referrals, which are a powerful form of revenue growth. I break down the process in a recent video where've met more than 100 people through guests and referrals on my podcast.
7. It's cost-effective marketing.
Take a look at this Infographic from Demand Metric.
The company found that Content Marketing methods like podcasts cost 62% less than traditional marketing.
Businesses can start a podcast with little upfront investment; about $500 will get you studio quality equipment and hosting.
There's also significant ROI as marketers receive 3 times the leads when compared to traditional marketing.
You can also repurpose your content for added reach. That means less monetary investment in Marketing and more towards business growth like Sales.
8. Drive traffic to your website
A podcast could be the starting point for funneling traffic to your site. Some businesses are dependent on website traffic, and they get a much-needed SEO boost when Google sees a steady flow.
Traffic equals dollars.
That's more sales and more opportunities to sell.
Make sure your podcast has a clear call to action so you can move persons to read more content, stay on your site, and build that trust.
Don't sleep on podcasting for business growth
Podcasts are easy to set up and distribute. You can build a great community, brand, and become an authority in your niche. It also opens up the possibility of revenue growth through collabs and ideas. I've seen exponential growth thanks to my podcasts, and I continue to use the platform to grow not only the podcast but my other products.
Content Marketing is one of the most effective ways to build a brand in today's market. Get your podcast plan together and start today, even if it's with your phone and headset. If you're looking for more help with podcasting, feel free to connect with me.