2021 is just around the corner and now is the time to start thinking about your marketing strategies for the next year if you haven’t already. You might be tempted to advertise on websites or place your marketing budget in physical events to gain new leads, but have you thought about how effective podcast advertising is?
We delve a bit deeper into the stats and share why Podcast advertising is something not to be missed out on in the year ahead.
Podcast growth landscape in 2020
Firstly, we thought we’d touch on just how much podcasts have grown over the course of this year. Yes, 2020 was an unusual digital marketing and sales year with more people spending time at home and remote working getting out to meet and greet new clients and affiliates was a challenge. It’s probably one of the factors that have also spurred podcast growth. A research piece recently concluded by Clartias showed that advertising in podcasts is 158% better than the retention of normal ads?
For this reason alone, advertising in podcasts is a great idea to get your product, agency or program better promoted in 2021.
Let’s look at the Stats
According to the Spring 2020 MIDAS Survey, over 10 million people in the UK listen to a podcast every week. In the US, there were 100 million monthly podcast listeners for the first time according to 2020 Infinite Dial. According to Apple Podcasts data, the number of podcasts is also increasing. If you compare the number of new shows in September 2019 to those in March 2020, there was an increase of 152%.
There was a slight drop right in the middle of the initial lockdown period but as the population adapted to new routines, this returned to normal. With so many people listening to podcasts, the audience is already there for those who are considering advertising.
There are some excellent sports betting and iGaming podcasts that affiliates and brands can use to reach their target audience. Many of these have even launched over the past year. Here are some to consider for advertising:
- Sports Gambling Podcast Network
- Oddschecker Podcast
- You Can Bet on That
What does that really mean?
The Claritas Marketing Insight Report (2020) provides some valuable data that we can use to illustrate further the opportunities that advertising in podcasts can bring to your business.
According to this report, 55% of podcast listeners pay attention to the advertisements in the USA. The report also suggested that 22% of Americans listen to podcasts weekly with 45% of listeners having household incomes of over $250,000 (£185,108).
Claritas also used proprietary lift methodology to analyse the results of over 158 podcast campaigns across various industries. The retail industry had the highest average podcast campaign lift with 79%. B2B reached 77% and Consumer Goods hit 63%.
Within the entertainment industry, the average cost per conversions was calculated at $3.74 (£2.77). Ecommerce had a cost per conversion of $6.03 (£4.47) and B2B had $6.29 (£4.66). These are only averages, of course, and the accurate figures would depend on the audience that the podcast has and its reach.
So? Based on this data we can safely say that it appears:
- People who listen to podcasts have a good earning potential
- They are more likely to retain your brand / contact / sales information
- The numbers are growing as more people tune into podcast channels that grab their attention
- There is not as much competition in podcast space as there is in channels like SEO and PPC
- There is a clear and (under-used) opportunity to test new ways to engage potential new customers or affiliates
Podcast advertising can be much more effective than traditional lead generation methods and the content can be repurposed cross channel as well as within onsite advertising. Allocating some of your time and budget towards investing in partnerships to gain podcast exposure could help you build more effective lead generation vs other traditional channels.
If you’re planning your 2021 budget make sure podcasts are added to the mix and see how this could impact your affiliate recruitment, customer conversion and new lead generation rates.
AffiliateINSIDER is gearing up for recording and producing our next season of The Affiliate Marketing Podcast and we are looking for both sponsors and guest expert speakers to join our production.
If you’d like to appear in our Podcast for 2021, get in touch with Lee-Ann HERE
If you want to see how our Podcasts work and the value it can bring to your business