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Of the many marketing and other growth tactics that can juice a business’s bottom line, podcasting might not be the first that comes to mind. But even a cursory glance at the numbers makes plain that it can be an engine for very real growth.
After all, as an entrepreneur/owner, you are highly likely to bring real-world expertise to your niche — have unique knowledge and perspectives that can provide both entertainment and helpful insights to an audience—and so generate additional awareness and sales.
A large and engaged audience
Pew Research from 2023 reveals that a remarkable 43% of Americans aged 12 and up listen to podcasts on a monthly basis. Statista, meanwhile, projects the number of monthly U.S. listeners to exceed 100 million by the end of 2024 and 110 million by 2029. And perhaps even more important than the size of this audience is the level of engagement this media sector commands—especially when it comes to response to ads. Research from Spotify reveals that a stunning 81% of podcast listeners take action after hearing a host-read ad, while 52% report being more trusting of advertisers endorsed by a podcast host.
And, if you’re not comfortable with the idea of starting your own show, being a sponsor also pays off. By advertising on a podcast, you gain access to a highly engaged audience that’s more likely to act than if it was exposed to your marketing through other channels.
Related: 5 Reasons Why Brands Should Think About Creating a Podcast
Connections that lead to action
While podcasts can provide a sizable boost to those advertising on them, the impact is materially greater when a business actually produces a show, in part because hosts can be some of the most influential figures in listeners’ lives. According to research from Marketing Charts, 68% of listeners feel they have a deep connection with preferred podcast hosts. They are also more likely to say that podcasters (as opposed to social media influencers, for example) have changed their mind on subjects. In fact, 75% of listeners say hosts are their most influential media figures (far outpacing celebrities in other media sectors).
Sharing your voice and experiences in this way — week after week — helps audiences feel connected on a personal level in a way that simply isn’t possible with other forms of advertising. For example, according to a case study from Tamra Andress, whose The Messenger Movement podcast now counts more than 450 episodes and ranks in the top 0.3% globally in business and faith shows in this sector, resulting generated leads propelled her business to six-figure revenue in 2021, and double each year after that. She also cites loyal listeners as a contributing factor to her book, The Joy-full Entrepreneur: Principles, Power, Presence: Insider Secrets on Blending Faith with Business, (F.I.T. Press, 2022), which hit the number-one mark on both Amazon and Barnes & Noble best-seller lists.
Related: 7 Steps to Grow Your Podcast Audience Faster
Using the platform successfully
One of the greatest advantages of podcasting is that it offers multiple avenues for increasing a bottom line, but to achieve maximum results, a sound strategy is mandatory, including carefully considering what type of content will be of greatest interest and value. Use connections to find experts whom you can interview to bring unique insights, and always be mindful of the kinds of perspectives and knowledge that only you can share.
Next, content needs to be produced consistently. A once-per-week cadence is well suited for many brands, as it allows time to prepare between each show, while becoming a regular part of listeners’ routines.
By combining consistency and engagement, you build authority within a niche—can transform from relative unknown to being regarded as a legitimate expert—often simply by interacting with the right guests. Ideally, these people will bring their own built-in audiences, many of whom will stick around and listen to future episodes. And statistics have amply proven that such new listeners are more likely to share your podcast with others in their circle.
Related: 5 Questions That Separate a Successful Podcast From a Failed One
Sitting down in front of a microphone to share your story, advice or thoughts on industry trends can be intimidating at first. But as so many other entrepreneurs have experienced, a strong podcast can be a gateway to exposing a brand to new audiences who might never have discovered it otherwise.
Put in the time and effort to produce quality, and the results will follow!