Is Now a Good Time to Start a Podcast?
Are you contemplating the idea of starting a podcast in 2024? In a recent live chat, my guest Ashley Morris and I discussed some game-changing reasons why now is the perfect time to dive into the world of podcasting.
In this blog, I'll recap key points Ashley and I discussed to inspire you to start podcasting to support your business.
1. Content for Your Social Channels
Creating content for multiple social media platforms can be overwhelming and time-consuming. A podcast can be your hero content, a long-form piece you can chop up and distribute across different platforms to attract listeners to your podcast (and your work).
Here are a few examples of how podcasters are repurposing their content:
Creating short video or audio clips
Using episode transcripts to create:
blogs and articles
carousel posts
downloadable resources
newsletters
This approach allows you to maintain a robust social media presence without the exhaustive grind of creating individual content for each channel.
2. Tech Advancements and Accessibility
The technology behind podcasting has evolved significantly, making it more accessible for beginners. With user-friendly dashboards and tools like Descript, Spotify, and Riverside fm (to mention just a few), the barrier to entry has lowered, allowing more people to dive into the podcasting space.
A screenshot of me testing Descript software to record and edit video podcast content in January 2024. I was impressed with how beginner-friendly this recording and editing tool is.
3. Rising Podcast Trends
Podcasting is on the rise, and the numbers don't lie. Estimates predict more than 500 million global podcast listeners by the end of 2024. What's even more intriguing is that the competition hasn't risen in proportion. With less than 5% of podcasts being active and consistent, the podcasting landscape remains relatively untapped.
This means that out of the estimated 4.3 million shows, only 720k podcasts have more than ten episodes. Moreover, out of those 720k podcasters, only 156k have a weekly release schedule (Podcastpage, 2024).
4. Monetisation Opportunities
With a range of monetisation options combined with the low competition, now is an excellent time for podcasters to build varied income streams while also using a podcast to keep listeners up-to-date about their latest business offerings. Holly Cope and I discussed setting up varied income streams in our live chat on Five Ways to Monetise A Podcast.
If you're thinking about partnering with sponsors, Ashley emphasised the importance of identifying partners that meet the following three criteria:
high-profit margins
e.g., high profit doesn't necessarily mean expensive. The gap between the cost of their product or service and the price they charge is high.
good cost-per-acquisition
e.g. they invest in marketing their products and services, and this converts into purchases / new clients
a significant lifetime value of clients
e.g. it's not a one-off purchase but a product or service that customers continue to invest in.
Podcasters can maximise their monetisation by aligning with sponsors that meet these criteria. Instead of waiting for sponsors to come to you, approach key decision-makers of companies who meet the three criteria to find sponsors who could be a good fit for your podcast show.
5. Building the Know, Like, Trust Factor
Podcasts are a powerful tool to attract and build relationships with your ideal clients. You can connect with listeners through consistent and authentic communication, earning their trust over time.
It takes on average seven hours of contact time for a client to get to know, like and trust you - something that Daniel Priestley has talked about on social media, like this LinkedIn post. With a podcast, you can create a space where potential and existing clients can spend quality time with you, so they get to know you.
This makes it so much easier to share updates about your products or services in your episodes - your listeners are already warm and want to hear from you!
Reflection
As podcasting gains momentum in 2024, it presents a golden opportunity for experts like you to connect with your audience authentically. Whether you're a beginner or an experienced content creator, the evolving tech landscape and growing interest from sponsors make this an exciting time to venture into podcasting to support your business goals.
Looking for more reasons to start podcasting? Watch this live stream replay.
Thinking about starting your own show?
You're in the right place. We will take your show from concept to final cut and launch with our podcast production packs. Explore our production packs here and get in touch for a tailored quote for your ideal show.
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