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3 Things You Must Know About Podcast Advertising
While Snapchat stocks are falling as investors fear the social media company will fail to attract advertiser dollars in the near future, financial analysts predict annualized gross profits for podcasts to exceed $3 billion in the next three years. It comes as no surprise that a big slice of that $3 billion pie is advertiser dollars. But even with all the hype around podcasts, it’s essential to always keep a healthy level of skepticism. So in the spirit of critical analysis, here are three things you must know about podcast advertising.
Investing in Small Podcasts
As of April 2021, there are over 2 million podcasts with over 48 million episodes ready to stream at the push of a button. And new episodes and shows are added daily. As a result of the industry’s rapid and fragmented expansion, the IAB had to step in to regulate podcast vendors in 2017. That year the IAB defined common language and standardized the metrics involved in measuring a podcast’s market reach. Metrics such as downloads, listens, ad delivery and client-confirmed ad ...
... play were all included. In 2018, the IAB released a certification program to assure investors that the podcast vendors were IAB compliant. So when it comes to advertising for podcasts, be sure to ask your vendor, “are you IAB 2.0 compliant?”
After IAB compliance, you don’t want to miss the little guy when it comes to advertising for podcasts. There’s no doubt that advertising on “The Joe Rogan Experience” is effective for reaching large audiences. But how effective is the conversion rate? It turns out your advertising dollars could be better spent targeting a small, niche podcast with a highly loyal audience. Investing in thousands of high-quality but small podcasts with loyal followings can pay dividends when done correctly. What’s most important is that your hosts align with your brand’s vision.
In the pursuit of reaching a large audience, the last thing you want to do is compromise your company’s authenticity. Invest in podcasts that already align with your brand’s identity, and then trust the host to leverage their influence sincerely. It’s not always easy to hand over creative control to an outsider, but remember that these hosts developed a loyal following for a reason. Give them the reins and let your podcast hosts work their magic.
Hopefully, this short list provided you with greater insight into this emerging and profitable market!
I'm Justin Taylor, podcast marketing consultant, providing info about monetizing a podcast, analytics, promotion ideas and advertising for SME's. You can find my thoughts at podcast guides blog. To know more about how to monetize your podcast, visit this website.
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