Are you looking for a way to increase brand awareness? Ever thought about using audio formats to reach potential customers?
Nearly everyone and their granny have launched a podcast over the last few years.
According to Music Oomph, there are more than 700,000 active podcasts and over 29 million podcast episodes.
It means that there are a lot of choices available to the podcast consumer.
What is interesting based on the research conducted by Music Oomph is that over 51% of Americans have listened to a podcast.
In terms of numbers, you are looking at over 163 million people. This may not come as a surprise to you but 28% of those between 25-34 have listened to a podcast.
Only 6% of the US population are avid podcast fans, which is very interesting. It means that the industry is still in its infancy.
In this post, you will get a better understanding of how you can use podcast advertising to make your brand sticky as well as how much it cost.
Why is Increasing Brand Awareness Important?
Before looking at the importance of brand awareness let's look at a brief definition from a purely objective source.
According to Wikipedia brand awareness is "the extent to which customers are able to recall or recognise a brand."
Let's get practical and look at a few examples of popular companies that have become household names.
I'm going to show you a few images and I just want you to name the brand okay?
I have chosen not to include any logos only items to check out your ability to recognise these brands.
At this point, you probably already guessed which two brands are featured above. If you don't ask for the answers in the comments below.
Why did you recognise these brands? Write down a list of words and feelings that come to mind when you think of each brand?
Do you now understand why it is important to build a brand for your blog or small business?
What is Involved in Creating Brand Awareness?
The first thing you need to understand is the buyer's journey when it comes to the overall picture of marketing.
I may have shared this image before in the past but I will share it again because it will help you see the overall picture.
The awareness level is where any blogger or small business owner spends time making their brand popular in the eyes, hearts and minds of potential buyers.
In the last few years, you may have heard the three-word phrase called know, like and trust.
When it comes to marketing it is up to you to get your prospects to know that you exist.
Over time you can do things for them to like you. For example, doing giveaways, sharing freebies and offering 5-day challenges.
Once they know and like you, it will become a lot easier for them to trust you.
Depending on your offer the period of time to develop the know, like and trust relationship could be minutes or it can take weeks or even months.
Using Content Marketing to Create Brand Awareness
One of the basic and free ways to create brand awareness is by using content marketing.
As I already mentioned a few weeks ago content marketing involves a lot of areas including:
- Social media marketing
- Content curation
- Paid social
- SEO (search engine optimisation)
- Pinterest marketing
As you can see there are many options available that will help you to really develop your brand.
The good news is that the barrier to entry is pretty low and you don't need a huge budget to dip your toe in the water.
However, if you want to get it right the first time and experience awesome results.
If you want to use a more strategic approach then you are better off developing a content strategy.
One of the things that you can include at the awareness stage is podcast advertising.
How to Create a Content Marketing Strategy?
Before taking a look at a few podcast advertising examples let's spend some time looking at the correct process for creating content.
Increasing brand awareness does require a lot of planning and strategy to ensure that you get the required reach.
Many small business owners are under the impression that all you need to do is hire a social media manager to create content and publish it.
Actually what is required is for you to follow a simple plan that is like a cycle.
It starts with research and planning followed by content creation and publishing. Finally, it ends with measure and strategy.
This diagram will help you to understand the process.
As you can see there is a lot that goes into a digital marketing plan especially if you want better results for your business.
Let's pretend that you are interested in podcast advertising and you have done your research.
During the planning phase, you will look at how others have used it and what results they got to help narrow your focus.
What is Podcast Advertising?
If you ever listened to a podcast you might have been interrupted by an advertisement while you were listening to an interesting story.
It is possible as a business to place your advertisement at the beginning, end or in the middle of a podcast recording after the fact.
Essentially, the technology around podcasting is so good that you can insert advertising slots in strategic places in a podcast episode.
As a business, it does require you to be creative and come up with a 30 or 60-second jingle in order to catch the attention of the listener.
Choosing the best podcast programs for your ads should also be taken into consideration if you want to get a good return on your investment.
Let's spend some time looking at what 5 experts have to say about their experience with podcast advertising.
Podcast Advertising - 5 Experts
Rebecca White at Hubspot interviewed 5 experts regarding their experiences with podcast advertising.
Here is an excerpt of what she found out from these 5 companies. It is a summary of what you need to know. I have included a link to the full article below.
- Rather than being a tool for lead generation, podcast advertising is a tool for gaining exposure and brand awareness.
- It's not always about measurable ROI.
- Organic, not scripted, mentions operate the best.
2. Midroll, a company that matches podcasters with advertisers, writes about their advice to advertisers. Here is the key takeaway:
It's wise not to adhere too strictly to a category. Don't assume that comedy audiences aren't also entrepreneurs or that listeners to a sports podcast aren't interested in a comedy special.
You may be surprised at how broad and eclectic your audience tastes and needs are.
- Ads read by the host perform better than scripted, third-party ads placed in the podcast.
- Listeners feel like they are being shouted at with third-party ads.
- Consider producing organic mentions for better results.
- Measurement is the key to determining success in a podcast advertising campaign. Use promo codes, custom links, and post-checkout surveys to track success.
- Be comfortable knowing not every ad will work at first and that using a breadth of shows will need to be tested to figure out what works and what doesn't.
5. A podcast marketer at HubSpot, Balter wrote about his podcast advertising learnings in this post. Plus, I spoke with him about his top podcast advertising strategies. Here are the key takeaways:
- Pre- and post-roll ad spots are generally cheaper than mid-roll and tend to take less time. Most ads have some sort of call-to-action that prompts listeners to go to a specific URL or use a discount code to get a discount.
- Podcast popularity and listenership will only continue to rise and so will the opportunity to connect with people in a new and novel way.
- When sponsoring podcasts, trust the host to deliver a message in their own voice.
- It's better to go for frequency versus reach. Pick a podcast where you can purchase three to five ads versus one ad on a large podcast.
- Podcast listeners are millennials, well educated, and more affluent. You don't need to sponsor the biggest podcasts, you can reach the same people on smaller podcasts.
Podcast Advertising Rates
In terms of the price, you can expect to pay as a business you first need to know that the rates are given in CPM.
Essentially, CPM is the cost per thousand which means for every 1,000 listens or downloads. The industry average is $25 per CPM.
Depending on your chosen podcast this may not be very expensive as you may only have to pay $25 a day.
It is important to consider the size of your budget as well as the expected return on your investment to see if it is a worthwhile venture.
According to Music Oomph, podcasters are 45% more likely to have an annual income of $250,000 which is great news for a business in the B2C space.
Midroll also conducted research where they discovered that 61% of podcast listeners said that they purchased something after hearing a podcast ad.
It is safe to say that at the time of this research the podcast advertising arena is not yet crowded.
It is relatively easy for any business to increase brand awareness using this medium.
One reason this is a very attractive proposition is that consumers of podcasts tend to listen to 6 hours and 37 minutes of episodes every week.
Over 49% of podcast listeners do their listening at home and 22% of listening is done in the car.
When compared with other forms of advertising consumers are 100% engaged in a podcast episode and they have control over their listening experience.
It is a great way to make your brand stand out in that many listeners binge-listen to several podcast episodes.
If you are a blogger or small business owner you may or may not be aware of the importance of creating brand awareness.
In your formative years of business, you may find it difficult to get your potential customers to remember you.
However, as time goes on you will notice that more people will return to your website because of their experience with your brand.
Creating a brand can be difficult if you are not really sure about your why or even have a good understanding of your buyer persona.
Once you get really clear on those it becomes a lot easier to know your brand in more detail.
What has been your experience with increasing brand awareness? Leave your answer in the comments below.
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If you are hoping to increase your brand recognition using SEO then check out this SEO for beginners resource.
Are you a small business owner looking to outsource your social media tasks? Have a look at these social media services.
Want to take advantage of some done-for-you content creation? Check out these services listed here.
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