We’ve been talking a lot about podcasts over coffee this summer. Meredyth produces The 10-Minute Mentor, an executive management conversation series for Merryck & Co. Tracy regularly consumes Dear Sugars (one of whom is Cheryl Strayed, best known for her memoir Wild), Dinner Party Download (DPD) and The Splendid Table, among others. We muse about what makes a good podcast. Finding women’s voices in the audio stream. The myriad of marketing podcasts that are somewhat lackluster, yet popular. Creating podcasts that offer distinctly different content rather than merely another distribution channel for content. The challenges of marketing and distributing a podcast. The possibility of creating our own PR/Marketing mavens series.
A few facts that inform the deliberation.
With more than 42 million weekly listeners, according to The Infinite Dial 2017, an annual trends report by Edison Research and Triton Digital, podcasts have proven their staying power. In fact, it is their power of connection that makes the medium so effective. The listener chooses the topic that speaks to his or her need for information, education, entertainment or inspiration. Dear Sugars may bring one to tears but the Icebreaker on DPD most always brings a chuckle.
Podcasts also appeal to a wide range of listeners – nearly equal thirds for Ages 18-34, 35-54 and 55 and older. The Edison Triton researchers conclude, “The audience for podcasts continues to be predominately 18-54, and leans slightly male.” If you are considering launching a podcast, understanding your audience is a critical first step to developing content, length, format and frequency.
With today’s smart phone driven culture, it should be no surprise that 81% of subscribers listen on a mobile device. While many download podcasts and listen immediately, 41% download for later and 27% subscribe. Not only are podcasts convenient for on demand consumption, you can multi-task while listening, while driving or working out, for example. Stop. Start. Rewind or fast forward in 15-second increments. Pause and continue later.
One of the most essential findings from the Edison Triton research is that 48% of monthly podcast consumers follow company brands on social media. That number is sure to increase. Podcasts are an opportunity to build your multi-channel content strategy and utilize social media for promotions.
Why podcast? An ROI case study illustrates the business value.
For Merryck & Co., the catalyst for developing a podcast series was a way to build their brand position as a global leader in executive advisory and leadership development. Their unique value proposition is having a cadre of experienced C-suite executives who provide 1-on-1 mentoring services to Fortune 250 senior leaders. We started with an audio storytelling strategy on a topic Merryck knows best: leadership in the age of disruption. By featuring authentic, pragmatic, and thought-provoking conversations between Merryck’s CEO and top business executives, each episode uncovers crucible moments that defined them as leaders.
Whether the discussion dives deep into managing through crisis, leading through transformation, or dealing with activist investors in the boardroom, Merryck has put a content stake in the ground with subject matter experts that have helped countless listeners accelerate their own leadership impact. And the return on the investment speaks volumes. The series has driven a 10X year-over-year increase in web traffic, while the dedicated podcast page of Merryck’s website is consistently one of the top three most visited pages on the site since it first launched last November. Additionally, two new (six-figure) clients who listened to The 10 Minute Mentor were inspired to hire Merryck based on topics that resonated with their current leadership challenges. Another outcome is the increase in executive visibility – not only for Merryck’s CEO, who has doubled his public speaking engagements this year – but a surge in client inquiries for each Merryck mentor who has been featured on a podcast.
By now, if you haven’t considered creating a podcast, it’s time to contemplate this compelling distribution channel for content, brand management and as a potential new revenue driver. It requires skill in audio recording and editing, a vision for how you can advance the conversation in an increasingly crowded space and the ability to engage an audience through dialogue. Sounds easy, right?
As you explore the pros and cons of podcasting, here a few good reads to help develop your business case for the investment.
- Please, Please for the Love of God Do Not Start a Podcast, Ryan Holiday
- The Future of Podcasting is Strong but the Present Needs to Catch Up, Nicolas Quah
- 10 Reasons to Start a Podcast, Leslie Samuel
- Podcasts for PR Pros, Launch Squad
- Top 50 PR, Marketing, Social Media Podcasters to Follow, Cision
As for our coffee chats, perhaps we’ll soon be podcasting to test out our hypothesis that there is space for more women’s perspective on the happenings in our industry. And you can bet we’ll be scouting for more great podcasts.