In 2024, podcasts are at peak popularity on audio streaming platforms like Spotify, Apple Podcasts, and Google Podcasts. Millions of people are listening to their favorite podcasts every day. This has become a popular way for businesses and influencers to reach their target audiences.
As of the latest research, 42% of Americans 12 and older have listened to a podcast in the past month, reported by Edison Research. Nearly half of the population is listening to podcasts at least monthly. This statistic, along with other similar studies, has people wondering, “Should I start a podcast?”
In this article, we will dive into the world of podcasting with a critical look at the decision-making process and explore key considerations behind starting a podcast. Additionally, we will address common concerns and provide valuable insights to help you make an informed choice on whether launching a podcast aligns with your marketing goals.
The History of Podcasts
First, let’s take a look at the history of podcasts and some data about listeners in today’s era.
When did podcasting begin? Well, it all started in 2003 when software engineer Dave Winer created an audio RSS feed for Christopher Lydon, a former The New York Times reporter and public radio host. Lydon used the RSS feed to share audio content from notable interviews with his blog audience.
Since then, podcasting has evolved into what it is today and has gained tremendous popularity over the past two decades.
Here are some quick stats on podcasts:
- Over 464 million people listen to podcasts worldwide. This number is projected to reach 504.9 million by the end of 2024. (Backlinko.com)
- As of February 2024, there were 3.2 million active podcasts.(Explodingtopics.com)
- Podcasting isn’t only popular in the United States. In fact, Sweden and Norway are in the lead with the largest number of monthly listeners by percentage of internet users. (Backlinko.com)
- The Joe Rogan Experience podcast is the number one most popular podcast in the United States. (Spotify.com) This podcast host has seen huge success over the years and continues to remain on top of the charts.
With podcasts’ popularity not slowing down anytime soon, you may be wondering if it would be wise to start your own podcast. In the next section, we will walk you through some of the considerations to make when deciding whether or not to start a podcast.
Should I Start a Podcast? Key Considerations
Starting a podcast is a serious undertaking for a business and shouldn’t be taken lightly. Take the time to ask yourself and your marketing team the following questions to help you discern if podcasting will be beneficial to your business.
Who is your target audience? Are they likely to listen to podcasts?
One of the biggest considerations when deciding whether or not to start a podcast is your target audience. What demographic will your audience fall under? Research whether or not this demographic listens to podcasts, and if they do, find out what they’re listening to the most.
This information can help you decide whether this is the best avenue for reaching your target audience or if another avenue would be more effective.
For example, if you are a beauty and lifestyle brand offering skincare and wellness products, your target audience is likely to be women in their 20s-40s. This demographic is highly engaged in the podcast world, and many women listen to multiple podcasts about health and wellness.
In this case, the target audience is likely to be listening to podcasts relevant to your industry, so it may be worth it to try podcasting. You can build a loyal following of listeners that align with your brand identity.
What does the competition look like in your industry?
You should also consider how saturated the podcast market is in your industry. In the case of the example above, there are many, many health and wellness podcasts geared toward women. The competition is high in this area, but it is mainly saturated with influencers rather than beauty and lifestyle brands.
This means the example brand could stand out from the competition as being different than just another influencer talking about health and wellness products.
What value can you share with your audience?
When considering starting a podcast, you will want to evaluate the value you can bring to your audience. What can you share that your audience can’t get through other podcasts? What unique value proposition will your podcast bring to the table? This is what will make your podcast stand out.
Maybe you are planning on taking a different approach than most others in the podcasting space. Or maybe you are going to speak to a completely difference audience that hasn’t been reached by your competitors. Whatever it may be, ensure you have value to add.
What amount of your marketing budget can you dedicate to a podcast?
Another consideration to make is cost. What percentage of your marketing budget are you able to set aside for this new venture? You will need to allocate funds for podcasting in your marketing budget which may affect your overall strategy.
According to Podcastle, starting a podcast as a hobby can cost anywhere from $100-$350 while starting a business podcast could cost anywhere between $500-$5,000. This will depend on the quality and scale of your podcast equipment and production costs.
Do you have the time to commit to podcasting?
Podcasting takes time and effort on your part. Are you and your team up for the commitment? Are you going to produce the podcast in-house or outsource production? These are questions you must ask yourself before committing to this new business venture.
Podcasting can provide a strong return on investment for your business if you deploy the right strategy and build a loyal audience.
Common Concerns About Starting a Successful Podcast
Now that we’ve gone over some of the top considerations when asking, “Should I start a podcast?” it’s time to address common concerns you may have.
Monetization
There are various ways to monetize a podcast — some of the most popular being sponsorships, advertisements, affiliate marketing, and listener support platforms like Patreon. If you are concerned about the return on investment you’ll see from monetizing your brand’s podcast, consider the traffic it can drive to your website and the sales it can bring to your business.
Production Costs
Many new podcasters worry about production costs and making more than enough to cover them. Production costs can range based on the way you choose to produce your podcast. If you rely on an in-house production team, the costs will be different than if you outsource to other podcast producers.
If recording in-house, you will need equipment such as microphones, laptops, recording and editing software, etc. The audio quality will depend on the equipment and production software you invest in, so make it count. Consider the pros and cons of working in-house vs. outsourcing the production of your podcast and make a cost comparison chart.
Time Commitment
Time commitment truly is what you make it. You can spend as much time or as little time as you would like on a podcast, but remember, the quality will reflect the time you’ve spent. For a high-quality podcast, you should expect to dedicate a good deal of time to making it professional and valuable for listeners.
Burnout
Consistency is key when it comes to podcasting. Some new podcast hosts get overly excited and burn themselves out quickly by posting several new episodes each week. To avoid this, set a posting schedule that works for you and your audience.
Posting an episode once a week or once every two weeks is a good place to start. We also recommend recording a handful of episodes before launching your podcast to ensure you’re able to stay consistent while building your audience.
Building an Audience
A huge concern of those considering starting a podcast is building a loyal audience of listeners. This takes time and marketing efforts to see your audience begin to grow. Marketing your podcast is necessary if you want to get any listeners.
The podcast market is so saturated with hobbyists and professionals alike that you must cut through the noise to find your audience. Share updates on your website and social media to build awareness among your existing customer base. You can even post your podcast episodes on YouTube to extend your reach and find new listeners.
You should have an active social media presence in which you can share episode titles and show notes to stir up excitement and engagement from podcast listeners.
Overall, starting a podcast is hard work; however, it can be well worth it for your business if done strategically. Take these considerations into account when you decide on whether podcasting is the right move for your business.
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