There are many different ways for consumers to gather information these days. And businesses are taking advantage of these drastic changes by advertising products and services using various platforms. But many businesses lack important information concerning podcast advertising rates. Or others just assume these costs are too high for their small companies.
There is an increasing number of people listening to podcasts these days. Approximately 50% of Americans aged 12 years old and above listen to podcasts at least once a week. And businesses are following suit in increasing online advertising campaigns.
Podcast advertising rates vary based on many important factors. Typically, a bigger audience comes with higher podcast advertising rates. Also, the placement of ads in a podcast determines the price as well. It is usually cheaper to place ads at the beginning of a podcast. But considering the variability in podcast advertising rates, there are valuable opportunities present for any sized business.
In the past, television ads and print ads were very popular. After all, there were few alternatives to reach customers. Thanks to the internet, various platforms have been introduced, and one of the most popular is the use of podcasts.
Podcast advertising, over the years, has proven to help businesses obtain excellent results as far as promotion and brand awareness are concerned. Of course, podcast advertising represents a lucrative income for podcasters and an invaluable source of reaching customers for businesses.
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Key Factors That Make Podcast Advertising Work
Just like any form of advertising, there are several key factors you need to consider to ensure your marketing campaigns yield results. For podcast advertising success, trust and high engagement rate are crucial.
Trust is an essential component of podcast advertising. Unlike TV ads, this way of promoting your brand can create a personal link between your company and your audience. Through the personal recommendation of the host, you can effectively promote your brand and create brand awareness for your target audience in a much simpler way. According to studies, podcast advertising is one of the most affordable and effective marketing methods. And podcast advertising rates are offered cheaper than other forms of media.
To effectively promote your brand, you must find an appropriate that features a high degree of trust and loyalty. One aspect of podcast advertising that makes it so effective is that it is relatively straightforward to identify a podcast that reaches your audience. Podcasts are typically geared toward a specific niche. So this helps in finding the right podcast to deliver your message to the right audience.
And successful podcasters have already established a degree of trust with their audience. A podcaster already has credibility in the eyes of their audience who tune in to every podcast. So having this personality recommend your brand to their audience is an effective promotional technique. After all, people listen to people they trust.
Although traditional ad formats remain effective at reaching customers, they represent a significant investment of resources. And traditional forms of media have a continuing lesser importance in the lives of consumers compared to digital media, which are experiencing explosive growth.
High Engagement Rate
The problem with traditional advertising methods is that they are unable to engage with their potential audience. With podcast advertising, listeners give their full focus on what was recommended or advertised. And research supports the increased value to businesses using podcasts for advertising campaigns. Podcast advertising increases key metrics, including brand awareness, the ability to recall information in the ad, as well as purchase intent.
In today’s digital world, podcasts play a major role when it comes to acquiring information. Besides reading textbooks, people also want to learn through listening.
Obtaining a high engagement rate is possible through podcast listening because their focus isn’t easily shifted, making it a lot easier to attract your target audience. The better the engagement, the easier it is to land sales. And studies support the effectiveness of podcast advertising. 76% of UK podcast listeners reported they acted on a podcast advert.
Factors That Affect Podcast Advertising Rates
When it comes to podcast advertising rates, you must first understand the rules of the game.
Greater Audience Equals Higher Podcast Advertising Rates
The first rule is simple – a larger audience translates into higher podcast advertising rates. This way, the more successful a podcaster is in terms of building his audience, the greater the compensation they can receive. And businesses receive greater exposure when airing their message to a larger audience. So this situation is a win-win arrangement.
One estimate by John Lee Dumas finds that an average 15-second ad costs $18 per 1000 listeners, and a 60-second ad costs $25. So to broadcast your ad on a podcast with 1,000 listeners would cost you $180 for a shorter ad, and $250 for a full minute ad.
Timing is Crucial
Post advertising rates may vary according to time placement. For example, podcast advertising rates might be higher in mid-roll ads compared with ads played at the start of a podcast.
The reason for this is that listeners are more engaged following the introduction. Your audience is settled in and listening, so at this point that they are already ready to receive whatever message you are delivering. When the ad rolls before the show starts, your audience might still be finishing up whatever activity they are currently engaged in and may not be as open to your ad.
Social Media Vs. Podcast Advertising
Of course, social media advertising is still worth giving a shot, but podcast advertising works in a different way. The way this method works might be the best and most appropriate for your business model.
The different podcast advertising rates available these days are effective at reaching your goals of generating quality impressions, increased traffic to your site, a high engagement rate, and increased sales. And there is a podcast available for just about any budget. So this flexibility and value for businesses is one key advantage to podcast advertising rates compared to social media options.
Advertise on the Right Podcast
Just as there are different podcast advertising rates to consider, there are also different podcasts platforms to choose from. A good promotion can only happen when done using the right podcast. Failing to identify which podcast is suitable for your promotional needs might lead to campaign failure. To ensure that you get the best return on your investment, you must be certain which podcast is right for your goals and needs. The right podcast means the right subject matter, the right audience size, and the right tone of voice.
Consider the Size of Audience
When choosing a podcast, think about how many viewers, followers, and listeners it has. A larger sized audience translates to a greater likelihood of achieving greater engagement.
Deciding on a podcast with a higher audience versus advertising more often on a smaller podcast is a difficult decision. Your audience is more likely to recall your information and have greater brand awareness with frequent exposure to your message. But for seasonal promotions, it may be better to target a larger audience for more infrequent exposure. This choice is one that requires skill and careful planning.
Consider the Niche
The closer the podcast aligns with your brand, the more likely its listeners will be attracted by your ad. After all, there is no point in paying for a large audience who is not interested in your products and services. So choose your podcast wisely.
Don’t limit your thinking. Successful advertising tends to think outside the box. In order for ads to impact an audience that listens to hundreds of advertisements a day, you need to be original and not follow what other brands do.
And there might be other niches out there that match your brand that you typically don’t think is a good match. But testing these opportunities can help widen your target audience. For example, a podcast that talks about beauty may also feature in health, women. and lifestyle podcasts.
Choose the Right Image
Lastly, choose a podcast that has an appealing image that can best represent your product. Yes, tone of voice is another essential factor you need to consider when choosing a podcast for your brand. Remember that the audience gains information through listening, so an appropriate voice is absolutely necessary. For example, a husky voice may not be appealing for a brand that promotes health and lifestyle. So, make sure you consider the image of the podcast when choosing where to advertise.
Let the Podcaster Do Their Thing
When it comes to podcast advertising, it is also crucial for a business entity to trust the host in doing the ads and promotion by letting them do the talking. Remember that the host is promoting your brand on your behalf, so show trust and confidence. Don’t worry about losing some autonomy, because at the end of it, you know that the host has the capacity to convey the message to their audience effectively.
So What Podcast Advertising Rates Are Best For Me?
Every business is different. Depending on your industry, resources available, and promotional offering, the choice of podcast will differ. There really is no one size fits all answer to finding the best podcast advertising rates for your business.
Podcast advertising rates depend largely on the size of the audience. When choosing the right podcast for your business, consider your budget and average listeners of the podcast carefully. If you can afford a bigger audience, go for it! But keep in mind that bigger doesn’t always mean better results.
Be sure to consider the image of the podcast and podcaster, as well as the audience you want to reach. Then search out the podcast advertising rates that work best for your needs.