6 Ways a Podcast Can Grow Your Business
With consumer interest in audio at an all-time high, podcasts provide an extraordinary opportunity for businesses. Businesses in any industry and of all sizes can benefit from having a podcast as podcasts can help improve sales and ramp up online presence, among many other things. To learn more about how a podcast can grown your business, keep on reading!
Community Building
A podcast connects you to who your business is selling to, whether that be your customers, clients, guests, audience, etc. This communication and regular engagement that a podcast allows helps to develop a dedicated community around your business. Having a community around your business means having an audience that is engaged and ready to support you at all times. Not only is this loyalty directly beneficial to your business, but it is attractive to other consumers. Podcasts provide an intimate experience as podcasting is like a direct one-on-one conversation with your audience, so you can really build and foster those relationships and that crucial loyalty.
Content Marketing
As a business, creating content is vital. Without content, there is no chance for your business to be discoverable let alone visible online. Content is what makes you relevant and catches the attention of your audience. Also, Google rewards business and brands who create useful content and put those who have active and engaged communities on the top of search results. Podcasts are valuable content that help to build community and trust and they can be repurposed in many different ways (ie. transcripts, show notes, blog articles) to create more opportunities for value delivery.
Authority Building
As a business, you have some kind of expertise, meaning podcasting about a topic you know a lot about will display your expertise. This display builds your authority and credibility, turning you into an industry expert, which can open up other opportunities, such as partnerships, speaking gigs, collaborations, etc. Additionally, if you are regarded as an industry expert, it is far more likely that people will buy from you than someone they’ve never heard of before.
Networking
Networking is always beneficial. While networking should be a constant priority, a podcast can provide further opportunities for networking. Podcast events and interviews (both you inviting guests on your podcast and appearing as a guest on others' podcasts) are extraordinary networking opportunities that can result from podcasting. However, just the general involvement in the podcast community alone may open you up to more opportunities, such as partnerships, press, collaborations, and more. You never know what can result from networking and having a podcast for your business is just another spectacular talking point on top of your expertise.
Traffic Generation
It can be tricky to reach new audiences, even if you have a website and are active on social media. Podcasts can help build brand awareness and drive traffic by allowing you to reach new audiences worldwide. So, instead of you solely relying on you seeking new audiences, new audiences can find you. And, it's important to note that since podcasts are free for listeners and all listening requires is a mobile device or computer, there’s an incredibly low barrier for consumption. This means your podcast is easily accessible to lots of audiences across the globe.
Revenue Stream
There are many ways to monetize your podcast, including sponsorships, affiliate marketing, and premium content, meaning having a podcast for your business can open up a new revenue stream. While you have to work on your podcast a bit before monetization is realistic, once the avenue opens up, you can actually generate some substantial revenue from your podcast. It's worth noting that you should not start a podcast expecting to make money from it, but down the road, there is definitely a possibility to increase sales and revenue across the board.
For more information on monetization, see this article.
With all that said, podcasting is truly a tool that you can use to build your business. So, if you're thinking, despite all these benefits, "podcasting just isn't my thing" or "I don't have the skills or resources for a podcast," we want to assure you that you can get started podcasting easily and affordably. Then, you can learn about the medium along the way while growing your business. Podcasting is a great tool for any business, but, in particular, if you have a small or local business without an existing online presence, a podcast may just be one of the best growth tools for you. So, whatever you do, don't rule out creating a podcast for your business. You may just be shocked at the results. Happy podcasting!
For an organized list of a variety of informational podcast articles on everything from planning and producing to promoting and monetizing, check out our article entitled How to Start a Podcast: What You Need to Know.
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