According to Google, there are about 1 billion blogs for most of the search terms. This means that there is about 1 blog for every 7 people. This is a classic example of information overload.
We live in a quick-fix world, where people are not inclined to read a 1000-1200 words blog post and are looking for a simpler way to gather information.
This means that marketers need to find a new mix to add to their marketing strategy. From this need stems a new way of marketing known as a podcast.
Cambridge dictionary defines a podcast as a radio programme that is stored in a digital form that can be downloaded from the internet and played on a computer or an MP3 player.
Podcasts are an upcoming trend that gained impetus in the lockdown during 2020. Since then it has been observed that the awareness of a podcast has grown to almost 95 million active listeners by the end of 2021 in India. According to KPMG’s report, India is the third-largest podcast listening country in the world.
This translate into a lucrative new opportunity for marketers.
Since radios have entered the Indian market, they have been the top favourite of every Indian as a primary source of information and entertainment. Radio broadcasting which started in 1927 in India has till today been an inevitable part of Indian households. Be it the All India Radio station to the latest FM radio channels; radios have been crucial.
Similarly today the trend is shifting towards podcasts. Marketers have a bundle of advantages if they decide to market through podcasts.
Advantages of Podcasts-
- Podcasts can be started by anyone and need no approval or censorship.
- It can be made engaging entertaining and informative to have a deeper connection with the audience.
- It gives marketers an early mover advantage since podcast audiences are increasing daily and there are fewer players in the market
- Various platforms or production companies are engaged in creating podcasts.
- Podcasts are expected to be valued at INR 17.62 Cr by 2023, growing at a CAGR of 34.5%.
- Low production costs
- Companies like Google and Amazon have developed algorithms and software using Artificial Intelligence and Machine Learning, for contextual targeting which is the hot area of innovation in the podcast industry. Thus enabling the content creators to target their audience effectively.
Investment in technology can fragment & measure the data of actual ad impression, frequency (number of times a listener heard the ad), reach and audience insights (age, gender, device type) to better their content and create a marketing plan around podcast production.
This helps the marketers improve their customer experience, create content specifically for the targeted customer base and optimize their marketing spending. Thus, when evaluating the spend and ROI, podcasts offer more structured and accurate analysis tools.
Podcasts are an innovative way for companies to engage with their audience at a low cost with high measurability as compared to the traditional medium such as radio.
Podcasts, social media, and vlogging are all emerging mediums of marketing & advertising.
Digital marketing is an ocean and the ones willing to and keen to know more must take a look at MITSDE’s Postgraduate Certificate course in Digital Marketing. This course not only talks about the nature and scope of this field but also touches upon the tools and techniques used to succeed in the field of Digital Marketing.