Does My Business Need a Podcast?

There has been a lot of talk lately about businesses having their own podcast. So the question is, should you do it? Nine times out of ten, the answer is yes. Forbes did an article back in 2018 titled “7 Reasons Why Your Business Needs A Podcast (It’s Easier Than You Think!)”. Let’s look at some of the reasons they gave back then and see if they still apply today.

The first point that they cover is that your prospects (potential customers) are listening. According to the research firm Bredin, more than ⅓ of SMBs listen to podcasts and 65% of them listen weekly. They go on to say that “listenership increases with company size” and “70-72% of owners of businesses with 100 to 500 employees are tuning in”. This is an incredible listener base and possible lead generator.

Another big point that is covered is the ability to attract high-quality customers and deal with “churn (clients who fail to stick around)”. It is exhausting for a business to continue to find new business owners. There is plenty of research out there that shows that it is significantly cheaper to retain a customer than find a new one (the same goes for employees). Podcasts give your customers or clients a reason to continue to be close with your business. They are able to learn more about your products or services and, if done properly, can continue to draw their interest for future business.

One of the greatest things about podcasts is that they are able to fit into anyone’s schedule. The majority of people listen on a mobile device. As such they are able to listen in car rides, commutes to work, and even at work in some cases. It’s not always convenient to watch videos, but listening to audio is substantially easier.

Podcasts can also generate revenue for your business. Now, we want to be honest about the expectations. The majority of podcasts do not bring in millions of dollars in advertising dollars for sponsorships. However, if you are diligent and focus on the appropriate market you can bring in some extra income for your business. If your podcast audience is focused in your local community there are opportunities for sponsorships from local businesses.

In our minds, the biggest reason is that it is fun. It is always exciting to share what you are passionate about. If you love what you do it comes across in your voice and the podcast. People will want to listen and engage. We have all heard speakers, professors, or teachers that hate their job. They are hard to listen to if they hate their topic or job. However, we have all also had those that are super excited and passionate and it shows. You can’t help but hang on to their every word.

In the end, it’s your choice whether this is something to pursue. But looking at the facts and the potential gain, we think it’s a no-brainer.

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