Key takeaways:
- The podcast industry is set to grow to 100m unique listeners in Europe by 2027
- From 2025 – 2029, it will grow by $2.55bn making it lucrative for would-be podcasters
- Sponsorship and advertising is an important consideration if you want to monetise your podcast
- Defining your niche and building a robust marketing plan will help your podcast thrive
When you get the urge to start a podcast, your mind is racing with the idea of you gracing the airways with your knowledge, insight and unique angles. For some, the idea of starting a podcast is a fleeting dream. For others, it’s a real money-maker, directly or indirectly.
So, if you’re considering whether starting a podcast for yourself or for your business is the right move, let’s talk about it. Starting off with the most important question: is anyone actually listening?
How popular are podcasts right now?
Turns out, very. And their popularity is only growing. According to Technavio, there are 75 million active monthly podcast listeners in Europe and in the UK, 20% of all adults listen to at least one podcast a week. In less than five years, podcasts have experienced significant growth, a projection which is set to continue throughout the next few years. It’s expected that by 2027, a total of 100 million unique European listeners will be tuning into their favourite podcasts. That represents a $2.55bn revenue growth in the next 4 years.
There are more than 4.5 million podcast shows out there with news and current affairs ranking highest in all genres. That’s followed by comedy, entertainment and talk shows and streamed on platforms including YouTube, Spotify and Apple Podcasts.
So, yes, if you thought podcasts were popular, then you were absolutely right. And now you know just how they’re trending, let’s take a look at how we capitalise on that growth for your business.
What’s the benefit of starting a podcast for you or your business?
Starting a podcast for your business may be a natural evolution for your brand and it might also be the right move from a personal branding standpoint, but it’s important to note that it won’t work for everyone. If you’ve got a unique talking point, business niche or area of expertise that you want to share with the world, then you could see a good return on your podcast.
Creating a podcast allows you to share your in-depth knowledge about your area of expertise, your brand or your chosen topic and, crucially, find new audiences. This can enhance your lead generation and even help you tap into entirely new segments. It’s worth knowing that people within the 25 – 34 age bracket are listening to more podcast hours than any other generation.
Building a consistent podcast also helps to give your brand visibility and create a platform where you can share your authority. It’s a good place to help you leverage yourself as industry experts, whether that’s to new customers, existing ones or potential investors.
But, of course, it’s not always about financial return. Engaging with your audience builds your brand perception and just gets people understanding who you are a little bit better.
Crucially, your podcast may just help people. Sharing what you know, providing advice through lived experience or your professional qualification can help people get the support they need to improve their lives.
What should you think about before starting a podcast?
Owning a successful podcast is not as simple as sitting in front of a mic. It takes a lot of preparation, planning and editing – all of which will demand your time, if you want to do things right. It can take between 2 – 3 hours of work to produce a 30 minute podcast – maybe longer if you’ve not done it before.
And that time requires not only your money but also continued passion from your side. Do you have the time and energy required to start and grow a podcast alongside your other commitments?
Another consideration will be around monetisation. Podcasts on their own don’t really make money, unless you have a sponsor or advertisements during your episodes. This is an exciting opportunity for you to consider what kinds of brands and sponsors would suit your podcast and listeners. It will require a little research but could open excellent partnership opportunities that further strengthen your brand perception.
Like anything, market research is a must. With over 4.5 million podcasts out there in the world, you can imagine it’s hard for your audience to wade through the noise. You’ve likely got your own experience of what this feels like. So, how are you going to stand out? Where can your marketing and your podcast strategy showcase that you’re different? Or, if not completely different, that you offer something new to the airwaves? Analyse your competitors, look for opportunities and pursue them.
How to start your podcast
Aside from having the right equipment, a robust marketing plan is a must. You’ll need to:
- Define your why
- Define your audience
- Create a blueprint for your first series, or at least first three episodes
- Decide how you want to promote it
- Create a dedicated schedule for planning, recording and editing
Defining your why will keep you anchored to what your podcast is all about. It will stop you veering too far off course and keep you rooted in the purpose, mission and vision of your brand. It will also help to drive loyalty through engagement and help new followers understand what they’re listening to.
Once you know what you’re going to talk about, get clear on who it is you’re talking to. It doesn’t have to be the same customers that you currently sell to – especially if the aim of your podcast (your ‘why’) is to broaden your audience.
Use both of these and your expertise to plan out your first series. It helps if you’ve got a plan for these episodes not only to keep you on track when recording but also, at a higher level, to understand whether your podcast is coherent and explores the topics you want to in a way that you want to.
Once you’ve got all that down, a big part of seeing the success of your podcast is working out how to market it. What channels will you use and what will you say? This should all feature as part of your wider plan before you begin recording podcast episodes.
So, now you’ve had the lowdown, are you ready to start your brand podcast?
