Podcasting is an engaging medium and the recent advancements in podcast analytics are confirming what many have thought —it’ll be a cornerstone tactic in any relevant marketing strategy for advisors and fincos for many years to come.
Here are some of the most important podcast stats you should pay attention to.
There were 550,000 podcasts as of June 2018
There are 750,000 podcasts as of June 2019
There are over 30 million episodes as of June 2019
Podcasting is here to stay. Podcasting has experienced steady growth for many years now. It’s become a safe marketing tactic and is slowly but surely taking its rightful place as a part of powerful marketing strategies.
While 750,000 podcasts and 30 million episodes are big numbers, podcasting truly is unsaturated at this point, especially financial podcasts.
49% of podcast listeners tune in at home
22% of podcast listeners tune in from their car
Where people listen to podcasts is a game-changing marketing breakthrough for businesses and, specifically, financial firms and professionals. Imagine having the opportunity to talk and share ideas with your ideal audience while they are sitting in their living room, walking their dog, or cooking dinner. Your favorite client fully immersed in listening to you.
Advisors have spent years and lots of money vying for the attention of their ideal audience. It’s never been easier. It’s never been more appropriate that the most valuable advisors with the best communication skills now have a distinct advantage over their less experienced or less comprehensive peers. You can’t fake a podcast. It’s proof that you are the expert your marketing says you are. Your podcast is proof that you get your ideal audience.
80% of podcast listeners listen to ALL or MOST of the podcast
Over 80% of podcast listeners are listening to most of the podcast. Even though they could easily turn off or move on without the social pressure that’s so evident in live seminars or webinars, podcast listeners keep listening on their terms and, for the most part, are prepared and happy to listen to most of each podcast episode. This is just one more validated reasoning that supports the podcast marketing enthusiast and their (our) push for better financial marketing.
47.9% of podcast listeners also follow the podcaster on social media
I wouldn’t say this stat is surprising or earth-shattering, but it points to the power of podcasting’s dynamic nature; podcasts are perfect social content. Podcasting provides what social engagers want — rich, authentic content. Research shows that LinkedIn is by far the best place for professional-content engagement: LinkedIn users are 11 times more likely to engage professional content than users of any other social network.
41.3% of podcast listeners have made a purchase as a result of a sponsored message
There is a small percentage of financial podcasters I’ve worked with that aspire to having a revenue-producing podcast. Regardless of the current podcast revenue model, it’s good to hear that sponsors are seeing podcasts’ advertising activity.
Podcast ad revenue as of 2016 was $119 million
Podcast ad revenue as of 2017 was $314 million
Podcast ad revenue as of 2018 was $402 million
Projected to be $659 million in 2020
It can’t hurt that sponsors are lining up to spend money on podcast advertising to engage these audiences. This trend certainly expands the opportunities for advisors as they build their podcast audience and expected outcomes.
70% of Americans are familiar with podcasting, and 50% have listened to a podcast
Do you remember back when investors didn’t necessarily research advisors’ websites? I predict podcasts will be almost as important as a website within the next five years. As podcasts become more accepted, they will be heeded for their credibility and easygoing nature. The cost of doing business will soon have to include having your own financial podcast. And guess what, the best time to start a podcast was four to five years ago. The second best time is today.
Podcast listeners are 45% more likely to earn $250,000+ income
This stat confirms what most advisors want to hear: that podcast listeners are higher-income earners. This generally means that listeners are also more educated and probably more willing to look for and accept professional advice. It’s yet another positive for podcasting being part of your financial marketing strategy.
In summary, podcasting is an incredible medium for advisors that is unsaturated, brings your voice into your clients’ and prospects’ worlds, captivates a high-earning listenership, is ideal content for a LinkedIn audience, and shows no signs of slowing down in popularity. Podcasts are a boom that is only getting louder. Now the question is — are you ready to start podcasting?