How to build a profitable podcast.
While podcasting started in early 2004, it wasn't famous until about a decade ago. Since podcasting gained its popularity, it has become worldwide by an affluent and influential demographic.
In a saturated digital environment, podcasting gives businesses, organizations, and marketers the chance to stand out in their industry and drive their targeted audience.
But how then can you stand out? How can you go from a passive listener to an active host?
In this article, we'll be giving you the ultimate guide to the best podcast strategy, what things you need to be talking about in your podcasts, podcast strategy template, and what you can do to get your podcast to rank.
Please go through our last few posts for more information on what a podcast is and how it works, why you should have a podcast, how you can record it and get it up there. But in this post, we'll be touching more on podcasting strategy, the mistakes people make, and the things you can do to go off on the right foot.
First things first, what is a podcast strategy?
Just like anything you do for your business, there should be a clear goal you want your podcast to help you reach.
Simply put, podcast strategy is a way to determine the success of the action you're taking and how your podcast fits into the things you're doing.
Podcast strategy is a framework that will allow you and your business or brand to move forward because you know exactly where you are going.
There is absolutely nothing wrong in picking randomly the topics you'd like your audience to listen to, but the problem is not getting the actual result you hoped for when you started podcasting at first; this is because there is no strategy in place to help you reach your set goals.
However, podcast strategy is a roadmap to setting up your podcast, driving listeners to your podcasts, and converting them into paying clients.
As of 2021, there are more than 2 million podcasts and more than 48 million podcast episodes (Podcast Insights, 2021).
Podcasting is relatively easy, engaging, and affordable. It affords businesses access to a stream of the listener's base.
But in the same vein, podcasting is daunting and a waste of time and effort if a thoughtful podcast strategy never exists.
Let's get started and uncover the best podcast strategy your brand needs to reach the set goals.
As with any marketing effort, starting with a clear business objective and not jumping straight at whatever you want to do is always ideal, and it is a great starting point for a podcast.
Once you define the purposes of the podcast and highlight it, you are on course to strategically planning your podcast. For practical podcasting, there are some steps you should take.
Anyone can follow these steps to ensure they are getting the best results possible from their podcast. They are as follows;
It's imperative that you remember the objectives of your podcast, and as such, keep it decent. Your podcast shouldn't just be about you laughing with your mate throughout the entire podcast.
You need to control the objectives of the podcast at heart and strictly adhere to them. And also, you shouldn't just worry about the quality of the content alone; think about the audio quality.
When we talk about value throughout your podcast, it's making sure that you are offering some kind of value in the podcast content you are making.
Always make sure that your audience is getting something from what you're offering. Irrespective of the industry you are in or what you are doing, you need to show your listeners what you are capable of, and not just that you are creating it for the sake of it. Just think about how you can deliver value through the podcast.
You should make sure you're releasing things according to a schedule, and you are consistent with it. It could be once a week or once in two weeks. The bottom line is that you find a plan that works for you and your business and then stick to it. There is no one saying you have to release 365 episodes in a year, and there's nothing terrible in that; you need to have everything all planned out.
Still, on consistency, the length of episodes is significant. Make sure your audience should know what to expect. It doesn't have to be every single episode that has to be 30 minutes on the dot. If your first episode is 30 minutes, the next one should not be 65 minutes, and other subsequent episodes should be within the duration of the first one.
Another one is the format of the podcast. It's going to feel strange to your audience if your first episode is a kind of an interview, and the next episode, you're just rambling on other stuff for half an hour. So, it is essential to have a format and be consistent with it.
To be authentic, you have to be true to yourself, your business, and ultimately, your audience. When people listen to a podcast, they expect something of good quality.
It doesn't have to be top-notch or a Shakespeare performance. It can be a little bit formal, and you can explore different possibilities and have fun with them. But the bottom line is that you have to be authentic and ensure you do something unique that brings you comfort at the same time.
Authority is also one of the few steps you can take to ensure you get the most out of your podcast.
You need to show that you know what you're talking about most, especially if you are doing the podcast for business purposes. You need to build the trust of your audience, and whether or not the faith is from the calibre of guests you are bringing on board or the quality of your content, you need to express the fact that you have some kind of authority on the specific topic you're discussing.
Whether you're building a new brand or you're trying to modify an existing one, positioning the message you are trying to pass across to your audience will pay off approximately and also long term. This area is where the vision of your podcast and strategy intersect before making any recordings. So, before setting up your equipment for recording, pay close attention to your audience.
Who are you willing to make your podcast(s) for (your target audience), and why do you think they would be interested in your podcast? What problem are you solving, and what makes you different from others doing the same thing in your industry? These are multi-part questions you need to ask yourself before you start recording.
Also, for effective positioning, you need to carve out the name of your podcast, the description, and everything about the show, which also includes the structure of the episodes, your listeners' persona, as they will be the ones to review, subscribe to and promote your podcast to their friends and loved ones. However, positioning revolves around three pillars, and they are as follows;
Podcast marketing is the act of building a strategy for your podcasts and using tactics that are all geared towards growing your audience and increasing awareness.
Growing your podcast doesn't just happen overnight; you can't release an episode or series and expect to be on top of the chart the first week; it takes a significant amount of time.
So, when it comes to growing your podcast, it takes time, dedication, patience, and strategy (which is what we are discussing in this post).
Have you ever considered how your personal growth (motivation, mindset, and meditation) could impact your business success?
The most crucial question a host seeks to answer when planning a show is whom his show will serve. Getting to know your target audience lets you craft content they are going to enjoy. To create a persona for your listener, you need to create a case study. When doing this, it is essential that you note that your listeners might come from different backgrounds.
To create a persona, decide the gender you think will be interested in your content, age, attributes, number of people that fit the profile, and a good description.
While creating a strategy for your podcast, always ensure your content is as good as the format it's delivered. Create a unique structure that works for you, the guests you will be bringing on the show, host(s), marketing, and the production team. You'll also need to decide your show format, frequency, as well as the duration of the show
So speaking of episode format, one of the biggest questions that should be on your mind is whether you'll have guests or not; this will help you decide the structure your podcast will take. Interviews help fill the time on-air quickly, and renowned guests can also help with the marketing experience.
Another thing is whether you want to upload your recordings moving forward or you'd like to make it live so your audiences can interact (although live audiences have a way of increasing the show's energy and, therefore, attracting higher profile guests). You might also want to create segments in the middle of your podcast. Segments like commentary vs news wouldn't be wrong. For best results, you should try out a few different formats in the first few episodes and then improve on it as you move forward based on the review and feedback you get from your audience.
You might also want to try segmenting your show, mapping each episode with minute stamps the way experts do. To make it more professional, you can create a script for your hosts and write out questions for your guests.
You can choose to go with any frequency so far you are consistent with it. Ideally, most podcasts format is weekly, but some podcasts are released daily; others are once every two weeks, while some are released monthly
While deciding on the duration to go for, you should also consider that your audiences also have other things to do, so you should try as much as possible to keep it short and entertaining. However, the most common podcast duration ranges from 10 – 25 minutes. Some daily podcasts may run between 5 minutes, while monthly podcasts on the other end may run between 60 – 90 minutes.
"Over 20 percent of Americans that are more than a decade-old listen to at least one podcast show per month."
Creating a podcast is one thing; getting people to listen to your podcast is another. One of the most effective methods is to research and find platforms where people are hearing from and get your podcast(s) across to them to get listed.
"iTunes, a podcast hosting platform, has over one billion subscribers throughout the world."
Just like humans, Google and other search engines prefer context with content. You can transcribe your podcasts and get them formatted into an article or blog post. So, in addition to hosting your podcast on host sites, you can also promote it by posting the blog or episode summary on social media. While doing that, ensure you use the necessary hashtags.
If you want your shows to generate revenue for you, you might want to monetize them. Although, this largely depends on your podcast's objectives, format, audience, and competition around the industry. A reasonable way to monetize a podcast is to secure advertisers and sponsors.
So, to monetize your podcast, try investing in the startup and host a couple of foundational podcasts before reaching out to sponsors for investments.
Creating a podcast, just like all other content marketing campaigns, doesn't have to be overwhelming, but at the same time, it does require a reasonable investment in time and resources to make things right.
With this podcast strategy template, anyone interested in creating a podcast can successfully create one geared towards the goals and objectives of the brand itself, boost the brand's awareness, and establish lasting relationships with their audience.
However, take advantage of the current increased growth of podcast consumption to build your brand.