Podcasting has become a popular form of content consumption in the UK. As of March 2022, the latest data shows that the number of weekly podcast listeners in the UK has increased to around 20 million, according to research by RAJAR (Radio Joint Audience Research). For brands, podcasting provides a unique opportunity to engage with audiences in a way that traditional marketing methods cannot. Here are four key reasons why podcasting is good for brands in the UK, backed by relevant statistics:
1. Podcasts offer targeted advertising
Podcasts often have a niche topic or audience, allowing brands to reach consumers who are more likely to be interested in their products or services. Price Waterhouse Coopers consultancy has provided figures that indicate a positive outlook for publishers. Based on their analysis, the current UK podcast advertising revenue of £37 million is projected to increase to £64 million by 2025. This represents a 16-fold increase from the £4 million worth of the market in 2016. Brands are recognising the potential of podcast advertising to reach their target audiences, as well as settling in the medium of podcasting to capture the ever growing audience base.
2. Podcasts provide an opportunity for storytelling
Podcasts are an excellent medium for storytelling, which can help brands build a more personal connection with their audience. By sharing their brand story or discussing their products or services in a conversational manner, brands can create a more relatable and engaging experience for listeners. This is supported with a study by Triton Digital and Edison Research, which found that 63% of UK podcast listeners said that they feel more connected to a brand after hearing its advertising on a podcast.
A more recent study by Midroll Media, a podcast advertising company, and Nielsen, found that 54% of UK podcast listeners are more likely to consider purchasing products or services advertised on a podcast. This highlights the effectiveness of podcast advertising in driving consumer behaviour and reinforces the potential for brands to connect with their audience through podcasting. Additionally, a study by Acast, a podcast hosting and advertising platform, found that 75% of UK podcast listeners feel that podcast advertising is a good way for brands to reach them, further emphasising the positive impact that podcasts can have on a brand's relationship with its audience.
3. Podcasts offer a captive audience
Podcast listeners in the UK are highly engaged with the medium, with 94% of listeners consuming most or all of each episode they listen to, according to the same study by Triton Digital and Edison Research. This means that brands have a captive audience that is more likely to pay attention to their message. Furthermore, podcasts are often consumed during activities where traditional marketing methods are not viable, such as while commuting or exercising. This means that brands have the opportunity to reach consumers in a less competitive environment.
4. Podcasts are a cost-effective marketing tool
Podcasting can be a cost-effective marketing tool for brands. While production costs can vary depending on the level of production quality and resources required, podcasts have a lower barrier to entry than other forms of content creation. Additionally, as podcasts continue to grow in popularity, more affordable options for advertising and sponsorship are becoming available. A report by IAB UK showed that 86% of brands are planning to spend more on podcast advertising, indicating that the medium is becoming a more popular choice for marketers.
In addition to being a cost-effective marketing tool, podcasts also offer unique benefits that can help brands reach and engage with their target audience in a meaningful way. For example, podcast listeners are often highly engaged and loyal, and they tend to be receptive to branded content that is relevant and valuable to them. This can make podcast advertising and sponsorships more effective than other forms of advertising.
Furthermore, podcasts can provide brands with a platform to showcase their expertise and thought leadership in a particular industry or niche. By creating informative and engaging content that resonates with their target audience, brands can establish themselves as trusted authorities and build stronger relationships with their customers.
In conclusion, podcasting is a highly effective marketing tool for brands in the UK. With targeted advertising, a platform for storytelling, a captive audience, and a cost-effective marketing channel, podcasts provide a unique opportunity for brands to connect with their audience in a meaningful and engaging way. As podcasting continues to grow in popularity, it is clear that brands who incorporate this medium into their marketing strategy stand to benefit greatly. Whether it's through advertising or creating their own branded podcast, brands can use this medium to create a lasting impression on their audience, build brand awareness and customer loyalty.
Have you been considering launching a podcast for your brand? Send us a message and we would be delighted to have a conversation to help you share your brand's unique story.