"Is podcast advertising worth it?" If you are an advertiser, you've probably asked yourself this question. With the rise of podcasts as a popular medium for entertainment and information consumption, it's natural to beg the question if you should expand into podcast advertising. In this article, we'll explore several things to consider when exploring advertising for your company on a podcast, including expected costs, conversion rates, and more.
First, let's take a look at some statistics around podcast advertising. According to a study conducted by the Interactive Advertising Bureau (IAB), podcast advertising revenue in the United States alone is projected to reach $4 billion by 2024, which is nearly double the amount from 2022. This is a significant increase from just a few years ago and shows that more and more advertisers are investing in this medium.
One reason is the high engagement level of podcast listeners. Many podcast listeners are highly invested in the content they're consuming and are more likely to pay attention to and engage with ads that are relevant to their interests. In fact, according to Semrush, 60% of podcast listeners have searched for a product or service after hearing an ad on a podcast.
"60% of podcast listeners have searched for a product or service after hearing an ad on a podcast."
Compared to other forms of advertising such as television or radio, podcast advertising can be relatively inexpensive. Advertisers can choose to either do host-read ads, where the host of the podcast reads the ad copy, or produce a pre-recorded spot. Host-read ads are often more effective because the advertiser is able to leverage the relational capital of the host and can cost anywhere from $18 to $50 per thousand listens, while pre-recorded ads can cost around $10 to $25 per thousand listens.
Of course, like any form of advertising, there are no guarantees of success. It's important to carefully consider the audience of the podcast you're considering advertising on and whether they align with your target market. Additionally, tracking and measuring the success of your podcast advertising efforts can be difficult, so it's important to have a solid plan in place to measure conversion rates and ROI.
At the end of the day, podcast advertising can be a highly effective and cost-efficient way to reach your target audience. By carefully considering the audience of the podcast, investing in high-quality ad content, and tracking your results, you can make the most out of your podcast advertising efforts. As the medium continues to grow in popularity, now is the time to explore this exciting new avenue for reaching potential customers.
Ready to give podcast advertising a shot? Reach out today and let’s find the right podcast for your organization.
