Does Having A Podcast Really Deliver Return On Investment?

Can hosting a podcast deliver return on investment?

With many consultancies rapidly pivoting towards digital marketing, podcasts have gone from a niche marketing channel, that only a few industry leaders use, to something that is being more widely adopted by firms big and small.

But as with all new channels and approaches, it can be daunting to take that first step. Particularly when there’s cost associated, and you’ve never done it before.

This is a conversation we’re finding ourselves having a lot recently at Create Engage, and it all boils down to one key question – can hosting our own podcast really deliver return on investment?

Having helped many consulting firms launch their own podcast, we can firmly say yes they do. And perhaps more than you’d ever expect.

Demand and interest in podcasts is growing fast

Podcast popularity has boomed in recent years. According to the latest statistics, there are currently over 850,000 active podcasts and more than 30,000,000 podcast episodes available for listeners around the world. But this isn’t just a surge in the ‘supply side’, it’s as a result of a sustained increase in demand for podcasts. As the latest figures from Spotify show, searches for podcasts on their platform are up 3,233%.

The pandemic hasn’t dented this growing interest either. Prior to the COVID-19, podcasts were synonymous with daily commuters and for listening ‘on-the-go’, but they’ve found a place in the new normal.

90% of listeners routinely listen to episodes from the comfort of their own home, with many listening while doing the cooking or cleaning the house. In fact, the majority actually listen while doing nothing else – meaning the podcast they’re listening to, potentially your podcast, has 100% of their attention!

So how can a podcast help my consultancy?

The biggest benefit of starting your own podcast is that it can help you get in front (or in the ears) of your target clients for a significant period of time. What you do with that time is up to you, but a good podcast can help you in two key ways:

Showcasing your expertise to your audience

All consultancies want to be seen as thought leaders.

A podcast lets you do this in a way that no other marketing channel can. Showcasing your expertise and demonstrating your experience in the industry, in an authentic and engaging way.

By hosting conversations, debates and discussions with industry-leading guests, you will be seen as the go to resource. Giving listeners (and prospective clients) unique insights and access that they can’t get elsewhere. As the source of this insight, your podcast will become a destination for those wanting to build their knowledge in your niche and position you as the ‘go to’ consultancy for support in that area.  

Opening doors to new clients

It’s not just listeners that can become new business leads. Your guests can too.

Asking the CEO of an industry leading organisation to appear on your podcast is a great way to start a conversation and build a relationship with them. Doing so in an authentic, non-salesy way.

This is particularly powerful with senior level buyers who you may have no relationship with or whom you have no ‘legitimate’ reason to speak to.

If you send the CEO of your dream client a request for ‘coffee’, they’re going to ignore you. Ask them to appear as a guest on your podcast and you’re likely to get a very different response.

Once they’ve said yes, the interview will give you a fantastic insight into their current situation and challenges, which lets you better craft your sales proposition should a BD conversation present itself.

It’s worth adding that this isn’t just something we hope will happen or some marketing ‘hype’ that we’ve created. It’s something we’ve seen numerous times for both ourselves and our clients.

Of course, there is much more to setting up and running a podcast, but in short, launching one may be the best thing you do in 2021.

If you’re considering starting your own podcast – and we hope this has convinced you to take the leap – then please get in touch. It could be the game changer your consultancy needs.

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