Are Brands Increasing Their Podcast Budgets?

By Alison Osborne

In short, the answer is yes. And we’re going to only see budgets continue to either increase or loosen in 2020.

Why is this? Brands are realizing the power behind podcast content and how they can use it for their marketing strategies. 

The doors are beginning to open when it comes to brands understanding the different ways that they can take advantage of podcasting. Podcasts aren’t only beneficial to increase awareness and build a community around your brand, there are numerous other uses for them. We’ve outlined a few key ones below: 

1. Industry Leader/Awareness Podcasts. This is the one that you’re probably most familiar with. Brands can use podcasts to establish themselves as an industry leader on a specific topic that’s relevant to their business. For example, if you’re a mattress company you might have a podcast that’s all about analyzing interesting dreams that people have had. Obviously, you don’t want the podcast to just be a 30-minute infomercial for your brand (no one wants to hear that) so choose a subject matter that’s interesting for listeners but also relevant to your brand. Some of our favourite branded series that we’ve seen created in the last few years include: 

2. Event Podcasts. Event podcasting can be super helpful whether it’s a large scale event like a conference or just a small meetup. For events like conferences, it’s easy for attendees to miss sessions, have a difficult time fully comprehending the information provided, or even want a more in-depth conversation around a speaker’s topic. Podcasts are an easy way to achieve this. Either plug into the conference main stage to record directly from the speaker’s microphone or host a side interview with some key speakers to get more in-depth insights. But whether it’s for a larger or smaller event, podcasts improve attendee engagement, retention and attraction. 

3. Internal Comms. Larger organizations, especially global ones, are realizing the value of podcasting for internal communications. Provide your employees with quick company updates, let them get to know each other through employee features, or keep them in the know with industry news - podcasts can make it easy to communicate all of this information in a quick and convenient format. It’s been proven that productivity can increase by 25% when employees feel more connected and engaged. Yet 74% of employees state that they feel like their missing out on company information and knowing their co-workers. This is where podcasts can come in to save the day. 

4. Sales/Business Development. And lastly, brands can use podcasts as a sales or lead generation tool. Invite guests onto the series that you want to get in front of and start a conversation, it’s a much more organic way to build a relationship rather than a cold outreach. Similarly, you can strengthen relationships that you already have with potential clients or partners by bringing them onto the series to be interviewed. 

Overall, however, you decide to use podcasts as a brand in 2020, we expect to see budgets grow steadily throughout the year whether you already have a podcast or are looking to start one.