U.S. podcasting ad revenues are set to exceed $2 billion by the end of 2023, according to The Internet Advertising Bureau. This article will cover 4 simple steps to help you capitalize and find success in the podcasting market.
- Set up a Successful Podcast
- Find your Target Audience
- Target Advertisers
- Create an Ad Rate List
Set Up a Successful Podcast
Quality is key when setting the foundation of a podcast. Not only quality content within the show but the quality of how the show is recorded is crucial. Building blocks for a successful podcast include:
- Invest in quality recording equipment
- Take the time to get equipment setup properly
- Invest in and learn how to use post-production editing software
Finding and Growing your Target Audience
Approximately 125 Million people listen monthly to podcasts in the US, according to Insider Intelligence. With those numbers, it's crucial to find a way to target listeners for your show. Below are some keys to finding and growing your listening audience:
- Chose a specific Genre, Category, or Topic you want your show to be about
- Invite guests and guest star on other shows that are within your genre
- Create Social Media pages to promote your podcast
- Publish your show on more than one podcasting platform
Target Advertisers
Podcast Advertisements are a win-win for both the company doing the advertising and the podcast itself. Podcasts generate revenue and companies can place their products or services in front of their target audience. Some tips for targeting the right companies are:
- Work on building your podcasts demographics to share with potential advertisers
- Target genre-specific companies that have products or services your audience would be interested in.
- Target companies that you as a host have used and enjoy using
- Reach out to regional companies where your audience is located
Create an Ad Rate List
Creating an Ad Rate List is essentially a menu for companies to choose from to advertise on your show. Having this information readily available gives companies all of the ad opportunities available on the show. Items to include within an Ad Rate List include:
- Time slots for Ads (Pre-Roll, Middle-Roll, Post-Roll)
- Types of ads available (pre-recorded, Video-Ads, Customer Recorded Ads, Etc.)
- Pricing for types of ads and their time slots within the show
- Single Episode or Multi-Episode options
These 4 steps are just a few examples of how to drive revenue for your podcast. The exciting thing about this industry is how new it still is and the opportunity to create new ways to be successful.
