It happens to all of us—we’re listening to a kickass podcast episode from another business and we have an epiphany…
Why don’t I do this?!
Been there done that (so much so that we have 2 podcasts). Podcasts are a great—really, really great—way to reach your customers, show your expertise, and create more content that builds a relationship between your customers and your business.
We’re all for podcasts, but that doesn’t mean every business necessarily needs one. Some industries work perfectly for podcasts while others might be a huge miss.
Before you spend time and money on creating the ultimate podcast studio and reaching your audience, ask yourself these 5 questions.
#1: Will Your Podcast Help You Reach More Customers?
Just like with any type of content you’re thinking about creating you want to make sure it’s something your customers even want. While a huge majority of consumers are interested in listening to podcasts, the question is—are they interested in a podcast from you?
If you feel like they are… then that’s a green light to move forward to the next question. If you’re already wondering if they would be, it doesn’t mean you can’t create a podcast. You just may need to get creative on the traditional model.
For example, Macy’s could host a podcast where they have a famous fashionista interview other famous people in the fashion industry. While their consumer isn’t going to be overly excited for a podcast on the backend of Macy’s business model, they’ll definitely be interested to hear from fashion leaders. Don’t be afraid to get creative!
#2: Can You Show Your Expertise Via Podcast?
For most businesses the answer to this question is yes, but for a select few this might be a bit harder. We’re not mosaic painting experts, but it might be hard to showcase your expertise as an artist using only words (we’re definitely open to being proved wrong here though ).
To make sure a podcast is right for your business, you want to figure out how you’re going to be able to showcase your expertise within each episode. For example, that could be by interviewing experts, talking solo about industry topics, or even explaining how you’ve been doing something that others in your niche would want to do as well. These are all ways to show your expertise.
#3: Can You Tie Your Podcast Back to Your Product?
At the end of the podcasting day, your podcast has to serve a purpose. More than likely, that purpose is to create awareness around your products. When you’re thinking of creating a podcast, you need to think of the end goal. If you want to increase sales, what does your podcast need to be about that would tie perfectly back to your product?
#4: Can You Commit to Sticking to It And Being Consistent?
Sporadic podcast uploads don’t drive a huge subscribership. Just like other mediums of content (blogs, videos, social media posts, etc.) you can’t just hit publish once every few weeks. You’ll need a schedule to show people that you’re consistent and they can expect to hear from you every day, week, two weeks, etc.
Tell your subscribers, listeners and everyone else what days they can expect to get your newest episode and build an editorial calendar around it. Create a podcast schedule and make sure you stick to it!
#5: What Would Be the Best Possible ROI from Your Podcast, and Can You Get That With Less of an Investment?
And the most important question of all—is podcasting worth the investment for your business? This a tough metric to nail down as podcasting is generally pretty difficult to pinpoint conversions through. But, you can look at the time and money investment it will take to start and maintain your podcast and ask yourself, “Could we put this money elsewhere and get a better return on our investment?”
For example, let’s say you’re willing to put $1,000 towards your podcast but you’ve also never run social media ads. A business owner might ask themselves if they should hold off on the podcast and put their $1,000 into social media ads so they could get a clear ROI. Once their ads are converting, then they can decide if now is a better time to start a podcast.
Podcasting can have a great ROI on your business, especially in the first few stages of the Customer Value Journey. But, that doesn’t mean it’s the best move (right now!) for all businesses.
Use these 5 questions to confidently choose, or not choose, to start your podcast.