December 4, 2016

New Study Shows The Power Of Podcasting For Small Business

A ComScore study focusing on podcasting proved to be good news for podcasters and advertising seeking to reach hard-to-reach audiences. In their study commissioned by Wondery, nearly on in five Americans aged 18-49 report listening to podcasts at least once a month, while nearly one in three men 18-34 do so.

Compared to the average consumer, podcast listeners are more likely to have:

  • a college or higher education
  • $100k+ household income
  • be early adopters in multiple categories including movies, electronics and CPG.

Hernan Lopez, Founder & CEO of Wondery commented, “Are you listening? Your hardest-to-reach consumers are.” Wondery has a reason to be excited about these results considering that it is a company focused on creating and curating podcasts and then integrating brands into the mix. Podcasts have often been a hard sell for marketers because they don’t typically generate a huge amount of direct response to offers. It’s much more of a brand play in my opinion.

According to ComScore, one in three podcast listeners expect to increase their podcast consumption over the next six months, following a similar increase in their behavior in the past six months.

Podcasts can be a very effective platform for marketing according to ComScore. The study reports that two-thirds of podcast listeners have engaged in various research and/or purchase related behaviors as a result of advertising exposure from podcasts. Among all forms of advertising on mobile devices, podcasts create the highest improvement in perception. And among all forms of digital advertising, podcast ads are considered the least intrusive.

“It’s clear that we’re in the midst of a new podcasting boom, spurred in large part by improved accessibility via mobile and a tidal wave of rich and compelling content,” said Andrew Lipsman, VP of Marketing & Insights, comScore. “This research provides strong evidence for why this sector is very attractive for advertisers. Not only do podcasts over-index on reaching some of the most valuable and hardest-to-reach audiences, but they also put consumers in a mindset that’s favorable to ad receptivity.”

“In a world of clutter, attention deficit and elusive audiences the work Wondery is doing adds another valuable string to our bow,” said Nick Emery, Global CEO of Mindshare.

“This study underscores the power of the podcast as a vital digital platform for brand advertising,” said Randall Rothenberg, President and CEO, IAB. “We saw marketers and media buyers come out in strong numbers for first IAB Podcast Upfront Showcase. Now, with research showing the medium’s reach and resonance, we anticipate an even bigger turnout for the event later this year.”

“When we hear ‘podcast listeners’ we think of early adopters, passionate consumers, dedicated to deep cultural content; Wondery’s study confirms this view”, added Jim Elms, Global CEO, Initiative Media.

The study also asked about a listeners emotions before and after listening to podcasts. Many said they felt more “connected, intelligent and energized” after listening. The ComScore study was commissioned between March and April of 2016 among over 2,000 respondents in the US aged 18-49.

A study by Nielsen Scarborough released May 23, 2016 also found that podcasting consumption is on the rise. The study reported that the number of adults 18 and older listening to a podcast during the past month has doubled over the previous five years. Five years seems like a long time to only see doubling, but at least it’s not declining.

The Nielsen Scarborough study found that:

  • Podcast listeners are equally male and female
  • The majority (70%) are between the ages of 18-44
  • They are 39% more likely to be single
  • 44% more likely to be a college graduate
  • 33% more likely to be employed in a white collar occupation
  • Have an average household income of $83,700 exceeding the national average by about $12,000

Nielsen stats indicate that they could be good targets for marketers:

With higher average incomes than the general population, podcast listeners are particularly interested in investments and wealth management. More than 65% of podcast listeners have some type of investment, with nearly half participating in a 401K plan. In addition, podcast listeners are 25% more likely to have stocks, 105% more likely to engage in online investing/stock trading and 15% more likely to use a financial planner.

And while podcast listeners are serious about their finances, they are equally serious about giving back to their communities with three-quarters having contributed money to a cause during the past year. Their contributions focus on areas they are passionate about and where they can make an impact on society. These causes’ include education, social programs and arts and culture.

They also are very active:

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