28 May 2020

Podcasts can take you to grow and succeed in the digital world!

A podcast is an audio show that is typically hosted by an individual or a business or a brand. This is growing by leaps and bounds now.
Image Source : consulting.us

The new era
Everyone loves to hear stories and a podcast makes this easily possible. The framework of a podcast can be any format but the most common one is the interview format. People share all their experiences in a podcast which then becomes viral if promoted well.

Minimum Investment, Maximmum Revenue
The new world makes it possible for minimum investment with excellent CAGR (Compound annual growth rate. Although they have around for over a decade, only in recent years have they acquired the financial infrastructure and network structures to turn them into big business. As per PwC’s Global Entertainment & Media Outlook 2018-2022, podcast ad revenues will grow at a 29.7% CAGR to $1.6 billion in 2022

Format and procedure
1 Essentially, a podcast takes after a chat show and presents the entire conversation in an audio format alone. Industry leaders, influencers, and other notable personalities invite their peers on podcasts and talk about relevant topics and issues. The conversations are fun, spontaneous, and casual. They are also very endearing and personable.

The guests on these podcasts share tidbits and anecdotes from both their personal and professional lives. An audience can tune in and listen to such conversations from across the globe and for free. Other popular formats include daily news roundup, reading excerpts of published content or an expert talking directly to the listeners. Some commuters in metro cities enjoy listening to these conversations as an alternative to radio or music

If you are someone who is knowledgeable in any particular industry or niche and if you like to have interesting conversations and ask important questions, you should go ahead and start your very own podcast. Starting a podcast is relatively inexpensive and pretty straightforward. A good microphone and headphones are crucial because the content is entirely in the audio format. This will determine the quality of your podcast and eventually the number of listeners it amasses. You can host your podcast on platforms such as Apple Podcasts, Spotify, Google Podcasts and Anchor.
As podcasts become a popular medium, a lot of businesses and brands are diverting their ad budgets towards this platform. Advertising is a great way to make your podcast profitable. You can partner with brands that appeal to your listeners the most. There is a huge opportunity in the podcasting space and one simply shouldn’t miss out on tapping into this massive segment.

Expert ideas
Here are a few expert ideas to help you hit the numbers you want and reach our goals.
Deron Triff, co-founder of WaitWhat, on marketing our podcast:
  • Create a great audio trailer that gives platforms like Apple Podcast a reason to promote your show.
  • Design a smart campaign with the goal of generating high-quality reviews.
  • Brainstorm and discuss on how brand partners can assist in building the initial audience.
  • Search engine optimize the show transcripts you publish.
  • Barter with top podcasts  on promotional efforts.
  • Devise an amplification strategy that promotes each episode within the first 24 hours of its release.
Bo Jacober, marketing manager performance of Treehouse's Changewave podcast, on producing a good show stated:
  • Listen to your guests. For interview shows, it’s vital to not only come with pre-scripted questions but to allow guests to share the stories they’re passionate about. That makes listeners invested in our shows.
  • Be consistent. You need to nurture your relationship with your audience and let them know they can depend on when you’re going to give them new episodes. Trust is paramount for all audiencces.
  • Promote your show when you appear on other podcasts. We need to support each other and help our audience discover shows they will be passionate about. Promoting other shows on your podcast doesn’t cannibalize audiences – it grows them.
Success stories galore
Popular show formats include talk shows (WTF with Marc Maron, Norm Macdonald Live, Joe Rogan Experience), true crime (Casefile, My Favorite Murder), bad movie reviews (The Flophouse, How Did This Get Made?), history (Hardcore History with Dan Carlin, Presidents Are People Too!), and general interest (Radiolab, This American Life).
The extreme popularity of NPR’s investigative journalism series Serial in 2014 gave the industry a huge amount of listeners and press, and made media buyers take notice, according to PwC's Strategy+Business magazine.According to an Interactive Advertising Bureau (IAB)/PwC report, podcast ad revenues in the US reached $314 million in revenue in 2017, up 86% from the $169 million posted in 2016. Globally, PwC’s E&M Outlook projects podcast ad revenues to reach $650 million in 2018, growing by a robust 29.7% CAGR to $1.6 billion in 2022.
The biggest reason that ad money is moving here is they now have a big enough audience. There are  many touting high-quality content, production values, and strong audience bases.

Tools for publishing

There are many free tools such as Anchor. This is a self publishing platform that lets your record, edit, publish and monetise podcasts. You can use the platform via your web browser as well as through its Android and iOS apps.

To record your podcast Anchor will allow your to use your built-in microphone on your computer or your mobile device which can then be combined with audio clips on your device with the platforms’ editor function, which will also allow you to add additional features like transitions.
Anchor  also hosts the podcast file and allow you to directly publish it onto platforms like Apple Podcast, Spotify, Google Podcast, Overcast etc. from the platform and also provide access to an analytics dashboard after one edits it.
Podomatic is another podcast self publishing platform that allows you to record, host, publish and monetise your podcast from within the platform. The service has a web-based recording solution that will access the builtin microphone or microphones connected to the computer to record the platform. 
Audacity,  is a free an open source audio cross platform, audio recording and editing tool. Though free, Audacity  has most of the multi-track editing features and functions found in most paid tools. This is truly great audio tool for any podcaster.
There are many others too of course and this does keep growing. 

Indian Podcasts

In India, Varun Vummidi, of Stars & Startups, discusses entrepreneurship, technology, product, business & Startups.He focusses on Indian startup founders, investors and the best operators in the business world. From wellness to solar energy everyone is here.

This is how the world of startups is also growing more and more all over the world.

This is a new area so there is a lot of learning to do, The opportunities too are many. We need to just login to this new world and work passionately to become success stories. This is surely possible Students can learn this by creating podcasts themselves and sharing it initially in their group and then promoting it to all. This is doable and achievable. Organisations, including, SMEs too could invest in a podcast campaign to become viral in the internet world. 

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