How to build a profitable podcast.
Podcasting for Startups: Transform Your Growth Strategy with Expert Tips
The number of Americans who listen to podcasts has increased significantly over the last decade. As of 2023, 42% of Americans ages 12 and older have listened to a podcast in the past month, according to The Infinite Dial report by Edison Research. With so much competition dominating the industry coupled with various platforms, however, breaking through can feel like an unbeatable game. Podcasting for startups can be particularly challenging, especially when looking for strategies that will lead to success. From the value of reframing your marketing strategy to accommodate today’s preferences to how going into business with a partner can make a difference, there’s no shortage of ways that a startup can garner success.
Marketing is crucial to success when it comes to podcasting for startups, especially for those aiming to effectively and organically grow their audience. According to Edison Research’s Gen Z Podcast Listener Report, 25% of Gen Z monthly podcast listeners say they first discovered podcasts on social media, with another 19% saying they first heard about podcasts from a social media influencer (or personality) they follow. This places a heavy importance on social media marketing. While creating a page or investing in influencer marketing can sound simple enough, however, posting short clips can be where the real value lies.
Podcasting for startups can be made significantly easier when combining the use of different platforms and content models. Clips, for example, provide a curated and optimal ‘sneak peek’ into a startup’s podcast, without potential listeners having to sit through an hour-long episode. As a marketing strategy, consistently posting clips of podcast highlights on social media platforms like Instagram Reels or TikTok is a proven way to draw in a younger audience. In fact, 76% say they discover podcasts through clips on social media, according to the Gen Z report from Edison Research. If you’re currently an audio-only podcast, uploading the accompanying video onto YouTube can also help expand your audience while catering to such preferences.
In fact, a poll from Morning Consult revealed that nearly a third (32%) of Americans prefer listening to podcasts with video, a statistic that increased by 46% among podcast listeners who listened to a podcast in the last month. Furthermore, Digiday notes that one in three podcast listeners who were polled reported YouTube as their most preferred podcast platform, followed by Spotify and Apple. With the strategy of video for podcasting on the rise, it’s imperative to note that this is a great way to stand out among the competition.
Combining marketing efforts with additional strategies — such as providing additional value for listeners — can make for a smart, simple, and appealing package, both working to draw in new listeners while helping to retain your current audience. “If you have the budget for merchandise, you can announce a merch giveaway on your podcast for listeners who leave a 5-star review within a certain timeframe,” suggests one Entrepreneur article, going on to point out that discounts on future offers or even a simple shoutout can suffice for those who are on a budget. Tools on social platforms like YouTube, such as ‘members only,’ can provide a simple way to offer your viewers more bang for their buck by enabling members to have early access to your content for a price, while other platforms like Patreon can provide extra value in a more flexible way. One simple (and increasingly popular) perk is to provide listeners with the opportunity to become a podcast producer when investing in your podcast, whether you choose to offer a shoutout or provide a credit at the end of each episode.
Consistency will always play an underlying role as a key strategy in terms of podcasting for startups. In fact, data from October of 2023 found that there are 460,080 active podcasts currently on Apple Podcasts. However, almost half have just three (or fewer) episodes. “After hosting and producing more than 15 podcasts, my recommendation to entrepreneurs who are considering starting their own podcast is to be consistent in the publishing of each episode,” notes Dr. Sharon H. Porter of Vision & Purpose LifeStyle Magazine and Media and Forbes Coaches Council member. Porter goes on to stress the importance of consistency, noting it to be one of the “crucial components” of growing your audience. It might take some extra time and preparation, but having a publishing schedule keeps you on track, and banking episodes in advance is very handy for those weeks when technical difficulties or unexpected issues pop up. It means you always have content ready to go, no matter what. This way, you can maintain consistency and avoid the stress of last-minute scrambling when things do not go as planned.
Partnering with another individual (whether an already-established podcaster or someone who has great chemistry as a podcast host) can serve as a great way to provide variety for listeners, whether it be a permanent co-host or a guest co-host. The podcast Two Hot Takes serves as a great example, as the primary host Morgan Absher is routinely joined by a rotating cast of co-hosts or a guest. Two Hot Takes focuses on reading Reddit posts and providing opinions, or ‘takes’ on a variety of dilemmas, highlighting the value of different co-hosts (and guests) that have the potential to bring unique and differing opinions to the podcast. Whether you’re planning to bring on a single co-host or two, doing so can keep things fresh while bringing added value to the content.
In regard to podcasting for startups, a co-host and business partner can bring to light several noteworthy advantages. In addition to refreshing your content and injecting a new voice into episodes, a business partner can provide support while also sharing in the financial burdens that typically come along with a startup (assuming they choose to take on a percentage of the business). A new co-host with a pre-established platform can bring further benefits to the table by driving traffic to your podcast. However, it’s imperative to note that chemistry between co-hosts is vital in order to maintain audience retention. The dynamic of your partnership influences how genuine and relatable your conversations feel to listeners. What this comes down to is that if the co-hosts get along and share a genuine rapport, it creates a lively atmosphere that keeps people coming back for more.
In addition to reframing your marketing strategy and partnering with another individual, elevating your podcasting business with the right business structure for your startup is essential, especially when you’re in the podcasting business with others. Forming an LLC is just one great consideration when podcasting for startups, as a Limited Liability Company will work to protect the personal assets of everyone involved in the event that legal concerns arise. Thankfully, it can be made even easier with the help of a registered agent service, which can help when wading through state paperwork, serving as a registered agent, and providing a digital mailbox for legal documents that are received for your LLC. Startups can use this coupon to save on Northwest Registered Agent, which can help greatly when going about state paperwork in addition to providing annual report reminders and optimal customer support. Enlisting the help of professional and reputable LLC services can not only take the stress out of setting up a podcasting startup but can set you up on the road to success with those who you have chosen to partner with.
Ultimately, podcasting for startups is an incredible opportunity to blend creativity with strategic business practices, which can lead to a successful venture. When you reassess your marketing strategies and tap into popular platforms like social media and video content, you automatically broaden your reach. And when you engage with potential listeners through captivating clips and informative posts, it can pique interest even before they hear a full episode. And remember, incorporating video elements can help you cater to the growing preference for visual content, as many audiences search for more than just audio.
Also, when you join forces with a co-host or another creator, your podcast can reach new heights through the introduction of unique ideas, various viewpoints, and an engaging tone that encourages listeners to stay tuned for more. This type of collaboration enriches the content and also allows for shared responsibilities. And of course, there’s consistency, which needs to remain a cornerstone of podcast success. Committing to a regular publishing schedule will build trust with your listeners and enhance audience retention. When people know when to expect new content, they are far more likely to maintain engagement with your brand. When you focus on innovative marketing strategies, grow partnerships, maintain consistency, and set up solid operational structures, you set yourself on a path to successfully carve out your niche in the podcasting world. Embrace the adventure ahead, and let your passions drive you toward success.
