3 Reasons to Use Podcast Advertising

Podcasts have been around for nearly 20 years, but only recently have gained mass appeal among both audiences and advertisers. With growing audiences, loyal listeners, new targeting advances and reporting options, there has never been a better time to explore podcast advertising.

“The growth of podcasting has brought a massive opportunity for advertisers to reach highly engaged, niche audiences.” – Arica McKinnon, Vice President, Client Consulting at Nielsen.

Not sure if podcast advertising is the right tactic for you and your brand’s bottom line? Here are three reasons that may change your mind.

Reason #1: The audiences are there…and growing

An estimated 120 million Americans listened to podcasts in 2021, with a projected growth to 160 million listeners in 2023. Despite a short flatline in listenership in 2020 due to shortened or non-existant commutes (a highly-popular listening time for the avid podcaster), podcast engagement increased notably this year with no signs of slowing down. Furthermore, according to a survey done by NCS Solutions, 88% of current podcast listeners maintained or increased their listening time over the past year. This increase can be attributed to several factors. Those factors include the return of commuting, increased WOM, new shows for niche audiences, and an influx of influencers developing their own shows to flesh out revenue streams and reach their audiences in a new way.

With this growth trajectory, it is no surprise that advertisers are increasing investment in this lucrative channel. According to IAB, podcast ad revenue in the US increased by 19% in 2020 and is predicted to exceed $3B by 2023. This indicates brands are seeing success with podcast advertising. As follows, competition for reaching these audiences will continue to build over time. Jumping into the pool of opportunity now will allow you to expand your reach and effectiveness.

Reason #2: More options and flexibility

Podcasts have held the attention of highly-engaged, niche audiences for years. Historically, the only option for brands to advertise in this space was to purchase expensive, inflexible and hard-to-measure direct buys. In recent years, however, the growing popularity of podcasts has created a demand for an updated, more flexible and measurable system for reaching these audiences.

The industry recognized this opportunity and began developing alternative ways to monetize it. The result? A programmatic option called dynamic ad insertion (DAI) has now entered the market, making it easier and more affordable to incorporate this tactic into your media mix.

This biddable technology allows for new audience targeting options, including listening habits, geographic region and weather conditions. Due to the nature of podcasting, there are somewhat limited options for targeted demographics. However, as the technology continues to develop, there will likely be more options on the horizon. Don’t let these limits keep you from investigating this tactic as a viable option.

Reason #3: Listeners are ad-friendly

Not only are the audiences growing, they are receptive and responsive to the ads they hear while listening. A recent study on podcast “super listeners” discovered that 48% of listeners pay more attention to podcast ads than any other media and that 71% of those surveyed say they never, rarely, or only sometimes skip the ads they hear while listening. The study also found 54% of respondents are more likely to purchase a product after hearing an ad for it on a podcast, up from 46% in 2019.

There are a few surface-level reasons for this acceptance. Firstly, most podcasting platforms are free to use and audiences understand they trade the ad for the content. Then, there is the fact that most listeners tune in while doing other activities – driving, cleaning, walking, etc. Their hands are not typically free during these activities so they are more likely to listen through the ad. This is unlike many other ad formats that are easy to scroll by or tap the skip button.

The primary reason audiences are receptive and responsive to podcast advertising, however, is trust and authenticity. Listeners often feel like the host is directly speaking to them. Before the introduction of DAIs, hosts read all podcast ads. Because podcasts tend to attract highly engaged, niche audiences, the hosts became their own breed of influencer. They make trusted recommendations to their highly connected listeners. This has set the stage for advertising to natively work its way into the expected user experience. Host-read spots are still the most highly trusted advertising spot in podcasting, but they have conditioned podcast listeners in general to be more receptive to advertising.

Recommendations

With the growing audience sizes, ad-friendly listener behavior and advancing technology options, reaching your ideal audience in the podcast space has become easier than ever. However, the unique channel constraints may require different strategies than what is successful for your brand on other channels. Here are a few recommendations:

  1. Be creative with your targeting strategy. With limited out-of-box options for DAI placements, hyper-targeting will likely lead to overly expensive and minimal scale results. Instead, research the audiences that are already listening to podcasts and find a happy medium between niche and broad. What podcasts would your target audience be listening to and engaging with? Use interest and affinity-based audience insights to inform your targeting strategy.
  2. Consider the user experience when creating ad content. Like with all advertising mediums, your ad will perform better if it blends into the user experience. Podcast listeners are used to more conversational experience, so ads that are organic, informal and relatable perform best.
  3. Experiment with programmatic and traditional direct-buy placements. A podcast whose audience perfectly aligns with your target may be worth the direct ad buy. But also experiment with more flexible DAI purchases to find the most successful shows and targeting combinations for your brand.
  4. Stay on top of technology developments. Be comfortable in these platforms so you can take advantage of the high value podcast audiences before your competitors.

Further Reading:

Enhance Your Marketing Effectiveness with Entrepreneurial Thinking

As a marketer, it is important to be open-minded, forward thinking, and creative. What better representation of these qualities than an entrepreneur? Owning your own business isn’t necessary to have an entrepreneurial mindset. But, understanding the key characteristics of a successful entrepreneur helps improve marketing strategy. This article explains how Coegi encourages an entrepreneurial mindset to promote continuous innovation for employees and clients.

Entrepreneurs have ownership over their brands, so their core values shine through everything they produce. A strong entrepreneur always goes the extra mile to promote their values through their ideas, connections and business ventures. Knowing your core values and how they relate to your brand enables you to be more successful. Your customers will understand the meaning behind your message and your offerings. Coegi’s core values include education, excellence and innovation.

Having a strong sense of core values and how they relate to your brand will enable you as a marketer to be more successful because your customers will understand the meaning behind your message and your offerings.

The entrepreneurial mindset is promoted through internal training and external resources given to clients. We take pride in making our clients digital heroes by providing the necessary resources and knowledge. Creating an atmosphere of continuous learning allows the employees at Coegi to develop stronger strategies with better results.

The value of excellence is something that Coegians strive for everyday. This means our employees give their best effort in any work assignment or project, not allowing for mediocrity in finalized work. This is achieved by taking an entrepreneurial mindset of continuous learning, allowing ourselves to be flexible and open to change based on what the data is telling us or industry trends. We understand there is always room for improvement, so we continuously optimize workflow processes, client strategies, and campaign outcomes. Through these improvements, Coegi creates and promotes an atmosphere driven by innovation.

Innovation within the tech industry changes rapidly. To keep up-to-date on the latest technology and trends, Coegi partners with a highly diversified set of data and platform partners and maintains a cross-department committee to regularly research and review potential new partners to benefit our clients. These three values of education, excellence, and innovation can allow organizations to excel beyond the status quo and think outside the box for new solutions and improved outcomes.

Entrepreneurial mindsets encourage forward thinking and planning for long-term success. Entrepreneurs typically sacrifice a great deal of time and resources to develop a business venture. There is a significant amount of strategic planning involved in this process, because businesses are built to last long-term. As such, Coegi employees put themselves in our clients’ current situation including strengths, weaknesses, opportunities and threats, and offer recommendations for media goals in advertising as well as create a learning agenda based on key measurement metrics. Depending on the overarching business goals of the client, we set key performance indicators to drive the long term growth and success of the business and evolve that strategy as the business grows and evolves.

Overall, having an entrepreneurial mindset is critical for marketing professionals because it helps cultivate long-term success within a business. Promoting core values and competencies of a brand builds credibility and trust among consumers. Analyzing and adapting to market trends allows businesses to be more versatile in their marketing objectives based on the changing needs of their consumers. And finally, long-term planning directly influences the direction of business objectives within a brand or company. Understanding these entrepreneurial competencies will aid any marketer in their overarching goals and ambitions. Start thinking like an entrepreneur to transform your marketing strategy today.

Why an Evergreen Paid Media Strategy is Important

Navigating the paid media landscape can be difficult for advertisers big and small. Making informed decisions on goals, targeting, and budget are challenging but integral aspects of reaching campaign goals. One of those challenging decisions is knowing when to keep campaigns running and when to pause. The first instinct when a campaign is underperforming is to pause or cancel. However, evergreen paid media, even at a lower spend, allows for increased campaign learning. This ultimately leads to long term benefits. Especially with automated campaigns, extended flights allow the platform to optimize towards the best performing audience and provide more insightful data.

Reason #1: The audiences are there…and growing

An estimated 120 million Americans listened to podcasts in 2021, with a projected growth to 160 million listeners in 2023. Despite a short flatline in listenership in 2020 due to shortened or non-existant commutes (a highly-popular listening time for the avid podcaster), podcast engagement increased notably this year with no signs of slowing down. Furthermore, according to a survey done by NCS Solutions, 88% of current podcast listeners maintained or increased their listening time over the past year. This increase can be attributed to several factors. Those factors include the return of commuting, increased WOM, new shows for niche audiences, and an influx of influencers developing their own shows to flesh out revenue streams and reach their audiences in a new way.

With this growth trajectory, it is no surprise that advertisers are increasing investment in this lucrative channel. According to IAB, podcast ad revenue in the US increased by 19% in 2020 and is predicted to exceed $3B by 2023. This indicates brands are seeing success with podcast advertising. As follows, competition for reaching these audiences will continue to build over time. Jumping into the pool of opportunity now will allow you to expand your reach and effectiveness.

Maintain Brand Consistency and Messaging

Users are more likely to trust a brand that they’re familiar with. This isn’t a new concept, yet it’s as true now as it has ever been. Consistently reaching a target audience keeps you in front of potential customers even if they’re not ready to make a decision. But, this doesn’t have to be at the expense of extra budget. Even keeping campaigns active at a much lower spend will keep users engaged and solidify your spot in their consideration set.

When seeking results in the paid media landscape, consistency and optimization is key. Staying in front of a target audience while making changes is more likely to lead to results than stopping campaigns. The best way to improve is to continue to test. Evergreen paid media campaigns are the most effective way to do that.

For more tips on evergreen marketing strategy, watch this quick video.

"Staying in front of a target audience while making changes is more likely to lead to results than pausing or ending campaigns because of poor results."

Matt Prosperi, former Account Strategy Director at Coegi

Key Takeaways

  • Learn and optimize before you cancel under-performing campaigns
  • Extend campaign flights for improved efficiency and platform optimization
  • Maintain consistent momentum to stay top of mind with consumers

What ‘The Coegi Way’ Means to Me

What is ‘The Coegi Way’?

At Coegi, the workplace culture is defined by a set of shared values, also known as ‘The Coegi Way’. ‘The Coegi Way’ emphasizes four core principles that are standard to the everyday practice of attitude, approach, service and culture.

The attitude at Coegi is “hard work beats talent when talent does not work hard.” This means that employees have enthusiastic determination, engage in responsible communication, hold a desire to be the best, and take pride in their workmanship.

The approach at Coegi is “the difference between something good and something great is attention to detail.” Employees drive this approach by having a strong attention to detail, implementing data into projects, delivering beyond client’s expectations, and celebrating achievements.

The service at Coegi is “nobody raves about average.” At Coegi, employees strive to go above and beyond by being transparent with clients, providing quality insights to campaign performance, and optimizing results based on performance, while working collaboratively towards client goals.

The culture at Coegi is “excellence is not a skill, it’s an attitude.” Employees at Coegi carry out this expectation by respecting peers, enjoying coming to work, giving back, and showing ambition

Reason #1: The audiences are there…and growing

An estimated 120 million Americans listened to podcasts in 2021, with a projected growth to 160 million listeners in 2023. Despite a short flatline in listenership in 2020 due to shortened or non-existant commutes (a highly-popular listening time for the avid podcaster), podcast engagement increased notably this year with no signs of slowing down. Furthermore, according to a survey done by NCS Solutions, 88% of current podcast listeners maintained or increased their listening time over the past year. This increase can be attributed to several factors. Those factors include the return of commuting, increased WOM, new shows for niche audiences, and an influx of influencers developing their own shows to flesh out revenue streams and reach their audiences in a new way.

With this growth trajectory, it is no surprise that advertisers are increasing investment in this lucrative channel. According to IAB, podcast ad revenue in the US increased by 19% in 2020 and is predicted to exceed $3B by 2023. This indicates brands are seeing success with podcast advertising. As follows, competition for reaching these audiences will continue to build over time. Jumping into the pool of opportunity now will allow you to expand your reach and effectiveness.

The Coegi Way is more than just a set of principles in my work life. It aligns with my values and reminds me of my motivations and goals on a daily basis.

How it influences my work and outlook at Coegi

My outlook on work has changed since starting at Coegi because of the values they have introduced into my work life. Being surrounded by people who share similar core beliefs and values in my workplace motivates me to be the best version of myself and continue to grow and learn within the industry. Not only do I feel confident in my work strategy and results, but I have a remarkable satisfaction for it as well. I go into work everyday feeling positive about what I am accomplishing and the people around me. I look forward to seeing my future growth at Coegi and in my professional life by carrying out the values of attitude, approach, service and culture.

2022 Consumer Trends: What They Mean For Digital Marketing

Consumer brands must constantly be getting to know their evolving audiences in order to personalize digital messaging and strategy across channels. In the US, “over 3 in 5 consumers say they have changed their shopping routines,” according to a YouGov report. So, CPG brands, it’s time to meet your new customer. Here are some of the key consumer trends for 2022 and how you can tailor your digital strategies to capitalize on them. 

7 Consumer Trends in 2022

  • Customer first approach
  • Brand loyalty risk
  • Omni-channel activation
  • Social commerce dominance
  • B2C to D2C
  • Smart technology adoption
  • Influencer growth

What do these consumer trends mean?

Customer first approach

Putting customers first is no longer an added value proposition, it is an expectation. Household brands are finding unique ways to engage consumers and insert their brand into the consumer’s story. A Netscribes article quotes that brands must, “go beyond the commodity to fuel engagement and advocacy by delivering context-specific interactions at the right junctures of the consumer journey.” 

Takeaway: CPG products can’t be treated as commodities anymore. Build a relationship with customers, no matter what your product is. Prioritize 1st party data through loyalty programs to understand where your customers are and better serve them with a custom experience.

Brand loyalty risk

Consumers are more open to trying new brands and have less stringent loyalty to major household brands. A YouGov.com survey showed 71% of grocery shoppers tried a new brand in 2021. Brand names are losing their power among household products as curious consumers are trying new things and preferences shift towards value, price and convenience. 

Takeaway: Use brand awareness campaigns to reach open, younger audiences who are willing to try something new. Engage current customers through various channels to maintain brand favorability and showcase your brand’s value.

“Adults surveyed anticipate that a year from now, they will be shopping in person and online equally.”

Omni-channel activation

Online and mobile purchases are sharing the limelight with brick and mortar. Verizon’s Look Forward study on consumer trends stated, “Adults surveyed anticipate that a year from now, they will be shopping in person and online equally (42%).” Consumers are split between online and brick and mortar shopping, so retailers have to give both channels equal emphasis and ensure they work together smoothly. With e-commerce numbers steadily rising year over year, more traditional brands and retailers must work rapidly to improve the integration of their online stores with every other customer touchpoint. 

Takeaway: Look at your marketing strategy holistically and build touch points with smart retargeting and customized creative to maintain your customers’ attention from the consideration phase to point of purchase. Blend traditional and digital channels across all funnel phases to be at every key customer touchpoint. 

Social commerce dominance

Social commerce is on the rise with platforms such as  Instagram, TikTok, and Pinterest adding and testing new in-app shopping features. And for good reason. According to the Global Web Index, 37% of users use social media to research products and brands. Enabling a quick and easy shopping experience lets brands engage customers when they are actively thinking about making a purchase.

Takeaway: Explore different features and tools to utilize social commerce, making it as easy as possible for a customer to add your product to their cart. Consider retargeting engaged social audiences from paid or influencer campaigns with shoppable ads and a seamless in-app purchase process.

“Putting customers first is no longer an added value proposition – it is an expectation.”

B2C to D2C

More brands are moving to D2C options cutting out the store entirely and connecting directly with customers. Sales numbers are still insignificant, but will continue to rise as, “20% of consumers aged 18-40 years prefer to buy directly from a brand’s website, as opposed to a marketplace or third-party retailer.” 

Takeaway: Use D2C channels to build a loyal following and speak directly with your customer. Build brand equity and loyalty – not just a Shopify store. Use these direct channels to bring your like-minded customer base together creating a sense of community. 

Smart technology adoption

Expect greater adoption of smart technologies in 2022, including voice technology and virtual/augmented reality. These technologies are being refined and retailers are jumping on board due to the abilities for personalized customer experience. Voice shopping and chatbots particularly stand out. The number of voice shoppers is expected to increase by 55% by 2022 and roughly 91% of internet users interact with a chatbot on a daily basis. 

Takeaway: Utilize AI machine-learning to customize the customer experience. Use interactive ad formats and promotional activities to engage the customer and gather more meaningful data. For digital campaigns, use AI-models and tools to predict a customer’s likelihood to purchase, and tailor the creative messaging accordingly. If possible, explore voice shopping applications for your product with smart speakers such as Google Echo and Amazon Alexa. 

Influencer growth

Influencer spend and impact is still on the rise. Social platforms are improving ways for influencers to monetize content and work with brands, which helped pave the way for the social commerce trend mentioned above. In 2022, the influencer market is projected to reach up to $15B

Takeaway: Blend influencer marketing into your media mix model to build authenticity and trust in your brand. Use your media agency to help blend influencers into your holistic digital strategy. Also, consider using influencers for bottom funnel campaigns as well as awareness campaigns.

Data Storytelling: How to Act on Analytics

Reason #1: The audiences are there…and growing

An estimated 120 million Americans listened to podcasts in 2021, with a projected growth to 160 million listeners in 2023. Despite a short flatline in listenership in 2020 due to shortened or non-existant commutes (a highly-popular listening time for the avid podcaster), podcast engagement increased notably this year with no signs of slowing down. Furthermore, according to a survey done by NCS Solutions, 88% of current podcast listeners maintained or increased their listening time over the past year. This increase can be attributed to several factors. Those factors include the return of commuting, increased WOM, new shows for niche audiences, and an influx of influencers developing their own shows to flesh out revenue streams and reach their audiences in a new way.

With this growth trajectory, it is no surprise that advertisers are increasing investment in this lucrative channel. According to IAB, podcast ad revenue in the US increased by 19% in 2020 and is predicted to exceed $3B by 2023. This indicates brands are seeing success with podcast advertising. As follows, competition for reaching these audiences will continue to build over time. Jumping into the pool of opportunity now will allow you to expand your reach and effectiveness.

"Your data may hold tremendous amounts of potential value, but not an ounce of value can be created unless insights are uncovered and translated into actions or business outcomes"

Apply: Transform insights into actionable strategies, and repeat. 

Data storytelling provides an opportunity to connect the dots between various media spend across channels and show how they work together to reach your customer when and where it mattered. If done right, it will also show areas that didn’t succeed. Those failures can guide new messaging or creative on particular channels, or the adjustment of certain tactics and spend reallocation. Additionally, it should highlight any gaps between customer touch points and eventual conversion or retention. Lay out clear, actionable steps based on analytic insights to transform your digital marketing strategy.

Refine and Repeat

Marketers create an infinite cycle of improvement through this data feedback loop. The digital ecosystem is constantly in flux. New platforms, privacy laws, consumer behavior and more, creating twists and turns in the media landscape. This process is never perfect. But, by using performance marketing data to tell your brand story, you can ensure it is always evolving and being refined. This practice minimizes media waste and allows marketers to make more informed decisions and craft winning strategies.

“Numbers have an important story to tell. They rely on you to give them a clear and convincing voice.” – Stephen Few

If you need help finding the story in your data, Coegi is here to help. Set up a discovery call with our team to explore opportunities for your brand.

Why Short-Form Video is Critical for Your Brand’s Success

Not new, but increasingly important.

While short-form video is not a new tactic, it is becoming increasingly important. Online video consumption has been growing steadily year over year but was propelled by coronavirus and lockdowns. It is predicted that in 2021, the average person will spend 100 minutes per day watching online videos.

The TikTok Effect

TikTok continues to dominate the social media landscape. To keep users on their sites, other platforms are offering similar features. Instagram is a prime example of this with its creation of Reels, a veritable clone of TikTok. The company also announced this year that they are “ no longer a photo-sharing app or a square photo-sharing app” and are pivoting to full-screen video, among other things.

Short-form videos are what consumers want to watch – whether on TikTok, Instagram Reels, YouTube Shorts, or Snapchat Spotlight. The social media giants know this and have shifted their algorithms to prioritize users who utilize these features. Keep in mind – each social media platform has different placement options and nuances.

Find Your Hook

Whether you’re using video on organic or paid social media, short-form video increasingly wins the day. One study found that attention spans last an average of eight seconds, so getting your brand and message across in an “elevator pitch” increasingly is becoming the norm. Seventy-three percent of people want to see “entertaining” videos on social media so your content needs to hook consumers immediately.

Reason #1: The audiences are there…and growing

An estimated 120 million Americans listened to podcasts in 2021, with a projected growth to 160 million listeners in 2023. Despite a short flatline in listenership in 2020 due to shortened or non-existant commutes (a highly-popular listening time for the avid podcaster), podcast engagement increased notably this year with no signs of slowing down. Furthermore, according to a survey done by NCS Solutions, 88% of current podcast listeners maintained or increased their listening time over the past year. This increase can be attributed to several factors. Those factors include the return of commuting, increased WOM, new shows for niche audiences, and an influx of influencers developing their own shows to flesh out revenue streams and reach their audiences in a new way.

With this growth trajectory, it is no surprise that advertisers are increasing investment in this lucrative channel. According to IAB, podcast ad revenue in the US increased by 19% in 2020 and is predicted to exceed $3B by 2023. This indicates brands are seeing success with podcast advertising. As follows, competition for reaching these audiences will continue to build over time. Jumping into the pool of opportunity now will allow you to expand your reach and effectiveness.

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