The attention of the Digitonic office was caught this week by new research that has revealed podcast listeners outspend non-podcast listeners in every area. What’s more, according to the study published by 4DC, millennial listeners outspend their peers by as much as 179%, while 40% of consumers will choose a podcast to listen to if it is associated with a brand that they love.
The study surveyed 3,126 respondents (1,112 non-podcast listeners and 2,014 podcast listeners) about their podcast listening and spending habits. It found that when it comes to in-home purchases, podcast listeners spend 42% more than non-listeners, averaging £399 per month overall.
The research findings strongly demonstrate that podcasts are rapidly becoming a ‘can’t miss’ opportunity for brands to engage with new and existing customers alike. Not only are podcast listeners more likely to part with their income, they are also open to being engaged on this platform by brands. It’s a combination that should be pricking the ears of marketers across the globe!
A growing medium
For those that still remain unconvinced, you only need to dig down further into the podcast market to find a treasure trove of evidence that supports the findings of this latest study.
While Ofcom estimates that over the past five years podcast listening has doubled in the UK, Spotify reports that there was 175% year on year growth in podcast listening globally last year. Indeed, the audio behemoth’s own research suggests that 81% of listeners have either purchased a product online or connected with a brand on social media after hearing audio ads during a podcast.
An engaged audience
An explanation for these staggering – if not downright surprising – rates of positive actions taken by podcast listeners can perhaps be found in the listening habits of podcast audiences. According to 4DC, 93% of listeners who start a podcast will finish it, highlighting how engaged audiences are with the content that is provided to them in the podcasts they choose to listen to.
By tapping into an already captivated audience, brands are far more likely to attract the attention, and earn the trust of, audiences. Both of these factors are critical when it comes to prompting potential customers to take a positive action towards your brand.
A new mobile marketing opportunity
What’s more, it’s estimated that in excess of 75% of podcast listening takes place on a mobile device. This indicates that, as the podcast market grows, this media will be critical for marketers to tap into to reach consumers across a broader range of touch points.
As consumers’ media and content consumption habits continue to evolve it will be critical that brands adapt their marketing practices to ensure that their efforts are delivering results. And on the basis of this evidence it seems that in the future this will mean maximising the potential that podcasts offer.
Digitonic’s recommended podcasts
Reading this research got us thinking about some of our favourite podcasts. Here’s a small selection of one’s that we would recommend.
The DigitalMarketer Podcast
The DigitalMarketer Podcast is a weekly show produced by DigitalMarketer, hosted by Garrett Holmes and Jenna Snavely. Digitonic is a DigitalMarketer certified partner and we find the insights on the latest trends and the interviews with key digital marketing thought leaders invaluable.
Business Lunch with Roland Frasier is a new podcast that is becoming a must-listen-to podcast. Roland gets insanely successful Entrepreneurs to open up to him in a manner that allows listeners to gain incredible insight and learnings.
Hustle and Flowhorts
We heard Matt Wolfe and Joe Fire speak at a marketing event in the States and immediately started listening to their great podcast. Host Stephen Orloske brings you short soundbites from the best of the best including tips, tactics, and wisdom from Hustle & Flowchart.
Our final recommendation moves away from business and instead moves onto one of our favourite hobbies: football. We’re massive sports fans at Digitonic and our friends over at FORE have created the best podcast for football fans called Football Daft. It is unlike any football podcast we have heard. Our CEO listens to it every Thursday driving home from work without fail. Each episode has had him in absolute hysterics. Good balance of football chat, comedy and banter.
On the topic of sport, it’s worth mentioning that Digitonic is planning to launch a cricket podcast in Q4 2019. It will be aimed at delivering value to cricket opt-in community that we have grown and now accounts for over 1,700,000 opt-ins. We believe with this opt-in base of engaged cricket fans that the podcast the team is working on could be one of the most popular global weekly sports podcasts available. More info will follow soon but please do get in touch if you want to learn about sponsorship opportunities.