These days, however, advertisements in these traditional forms of media are facing serious competition. Podcast advertising is the new kid on the block, and advertisers are catching up on it. Not only is advertising on podcasts cheaper as compared to traditional media, they also have proven to reach the right audiences, enable more engagement, and drive sales.
When it comes to television, advertisers pay exorbitant amounts for just 30 seconds of screen time. Even then, their engagement with the audience is way less; people who avoid ads on television are 22% more engaged when listening to an ad on a podcast, as there is a level of emotional attachment to the host, and are even more likely to remember the ad, according to a study by BBC.
Even compared to radio, which many consider as the predecessor to podcasts, advertising on podcasts has been seen to be more profitable. Radio stations follow a strict time table, leaving very less flexibility for the ads to be able to properly engage with and convince their audience. With podcasts, however, the case is different, as the listener is choosing which podcast to listen to, and hence the chances of them buying into the product are much higher.
In print, too, advertisers don’t experience too much flexibility, and their margins to be creative are relatively limited. The biggest disadvantage they face is that they are limited to certain regions, and hence cannot serve larger demographics. Podcasts, however, are also not limited regionally, and so the products they choose to advertise can reach a global audience. Furthermore, in case of print, it is difficult to gauge the interests of the wide audience. With podcasts, however, it is easier to identify the right demographics of the audience, and what kind of products they would be interested in. Hence, serving a niche market.
Out Of Home (OOH) Advertising, is forms of advertising that one can find outside of their homes, such as on billboards, bus stops, metros etc. Not only is it excessively expensive, outdoor advertising is also subject to limitations, such as being ruined by rain or vandalism, as they are physical forms of advertising. Again, because it is an outdoor ad, it needs to be very creative to be able to catch the attention of its users in a short span of time and with as few words as possible. With podcasts, however, the message can be delivered without such considerations, as the ad is integrated into the podcast itself and the listener simply cannot afford to ignore it.
Podcast advertising is gaining traction day-by-day; its possibilities are endless, especially because podcasts in themselves hold the potential to be the most engrossing form of media consumption. They are adaptable, easily accessible, and attractive, due to their ability to serve all sorts of niches. The future for podcast advertising is definitely bright with brands like Paytm, HDFC, Accenture, Juggernaut Books and many others investing in it. Podcasts are here to stay, what role are you going to play?