[This article takes a different turn in the Institute’s new interview series with virtual engagement leaders. Being “virtual” can take you down many different paths as we have explored already with virtual conferences, thought-leadership panels, fintech company showcases and large-scale open forums, but podcasting is a whole other realm of engagement opportunity. Podcasting has been exploding in its size, scope and its popularity only being further fueled by our current pandemic and the world’s need for knowledge, guidance and reassurance.
Here are some podcasting statistics:
According to the Listen Notes podcast search engine and database, there are 1,494,824 podcasts and 78,639,019 episodes in the world right now. New podcast creation started jumping in 2017 with 125,162 new podcasts followed by 192,374 in 2018, 304,346 in 2019 and 2020 YTD of 512,452 worldwide. The leading podcast topics are in descending order: society and culture, education, religion and spirituality, business, arts, and comedy.
Podcast Insights—the industry-leading podcast education site—highlights the rapid growth of podcasting pointing to numerous sources that verify that the total number of podcasts was in the 500,000 range in 2018 and there is well over 1 million today. As well, 75% of the U.S. population is now familiar with the term “podcasting,” up from 60% in 2017; while 55% of the U.S. population has listened to at least one podcast, up from 40% in 2017. Monthly podcast consumers recently crested over 100 million Americans for the first time. Statistics show that podcast listeners are affluent, educated, and loyal as they listen to an average of seven shows per week.
To get a practical understanding of how podcasting works and can be an invaluable tool for advisors wanting to add to their virtual reach, the Institute was introduced to Kirk Lowe, co-founder of Top Advisor Marketing (TAM)—a provider of managed expertise marketing services that act as influence and relationship accelerators for financial professionals and firms. Everything TAM does is built around the power of podcasting and helping people who compete in the expertise economy to own their specific expertise, with their specific audience, in their specific region.]
Bill Hortz: With the huge growth happening in podcasting, are there still opportunities for advisors to benefit from the current podcast landscape?
Kirk Lowe: Podcasting is growing with a notable surge in the number of podcasts and listeners but with substantial room still available for new participants. For a more apples-to-apples comparison, there are close to 2 billion websites and 2 billion new blog posts published each year to over 600 billion blogs. Podcasting is not even close to being over-saturated, although I do get asked if it is.
Hortz: What are the statistics telling you about the growth of this market?
Lowe: Americans cannot get enough of business and finance podcasts. Downloads and streams of business and finance podcasts are up 78% week-over-week since the Covid-19 pandemic began, iHeartMedia reports. I do not think there has been a better time for an advisor to start a podcast. As a medium, it is only going to become more influential and more accepted as the stats indicate. It is also an engaging medium and that has to get advisors excited because one of advisors’ greatest challenges in marketing is engagement––helping their ideal audience experience their wisdom and insights. Advisors need to find better ways to communicate and, most importantly, connect with their audience.
A demographic statistic to address comes from Infinite Dial 2020 podcast stats that indicate 12-34yo (48%) and 35-54yo (32%) are the largest listener age groups. However, I do not think this stat should keep advisors with ideal audiences ages 55+ from using a podcast to communicate. The feedback I regularly receive from advisors who have introduced podcasts to people over the age of 55 is that this age group is grateful for the introduction to this medium. It is a whole new world of media for some of them. And once people get hooked on podcasts, they tend to listen often and thoroughly (over 80% listen to all or most of each podcast episode).
Hortz: Why should podcasting be considered as a key virtual engagement strategy for financial advisors? What are some core benefits for a financial firm?
Lowe: There are many reasons for advisors to start podcasting: 1) instant, deep credibility that resonates with your ideal audience; 2) top-of-mind awareness without interrupting your audience; 3) more referrals from clients, prospects and centers-of-Influence; 4) significantly increases your search engine results with original content; 5) expansion of your digital network – even while you sleep; 6) enhances your focus on what you do best and how you create value; 7) attracts clients who you enjoy working with most; 8) positions you as the trusted expert; 9) significantly increases the synergy of your marketing to enhance your ROE (return on effort); and 10) it’s fun.
Hortz: Can you explain what you mean when you say that podcasting can position advisors as a “micro-Influencer” in their regional community?
Lowe: When I first started approaching advisors with the concept of starting their own podcast, many of them immediately jumped to the idea of becoming an “influencer” in their mind. Most advisors were overwhelmed with the thought of becoming an influencer and being compared to famous financial personalities. This either seemed too lofty or not the business model they desired. That is why we invented the concept of “micro-influence”––to help advisors see the practical side of podcasting and the more relevant outcomes to the business they most desire.
A micro-influencer is an expert or firm who owns a specific expertise, for a specific audience, in a specific region. This definition positions podcasting as a more relevant and practical pursuit for advisors. Micro-influence is meant to build the business you want, with the people you best serve, and in a region that makes sense for each advisor or firm. Local advisors offer distinct advantages for investors and this plays right into positioning them as the local expert. Can there be anything more powerful for an advisor who wants to scale their credibility and become an authority in their region for their audience?