Opinions expressed by Entrepreneur contributors are their own.
With over a million podcasts out there, you might be wondering if it’s worth starting one of your own. While it may seem like the podcast ecosystem is saturated, I have seen firsthand that the results they deliver can be incredible.
Let me share with you what I learned while creating my podcast, Mystical Mavericks.
The truth behind the “millions of podcasts” myth
Tracy Hazzard, CEO of Podetize, the company that helps me produce my show, demystified my over-saturation fears. “Based on our research in developing our new PodListR platform, out of the millions of people who ever started a podcast, only 318,000 are actually still active,” Hazzard shared via email. “Unfortunately, the current podfade rate is 87 percent, which means the vast majority of podcasters simply quit producing episodes. The keys to a successful podcast is having the right business strategy and proper expectations, which is why 91% of the hosts on Podetize are still actively producing episodes today. If you simply don’t quit, you’re very likely to succeed.”
Once I realized it was simply a matter of commitment to host a successful show, I felt confident to move forward.
Taking the leap
When I first arrived in the United States as an illegal immigrant with $50 in my pocket and zero ability to speak English, I never imagined I’d connect with so many amazing entrepreneurs via this format.
The first episode of Mystical Mavericks features a “Shark Tank” success story, my second showcases a co-founder from Priceline and the following shows include lessons learned by two world-class podcasters, with over 100M+ downloads, along with multiple best-selling authors and Shark Tank winners.
A lot of time and effort was invested to make this happen and I want to share my experiences to help empower those who may want to start one of their own.
Every time I record an episode, it starts with recording a video. That video goes on YouTube, Facebook groups and my website. I pull images to use on Instagram or LinkedIn, easily overlayed text with advice, insights and offers that serve my community.
The episode is then transcribed and becomes articles, blog posts, and for social media. The audio goes everywhere and I have an instant presence across several platforms with one recording. By interviewing awesome guests, you instantly step into your power of authority and elevate your credibility as an expert in your field. If you make it easy for your guest to share it socially, it can really help accelerate the growth of your show.
Related: Is It Too Late to Start a Podcast for Your Business?
When I ask people to check out an episode, it’s like a lunch date. Your audience wants it to be easy to interact with you and podcasting answers that call. My listeners know when they have a quick commute, or are heading to the gym, they can pop in, get uplifted, add some inspiration to their day and nothing has been interrupted.
When you meet your audience on their terms, you remove the stress of a hard sell or pressure to take immediate action, which often inspires them to do just that. They will genuinely share with their friends which is the best referral you can get.
Have you ever been to an industry mixer where everyone awkwardly exchanges business cards and takes as many free cocktails as they can to make the conversations better? We don’t have to do that anymore. Podcasting lets us network, on air, with heavy hitters from our own industry.
An interview you get to geek out on will go so much further than any forced exchange with a group of people you will probably never talk to again. Podcasting is that upgraded Rolodex we all need to be successful in business.
Related: Thinking of Starting a Podcast? These 5 Tips Can Help.
With homes, automobiles and televisions becoming “smart”, podcast distribution is growing rapidly.
With the popular, work-from-home trend in full swing, podcast consumption will only increase. It’s no wonder that advertisers want to capitalize this captive audience. According to IAB, U.S. Podcast ad revenues grew 19% YoY in 2020 and are set to exceed $2 billion by 2023. By growing a successful podcast, you can attract lucrative sponsorships that are valuable and relevant to your listeners. You can also offer your programs and services without having to be pushy. If brands already understand the value of getting their message across to an ideal audience, shouldn’t you be doing the same?
In today’s world of social media soundbites via TikTok, Instagram Reels and YouTube Shorts, it’s extremely challenging to develop a real connection with the right ears. You might be entertaining, but all is takes is a quick swipe to be forgotten. These channels can be great platforms to create engagement, but how effective are they in building long-term relationships that lead to deals?
Podcasts are the perfect way to permit people to connect with you in a meaningful way and leverage these social platforms. Simply share some short snippets via social, so they will want to subscribe to your show. If you can spark their interest, and create a bond longer than a few minutes, then you can likely convert them into a fan. Followers can learn more about you and the value your company provides.
Podcasting could be that next step that takes you from where you are today to where you want to be. Don’t overthink it. There’s no better time to be seen and heard than right now. Hopefully, you’ll check out the first Mystical Mavericks interview with guest Shark Tank star, Matt Higgins!
Related: I Gained 10 Million TikTok Followers in 1 Year, and You Can, Too
Leave a Reply