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Business Owners: Is Podcasting a Good Investment for Your Business?

Podcasting can help spread the word about your business or company, but is it a cost-effective investment to undertake? Podcasting, whether audio or video, requires special equipment which can seem costly when purchasing, but when used wisely, the rewards can definitely outweigh the upfront costs. Due to today’s ever-changing technology, companies who use podcasting as a means of advertising or as an advertising supplement can benefit by reaching customers on the go, abroad or anywhere technology takes them.

The costs of producing a podcast can vary by the podcaster’s requirements. Renting studio time, enlisting the help of a paid production team and distribution outlets can add increased fees to the business’ budget. Even if looking to create, produce and distribute a podcast in a home or company office, some of the basic costs involved include those for purchasing a webcam, digital camera, digital camcorder, computer with microphone and headphones, digital voice recorder, and computer software with sound editing capabilities. While not all of these elements are required, they still can become a possible financial burden on a start-up company or small business.

On a positive note, podcasting provides businesses with the ability to reach a global audience. Unlike mailed flyers and sales copy, podcast listeners have the ability to hear or watch podcasts all over the world. Even if looking to market your business or service to one country, citizens of the targeted country can enjoy podcasts while on international vacations, living abroad or serving in the military at foreign locations. While podcasting does require a hefty up-front investment, businesses can actually save money by eliminating the need to purchase bulk mail permits, printing costs and copywriting/advertising services. Additionally, while traditional mail and advertising services are viewed as more stationary, podcasts can be seen as a directly reaching customer-advertising medium.

If looking to see whether offering podcasting is a wise investment for your business, add up all of the costs involved for your current marketing campaign. Inventory sales based on the success of the present advertising campaign and convert to advertising versus sales ratio. Now implement a podcasting campaign; giving it a trial run. Create an in-house focus group and see which advertising campaign is preferred. Is it the “hard sell” of a traditional advertising campaign or the more “soft sell” of a podcast audio or video broadcast? If successful with the focus group, consider slowly implementing the podcasting campaign in with the already existing advertising and use it as an advertising supplement. Monitor after each quarter to see if the podcasting supplement has been successful. In addition to checking if sales increase, ask for customer feedback and see which campaign the customers prefer. If deciding to change, do not do anything drastic. Make any changes slowly over time, gradually phasing out one form of advertising with another.

Whether your business uses podcasting to replace one method of advertising or as a supplement, with the increased potential of wider customer appeal, more positive word-of-mouth and the potential to generate more company revenue, podcasts are great business planning methods to incorporate new technology with successful advertising campaigns.
 

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