Why Podcasting?
Before we discuss why podcasting, let’s first talk about what podcasting is. Here is the definition of podcast according to Dictionary.com: “a digital audio or video file or recording, usually part of a themed series, that can be downloaded from a website to a media player or computer.”
So why should you care?
As best-selling author Seth Godin states, “Podcasting is the new blogging.” While podcasting has been around since 2004, it’s only gained massive traction since 2019.
The number of podcast shows went from approximately 700,000 to 1.5 million during the first few months of COVID-19, with up to 100,000 added each month. At the time of this writing, there are approximately 2.5 million podcasts. Yet only 20 percent of these podcasts are considered active in that they’ve had an episode published in the past 90 days. Furthermore, there are only about 400,000 podcasts that have more than 10 published episodes. (For the latest statistics, check out MyPodcastReviews.com/stats, which is where I obtained these stats).
While podcasting may seem as if it’s getting saturated, keep in mind that there are over 600 million blogs, which means you are 240 times more likely to be found via podcasting than blogging.
Also, podcasting is unlike any other form of content for two big reasons:
Aside from audiobooks, podcasting is the only form of content you can consume while multitasking such as commuting to work, washing the dishes, doing the laundry, mowing, and so forth. Since it doesn’t involve the eyes the way reading a blog or watching a YouTube video does, it appeals to a much wider audience. People will be more inclined to listen to your full show as opposed to skimming through a blog post or only watching 5-minute videos.
Because you can capture someone’s attention for longer periods, and also because you are in their ears close to their brain, it won’t take long for someone to grow to know, like, and trust you. There’s a sense of intimacy involved.
Just like every business needs a website, the day will come when every business should have a podcast. Podcasting is a great front-end funnel method to bring someone into your ecosystem. We’ll discuss this further in the monetization section.
Podcasting has gotten me further faster. Imagine that you want to connect with a well-known entrepreneur. You email or call their office and say, “Hey, can I get an hour of your time?” If you aren’t flat-out ignored, you will get one of two responses: “No” or “Sure, it’ll cost you X for my time,” where X is thousands of dollars. Now imagine you have a podcast catering to their target audience. They are much more likely to say yes. Not only will you then get to talk to them, but it’ll also be at no charge to you.
I have been able to make connections with and interview people I’ve looked up to for years. Just having a podcast got my foot in the door. Once you book interviews with well-known people and build up your interview portfolio, then it gives you credibility and authority, which will allow you to book bigger and bigger guests. In addition to the ability to talk with and interview them for an hour — essentially you are getting a free one-hour consultation with them to ask anything you want — you may connect with them beyond just that podcast episode. You may hit it off and form a friendship of sorts. They may hook you up with other thought leaders in your field. The possibilities are endless. Heck, there is even a podcast hosted by Dave Jackson called Because of My Podcast where podcasters share stories of the things that have happened as a direct, or sometimes indirect, result of their podcast.