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Episode 462 of 1000

SPI 462: Everything about Podcast Advertising: Growing Your Business and Making More Money with Podcast Ads with Heather Osgood

Duration: 55:59
#462: The cash flow between advertisers and podcasters recently has been insane — some projections say over $1 billion will be spent on podcast ads in 2021. So where do you start, whether you're someone with their own show or an advertiser with a product or service you want to spread the word about?
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#462: The cash flow between advertisers and podcasters recently has been insane — some projections say over $1 billion will be spent on podcast ads in 2021. So where do you start, whether you're someone with their own show or an advertiser with a product or service you want to spread the word about? If your curiosity is piqued, you're in the right place. Here to help answer your questions about podcast ads — whether you're a podcaster or an advertiser — is Heather Osgood of True Native Media. Podcast advertising is a massive opportunity and Heather has a ton of wisdom to share on the topic. Don't miss this one. Show notes and more at SmartPassiveIncome.com/session462
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art with reaching out to companies to see if they even want to advertise on our show and look like yeah, for sure. So I always recommend that people first start by getting a really clear understanding of their target audience. So who is listening to your show? If you don't know who is listening to your show, it's going to be really difficult for you to go out and sell that to an advertiser or a business right, because that business is going to have a core demographic that they're looking to reach. And you want to make sure that those really aligned so get very clear on who your target audience is and who is listening to your show. That means you have to run a survey if that means you need to maybe dig in more to your social media stats, but determine who is listening next. You really want to think about putting together a nice media kit for yourself, and I feel like when I say things like that, people get a really overwhelmed like what's a media kit and what should be an immediate kit? And you know, certainly there are resources out there we try to post them as frequently as possible. But essentially a media kit should should answer that, you know? Who are you? Why should somebody advertise Who is listening? It doesn't have to be super in depth. It can be just a really nice one sheet that talks about yourself as the host, your audience. And then, of course, you want to talk about rates, right? How much you're going to be charging for ads in those? So get those basics down first. The other thing I always really encourage podcasters to do is I'm shocked by the number of podcasts that don't have a website. So if you don't have a website, just build one, right. If you're thinking you want to get advertisers, having that is going to be a really nice digital footprint for you that's going to allow the advertiser to dig into what it is that they're going to be connecting with, right. They're going to connect with you the podcaster, and they're also going to connect with your digital footprint, right? They are going to essentially partner with you, so they want to make sure that they're partnering with somebody that they want to be partnered with. So have that information out there. And if you have a section of your website that talks about advertising when someone is interested, they can very easily find the information they need. So really kind of try to start with a good foundation before you even make that first phone call or that outreach, right? Once you have the foundation set, then really, it's a matter of determining the types of businesses that would benefit from your audience. I noticed that often times people go right to the top, they say things like Nike's got deep pockets. I want Nike to sponsor the show, or Amazon would be great. Amazon's killing it right now, even though those companies have really large marketing budgets, they are the hardest sales to get because there's a bazillion layers between you, the podcaster and the person who's going to say, Yeah, that seems like a good plan. So it is better often times to identify companies that are, you know, in a similar position to you the podcaster, right? If you're if you're really successful podcast and you've got millions of downloads than bigger companies are going to be interested If you're a smaller podcast and you've got 2000 downloads, you know, take a look around. Maybe even in your local community. Can you find somebody at a chamber mixer or at a networking event that has maybe an e commerce store? And you know, those are the types of people that you can really connect with that you can benefit from. And so once you identify those those companies that are going to be a good fit for you, then you're gonna want to, you know, outreach to them, Whether it's an email, whether it's a phone call, I know that things are difficult in person nowadays. But even going into a business and saying, Hey, have you thought about podcast advertising? And really, that's That's when all the real work begins nurturing these leads to try and get advertisers. So I know that there's a lot there, but there are certainly lots of steps that podcasters can take to monetize their podcasts on their own. Perfect. Okay, so let's go down the line here. You said that one of the first things you need to do is understand just who is in your audience and find out more info about them. What exactly is the kind of information that advertisers want to hear? Is it age, demographic? What is it exactly that we want to search for? Perfect. Yeah, You want age is really important. So how old are the people that are listening to your show? Gender is also important if you're you know, if your audience is 90% male, you're probably not going to want to sell, you know, to a female skewing company, right? So age, gender important income level is also important. That can be more difficult to get. So, really doing a survey is the best way to get that information. College education. So do they have college education? Those are typically, I would say, the building blocks of where most companies are going to look for demographic information. Beyond that, you could dig in more to what their lifestyle is like, you know? Do they have Children? Are they self employed? Are they a business owner? Do they have a professional level position or job? So you know, those are all of the fluff type things when you get into more of the specifics that you don't necessarily have to have. But if you can get that information is helpful, great, thank you that that helps provide me some thoughts as far as who will be speaking to and just the exact information they're looking for us. That's super helpful when it comes to rates. I do want to help define for those who are going to be doing this on their own, sort of like ballpark. Where do we even begin with that and
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