Consumers are reading less and listening more, driving the substantial increase in video and audio content on cellular gadgets. As people seek greater self-assist tools, monetary marketers cannot forget about the electricity of podcasts. The query is whether or not banks and credit score unions should develop podcasts as part of their content advertising and marketing strategy?
Grabbing the eye of customers and potentialities using traditional advertising channels has never been more difficult. Consumers are not more effectively bombarded with the aid of messages from greater organizations throughout greater media than ever, but their lives are busier than ever. That said, evidence suggests that purchasers strongly desire self-help and education in all areas of their lives.
Just look at the popularity of health, fitness, and well-being apps and insights. The same can be said for economic well-being (both app-based totally and in podcast layout). The bottom line is podcasts are right here to live and develop more popularity as organizations seek to enlarge their content advertising strategies.
But why on earth could a retail bank need to run a podcast?
This is a legitimate question — in case you consider that podcasting is best a millennial fad of gonzo journalism for grizzly true crime fanatics. However, podcasting has advanced into plenty more than that. The extended penetration of smartphones has modified content consumption as the “reading” of articles has fallen. More humans than ever are flocking to audio and visual content material.
Because of this evolution, I agreed to chair Message Heard, the UK specialist podcast organization founded by Jake Warren for immersive storytelling, proactive journalism, and innovative branded content.
After 15 strange years or so of in large part present as a gap medium catering merely to subcultures and fringe groups, podcasting goes mainstream. The US absolutely leads the manner, with over forty percent of the whole population (124 million) having actively listened to a podcast, 26% (73 million) listening regularly every month, and 17% (48 million) paying attention religiously week in and week out.
Globally, the podcasting market is experiencing a speedy year-on-year boom of 11%. The antique adage of the United Kingdom being 5 years in the back of the United States is unmistakably genuine, but we’re doing our best to shut the distance. The UK is experiencing a podcast listenership boom at an even more improved price of around 30% and has a lively weekly target audience of 11% (six million) of the populace.
Why Banks and Credit Unions Should Consider Podcasts
Those stats mean that the call for podcasting demonstrably exists and is growing rapidly — and that this is a full-size possibility for banks and credit unions to leverage and interact with audiences in an actual and significant manner.
Here are 8 reasons why any financial establishment needs to leap at the possibility of adding podcasting to its content material advertising arsenal:
1. Corporate communique has stagnated. When is the next time you read a brochure or watched a corporate video? Traditional varieties of corporate conversation are outdated, lack engagement traits, and are unfit for cause. Podcasting, using comparison, offers a natural evolution past content advertising and marketing – which tends to be unsubtle, boasting about your organization. Retail banking can be the convenor of pertinent testimonies and conversations and interact with their goal clients simultaneously.
2. Engagement. From an advertising and emblem popularity standpoint, the very nature of podcasting makes it an energetic shape of engagement. Because podcasts exist inside self-contained ecosystems (podcasting apps), taking note of a podcast is an intentional act. Research indicates that 80% of all podcast episodes are listened to in their entirety, or at the least the majority; that’s arguably the finest consumption price of any digital medium. Additionally, podcasts generate 4 times better emblem recall than other virtual advertising and marketing varieties.
3. Discoverability. Historically, there have been obstacles for potential listeners to locate podcasts. However, this is about to exchange. Since the sunrise of time (1998), Google has introduced outcomes from its search functionality focusing solely on textual content and snapshots. In 2019, Google is rolling out audio as part of the native seek results. This approach allows superior user enjoyment of one-click audio.
4. The energy of education. Clearly, podcast call is huge and growing. But for retail banks, are those audiences inquisitive about the testimonies they’ve to tell? It depends on how well you tell your stories – tell them vividly, with deep human interest, and interact. You’ll harm your brand if you simply need to tell a tale from the bank’s or credit score union’s attitude. If you build your podcast strategy properly, you can achieve success. Remember, human beings are eager to examine – the second most listened-to podcast style is education (the third is tech).
5. The proper audience. The breakdown of listenership indicates that the biggest demographic for podcast listening is the millennial bracket of 25 – 34 12 months old at 28%, with Generation Z (18 – 24 yr old) having a listenership of 18%. For retail banks and credit score unions, searching for a deeply digital open banking destiny indicates the proper audiences are both engaged and handy.
6. Tracking and dimension. With the boom in recognition of any medium or market, what almost always follows is extra sophistication in analyzing the stated market – and podcasting is no one of a kind. Podcasting analytics from Apple, Google, and Spotify are getting deeper and richer, permitting any enterprise with a podcast to plainly see the demographics of their target market and correct information on listenership, giving them the ability to make undoubtedly facts-driven choices.
7. Sales capacity. An Interactive Advertising Bureau report confirmed that 67% of listenership had taken direct movement due to listening to a podcast. This is compounded by a 14% increase in buy purpose for brands and agencies already worried about podcasting. Highlighting that, now, not only are audiences willing to concentrate, but they’re additionally definitely responding to calls to motion.
8. Unique messaging. The true particular promoting point for any retail bank looking to move into the podcast space is the mixing of the editorial and advertorial worlds. Tusing the conversational and compelling fashion of successful podcasts and leaving behind the jargon, company talk, and overt selling allows them to take possession of the most thrilling memories and convene the most interesting conversations – speakme directly into the ears of target customers.
