Consumers are reading less and listening greater, driving substantial increase of video and audio content material fed on 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 greater difficult. Consumers are not most effective bombarded with the aid of messages from greater organizations throughout greater channels than ever before, but their lives are busier than ever. That said, evidence suggests that purchasers have a strong desire for 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 equal can be said for economic well being indicates (both app-based totally and in podcast layout). Bottom line, podcasts are right here to live and develop more popular as organizations are seeking for 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 extra than that. The extended penetration of smartphones have modified content consumption as the “reading” of articles has fallen. More humans than ever are flocking to audio and visual content material.
It’s because of this evolution that I agreed to chair Message Heard, the UK specialist podcast organization for immersive storytelling, proactive journalism and innovative branded content, founded by way of Jake Warren.
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 four% of the whole population (124 million) having actively listened to a podcast, 26% (73 million) who listen regularly on a monthly basis and 17% (48 million) who pay attention religiously week in and week out.
Globally, the podcasting market is experiencing 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 pleasant to shut the distance. The UK is experiencing podcast listenership boom at an even more improved price of round 30% and has an lively weekly target audience of 11% (six million) of the populace.
Why Banks and Credit Unions Should Consider Podcasts
What those stats mean is that the call for for podcasting demonstrably exists and is growing rapid — and that this is a full-size possibility for banks and credit unions to each leverage and have interaction with audiences in an actual and significant manner.
Here are 8 reasons why any financial establishments need to be leaping at the possibility to add podcasting to its content material advertising arsenal:
1. Corporate communique has stagnated. Be honest, when become the remaining 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, by means of comparison, offers a natural evolution past content advertising and marketing – which has a tendency to be unsubtle boasting approximately your organization. The possibility for retail banking is to be the convenor of pertinent testimonies and conversations and accordingly to at once interact with their goal clients.
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 majority, that’s arguably the finest consumption price of any digital medium. Additionally, podcasts generate 4 times better emblem recall than other varieties of virtual advertising and marketing.
3. Discoverability. Historically there had been obstacles on potentional listeners locating 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 snap shots. In 2019, Google is rolling out audio as part of the native seek outcomes. This approach an superior user enjoy of one-click audio.
4. The energy of education. Clearly podcast call for 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 those interact. If you simply need to tell a tale from the bank’s or credit score union’s attitude you’ll harm your brand. If you build your podcast strategy properly, you can achieve success. Remember, human beings are eager to examine – the second maximum listened to style of podcast 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 olds with 28%, with Generation Z (18 – 24 yr old) having listenership of 18%. For retail banks and credit score unions, searching in the direction of a deeply digital open banking destiny, this 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 stated market – and podcasting is no one of a kind. Podcasting analytics from Apple, Google and Spotify are getting each 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 take choices which are without a doubt facts-driven.
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 with a 14% elevate in buy purpose for brands and agencies already worried in podcasting. Highlighting that, now not best are audiences willing to concentrate, 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. By the usage of the conversational and compelling fashion of successful podcasts and leaving behind the jargon, company talk and overt selling, it affords them the opportunity to take possession of the most thrilling memories and convene the maximum interesting conversations – speakme directly into the ears of target customers.
