Audience > Genre: The Podcast Listeners You’re Missing Out On
Some things were made to go together: peanut butter and jelly, Netflix and chill, true crime podcasts and financial services…wait, what?
We have booked A LOT of podcast ad campaigns (maybe thousands at this point?) and that’s taught us a thing or two about what works (and what doesn’t) in terms of buying efficiently.
That’s why we recommend that our advertising partners who book across multiple titles focus on who the listener is over the content of the show. The problem with buying solely on genre is that you might be missing out on valuable customers who are looking for a product like yours. In other words, you don’t need to only buy Business podcasts to reach consumers who are looking to get their finances in shape.
Especially in today’s advertising climate, there are three reasons, in particular, why this approach should be part of your buying strategy:
- Already fickle consumer trends are changing faster than ever. Just like everyone else, the podcast listener’s life has been upended by 2020. These days, who can’t use a product or service that provides utility, entertains, or makes our lives easier?
- Share of voice is becoming difficult to maintain as certain categories get more crowded. According to Magellan AI, there was an average of 160 new advertisers entering the space EVERY WEEK. There’s plenty of untapped inventory if you know where to look.
- You want — no need — to make every ad dollar count. How engaged an audience is can be a huge signal that your brand is in the right place.
Let’s look at a hot category taking full advantage of the podcast audience and thinking beyond the confines of genre: Financial Services.
From Magellan AI, spending among Financial Service brands increased 114% between January and December last year, going beyond News and Business categories. In addition to spending in Comedy, Science, Arts, History, and TV & Film, 75 financial brands placed buys in True Crime in 2020.
Judging by their increase in spend over the tumultuous year that was 2020, it’s working for financial brands. Advertisers want to shy away from True Crime content, but the audience is extraordinarily valuable and engaged. In fact, nearly 75% of True Crime podcast listeners are women.
Overall, female podcast listeners are a prime target for Financial Services. Heavy podcast listeners who are women are financially savvy and use online and mobile banking products. They over-index for mobile and online banking use and are more likely to use online bill pay.
If you’re not already taking advantage of them, here’s where campaign tests come in. Campaign tests are your friend — and your opportunity to experiment with podcast titles that best fit your ideal target.
Ready to break out? We’ll help you explore all the possibilities. Your brand may find success where you least expect it.
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Sources: Magellan AI data, 2020; Nielsen Podcast Listener Buying Power Service, Scarborough Market/Release: Podcast Recontact Study (Listeners only) 2020 Release 1 Total (November 2020)
