Podcasts prove to be a highly popular medium with business owners and founders, according to a new study, with 55% of them considering them a part of their daily routine.
The research was conducted by podcast production company Lower Street, in partnership with content performance analytics solution ContentFX. It looked at the impact of B2B podcasting by examining the listening habits of 511 senior individuals within the business sector across the US and UK, including owners, executives, leadership team members, and managers.
"We’re excited to partner with Lower Street to apply our research approach to the growing B2B podcasting sector,” said ContentFX lead researcher and Marketing Scientist Groupe managing director Peter Hammer. “These findings highlight that likeable, well-branded podcasts can deliver strong outcomes for marketers.”
The main takeaways from the study include the fact that B2B audiences are highly engaged with podcasts, with 51% of respondents across a range of job titles (including owners, founders, executives and employees) listening daily. An additional 24% also reported listening between 2-5 times a week on average.
According to the data, podcasts are being used by B2B audiences as educational tools, with 36% of participants using them to learn new things and 43% using them as their primary source of information. This highlights the difference between the needs of a B2B audience, compared to the average podcast listener in the US, where over 60% would use podcasts for entertainment, according to Voices’ Power of Podcasts report.
“Podcast consumption among business decision-makers is significant—it's vital for marketers to fully comprehend the sway the medium has over this group,” said Lower Street head of marketing Steven Bonnard. “Our study not only underscores the heightened engagement that podcasts achieve with business leaders but also emphasises a clear boost in top-of-funnel metrics.”
According to the report, business podcasts need to focus on providing quality information that’s easy to consume while on the go in order to capture the attention of B2B audiences. One-hour long podcasts can provide more in-depth knowledge on a subject, which allows the listener to gain a deeper understanding and build trust with the host.
Brands can also tap into the relationship that the decision-makers develop with the hosts of the podcasts via either host-read sponsorships or branded content. According to the report, four in 10 owners and executives claim that they always listen to ads or sponsorships and nearly six in 10 said they would be likely to buy a product from a brand mentioned in the podcast.
According to a report by advertising intelligence platform MediaRadar, business podcasts saw the most growth in ad revenue this year, going up by 30%, as listeners proved to have a higher intent of purchase. The number increased up to 70% when it comes to executives that would buy a product or brand mentioned in the podcast.
In addition to increasing purchase intent, branded podcasts proved to be effective in increasing brand awareness and favourability, with data showing that respondents were 3.1x more aware and 2.1x more favourable of a brand when they also liked the podcast. Bonnard added that branded podcasts have emerged “as an effective marketing tool” for businesses which allow brands to engage with the audiences they want to target.
"In today's fast-paced business world, cutting through the noise is crucial,” said Bonnard. “Podcasts present a powerful tool for this, allowing brands to engage with business prospects and stay top-of-mind among potential clients.”