Advisers and advice businesses are launching their own podcasts at a rapidly growing rate, and it’s no surprise. Those brave enough to dip their toes in the water now will have the opportunity to secure a “first-mover” advantage in a booming corner of the marketing world.
According to a survey by Edison Research (“The Infinite Dial 2021 Australia”), 91 per cent of Australians are now aware of podcasting and podcast listenership in Australia grew more than 50 per cent during the previous year. And with 54 per cent of podcast listeners stating that they are more likely to consider the brands they hear on podcasts, the trend towards business podcasting is well and truly here for the long haul.
Within the financial advice space, podcasters are building significant audiences within targeted niches such as Millennials, expats and retirees. They are using podcasting to share their wisdom and inviting other experts on as guests to do the same. By solving small problems for their ideal clients with their podcast content, they are building “know, like and trust” with prospects, which in turn opens up opportunities for a more valuable (and profitable) client-adviser relationship.
You may be thinking “here’s another marketing thing I need to do”, and I get it. You have a number of choices when it comes to your digital marketing strategy, whether it be video, blogging, social media and Google Ads. But here’s why I think you should strongly consider podcasting before each of these other tactics.
Speaking is easier than writing
Most advisers have had the experience of sitting down to write a client newsletter article and ripping their hair out. Writing is time-consuming and frustrating, but that’s just because you don’t do it all that often. Speaking on the other hand is something you do freely and regularly, meaning it comes more naturally. Podcasting plays to an adviser’s strengths of speaking and more specifically, having valuable conversations with people.
Listening is easier than watching or reading
From an audience’s point of view, video and blog content requires them to give their undivided attention to you. In this world full of distractions, expecting your clients to spend five to 10 minutes solely watching a video or reading an article of yours is a big ask. Listening to a podcast on the other hand is much more achievable, because you can multitask while you’re doing it. Similar to listening to music, people can be driving their car, mowing their lawn or cooking a meal, all while listening to your dulcet tones on a podcast.
The ROI of podcasting is compelling
Having worked with dozens of podcasters across our industry, many advisers are saying it’s the most successful marketing strategy their business has ever invested in, and here’s why.
Existing clients love podcasts
Podcast episodes are a great way to enhance your client relationships, making perfect newsletter content or meeting follow-ups. And with clients hearing from you more regularly, they will feel more connected to their adviser and advice team.
Podcasting makes you more referrable
It’s hard for a client to convince a friend to make an appointment with you, but suggesting this same friend listen to an episode of your podcast is much easier. Effective referrals are all about baby steps, and for those who already love you, a podcast is an easy step for them to tell their friends and family about you.
Podcasting opens unexpected doors
The podcasters we work with have opened new doors through their podcast, including corporate workshops, conference speaking gigs and national press coverage. Podcasting gives you credibility and reach, which is great for your personal brand and the brand of your business.
It will make marketing fun again!
Business ROI aside, the most common feedback I receive from podcasters is that it’s FUN and doesn’t feel like work, giving advisers an outlet for being creative, meeting new people and making an impact on the world. This ultimately translates to enthusiasm for what they’re doing and a healthy injection of positive energy. In the challenging times our industry currently faces and the toll this can take on an advsier, the personal benefits of podcasting are nothing to be sneezed at.
The ROI of podcasting is clear and the trend towards this medium is compelling. Advisers who jump on the train now and build their audience will reap the benefits in future years when the competition for your audience’s attention and headphones will be much fiercer than it is now. And even if attracting a large audience isn’t your specific goal, any marketing tactic that helps you make more money, help more people and have more fun sounds like a no-brainer to me!
Danielle Cornelissen, founder, Oh My Pod
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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