Consumer time spent listening to podcasts and music online is on a consistent incline, with an estimated 180 million Americans tuning in monthly, according to Mobile Marketer.
The value of audio advertising is unique. There are advantages to consumer targeting and segmentation as a broad diversity of consumers tune in and many for a niche topic. Audio content consumers are reluctant to pay, so they turn to free versions of streaming services, podcasts and traditional radio, according to Nielsen. All of those platforms are supported by ads.
Audio could be the advertising channel you need to get your message out. Here are some options:
1) Streaming services. Advertising with Spotify and Pandora is similar to running traditional radio ads. Spotify requires a $250 minimum spend with an average cost per thousand impressions ranging from $5 to $30.
Spotify allows greater creative control and is generally viewed as easier for advertisers to use than Pandora. However, Pandora has no minimum spend and the cost per thousand impressions range from $5 to $25. Pandora also offers more choices when it comes to targeting audiences and reporting.
2) Podcasts. As of 2019, there were about 86 million podcast listeners in the U.S. according to Statistica, and podcasts for almost any niche you can think of. Generally, you can partner with podcasts to run your ad at the beginning, middle or end of an episode.
While many podcasts have national audiences, you may be able to partner with a local or niche podcast on a topic related to the insurance you write. There also may be more general news podcasts for your state or city that discuss topics of interest. Reach out to them to see if future topics could be relevant. Keep in mind, pricing will be determined by the number of listeners or potential reach of the podcast. Smaller podcasts may also be more flexible and attentive to your needs.
Be sure to include a clear call to action in any advertisement used in a podcast. Three-quarters of podcast listeners not only pay more attention than radio listeners to ads but also follow calls to action, according to WordStream. Listeners are also up to three times more engaged than radio listeners when you choose a partner that gives your agency an authentic endorsement.
3) Radio. While radio is often less targeted and less engaging than a strategic relationship with a podcast, it is less expensive. Radio is also generally less expensive than cable advertising but has a similarly broad reach. However, the lower cost also allows you to run a higher frequency of ads and increase the chances of potential customers not only hearing your ad but also remembering it.
Overall, when compared to other ad services, audio advertising is highly measurable. As with any campaign, being able to track the return on investment is crucial to understanding your investment’s worth and can also offer insights into how to improve for the future.