Isn’t it funny how everything comes back around eventually?
Video may have killed the radio star, but podcasting has brought audio-only content back into wild popularity. Apple estimates they have more than 525,000 active podcasts and more than 18.5 million episodes available — topping out at more than 50 billion downloads!
Businesses have taken notice, and many business owners have started their own podcasts, with some amazing success stories coming out of the trend. And it’s no wonder; people tend to listen to podcasts religiously or binge hours of content at a time, making it a perfect way to build trust and camaraderie with potential customers.
But just because it’s trendy and popular doesn’t mean that podcasting is right for everybody — or every business. Before you jump on the podcasting bandwagon, click here to download our Podcast Planning Workbook and then answer the following questions for yourself to help you decide if podcasting is right for your business.
Why do you want to start a podcast?
Getting to the heart of why you want to start a podcast is absolutely key before we go any further. And as you answer it, it’s vital to be truly honest and open with yourself about your reasons.
Maybe it sounds like fun. Maybe you love the idea of becoming famous in your niche through podcasting. Maybe you want to generate more leads for your business. Maybe you think it sounds easier than writing blog posts every week. Maybe you just like to hear yourself talk!
The Podcast Planning Workbook walks you through answering this question in-depth, but once you have your answer, be sure to examine closely whether podcasting is actually the best way to get what you want.
For example, if your ultimate big why for starting a podcast is to generate more email leads for your business, a podcast may not be the best solution. While you certainly can generate email leads from a podcast — especially with techniques like offering a free PDF download with each episode — it’s actually trickier to get people to convert to an email list from a podcast, because they have to physically stop what they’re doing and type in the link (instead of just clicking a link from a website).
Put your why to the test and really ask yourself if a podcast is the best and most effective way to get what you want before you go any further.
Who will your podcast serve?
Check in with yourself about who you want to reach with your podcast.
Are they your ideal customer, ready to buy? Or are they at some other point in their customer journey?
Are they already consuming podcasts? If yes, how can yours stand out and win their listenership? If no, how will you persuade them to start?
What do they most want from a podcast?
Make sure that your answers to these questions all align with your big why. For example, if your ideal customer isn’t already listening to podcasts, and you hope to get new leads for your business from podcasting, there may be a mismatch.
What value will you deliver with a podcast?
The next most important thing to ask yourself is what kind of value you can and will deliver with a regular podcast.
People tend to consume content either to be educated, entertained, or inspired (or some combination of the three). You need to know upfront what kind of value you want to deliver, and then you need to be clear on how you will deliver it.
When you’re thinking about the value you want to deliver, also ask yourself what the impact of your podcast will be. How do you want to change your audience or your niche with the content you produce?
Who else is in the space?
With more than half a million active podcasts, chances are good there is already one or more podcasts in your niche or about your topic. That doesn’t mean you can’t start one, but it does mean that you need to be super clear about how yours will be different from what’s already out there.
Inside the Podcast Planning Workbook, I walk you through how to conduct a competitor analysis — and you don’t want to skip this step! Remember: even if there is already a successful podcast in your space, you can still create a winning podcast. But you need to have all the information to make yours different and interesting.
Do you have the bandwidth?
Next, do a gut-check with yourself and ask: do I have the bandwidth for this project?
Podcasting certainly sounds easy enough — and the barriers to entry are lower than ever before. But there is still a learning curve you will need to surmount in order to get your episodes on the air.
Some things to consider:
- Will you use existing equipment (ie: your phone or computer) or invest in pro equipment (ie: a dedicated mic, recording software, etc.)?
- Will you learn to edit and publish your podcasts yourself or outsource it?
- Will you create your logo, graphics, and launch materials yourself or outsource them?
- Will you build a website for your podcast or host it on your existing website?
- Will you write your own show notes or outsource them?
- How will you launch and promote your podcast?
- Will you solicit advertisers for your podcast or will your business be the sole “sponsor”?
- Will this podcast serve my big goals for this year?
These are just a few of the considerations you will need to take into account when deciding to launch a podcast. Inside our How to Create and Launch a Profitable Podcast Destination Guide inside Business Class, I walk you through all the basics of recording and launching your first podcast step-by-step, but it’s a good idea to consider the learning curve before you make the decision to dive in.
Are you committed?
Finally, ask yourself: Are you willing to truly to commit to this new venture?
It’s easy to get swept away with the excitement of starting something new, but you must commit and go all in if you hope to see results from podcasting.
But if the answer is yes, congratulations! You’re ready to start planning to launch your profitable podcast! Click here to download our Podcast Planning Workbook now to get started right away.
I can’t wait to hear you on your new podcast soon!