By Cassy van Eeden

There are several ways to make money with podcasts. Due to their flexibility, and the fact that they have to adhere to little to no restrictions, podcasts can fit into almost any marketing strategy. From paid-for adverts to strategic ‘product placement’, podcasts can accommodate it all.

Why advertise with podcasts?

Podcast research company RawVoice, says that the number of unique monthly podcasters tripled in the last five years to 75 million. But ever-growing audiences are not the only reason to advertise with podcasts.

When it comes to reaching your target market, podcasts are unlike any media form. Each podcast targets a highly specific audience. From poker enthusiasts to the science behind plastic production, podcasts appeal to a clear-cut audience. This just about guarantees that your marketing efforts will reach your target audience.

Award-winning podcaster Daniel J. Lewis, says “The most important number to sponsors isn’t actually the size of your audience, but it’s how engaged your audience is and how likely they are to take action on the sponsors.”

So you could have an advert – which you have paid to be produced – played within the podcast. Or, you could have the host do a live read. Cecilia Kang, writer for the Washington Post, reports: “Messages from sponsors on podcasts have a way of sinking in, especially when they’re read by the hosts of the show themselves, analysts say.”

Endorse and sponsor

Chose a podcast that fits what you are marketing and sponsor their content. Much like Serial, which is sponsored by Audible.com, you can arrange that the podcast starts off by saying they are sponsored by you. This makes you look good. The listener thinks that if it weren’t for you, there would be no podcast.

The evolution of ‘product placement’

Product placement in its traditional form won’t work for podcast marketing; the obvious reason being that podcasts are sound rather than image-based. But you can make it so that your product is mentioned at some point within the usual content of the podcast, suggests Lewis. For example, if a podcast is an episodic drama, have the reader mention your brand of chocolate rather than simply saying ‘chocolate’.

Do it yourself

One of the best ways to generate a profit through podcasting is to encourage your client to start their own podcast. “Hosting a podcast helps address one of the toughest challenges facing small business owners: creating brand awareness,” says Tony Armstrong, writer for NerdWallet.

Armstrong adds that podcasts “can be a cheap and trendy way to build your customer base and increase your company’s credibility”.

Meredith Eisenberg, co-host of the entrepreneurial advice podcast Paycheck to Passion, says that hosting a podcast has helped to establish her as an authority on business matters, which has encouraged people to seek out her consulting services. “We think that podcasting is one of the quickest ways to build your credibility,” says Eisenberg.

What do you think about adding podcasting to your marketing strategy? Have you ever thought about encouraging your client to host one? Let us know in the comments below.