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You Ask, I Answer: Podcasting Ad Spend?

Lauren asks, “If you were going to advise a podcaster to spend $15K on advertising, how should they spend it?”

You Ask, I Answer: Podcasting Ad Spend?

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Christopher Penn 0:13

In today’s episode, Lauren asks, If you’re going to advise a podcaster to spend 15,000 on advertising, how should they spend it? Well, it depends.

It depends on who your audience is.

Right? Do you know who your audience is? And more importantly, do you know if there is more audience out there that fits the profile that people who want to tune into your show? Once you know that, then you can figure out where you need to advertise? Because that answer will dictate what you spend your money on.

So for example, if I wanted to spend money to reach independent authors, I might sponsor some authors on Archive of Our Own the fanfiction writing site.

If my audience were of people who were real estate agents, I might go and spend some money on advertising directly to real estate offices, just geo targeting them, or doing some guerrilla marketing on real estate ads, right? My hire a virtual assistant to help me with that.

If my audience was medical doctors, I might spend15,000, on mail drops, per hop, perhaps to move to medical offices or provide some kind of service that they could offer to their clientele.

advertising and marketing spend really is going to be contingent on on who the audience is the easy answer that everyone’s looking for it, oh, just spend it on Facebook or spend it on LinkedIn or whatever.

But the reality is that podcasting, as podcasting is very nature is that it is a very intimate medium, right, it is a very intimate medium.

And the shows are very niche or should be very niche about specific topics, which means that our audiences are going to be in very specific places as well.

And those specific places may not be the mainstream, right? Yeah, it’s easy to swipe your credit card, put 15,000 in Google ads, but that might not be where the audience is paying attention.

You might find out from your audience that they listen to another show, you might sponsor some shows in that show or sponsors newsletters, if you find out, for example, your audience was really into medical data about COVID-19, you might sponsor Jeremy Faust, substack, write his newsletter, you have to do the audience research, you have to do the market research on your audience.

I would say if you had15,000, I’d spent 5000 of it on market research and really dig in and really understand deeply who your audience is.

I would say if you maybe spending five grand on market research, maybe you spend a couple of grand on surprises.

And then you say, Hey, if you’re a listener of my show, I want to spend 30 to 45 minutes on the phone with you in exchange for a $50 Amazon card or whatever.

And then you dig in.

You say okay, well, where do you spend your time online? What how do you find new shows when you’re not in the mood to find a new podcast? How do you find it? Where do you get your recommendations from? Are there particular places online or people or groups? Is there a Discord server or a Slack group that you spend a lot of time and you want to get to know your audience? In general, I mean that it’s a great way to make a better show.

But if you’re going to spend money to reach people, you want a the biggest bang for the buck and be the most targeted bang for the buck where you can spend and be remembered, right? If I dropped 15, grand and Google ads.

Take a moment and think close your eyes.

What was the last Google ad you saw? I have no idea.

Right? I see Google ads all the time on my phone.

I couldn’t tell you what they were.

I can’t tell you right now an advertiser that I saw on Facebook or Instagram, like my brain just literally filters them out.

I can’t tell you what the last pre roll ad I saw on YouTube was I can’t remember any of that.

Nothing zero.

What do I remember? I was at a conference recently.

I do remember the couple of companies that were headline sponsors, right that they supported the community.

When I go into a specific slack or discord group, you know, that is that is run by a group.

There are sponsors an award there, it’s fun by an organization.

I remember who that organization is because they’re providing the service for free.

So

Christopher Penn 4:45

where is your audience? Where do they get their information? Where do they spend their time? Where do they get their recommendations? Who do they ask for advice, particularly if you’re doing it for business If it’s around a business of some kind, dig in, dig in, what other shows do they listen to? What newsletters do they read? What books do they read? One of the best marketing channels I have, from my personal newsletter and shows is in a book, and it’s not my book, right? I have it down here.

I think my copy is upstairs.

I think my kid is borrowing it now but a book book called everybody writes by Ann Handley.

I have had gotten hundreds of newsletter signups and podcast subscriptions over the years from that book, because people read about my newsletter in an ADS book.

And if I had 15 grand, I would sponsor version two, right? Because as I was coming out with a new version of this fall, I was if I had 15, grand spent, I would spend it on ads book because it generates results consistently over time.

So that’s the answer.

Know, your audience know your customer? Who are they? Where do they spend their time? What are their interests? You might find what Larry Kim from mobile monkey calls a double unicorn, right? Where there’s, your audience has something that is unique about them across a couple of different channels.

For example, He was advertising using targeting percent of his audience happen to be very liberal politically, and also really liked the TV show Deep Space Nine.

So he created some advertisements that were very niche, like if you knew you knew what he was referring to, if you didn’t, if you weren’t a fan of the show, and you weren’t of that political orientation, the ads just kind of bounced off you you didn’t remember them.

So even something like that, if you’re going to use mainstream advertising, there are ways to create creative that are tailored to the audience that you have.

But you’ve got to find that out and it’s really difficult.

It’s a lot of work.

It takes a long time to do it right and it can be expensive, but nothing else will get you the bang for the buck that really good market research well, so really good question.

Thanks for asking.

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