Music is out. Podcasts are in. Podcasts have been steadily increasing in popularity since their inception in 2004. In America, 36% of the population actively listen to podcasts, in Australia 32%, and in the United Kingdom 23% of people listen to podcasts weekly – and these figures are continuing to grow in each region. Basically, if you want your product in people’s ears, podcasts are a great way of getting there.
In line with this growth, millennial women have shown a growing appetite for financial education and a desire to have control over their finances. Not just a case of creating your own podcast, we investigate how finance brands can effectively use podcast advertising to broaden their reach and gain a cult following.
Not just a podcast
Podcasts have extended their format in recent years, building large followings by moving their listeners to Facebook groups and Instagram pages. A way to keep the conversation with listeners flowing, it also means brands that advertise on a podcast continue to be discussed on other platforms.
If we consider the Australian financial podcast ‘She’s on the Money’ their Facebook page boasts over 170,000 members and their Instagram page has over 100,000 followers. This migration from the podcast platform to other social media arenas has allowed communities to form, particularly in the women’s financial space. This provides financial brands greater exposure without even realising it.
So, how can finance brands market themselves on podcasts better? Know who you are targeting.
The opportunity in podcast advertising
While millennial women are more interested in educating themselves on their finances, they’re less likely to take action, according to a study by Allianz Life. The message for finance brands is that this audience is looking for clear guidance on the steps they need to take to better manage their finances. A message that both Raiz and Spaceship heard loud and clear, both financial investing apps are designed to help individuals get their foot in the door of the confusing world of stocks and only require a small amount of money to invest. From the functionality of both apps right through to the educational content offered on their websites and social channels, for Raiz and Spaceship all roads start and end with simple finance education that’s relevant to the experiences and needs of their target audiences.
“ 81% of listeners say they sometimes or always pay attention to podcast advertising.”
Their consistent podcast advertising in women’s financial podcasts such as My Millenial Money, She’s on the Money and Gen Z Money, with the message that they are simple, easy, and accessible to anyone in any financial position, has helped both investing apps become some of the biggest in the world. They advertise through suggesting that anyone can invest and learn about the stock market, starting from today, targeting millennial women’s financial inaction. They are outcome focussed, educating listeners on how to gain control of their finances by not having to make drastic or overwhelming changes.
Raiz is currently ranked number 27 in Deloitte’s Australian Fast 50 winners Report for 2020 and Spaceship has announced that 90% of their funds under management have been created by millennials since their start in 2018. With both businesses largest expenses being marketing, combined with the understanding that podcast advertising is an effective medium – with 67% of podcast listeners able to identify a specific product feature – it’s apparent that their success is a result of their diverse campaign strategies.
Both investing apps market themselves on the unique feature that they will use your spare change to invest in prime opportunities. They have taken the inaction of millennial women and marketed themselves, in an arena where this audience already hangs out, to present an opportunity where little decision making is required.
Get that household recognition
Millennial women are actively trying to improve their financial literacy and looking to innovative products that can help them gain control of their money in order to do so. Women are becoming the largest listenership with 53% of all first-time podcast listeners being women. The same study showed women are also substantially more likely to use social media alongside their podcast use – extending the conversation even further.
With 71% of podcast listeners indicating they would purchase a product that was advertised on a podcast, the opportunity is there for finance brands to capture the attention of potential customers with well-positioned and relevant podcast advertising. If you need help on how to effectively position and promote your brand using podcast advertising, get in touch.