Can Podcasts Calm your Brand's Recession Fears?
There’s been a lot of talk about recession lately. What with the continual supply chain and staffing challenges, and a general global timidity when it comes to spending, the economic long tail of COVID-19 appears to be rather… barbed.
The knee-jerk response of some brands is to flinch, and double over into the fetal position and try to “wait it out.”
Kind of like this guy. He got a stingray caught on his genitals.
Why suffer in silence?
When consumers are timid brands simply need to work harder for their attention.
Engage more.
Be present.
Offer solutions.
Podcasts are a great way to do just that.
How can podcasts help in times of economic peril?
Podcasts are more engaging than other forms of communication.
As the reality of the recession settles in and brands clamour for consumer attention and dollars, it can be hard to get “heard above the herd.”
A well-produced long form podcast has an 85-95% engagement rate. This represents a major opportunity for brands. It’s a chance to connect with listeners – and potential customers – for sustained amounts of time.
Brands get to facilitate storytelling that goes deep, explores the eddies and nuances of a topic, and shines a light on brand intelligence. Beats a social media campaign or a 30-second Youtube ad, hands down.
Plus – because the makers of podcasts are literally “whispering in the ear” of listeners, they connect with them on a much more intimate and impactful level.
Cost-effective
Compared to full video production, audio podcasts are relatively accessible when it comes to cost. In many cases, even a complex narrative podcast can be produced remotely, with basic computer equipment.
Think about it:
No wardrobe
No location scouting
Simpler to edit
Simpler to update down the road
The relative simplicity of podcast production means the focus goes into the storytelling itself, not the catering budget.
ESCAPE THE "RECESSION MINDSET"
It’s ironic that our fear of a recession — caused by rising food and gas costs, elevated interest rates, and a sinking real estate market — can be the very thing to finally trigger us.
Craig Alexander, Deloitte Canada’s chief economist, says:
“If a recession mindset really takes hold, it can actually cause the thing that everybody fears.”
By this logic – if talking got us into it – talking is the thing that must get us out. That’s where podcasts really shine.
Podcasts give brands the opportunity to facilitate and engage in meaningful conversations that advance awareness and thinking, promote innovation and progress…and THIS helps stimulate economic recovery.
AUTHENTICITY AND TRUST
It’s just one of those things. As brands vie for attention in an increasingly cluttered landscape, consumers become proportionally suspicious of advertising (more than they already are).
It’s well established that Gen Z, in particular, resists traditional advertising. Instead, they value authentic experiential marketing, showing more loyalty to brands who can demonstrate a value set similar to their own.
Podcasts are a great way to build trust and brand awareness through authentic dialogue; not by talking about products and services – but by offering genuine value to listeners in the form of education, entertainment, and nuanced conversation.
When brands are secure enough to “play it cool,” letting the brand itself take a backseat to the storytelling, the results are measurable. We don’t just call it the “brand halo effect.” It’s just common sense: give people what they want, and they will thank you for it.
PODCASTS TO THE RESCUE
Podcasts grew popular for all the above reasons — and will remain so – recession or no recession.
Audiences are hungry for high quality content that feeds their desire to make sense out of these tumultuous times. The only question is, will your brand be a part of the conversation?
Provided by Roger Nairn, JarAudio.com. To dive deeper into this topic, you can check out this list of five popular formats for your corporate show.