SNM112: Podcasting Trends in 2017 and Beyond

speaker 0: 0:00 podcasting trends in 2017 and beyond on today's episode. Today's episode is brought to you by fresh books. Accounting and bookkeeping mistakes destroyed thousands of small businesses every single day. Bookkeeping doesn't have to be hard turned to the number one invoicing software for small businesses. Start for free today at serve no master dot com Backslash Fresh Books Are you tired of dealing with your boss? Do you feel underpaid and underappreciated?

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I've received a couple of emails lately asking about the state of podcasting, and if it's a good market to get into right now, is it too late? Isn't too crowded. It sometimes seems like it's impossible to get noticed like there's really only 20 or 30 podcast that everyone listens to and nothing else gets any attention.

And so I want to talk about a couple of the really cool things that have come out through some recent studies and surveys that or make podcasting actually really exciting right now And having really excited about where things are gonna go this year and the first is the men's room Really powerful studies on the power of the host, and they're building to be a brand in Florence ER.

And it turns out, after these extensive studies and kind of state of podcasting industry in 2016 2017 that audiences respond to calls to action from podcasts almost more than any other medium, the response rate is far higher than is for e mails for block Poster for anything else. So if you can connect with your audience when you recommend something, the odds of them checking out our very, very high, you actually have a lot more credibility.

And that's very powerful thing to know what's really great about that is it tells you the effectiveness of your messaging. What good is it to have an audience of 1000 or 1,000,000 people? No one listens to, and no one takes the actions you desire. So having the ability to create responses in your audience is very key to success. In any niche, you enter any type of communication medium. The second thing that's exciting is that it's a wide open market.

Right now, the number of people quitting podcasting is through the roof. Most people who get into podcasting gettinto with, ah, hobbyist mindset or they don't really have any idea about how to use a podcast is part of business. So their podcast, it goes well for a little while. You know, the podcast for six months or 12 months and their friends listening in a couple of audiences. But then they start to get tired and they get tired because they're not making money.

They don't understand how to monetize it. And so they've gotten stuck. And when something is your hobby, if something is just a hobby, you're not gonna pushed through that hum. That final dip before monetization happens. And so this means that right now is one of the greatest times ahead of the market. If you have any idea all how to structure of business, then you'll have an edge over 99% of podcasters out there. The next key, the third trend in 2017 and beyond is monetization.

Podcasts are becoming Maur Maury Z to monetize when you have a bit of strategy and there's a couple of ways you can kind of generate income. And these the ways that I recommend in these air really ways. The best ways to approach and the first of them is vocal service is when people hear voice on podcast of Wow, that guy's got a great voice. I'd love to have him read my audiobook.

I'd love to have him do this or that, and so gets the sound and tone of your voice out there. And as I've talked about in a couple of previous episodes, actually, there's a huge amount of voice work. Right now, the amount of work from voice actors is going through the roof. It's a market that's really really growing, and it's a great place to enter.

Whether it's reading commercials, whether it's recording audio books, whether it's translating books in between languages or transmitting audio between languages, there's a lot of opportunity there for using your voice. The second big place opportunity for monetization right now is affiliate marketing. Most podcast, their monetization strategies built all around advertising, and you don't really start seeing good advertising money until you have a large audience. So it's kind of a Catch 22. I don't have the time to spend my podcast until making money.

I won't start making money to have a big audience to get caught. But with affiliate marketing, especially when as much as 40 or 50% of people on your each episode will actually go to whatever you tell them to check out, we'll click to call the action. Then you could make a really good living getting a percentage of every sale you drive when someone pays you for advertising. They only do that if they make more money from that ad than they spend on it. That's the math.

And that means that if you took that exact same product and wrote it as an affiliate, you would make more money than you do as an ad. So just shifting to this simple business model allows you to start making your money. And of course, most people have no understanding of a foot mark. You're very lucky. You have a bit of an understand you understand that you get paid for reckoning stuff you really believe in.

You can just recommend movies on Amazon and get paid 4 to 8% of every sale. Make a living that way. You say I like this movie. Here's my link. Please use it and you'll get hate. You make a lot of my friends on so simple. That's the simplest for food marketing and the third way to monetize. And this is something that is very easy as well. Is consulting this really of the top of the parent? This is where people hear your wisdom. They go.

Wow, this person's a genius. I just want to hire him to help me. What? I want my coach on. Help me When you have this in place, you could make a very nice living. Consulting is not about being the smartest person in the world. There are play people. They're smarter than me. It's simply about being further up the mountain than the person who's looking for help.

So just like you look to me and get guidance from me and maybe you have me coach or consult her mentor. Yo, use wisdom for me. There, people have further down the mountain from you who could look to you for consulting. And as you work your way up the mounting your consulting price can go up. And, of course, the cost of your time goes up. So maybe right now you charge consulting like $100 for someone to talk to you for two hours.

But then that price goes up up, and pretty soon people could only consult with you if they pay up front for a whole year and you charge $10,000 for a year and they get to talk to one hour month charging $1000 an hour and for the people who can't afford that level, right, so say the person you want, you want to coach who's $1000 a month. People hire you because you're $300 a month.

They can't afford the $1000 month coach yet, so it's totally reasonable, and it's totally logical. Toe have coaches at different points up the mountain. The charge prices and the people behind them can afford. So the three key ways that you can quickly and easily make money for your podcasts. And again, those ways are some vocal service is kind of using your voice as a tool you can use. Your podcast is a demo. Our resume of your vocal talents, fillets sales and the number three is consulting.

The fourth trend that has me very excited about podcasting this year is that smartphone sales are going through the roof right now. Computer sales are diminishing. More and more people on Lee communicate via smartphones. Their experience of the Internet is purely tablet based. I was kind of the first generation of people that really grew up on keyboards with computers and kind of learned that method of typing. And now we're having a generation of people, the generation behind millennials that will possibly lose that skill.

No, but he's so used to voice command will be so used to just using their phone that they don't not a use additional keyboard. It's not normal for them. They're used to using digital keyboards. The advent of smartphones is good for podcasting because it's one of the best ways to consume. I very rarely listen to a podcast to my computer as much as I offer that you can listen to my podcast through my app, have an iPhone, Abba Hava Android app.

I have ah, plugging in my Web sites. You can listen to my website app. You can visit all those places, but most people will consume podcast in their phone. That's how I consume. No, I never said that. Episodes I listen to I downloaded into overcast, which is the APA happened two years. That's when I personally is right now and then I listen at my leisure. It allows me to have content in my phone when I wanted my phone's always with me.

So this is more and more where people are gonna absorb content and less and less our people wanting to read on their phone. So if you're, you know, on the subway, if you're driving, you can't always absorbed content by reading. And I know for sure that my eyes get tired of looking at computer screens. Sometimes, you know, your eyes are just dried out of there, so tired and all of those things mean that more and more people will be consuming content via podcast.

Podcasting is going up, not down, and it's gonna rise right along with all these smartphone sales number five, a new trend that I'm very excited about. his live streaming. More and more people are dabbling of live streaming. Of course, there's Paris scrub. There's Facebook, live streaming. But what I'm excited about is that there are more and more service is offering pure audio live streaming a lot of the live streaming I see. Lately, most people live stream with either a concert or its fireworks.

I can't tell you how many people live stream fireworks lately. Hopefully that trend will go away because I don't know why you never wanna watch that. But I see it all the time. People always on my Facebook feed. It's like, Oh, someone's live streaming these fireworks. But what? What? I don't like watching fireworks on television HD. Either you're in person or not by the shift to live.

Streaming audio is something that's very interesting, and I'm not sure if I'm going to start doing that myself because of the huge time zone different. So be I would have to start doing it in the middle of the night, but it's something very interesting that is coming into the forefront right now, and it's trending and I know it's trending because more more service is offering it. People aren't doing it, then it wouldn't be offered. So video life's trimmings been around.

But interestingly enough, ah, lot of people are actually preferring audio. Live stream number six by six Podcasting trend of 2017 Beyond is that custom content is king. Great thing about podcast is that you can choose what you want to listen to with an interview podcast I can look at 500 years ago. I wanna listen to this interview today and that interview tomorrow. You don't have to listen to him in any order.

You can skip stuff around if you try to watch game of Thrones out of order. It's a nightmare you can't watch out of order. It gets so confusing. But with most podcasts, unless you're doing the storytelling podcast you can. People can consume in anywhere they want. People are more more wanting and demanding content that really fits what they're in the mood for right now. So content customization is becoming kind of the next trend content. Curation was last year. This year, it's all about content customization.

People want to read the block posts that they care about, and they don't want to read about topics they don't care about. They want to do the same thing with their podcast. The great thing about podcasting is that it's already built about the custom content mindset. The platform is already there, which means it's one step ahead of where the market's going. I have the 15 podcast that I listen to all loaded up into my app. I have this app called overcast.

I tell it, the podcast I like and it shows me the list of all the episodes of all their from podcasts. And so I can say I feel like Listen to this one or that one Today I can kind of jump around quite easily and it's all handled in a really, really great way. Yeah, let's put together very well and the way I can grab whatever I want and listen where I want to is very simple. So I really love that app.

It allows me to listen to what I'm in the mood most of time. I listen to a comedy podcast on that movie podcast, but sometimes Well, Norman, I'll go. Hey, let me listen to one about writing. Let me listen to what about advertised limiters? Sort about podcasting limits. What about marketing? So I'll jump around too different shows in different episodes, and that's how people are really absorbing content. People want to feel like what they're listening to. Our reading was designed just for you in the mood.

For right now. Number seven is that storytelling is back. We have a long history of the power of storytelling, and the ability to tell a good story is everything. Storytelling is the critical component of all sales letters, all sales videos, all sales materials. It's the key component of every single infomercial. If you wanna see great storytelling watched infomercial, they do better storytelling that any TV show you could ever watch. Storytelling is coming back through a lot of audio programs.

More and more people are listening to short story podcast, long story podcast extended very podcast. People really want to hear stories, and it's because we're designed that way. If you go as far back as home or and you read the artist here, the alien remember, those were originally audio stories were kind of genetically designed as people with an oral history. We're used to hearing in telling stories, even more than reading or watching them.

So for people to be able to listen to your stories, they connect in a real way. A lot of other communication mediums or shrinking right, like Twitter's really short finds really short. Seven second video 140 characters, all that stuff a lot of other areas of communication or shrinking. But audio communication isn't affected by that. It's kind of like water. Water doesn't compress. You can't squeeze water and make it smaller. You can't squeeze audio in the same way. What you gonna do?

Speed of how fast I talk Now some people do that. You may be listening to spend up, and that's fine. That's really the only thing you can d'oh. But you can't really squeeze it the way you can with text. If you really look at a lot of news blog's, most of their stories are shorter and shorter than doing 300 character stranger words because they want you to go to the next page. The next page, the next page.

So their story telling us kind of turning to garbage the kind of click mindset. The Clickbait mindset is antithetical to storytelling, but the market is now bouncing back. People want to hear good stories that they connect with and feel a sense of her poor with number eight. And this is my favorite thing about podcasting is binge consumption. I'm absolutely guilty of this. I can always tell when I have a new listener because I suddenly get downloads in a single day equal to how many episodes have.

So if I suddenly see an extra 100 downloads in a single day ago, I've just got a new person downloaded every single episode I got new binge listener, but I do the exact same thing. I'll find a show I like. I go back. I listen to the last two episodes that I go back and listen to their first episode. And then I just worked my way forward. Have a show I'm listen to right now that's got about 300 episodes done.

It's been around for like, 70 years, and I'm already around. Episode 1 30 I think I just sort of listening a couple weeks ago, and it's once you find something you like, you binge listen, and that's why I'm so comfortable putting out a lot of podcast content because I know that people will then go and listen to episode. So even if someone finds me in 5 10 or 20 years, they'll go back and listen to all the old episodes and absorb all that great content.

So you get to reuse your content over and over and over again, and that's a really great trend. And that's consistently been how people reacted podcast for a very long time. Now some people will find a block and do the same thing, But it's much, much more common with podcasts in the final train That's got me excited this year is that Facebook is now doing Maur more with Facebook audio. Facebook is the largest platform in the world.

You can debate whether or not his Facebook or Google does matter, but they're moving into providing audio livestreaming. They're moving into providing podcast tools, and that's a sign of something very, very good. Because any time basic moves into a market, you know that the markets are a profit. They don't move into stuff that's not working.

So if you're thinking about whether or not podcasting is dead, or that the happy days of podcasting over there, not the salad days of podcasting or just beginning, and they're growing in a really amazing way. So if you've ever thought about getting in the podcast game, now is a great time because every single metric podcasting is going up. Listenership is up, the number of shows is down and the probability is up. If you enter with the show, follow a simple pattern.

Have a monetization strategy before you start. If you start with the business mindset instead of what this will be fun mindset, you can create something unbelievable. You can enter a market, take over the competition very, very quickly and grow your business an awesome way. And so these are the nine reasons the nine trends that means so excited about where podcasting is going in 2017 and beyond. Thank you for listening to this week's episode of Serve No Master.

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