As somebody who has been podcasting since 2005, I recognize the positive sales and marketing potential a podcast can deliver for a business. I’ve experienced it first-hand for my business. And so have my clients.
But just because something has the potential to be great doesn’t mean everybody should do it. During my time as a podcaster/producer, I’ve seen a number of businesses fail at podcasting. . .often to the detriment of their brand.
As the buzz around podcasting continues to grow, many business owners are considering starting their own business podcasts as a way to reach their target audience and establish themselves as thought leaders in their respective industries. While it may seem like a great opportunity, there are several key reasons why starting a business podcast might not be the best use of your time and resources.
First and foremost, producing a high-quality podcast requires a significant investment of time and money. Creating original content, finding guests, recording and, if needed, editing episodes, and promoting your podcast all require a considerable amount of effort and resources. You’ll need to be willing to spend a lot of time on research, recording, editing, and promoting your shows consistently to build a following. Failure to take your podcast seriously is a proven waste of time and money. If you and your whole team isn’t committed, don’t move forward.
Additionally, in order to stand out in a sea of business podcasts, you’ll need to provide unique content and insights that truly provide value to your audience. Reading your FAQ or sharing a press release does not a podcast episode make. (Believe it or not, I’ve seen this more than once!) You’ll need to be knowledgeable in your field, and you’ll need to be able to deliver actionable advice and insights to your listeners. I tell my clients they have to ensure their audience is in a better place as a result of consuming their podcast. If you’re just promoting your latest product or service, that doesn’t work. Producing high-quality content on a consistent basis will require significant amounts of research and preparation which can be difficult to fit into a busy work schedule.
Another challenge of starting a business podcast is the highly-competitive nature of the industry. With thousands of established and successful podcasts, it may be challenging for new entrants to differentiate themselves and gain a loyal following. You may need to invest in advertising, guest appearances on other shows, finding great guests for your show, and other podcast marketing strategies to get your message out there.
Lastly, starting a podcast may not be the best use of your time as an owner/leader/entrepreneur. With so many other tasks and responsibilities, including sales, marketing, product development, customer service, and more, it may be difficult to find the time to maintain a consistent podcast production schedule. Your (and your team’s) time may be better spent on other activities that can drive growth and revenue for your business.
The bottom line is this; while a business podcast may seem like a great way to reach your target audience and establish yourself as a thought leader in your industry, it’s important to consider the time and resources required to produce high-quality content on a consistent basis. Additionally, the highly-competitive nature of the industry may make it difficult to stand out and gain a loyal following. Ultimately, it’s important to weigh the potential benefits against the opportunity costs before starting a business podcast.