Podcasts Ring True for Gens X and Y, But Not for Most Marketers
Millennials and Gen Xers are increasing consumption of podcasts but, as of 2016, about three-fourths of marketers weren’t buying it. That’s how many told Target Marketing researchers that they weren’t investing in podcast marketing.
According to “Marketing Mix Trends 2010-2016,” Target Marketing’s analysis of six years of “Media Usage Survey” data, podcasts haven’t yet hit the big time. For one thing, marketers have to attract consumers to the tactic in order for them to listen to the messages, finds the report that examines this tactic from 2011 to 2016. The “Podcasts” section is part of a benchmarking of marketing media channels, technology and tactics included in the Target Marketing/NAPCO Research study. Both Target Marketing and NAPCO Research are NAPCO Media brands.
Below, marketers will find an excerpt from “Marketing Mix Trends 2010-2016.”
Unlike a video advertisement, which can be placed around another entity’s related content, podcasts face two hurdles that explain the slow embrace of this tactic. First, the prospect must be lured to view it, and second, the marketer must repeatedly generate content that is engaging and/or relevant.
As a result, marketers are taking a “wait and see” approach: The percentage who increased their spending on podcasts dropped in 2016, while the percentage of those holding at their current levels of use increased. Overall, roughly three-fourths of all respondents don’t use this channel.
That said, marketers who target consumers currently in their prime earning years should probably consider their podcast strategy: According to a 2016 survey from Jacobs Media, nearly three in 10 individuals overall listen to podcasts weekly or more often, and 34 percent of Millennials and 28 percent of Generation X consumers said they were likely to increase their podcast listening.