5 Reasons a Small Business Should Start a Podcast – PTC 446

Many coaches wonder if they should start a podcast, be a guest on other podcasts, or create a YouTube channel. They treat each platform the same.

Each of these three content platforms serve a different purpose and get a different result.

This topic came up twice in conversations this week.

In one chat, I was talking with the guy who will be running my summit this fal. He mentioned that he was doing another summit for an expert who teaches people how to be a guest on other podcasts.

He said, "Let those hosts pay Erik to learn how to start a podcast and do all the work. She will just teach you how to be a guest."

Being a guest has its place. But being a guest and having your own podcast are two completely different strategies with two completely different purposes.

He clearly didn't understand the benefit you receive when you start a podcast. And many don't have a strategy to success when they do start.

Before we discuss why small businesses should start a podcast, let's talk about the difference between these three strategies.

DISCOVERY

YouTube is one of the largest search engines in the world. Being on YouTube will help you get discovered.

People visit YouTube and enter their challenge. "How to start a podcast." "Homemade pesticide for my garden." "Low-cost marketing ideas."

They come up with a ton of results.

However, most people watch the video without much attention to the person or channel creating the video. People don't subscribe often.

YouTube has neither published the number of YouTube channels on its platform. Tim Queen manually researched the number of channels using open-source intelligence methods and data from various sources. He says there are roughly 113.9 million YouTube channels as of July 29, 2022.

A Tubics article puts that number at 51 million as of 2022.

According to Wyzowl, around 3.7m new videos are uploaded to YouTube every day. That's around 271,330 hours of video content based on an average length of 4.4 minutes.

Research done by Backlinko reveals that YouTube has 2 billion active users. This figure only measures users who are logged into the platform. The actual number is likely much higher.

You will get discovered on YouTube.

RELATIONSHIPS

When you start a podcast, you begin building relationships and rapport with your listeners.

People subscribe to your podcast and spend time with you every week on a regular basis. It is like a personal conversation.

You are in their ear creating visions in the theater of the mind. Podcasting is a very powerful, intimate relationships.

When you release content, it shows up in the feed of your subscribers. This allows you to strengthen your relationship every week.

Where YouTube gets you discovered, your podcast allows you to build rapport.

PODCAST GUEST

So, where does podcast guesting fit in?

I am currently working with a client to shape her story. She tells me she doesn't want to start a podcast. She just wants to be a guest on other shows.

She has partnered with an agency who will interview her on a streaming show over 5 episodes. They will host her show for her, and she will be the featured guest.

This is basically hosting her own show on this platform. But, we can take the concept and get her on other shows to continue to grow.

Eventually, I hope she will see the benefit her own hosted shows brings to her business.

When you are a guest on a podcast, you are leveraging the attention build by another host.

However, you can't build much of a relationship in a 45 minute interview.

Being a guest on another podcast will help you get discovered. When you partner with podcast hosts already speaking to your idea client, you get discovered by new prospects.

Being a guest differs from YouTube discovery in terms of credibility. When you are a guest on another show, it is an implied endorsement from that host.

The host has built a relationship with the audience. They are now introducing you to their friends. You benefit by association with the host.

That benefit doesn't exist with YouTube. However, the potential YouTube audience is much bigger.

WHICH SHOULD YOU USE

When it comes to selecting the right strategy for you, I suggest you do all three.

Leverage the mass usage of YouTube by posting videos and getting discovered.

Be a guest on other podcasts to benefit from the endorsement of other influencers.

Finally, start a podcast of your own to build the relationship and rapport with your ideal clients and lead them down the path to working with you.

It is most efficient when you begin by recording your podcast on video. Use the audio for the actual podcast. You the video, either clips or the full version, for your YouTube channel.

By repurposing the content, you save a lot of time.

5 REASONS TO START A PODCAST

There are five reasons every small business should start a podcast.

Again, use all three strategies if you have the bandwidth in your week. They each serve a different purpose.

Having your own podcast has big benefits in a variety of ways.

Let's look at each reason to start a podcast.

AUTHORITY

When you have your own podcast, you control all of the content. This allows you to build authority in your niche.

The topics, guests, structure, stories and examples are all up to you. You get to craft the message and how you are perceived.

Your content and stories will demonstrate your expertise in your space. This will help listeners understand your knowledge of your topic.

To be an influencer in your space, very few platforms can match the effectiveness of a podcast.

If you want to get hired for speeches or contacted as an expert for an article, you can direct people to your podcast to experience your knowledge and presentation.

This is similar to the power of a book. When you start a podcast, it gives you credibility.

OFFERS

The second reason every business should start a podcast is offers.

Your podcast is a great platform to showcase your goods and services. You can teach, share and help. Then, you can make an offer to go deeper with you.

Your podcast can be like a webinar without the salesy feel. The content and benefit gets dripped out every episode to build upon each other over time. Eventually, you buyer is ready to engage with you.

Imagine how hard it would be to get someone to attend a webinar with you every week. It is much easier to invite them to subscribe to your podcast.

On your podcast, you can help them solve challenges. You can show them the outcome and transformation you provide.

Your podcast allows you to answer questions and get good at communicating your benefits.

Then, you can make an offer to your audience, so they can get more of that benefit by working with you.

BUILD RAPPORT

The third reason to start a podcast is the relationships and rapport.

Only 3% of your market is buying now. Another 7% could be convinced to buy today.

I mentioned this on a group coaching call the other night. One participant said that didn't sound right.

She said, "I've been at conferences where the speaker makes an offer and half the room runs to the tables in the back to buy. That's a lot more than 3%."

I said, "You're right. But, that room doesn't represent the entire market."

Let's say a podcast coach is giving a presentation on monetizing your podcast. At the end, he makes an offer to join his coaching program and build your podcast profits framework. 50 of the 100 people in the room go back and buy.

Does that mean 50% of the market just bought? No. It means 50% of the people in the room bought.

There are nearly 4 million podcasters today. On average, 3% of those are looking for a solution today. Only 50 were in the room.

WHO IS BUYING

The 7% I mentioned aren't thinking about buying. But when they see the offer, they consider the purchase.

30% aren't in the market today. If you're selling cars, I'm not in the market today. However, I will be in the market a year from now. The timing isn't right.

30% don't think they are in the market today. They need more information.

If you sell mattresses, I'm not in the market today. When you educate me that the average mattress wears out in 8 years and I've had mine for 15, I'm suddenly in the market.

The final 30% aren't in your market. Maybe you sell PCs and they are a Mac users. It is going to be difficult to persuade these prospect to buy from you. Not impossible, but challenging.

If you are only selling in your content, you are missing 90% of your market.

You need to spend quality time building a relationship and educating that 90% so when they are ready to buy they think of you.

If you and I have been having meaningful, useful conversations for a year about car buying, I'm coming to you when it is time to buy a car.

YouTube gets you discovered. It doesn't help you build relationships.

Being a guest on other shows will get you discovered. It doesn't help you build relationships.

When you start a podcast of your own, you build rapport and relationships with your ideal clients in your audience.

CONNECTIONS

The fourth reason to start a podcast is to build connection.

Have you ever wished you could have powerful conversations with experts, influencers and mentors?

If you have ever asked a mentor to lunch or for the opportunity to pick their brain, you know how challenging it can be to get them to give up their time.

However when you invite them on your podcast, they are typically honored to be featured. They see the benefit.

When I worked with Zoe Routh, the only reason she had a podcast was to open doors to CEOs who wouldn't normally take her cold call. This allowed her the opportunity to start a relationship with a decision maker before ever talking business.

Your podcast allows you to connect with others. You can connect with potential partners. It will allow you to have conversations with mentors.

When you interview people on your podcast, you get to talk with high-ticket clients who wouldn't normally take your cold call.

LEGACY

Finally, the fifth reason every business should start a podcast is to leave a legacy.

You are creating something that can last a lifetime.

When you start a podcast, you are documenting your journey. You can let your kids experience where you've been and enjoy your story.

A podcast will help you make your mark on the world.

You may not have a million listeners. But, you will leave a mark on those that do listen.

If you haven't started your podcast yet and want to see what it's all about, go to www.PodcastTalentCoach.com/launch to get my free launch mini-course. It will show you the exact steps necessary to start a podcast.

I would love to help you along the way. Your first step is the launch mini-course. It is much easier than you think. You can start a podcast in 30 days just by following the steps in that free course. Again, you can access the course for free at www.PodcastTalentCoach.com/launch.