Podcasts have been rising in popularity amongst consumers and marketers steadily over the last few years. Podcast advertising is a uniquely effective way to reach potential new customers for your bank or clients for a financial service.
Podcast advertisements fall under a trusted recommendation strategy. Audiences of podcasts rely on the host’s opinions and feel comfortable accepting recommendations from them making them great for financial services and banks. Not only do podcast hosts have authority in the view of their listeners but, the number of listeners in general is growing remarkably each year.
Marketers also report strong ROI from the ads placed during podcasts. One report from Edison Research even showed that 33% of Super Listeners, those who listen for 5 or more hours a week, paid more attention to host-read ads.
Now that we know podcast advertising is a powerful tool, let’s go into how to make the most of podcast ads.
Banks and financial services can select pre-, mid-, and post-roll ad placements. While ads at the beginning of podcasts have the largest audience, listeners often skip over them. In 2021, advertisers saw higher conversion rates from mid-roll placements compared to pre-roll according to Podsights. In the same report it was noted that advertisers who ran ads on multiple networks rather than a singular network experience higher conversion rates. Another option is to place ads on multiple smaller podcasts within one network to maximize the reach.
When selecting podcasts to place ads it’s important to keep the podcast audience in mind and your ultimate goal. For banks and financial services, podcasts discussing economics, financial services, money management and the link are no brainers. But, don’t be afraid to think outside the box. If you’re looking for new customers for a credit card, try podcasts focused on couples, DIY, and other lifestyle related topics. Choosing your placement carefully will ensure that the ad doesn’t feel out of place to the listeners. If you tap into their interests and needs they may be more likely to connect with your message and seek your services.
Financial services and banks can benefit greatly from podcast advertising as listeners are already in the mindset of accepting new information. Keep in mind some of the tips above for your next strategy decision.
If you would like help with marketing and advertising for your bank or financial institution, feel free to contact us. We offer a variety of services like digital marketing & analytics, marketing & brand strategy, and more to small and large companies.