If you had said, even half a year ago, that PODCASTS would be tapped as one of the hottest marketing channels for 2021, most people would have wondered about your cognitive state.

However, the evidence is piling up:

• Forbes magazine, Mar 8/21, writes: – Why Podcasting Might Be One Of The Best ROI Marketing Channels In 2021 (And Beyond)
• Mark Cuban, known for his shrewd business foresight, has invested in a new next-gen podcast app, Fireside, launching later this year
• Industry experts say investment in advertising on podcast shows will crack $1 Billion this year *
• Ikea sees what way the wind’s blowing and turns it’s 2021 catalogue into a 4 hour podcast
• Steve Olsher, founder and editor in chief of Podcast Magazine, and owner of the massive ClubPod on Clubhouse, said on a mid-March Clubhouse conference that while some worry CH may be hurting podcasting, the opposite is true.

It might be counter-intuitive that podcasts could have a role in growing your business. I felt the same way in 2012 when I first heard someone talking about using Facebook for business.

My thought in that moment, I’m embarrassed to say, was that she was nuts. She is now a very wealthy woman and I have metaphorically kicked myself many times over for not having jumped on that new opportunity.

Podcasts as Part of Your Marketing Plan

Unfortunately, as the focus on podcasts as a marketing vehicle spreads, I am hearing the insistent advice that “you NEED to have a podcast! Every business needs a podcast!” Concurrently, I see a lot of small businesses and entrepreneurs hearing this message and stretching their resources trying to meet that clarion call.

Not EVERYONE needs to have a podcast

Just like television provided an enormous opportunity to millions, it didn’t mean that everyone needed to launch a broadcasting company to benefit. Millions have made their fortune from television without taking that step.

Likewise, podcasting offers a variety of ways for businesses to grow their audience and their business without launching your own podcast. Quite frankly, it’s a lot of work to do it properly and you are going to be paying for that either through hours you take away from your business or through paying editors or producers to do it for you.

There are three major avenues for using podcasts to grow your business; podcast hosting, podcast guesting and podcast sponsoring and/or advertising. A little bit of investigation will help you identify which one – or combo – is most beneficial for your business.

To ascertain where your best investment lies in the podcast game, I share a Podcast Potential Litmus Test with clients, students and group members to help them understand where the potential is strongest for them.

What are the Potential Benefits to Podcasts?

Whether you are a podcast host or a podcast guest, the potential benefits are huge and offer a plethora of gains in such things as:

• Exposure
• Brand awareness
• Audience
• Your network
• Brand voice and personality
• Lead generation
• Referrals

Podcast appearances also give you:

• a growing body of authoritative content showcasing you and your expertise,
• third party validation for your audience; someone is putting you forth as the expert
• proof of concept for other hosts or event producers to get you bigger and better opportunities.

Using That Marketing Channel?

While other avenues of marketing become ever more competitive, leveraging podcasting is still a newer approach and yields content that gets much deeper engagement than almost any other.

The important thing is to figure out where your best ROI lies, get started now and get ahead of your competition. Don’t miss this early opportunity like I did with Facebook.

In my Podcast Guesting for Business Growth podcast, I help entrepreneurs get their strategy in place and start growing their business with podcast guesting.