Surely you’ve heard. Marketers can learn a lot from the previous year and a half about the importance of audio entertainment, particularly podcasts, which saw a boom during the epidemic.
With 15 billion hours spent listening to podcasts in total in 2021, about 60 percent of U.S. consumers aged 12 and older listened to podcasts, according to recent data. This is a 25 percent increase from the previous record of 12 billion hours two years before.
Growth in that area is also not expected to slow down any time soon. EMarketer anticipated that by the year 2021, the United States will have 121.9 million paid audio customers, or 41.4% of the internet’s total users.
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At the very least, the rapid growth of podcasts may be attributed in part to the ever-shifting landscape we live in. During the epidemic, many people have had to cope with screen fatigue or shifts in their schedules and have turned to audio as a source of enjoyment instead.
For marketers, this is a tremendous opportunity. There will be a 48 percent increase in podcast advertising income in 2020 due to the increased use of dynamic ad insertion. As a new medium, podcasts have the potential to divert advertising dollars away from other forms of media, and marketers that do so should receive a return on their investment.
Health-related podcasts are filling a need in the market for individualized and reliable information for consumers, and smart marketers are using podcasts in new and inventive ways to get their messages in front of them.
The Media Landscape Is Shifting
According to the International Advertising Bureau (IAB), podcast ad revenue hit $842 million in 2020 and was predicted to reach $1 billion by the end of 2021. According to the company’s projections, sales will exceed $2.2 billion in 2019.
Nielsen conducted a poll and concluded that “almost 70 percent of respondents exposed to podcast advertising believed the podcast ad they encountered boosted their knowledge of new products/services.” Sixty-two percent of those polled claimed the advertisement prompted them to look into additional options. 40 percent of individuals feel that podcast commercials are less obtrusive than other forms of advertising, thus it’s possible that this behavior-inducing performance is due to the platform.
It’s even more useful for pharma marketers, who often have to convey complicated messages that need higher attention from their target custome
If you haven’t already done so, I believe it’s time for marketers to take a look at podcasting as a potential marketing tool. Aside from the fact that podcasts are becoming more popular, they also have a number of built-in benefits.
To begin with, there aren’t many obstacles to admission, and the first outlay is usually modest. Another advantage for pharmaceutical marketers, who often run longer advertising, is that there are fewer commercial interruptions, making it simpler to build listeners’ confidence and resulting in fewer companies fighting for attention.
There’s little possibility that ad spending in this area will decrease. More than $2.7 billion will be spent on advertising in 2025, according to a forecast by the Pew Research Center. However, pharma adoption is on the increase, with a market share that is expected to more than quadruple from 4 percent in 2019 to 9 percent in 2020 despite years of dominance by direct-to-consumer retail.
Pharma’s complicated and often life-changing messages have found a productive medium as their audience grows and their commercials continue to have an influence on specialized, data-driven consumers.
Innovative Audio Storytelling: The Sound of Wellness
Marketers are not only supporting new and entertaining work, but they are also attracting the attention and interest of listeners by entering the audio realm. By collaborating with artists to create new marketing possibilities, pharmaceutical and health-care companies are already setting themselves apart. Proprietary programming, rather than merely commercial readings bookending other material, has shown to be an effective way to pique the attention and involvement of listeners in health issues. We’ve teamed with Audacy’s Game and other similar projects.
People Like Me and the Changers from iHeartRadio are two examples of this.
Some of the most renowned athletes in the world will be featured in Game Changers’ nonfictional, autobiographical material as they share their personal tales of overcoming adversity and adversity. When Game Changers collaborate with well-known people to produce content, it will help to construct a relevant platform for patients while also fostering relationships between them and us.
As a response to the underrepresentation of particular patient populations, Characters Like Me produces audio fiction featuring characters who have rare medical problems. Instead, their diseases will be woven into the narrative in a way that resonates with a broader patient audience.
Using Surround Sound to Your Advantage
It is possible for any marketer to duplicate Health’s success in the podcast advertising arena. The strategy is straightforward: You must match your message with the material. Health marketers may use podcasts like Characters Like Me to connect themselves to particular patient populations, just as we do with our own programs. Listeners’ confidence in brands may be readily and organically created if you’re careful about where you advertise on podcasts (and audio entertainment in general).
Advertisers in the health sector are already reaping significant rewards in the audio medium. It’s time for everyone in the marketing industry to join in.