Podcasts can be an amazing marketing tool, giving you increased publicity and a built-in platform to advertise your products and services. Over the last decade or so, podcasts have grown from niche hobby to mainstream media channel. In line with this growth trajectory, superstar podcast creators have won big; Joe Rogan, for example, recently landed a $100-plus million deal to become exclusive to Spotify. And in the wake of increased consumer awareness, millions of people have flocked to the format to try and take advantage of it.
If you’re considering starting a podcast to market your business, there’s still potential for you to succeed. But there’s a big problem standing in your way: competition. What steps can you take to overcome it?
I want to start by talking about the advantages of starting a podcast for your business:
Podcasting can be massively beneficial, but everyone else realizes that as well. There are currently more than two million active podcasts, with more than 48 million episodes as of April of 2021. Even if you only consider podcasts in your target niche, you’ll still be competing with thousands to hundreds of thousands of direct competitors.
So is it “too late” to enter the podcasting game?
In some ways, yes. You won’t be able to capitalize on the explosive growth of the communication channel the way that many media moguls did at the beginning of the platform’s history. And if you decide to enter the game, you’ll have difficulty standing out and winning a loyal audience of your own.
That’s not a death sentence, however. It just means you’ll need to employ additional strategies to account for the increased amount of competition you’re going to face.
Podcasting could be a great way to promote your business and win new customers — as long as you have a plan to deal with the incredible amount of competitors that have cropped up in recent years. In the meantime, spend some time listening to business podcasts relevant to you as an entrepreneur. You might get an idea for how to start one of your own. At the very least, you’ll learn something new.
Originally appeared in Entrepreneur