Posted on April 27, 2023 by Media Culture
Topics: Business, Audio, Industry + Audience
Podcasting has come a long way since the early 2000s. In recent years, the medium has exploded in popularity and listenership is constantly on the rise, particularly among small business owners.
The growth of podcasts has been propelled by its unique ability to reach a highly engaged audience, and small business owners have taken notice. However, the question remains: is podcasting an effective channel to reach small business owners?
/// Small Business Owner Facts
51% of small business owners in the United States are 55 years old or older, with an average age of 54. Although this demographic’s highest media consumption comes in the form of internet and social media channels, this audience is 60% more likely to consume podcasts than the average U.S. adult.
Small business owners are typically career-oriented and motivated by a desire for authority, achievement, and influence. As a result, it’s not surprising that 4 out of the 5 highest indexing podcast genres for this audience are related to self-improvement: Business (3.5x more likely to listen to than the average U.S. adult), Health and Fitness (2.8x), Self-Help (2.4x), and Advice (2.2x).
/// Podcast Statistics
According to Edison Research, 41% of Americans aged 12 and older have listened to at least one podcast in the past month. Additionally, the average, avid podcast listener subscribes to seven podcasts per week.
Podcasts differ from many types of traditional and digital media because they are on-demand, they are able to specifically target niche audiences, and listeners are concentrated on the subject matter no matter where advertisements are used in the episode.
The most popular podcast genres in the United States are Society & Culture, followed by News & Politics, Comedy, Health & Fitness, and Business.
/// The Benefits of Podcasts to Small Business Owners
Podcasting allows hosts to create long-form content that can cover a wide range of topics in an in-depth manner. Podcasts can be used to explore a topic and provide detailed advice and guidance, and they often feature interviews with experts in a particular field.
Podcasting also offers a level of convenience that other channels simply cannot meet. Unlike live events, webinars, or even videos, podcasts can be consumed on-the-go, while driving, working out, or doing household chores. This allows busy small business owners to stay up to date on industry news and trends while also staying active and productive.
Listening to podcasts offers a level of connection that other channels cannot match. When listeners tune into a podcast, they feel like they're part of a community, listening to a conversation between friends. This creates a sense of loyalty and trust between the host and the listener that can be difficult to replicate in other channels.
When small business owners listen to podcasts, they are investing their valuable attention in search of insight, knowledge, and expertise. That means they are already actively listening when ads are featured on their chosen episode. In fact, studies show that an impressive 80% of podcast listeners do not mind advertisements as they listen, and 70% prefer that the ads are read by the host directly, and have confidence in their endorsements.
For small business owners who are often stretched in many different directions, that sense of community serves as an encouragement and a trusted resource.
/// Is Podcasting an Effective Channel to Reach Small Business Owners?
This medium is rapidly growing and evolving and presents countless unique opportunities to reach small business owners. Podcasts’ ability to provide in-depth content, convenience, and a trusted rapport makes them an attractive option for organizations seeking to connect with small business owners.
In a digital world where choices are abundant and personalized content has become an expectation, a demographic like small business owners has a wealth of opportunities to hone their craft, build their business, and gain access to products and solutions that apply directly to them.
For more information on which channels reach small business owners best, download our full Audience Insights Report.