According to an International Coaching Federation (ICF) study, there were approximately 71,000 coach practitioners in 2019. This was a 33% increase from a survey done in 2015. It doesn’t take a lot of imagination to know that 2020 data will probably double or even triple the 2019 data.
The COVID-19 pandemic has brought about a boom in the coaching business. Corporate restructuring and time for reflection during lockdowns have prompted people to enter the coaching industry and start their passion business.
This quick transition, may leave some experts gasping for air. As a business owner, you have many choices and decisions to make daily which can be overwhelming.
What can you do to stand out?
How do you reach your potential prospects?
How do you build know, like and trust with your audience?
If you’ve been asking yourself these questions, then launching a podcast may be for you.
Why are Podcasts Popular?
According to statistics, there are over 1.7 million podcast shows as of January 2021. This number is still just an estimate.
So why are podcasts so popular?
Forbes reprinted a Quora discussion about why podcasts were gaining popularity. Podcaster and bestselling author Carrie Ryan listed the reasons for this trend:
- Its format fits into the busy lifestyle of many people.
Some podcasts run for only 15 minutes. Some go beyond an hour but listeners can choose when they will listen to the whole episode. You don’t have to catch an episode live to enjoy a show.
Since you only have to listen, you can do it while taking a break from work, doing chores or even while in bed right before you sleep. This is a major advantage over reading or watching video.
- You’ll find a podcast for any topic.
Technology hacks. Scaling your business. Relationship tips. Network building. Whatever genre you’re interested in, you’ll be sure to find a podcast for it. If there isn’t one, someone somewhere is trying to create it.
- It creates communities.
Podcasts draw together people who share the same interests. So, it creates communities that centre around conversations and shared experiences.
Podcasters impart their knowledge and expertise. Listeners take in the information and react to what they’ve heard. This then starts a dialogue between the podcaster and the listeners, and among the listeners themselves.
- It’s information and entertainment rolled into one.
One of the strengths of podcasts is that it allows both podcasters and listeners to dive deep into a topic.
A broad topic can be broken down into bite-sized chunks of information in each episode that listeners can digest in batches. More episodes mean more chances to explore a particular subject matter.
Also, since listeners are in control of what you consume, there’s no chance of information overload. You can start when you’re ready and you can stop when you feel overwhelmed.
Benefits of Podcasts to Business Owners
So what does this mean for a new business owner?
Here are some of its benefits from the point of view of an entrepreneur.
- There’s a ready audience.
Listeners are always on the lookout for podcasts that pique their interests. So, your audience is out there waiting for you to reach out to them.
Further, if you create a podcast that’s based on your expertise, values, mission, and vision then you will resonate with people who share the same ideals.
Once you touch base with your audience, you’ve already taken that one big step towards forming a possible client-coach relationship with them. Even if they don’t become your clients, there is a large possibility that they can refer your expertise to other people.
Plus, you get to interact with your audience through feedback and conversations. This solidifies that feeling of a community with people you might not see in real life but whom you connect with through the Internet.
So, you build your client base, increase traffic for your business and expand your network all at the same time.
- It’s a perfect platform to market your expertise.
You need to establish your identity as an expert, and prove you know your subject matter.
As mentioned earlier, you can dive deep into a topic through podcasting.
- talk about what you know,
- showcase what you’re good at,
- offer what you can do.
You can do this by sharing personal stories, or through interviews. The main thing is for you to shine a spotlight on your expertise so your audience knows what they can expect from you.
- It helps you improve your other skills.
Coaching requires you to speak to an audience. Whether the audience is just one or a group or the entire staff of a corporation doesn’t matter.
Podcasting helps you improve soft skills like public speaking. As you regularly go through the process of creating episodes, you start to get a feel for the natural flow of a presentation that works.
- You can use it for market research.
The feedback mechanism of podcasting isn’t just a vanity metric. You can also use it to discover what your audience love, what they prefer and what doesn’t work for them.
Then, use the analysis and insights you gain from the feedback to tweak your offers. You don’t need to change your offers completely. Modifying just one or two points can make your services or products more effective. Plus, you adapt to the changing needs of your target clients.
Before 2004, the term “podcasting” did not even exist. In less than two decades, it has grown into a multi-million dollar industry.
And the exciting part is that it’s still expanding.
From a business point of view, it’s an incredible tool to attract an audience of potential prospects that know, like and trust you. It can yield great results in just a short amount of time if you get the strategy right.
Would you like to have a chat with a member of the Your Podcast Concierge team to see if podcasting is a good fit for your business? Scroll to the top of the page and hit the pink “Book A Call” button for your free no-obligation chat.