Starting a podcast is a good idea, because podcasts are scalding hot right now. Alex Cooper (Call Her Daddy) recently penned a three-year deal worth more than $60 million with Spotify.

The popularity of podcasts has risen during the last two years and major streaming platforms have been creating brands in the podcasting space. So much so, that we may be entering a new era of media and multimedia advertising.

If you do it correctly and consistently, you can quickly increase your audience for your brand. Starting and maintaining a podcast will take hard work and planning. You shouldn’t start one unless you have figured out your differentiator.

During the pandemic, digital content saw a huge surge in consumers. Growth forecasts predicted revenue of $659 million for digital content, as a result of employees working from home, enforced social distancing, and by creators having to transition their content to the digital space.

Below is a list of 7 reasons why you should start a podcast for your business:

1. Audience Building

Hosting your show on platforms such as iTunes will also expose your show to new listeners who find your show by searching for specific topics on those platforms. For example, if you host a show about marketing, someone looking for a podcast about marketing will find your show if it appears in the search results for that keyword.

2. Cheap To Start

There are only a few pieces of equipment required to host your podcast. The first is of course a computer with an internet connection. From there, your basic essentials are a microphone, headset, and a pop filter. This equipment can be purchased on Amazon for $140.

3. Business Networking

If you host a podcast in which you interview various guests for your show, one of the most obvious benefit of doing so is that you get to expand your network. A podcast is a great platform to reach out to people you might not have been able to otherwise. As your audience grows in size, your ability to reach out to the high-profile industry leaders increases.

4. Alternative Revenue Stream

There are a few ways you can monetise your podcast. If your download numbers are high enough, you can charge sponsors to be mentioned on your show. You can also use your show to promote your own products or services. Another option is to include a recommended resources section on your show’s main website, and include affiliate links in each of the recommendations. This way, when someone clicks on a recommended resources and decides to buy, your earn a commission.

5. Authority Building

Sharing helpful advice on a specific topic on a consistent basis helps position you as an authority in your industry. Hosting a podcast has a similar effect as running a blog or writing a book – it helps develop your reputation as an expert. As you increase your authority in your market, you attract other opportunities to you. You may also consider offering coaching or consulting services as people begin asking you for specific advice on your area of expertise.

6. Free Promotion

A podcast can be a great tool to attract your ideal customers or clients. You can use your show to help promote your own products and services. You can mention these things in your episodes, or simply tell your listeners to visit your website to learn more about what your service offering.

7. Low Maintenance

There are a few podcasts out there that publish episodes on a daily basis. But most shows publish an episode once per week and that seems to be the current norm. The good news is that once a podcast has been launched, maintaining it isn’t as time consuming as you think.