By Tom Mason, Director of Communications
Recently, Callum Macrae, a fellow Director at JE Consulting, wrote an article on key stats about video and podcasts in marketing, so I thought I’d throw in my two-pence as well.
(You can read Callum’s article here!)
In my role, I find myself strategising, creating, editing, and answering questions about this subject more and more often.
It feels as though video and podcast content is a natural step forwards for many professionals looking to diversify and improve their marketing strategies.
However, the real question – the one I get most often – is whether they’re worth it?
Do videos and podcasts provide value to a business, and is there a legitimate, ROI (return on investment) to be had?
How do we define ROI?
There are two schools of thought within marketing:
- Data is everything – If it can’t be measured, it can’t be working.
- Softly, softly – Sometimes, the things we can’t measure are the most important.
Many feel that ROI should be measured through social media engagement, leads, conversions, impressions, etc.
Certainly, this is a great way to see roughly how well your strategy is working.
Others – like me – take into consideration the softer side of marketing – brand awareness, authority building, personalisation, and trust (not easily measured by KPIs).
Neither is totally correct, and you shouldn’t be focusing on just one.
Within this article, I’ll try to give you an insight into both the measurable and immeasurable aspects of ROI.
To do this, I’ll be relying mostly on my own experience – almost 11 years of it – as well as some statistics from reputable sources.
The ROI of podcasting
Let’s tackle podcasting first.
As a marketer who has worked with accountants and solicitors for over a decade, I’d suggest that podcasts are great for the softer side of things.
Podcasts offer a way to establish authority, build a community, and create long-form content that nurtures client relationships.
When it comes to the measurable stats, there are a couple I’d like to bring to your attention:
- Brand mentions in podcasts deliver on average 16 per cent higher engagement and 12 per cent higher memory encoding than the surrounding content. (BBC)
- 94 per cent of listeners consume podcasts while performing other tasks. The most common activities include doing chores at home (61 per cent) and driving (55 per cent), followed by exercising, shopping, and running errands. (BBC)
In my experience, podcasting works particularly well for professional service firms because it allows for in-depth discussions on industry topics.
It also positions the firm as an authority and encourages trust-building with potential clients.
Whilst there are many measurable metrics for working out your ROI, I’d argue that podcasts are more important from a brand building perspective.
There’s nothing available that would allow us to measure how a podcast shows you to be an authoritative and informed figure – but it’s been my experience that this is nonetheless the case.
When a brand has a podcast, it’s a sign they know what they’re doing and willing to be innovative in their approach.
The ROI of video content
Again, the softer side of marketing plays a significant role here, but it’s a lot easier to measure their ROI from a statistics-perspective.
Video content is great for increasing brand recall, improving audience engagement, and making information easier to digest.
The average viewer spends 88 per cent more time on a website that has video than on one that does not. (Social Media Today)
So, we could start there.
We can look at the bounce rate and the time it takes people to click off your website and see if that improves when you include videos.
Equally, some studies suggest that videos generate 1,200 per cent more shares than text and images combined.
Again, we can measure this!
All we need to do is look at your average posts – how many likes, comments, interactions they get – and compare it with your video content.
Video content is a great way to simplify complex topics, showcase expertise, and make your services seem more approachable.
It also allows potential clients to ‘meet’ a firm before committing, which builds trust.
If you’re looking for the directly measurable method, video is your best bet.
What’s my verdict?
So, are videos and podcasts worth the investment?
Absolutely – if done correctly.
While it can take time to see direct financial returns, the brand-building, trust, and engagement benefits are undeniable.
Add this to the fact that there are indeed measurable metrics that you can discern from both strategies, and you can see that you have ways to (almost) guarantee a good ROI.
In my opinion, podcasts and videos allow you to create evergreen content that positions you as a leader in your field.
They help you connect with your audience in a way that blogs and social posts simply can’t.
I highly recommend you start using them.
