5 Things that Make Podcasting the Key to Growth in 2023 for Financial Advisors
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If you haven’t heard yet, Three Crowns recently launched our very own podcast production program built specifically for financial advisors. We help firms create a brand, edit content, promote their podcast and more, all with the help of our Director of Digital Media – and resident podcasting expert – Brodrick Lothringer.
To help get the word out about this new opportunity, Brodrick teamed up with Pulse360’s Anand Sheth to talk about all the benefits of launching your own podcast.
Download: The Advisor’s Guide to Creating a Podcast Your Personas Will Love
Missed the big day? We’ve got you covered – you can stream the on-demand webinar at any time via the link below, or read Brodrick’s top tips in this blog. Let’s dive in!
Why Podcasting?
Podcasting can fuel your firm’s growth in several ways, but Brodrick sums up the benefits in just five points. Podcasting can:
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Build your company brand
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Engage with your audience
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Become a thought leader
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Generate leads
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Help your firm receive more value for your content marketing spend
In comparison to radio and television, podcasts also tend to have a longer shelf life, with more republishing opportunities than traditional media formats.
In fact, a 2019 BBC World Service study showed that the engagement rate of podcasts was 47% higher than radio and 27% higher than TV on average.
Brodrick explains that the big difference in those numbers likely comes from the way audiences consume podcasts. It’s easier to take a podcast with you on the road, to the gym or while you’re mowing the lawn – tasks in which you can truly focus on what you’re hearing.
Another big bonus to podcasting is the opportunity for advertisements. Unlike social media ads, podcasts give firms the ability to control the context in which a prospect consumes your ad. You can also put a name to the ad and therefore your firm, as your host has built trust with the audience, making it much more likely to resonate.
5 Things That Make Podcasting the Key to Growth for Financial Advisors in 2023
Let’s dive deeper into those five main benefits of podcasting, from building your brand to generating new leads and beyond.
1. Build Your Brand
Brodrick describes podcasts as the “Trojan Horse of content.” With just one hour of recording a week, firms can create endless republishing opportunities to maximize their exposure. For example, one podcast could easily be repurposed to create:
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A Youtube video
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3-5 minute SEO-optimized videos for social media
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60-second Youtube Shorts, which tend to get higher views than traditional videos
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Audiograms and videograms
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Quote posts with simple images
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A blog, which can also include audio and video
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And more
The goal here is to post in a variety of ways that feel fresh, encourage education and allow people to learn about you at their own pace.
“It’s important that with any sort of podcast, you’re giving your audience a chance to learn more about your firm,” Brodrick explains. “Who are you? What do you do? What do you care about?”
A podcast can help you differentiate from other firms by becoming more than just a financial advisor. With a podcast, you can connect and build trust by becoming a friend, advocate and coach.
2. Engage with Your Audience
Next up, an original podcast can help engage your audience and build those valuable word-of-mouth referrals.
Regular communication with clients is crucial to your firm’s success – but you also run the risk of sending redundant or generalized content. A podcast is a great way to provide regular communication with valuable content to your current clients. And once your clients discover the value in your podcasts, they’re more likely to hit share and spread the word!
3. Become a Thought Leader
As a podcast host, you have the opportunity to position yourself as a thought leader in the finance industry.
Download: The Advisor’s Guide to Creating a Podcast Your Personas Will Love
Additionally, you’re able to connect with other business owners and advisors in finance – building connections, increasing your podcast’s reach and paving the way for new potential partnerships.
4. Generate Leads
There’s one stat on this chart that we just can’t get over: Over half of podcast listeners search online to learn more about a product or service after hearing it advertised in a podcast.
The value of having your services advertised via podcasting simply can’t be overstated.
5. Remain Cost-Effective
A content marketing campaign can cost anywhere from $6k-$60k per month on average – and there’s no guarantee that your ROI will be worth the trouble.
While podcasts also don’t come with guaranteed success, they are more cost-effective than many traditional marketing campaigns.
For example, firms that work with Three Crowns can expect the full-service podcast experience for less than $3,000 per month. That package includes branding, audio editing, video editing, social media, coaching, and more.
With an agency handling all the behind-the-scenes work, Brodrick estimates that a firm could produce a successful podcast with no more than an hour of effort per week – and that’s for a weekly episode cadence!
Whether you’re ready to take the plunge into podcasting or just want to learn more about the benefits of a podcast, Brodrick’s doors are open. Keep an eye out for more upcoming webinars and events hosted by Three Crowns, and be sure to check out our newest podcast, On the Circuit!
Launch Your Podcast with Three Crowns
We’re here to help you tell your story and grow your business. Connect with a member of the Three Crowns team today to plan, create and launch your firm’s podcast.
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