If you’ve just started podcasting from scratch, it can be daunting to come across a complete podcast covering similar topics. They already have a community that worships fans, so can you provide anything in the field that you haven’t covered yet? Of course there is! If you conduct market research correctly, even the smallest niche market can expand.
Almost anything has an audience; just understand what needs your podcast is trying to meet. In this article, you will learn how to use market research to validate your podcasting ideas and show you the best shows that your future audiences never knew they needed.
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What is market research?
Before selling a product, you need to determine whether there is a purchase demand. Similarly, when you start a podcast, you want to know that there are listeners who will listen to it. This is why you conduct market research, which allows you to investigate the needs and preferences of potential audiences.
Podcasting market research allows you to determine if there is a demand in your niche market. If you find that many pre-existing podcasts are similar to your own themes, this is a good sign that your expertise is popular and you just need to develop your own personal area.
If you cannot find a podcast similar to your own podcast, it may mean one of two things; either there is no demand for your topic, or if you can convert the scroll bar to an interested audience, then you will Become a true pioneer. The former or the latter can only be determined by market research.
Advantages of conducting market research on podcasts
Compared with podcasts that have not done market research, podcasts that have done market research are better prepared for success. There are many benefits of conducting market research for your podcast, including but not limited to:
- Identify your target audience and where to find them
- Discover what your target audience is currently listening to
- Develop a marketing strategy for your podcast to provide measurable results
- Understand the trends in your podcasting space
- Avoid podfading and continue to publish content regularly
When your podcast market research is completed correctly, it may result in the collection of many valuable information about your target audience, including their:
- Likes and dislikes
- Current favorite podcast
- Preferred podcast structure and style
- Social media use
- Podcast topics of interest
Knowing all the information about your target audience allows you to expand your podcast as you tailor content to what your audience wants to hear.Given that there are currently 850,000 active podcasts In the United States alone, you need to make your show stand out, and conducting market research for your podcast is the way to achieve this.
Use keywords to verify your podcasting ideas
Unless you know what value they need in their lives, you cannot provide people with valuable podcasts. To measure what people are looking for and how to fill this gap, use keywords to see what people are searching for.
Google Trends Is a great tool for checking what people are currently searching for at a specific time. You can also check the geographic positioning of your search, and if needed, you can narrow down specific geographic locations in your podcast marketing strategy.
You can also conduct podcast market research on public forums such as Reddit, Quora, or Facebook groups in the community to understand what people are asking. If you see certain questions related to your podcasting ideas, then this is a good sign that you will have an interested audience.
Competitor analysis for your podcast
competitor analysis Is a form of market research, you guessed it, it involves analyzing your competitors. You need to check your competitors’ podcasts and understand what they are doing, how they are doing, and how they are doing.
Competitor analysis is an important part of podcasting market research because it allows you to assess the scope of influence of your competitors. If they have a large general audience, you will know to narrow your target audience to narrow specific market segments. Let’s take a look at how to conduct competitor research for your podcast.
Identify major competitors
First, you need to know who your competitor podcast is. Open the podcast catalog and browse other shows in the same category as your own. You will come across podcasts that work in the same field as you, giving you a glimpse of content that already exists.
You can also enter any keywords related to your show podcast Go into Google and see what happens.For example, if you are a personal finance podcast and have identified “filing tax at home” as one of your main keywords, please enter Tax filing at home podcast And write down any shows that appear.
When you search for competitors, you will come across two types:
1. Direct competitors
Direct competitors sell the same products or services as you and target the same audience.
2. Indirect competitors
Indirect competitors do not sell the same products or services as you, but can attract customers from your market. Your theme and target audience may overlap, but you are not providing them with the same value.
For example, Serial and Love & Radio will not discuss the world of factual crime at the same time, but may attract similar audiences who like real stories or alternative stories from the margins of society.
In order to conduct a competitor analysis, you should focus on the main competitors, but this does not mean that you should also exclude indirect competitors.
Once you have collected your List of major podcast competitors, You need to think critically about which of your own shows are most relevant. Competitors should have the same niche market as you.
For example, suppose you want to launch a podcast about dating for young professional women in New York City. Although you may find other podcasts of young professionals talking about singles that are very similar to your own, you also need to look for podcasts specifically for New York City. Your target audience is geographically based, so your podcasts and competitor research should reflect this.
How to conduct a competitor analysis on your podcast
Try to narrow your main competitors to about 4-5 podcasts. When evaluating a competitor’s podcast, you are trying to determine where they have an advantage over you and how to make your podcast better. In order to conduct a competitor analysis of your podcast, we will look at the strengths and weaknesses of your competitors in terms of content and marketing strategies.
1.Check their website
Look at their website Or the podcast landing page to see how they present themselves.
Ask yourself these questions:
- Is everything so easy to navigate?
- Do you know who your competitors are?
- How often is the website updated?
- Do they have a blog post, or is it just a landing page with a link to where they can find the show?
- Do they sell products or services next to the show? If so, how easy is it to complete the purchase process?
- Do they have newsletters or email lists? If so, please register and check the type of content they post and how often they send it. Does their newsletter just provide you with updates, or do they add real value to their brand?
2. Check their content
Listen to an episode and read their description. If they have a blog, please read through the post.Same for their social media posts, including any Community groups They may be on Facebook or Discord. You want to have a good understanding of what their content is and how they publish it. Make a note of the type of content they have, which can include videos, FAQ pages, e-books, and newsletters.
Is the content they posted valid? What tone did they use when posting? Which posts have the most engagement and which posts have the least engagement? Which SEO keywords are they targeting?
3. Discover their marketing route
Each podcast has its own unique brand marketing method. To understand the marketing strategies of competitors, check their social profiles. Is their account valid? Do they interact with the community? Do they pay for advertising? If so, where is it? What types of followers do they have and who are interacting with their accounts?
4. Assess their influence
A well-connected podcast will increase their audience faster than a podcast that does not participate in the community. Check if your competitor’s podcast regularly hosts guests or collaborates with other experts in their field. Are they part of any network or organization? Do they host any live podcast events or appear in other shows?
5. Read their reviews
Reading the reviews of your podcast competitors will give you feedback on what their audience thinks. Comments can reveal the strengths and weaknesses of competitors, so pay attention to what their audience is saying. Do they even have comments? If not, this may indicate the size of their active audience.
Use your podcast market research
Doing market research for your podcast will take time, but it will bring incredible benefits to your show! Many podcasters don’t take the time to do this, which is why there are so many abandoned podcasts on the Internet. After conducting a podcast market survey, you will know exactly who your audience is and how to provide them with the best content.
Now that you have done this, we believe you are on the right path to making the best podcasts!