At Story Studio Network, we feel like we are constantly tweaking, reevaluating and finding new ways to explain the return on a podcast. The reality is you can spend a little or a lot on your podcast, you can tie it directly to sales or not, you can use it to pump your PR and brand awareness (or not)… your podcast can be used for many, many potential benefits.
Thus, measuring it’s utility and return can be a challenge.
I recently penned a response to a blogger and podcaster who suggested that podcasts aren’t beneficial in terms of financial expense versus return (I disagreed), and that the podcast is hard to justify when placed against YouTube (I disagreed again). You can read that LinkedIn newsletter about ‘Is your Podcast Worth it?” here.
But then on our New LinkedIn Live Audio Sessions, we tackled this exact question in about 17 minutes. How do you calculate the ROI on your podcast?
What are the equations to consider?
How can you, in retrospect, squeeze more value out of a podcast that has already been produced?
- Understanding ROI: Podcast ROI is not just about money; it’s about understanding the overall benefits, including audience growth and brand recognition.
- Balancing Direct and Indirect ROI: While direct ROI includes tangible monetary gains, indirect ROI, such as brand building and networking, can often be more valuable in the long run.
- Metrics Matter: To calculate your podcast’s ROI effectively, focus on metrics like listener demographics and engagement, but don’t overlook the qualitative benefits.
Tune in to unlock the secrets of podcasting success and ensure that your content creation efforts are truly paying off. Whether you’re a seasoned podcaster or just starting, this episode is packed with insights to help you maximize your ROI.