Should You Start a Business Podcast? 5 Questions to Answer First
Podcasting seems like a crowded space, but it's really not. It’s a blue ocean opportunity. Especially for expertise-driven businesses who need to build trust with buyers, accelerate network growth, and create endless content. If you’re asking yourself, “should I start a podcast?” then you’re in the right place.
This article explores five critical questions that you need to answer before you launch a podcast for your business:
How would a podcast roll up to your business goals?
Why would your ideal clients listen?
How many podcasts are there in your niche?
Are you willing to commit to 12+ months?
What do you need to start a podcast?
Let’s dig into each one, shall we?
1. How would a podcast roll up to your business goals?
In my experience, many small businesses have a similar goal of growing revenue. But how? Revenue growth for a professional services firm can happen in a number of ways…
Ask yourself, how are you going to generate more revenue for your business?
Generating leads for services?
Commanding premium fees?
Improving your close rates?
Courses and community?
Attracting sponsors?
This is a critical step because it should have influence over how your podcast is positioned. For example, if your goal is lead generation then you might structure your show in a way that interviews your ideal clients.
In October 2023, I launched two podcasts in support of my business: Breaking BizDev and Podcasting in Professional Services. Both play different roles in my strategy, but these podcasts ultimately rolled up to three business goals:
Generate new business leads
Accelerate my professional network growth
Create a content engine and library
Here’s what I’ve learned so far:
Using a podcast to generate leads
The chart below is a screen shot from my CRM (I use Monday.com), which shows qualified leads by source, quarter-over-quarter. In Q3 2023, I refined my service offering and target audience. Then, I launched a podcast-centric marketing campaign in Q4. About 6-9 months later, it started having an impact in terms of lead generation. In Q2, I could attribute 27% of my leads directly to podcast content.
Using a podcast to accelerate network growth
I leveraged both podcasts to increase connection rates with prospects on LinkedIn. I kept track of each segment of my prospecting efforts. Lo and behold, each podcast had a measurable impact on connection rates. This is important to me because now, these new connections have a better chance to see my content in their feeds, and I’m able to have 1:1 conversations when relevant.
Using a podcast to create a content engine
My third goal was to create a content engine and library for my business. With the right tools and workflows, I am able to turn a single podcast episode into:
A blog post
An email newsletter
5 YouTube shorts videos
5 LinkedIn video posts
5 video posts for X
Doing so over time gives me a content library I reference in sales conversations, and repurpose across my marketing channels. Below is a podcast editing workflow I use for my own business.
There are a number of different benefits of podcasting for business, but unlocking them depends entirely on business goals, which can vary. Another important factor is your podcast marketing strategy and how aggressively you promote your show.
2. Why would your ideal clients listen?
It all starts with your ideal listener. Why should they listen to your show over other podcasts?
According to Pew Research, 60% of podcast listeners do so for entertainment, and 55% say that learning is a major reason for listening.
You’re not just competing with business podcasts, either. You’re competing against sports shows and true crime dramas. According to the Infinite Dial 2024, weekly podcast listeners consume 8 episodes per week on average.
Will your show be one of them?
Shake up your interview podcast by finding a podcast co-host to banter with. Or, experiment with different episode types and formats to keep your show feeling fresh. Defend your share of voice. Don’t just educate…entertain!
Here is a video of my Breaking BizDev co-host Mark Wainwright discussing the benefits of co-hosting a podcast:
Here are some examples of podcasts who have clearly defined their ideal listener and why they would listen:
Corporate Escapee → Corporate Gen Xers who want to escape the 9-5 grind
Accounting High → firm owners and practitioners who want to learn how to run a practice
AI-Powered Business Leader → Solo consultants and experts who want to harness the power of generative AI
Breaking BizDev → technical experts who now need to develop new business for their practice
3. How many podcasts are there in your niche?
Look, I get it. It seems like everybody has a podcast these days. But that’s not necessarily the truth.
Let's break it down (see the well-designed pie chart below for a visual):
There are 600 million blogs on the internet.
There are 3.6 million podcasts.
Of those podcasts, business shows make up 8%.
15% have actively published an episode in the last 90 days
Simply by publishing consistently, you'll be among 40,000 business podcasters.
After doing a little market research, you’ll probably find a handful of shows you’d be competing against. With the right strategy and good content, chances are you'll be the top show in your niche within a year.
The best time to start a podcast was 4 years ago. The next best time is now.
4. Are you willing to commit to 12+ months of podcasting?
A podcast is a long-term investment. If you launched a show today and executed an aggressive distribution strategy, it probably wouldn’t have an impact on your sales pipeline for 6-9 months.
On separate occasions, two of my podcast guests drew a comparison between podcasting and going to high school. Scotty Scarano of Accounting High and BJ Kraemer of Inspiring People and Places both view podcasting as a multi-year investment before it will generate revenue the way they envision.
5. What do you need to start a podcast?
It’s never been easier to start a podcast.
Don’t have a podcasting mic or high-def camera? No excuse. Your computer and smartphone are good enough to get started.
Seriously! Don’t let those artificial barriers stop you.
The hardest part is knowing what to talk about, and making it interesting enough for your target listeners to care. You can get better simply by hitting record.
Still need help? I’ve put together a few resources that can help you start a business podcast:
Check out my weekly newsletter where I share business podcasting insights
Listen to Podcasting in Professional Services to hear from business show hosts
Take my free 30-day email course on how to launch a podcast
Schedule a free consultation directly with me
