There, we said it. Whether you fall into the category of a millennial consumer or whether you don’t, the demographic is a force to be reckoned with. They’re also a group worth understanding to see how they’re shaping our world and our business opportunities, specifically in relation to the podcast industry.
Millennials as a group purchase differently, care about different causes, and have a different perspective on the world around them than previous generations. It’s no surprise that they would also have a new approach to their consumption of news, entertainment, and information via audio sources.
Millennials and Podcasting
Podcast has been steadily increasing across all demographics brought on specifically by the introduction of the iPhone and smartphones in 2007. The highest percentage of podcast listeners? You guessed it. A solid 38% of millennials aged 18-34 listen to podcasts according to Edison Research.
That 38% statistic represents a huge potential to reach such an eager and active demographic in the marketplace today.
We could spend all day discussing the specific demographics of millennials, their buying power, and their interests. If you’re looking for more information about general millennial statistics, we think the website whoaremillennials.com did it best, so we’ll send you over to their interactive infographic here.
Their trends, buying power, and education levels all play into the growth of every sector. But how does it apply to podcasting?
Let’s consider, ‘How Millennials Are Changing the Way We Consume Audio’.
Here are four ways that the millennial is changing the way we consume audio, and in turn, podcasts.
- Millennials want knowledge consumption, and they want it now. Or they want it later. Or now. Or maybe later.
Either way, millennials want information at their fingertips and on their terms.
In one day, 34% of millennials listen to audio on their smartphones (Edison Research). The podcast as a form of knowledge consumption, and is one of the easiest for them to access, especially considering that their means of consuming can literally be at their fingertips.
When it comes to millennials, they are used to getting what they want, when they want it. If millennials are discovered as your prime demographic, (or even a sub-demographic) a podcast is a wonderful way to connect with them.
Though producing for millennials is a great way to reach them, it is also important to stay consistent with your release schedule. With high expectations and a keen ability to remember when to expect your podcast, it is essential to follow through on a predictable, consistent schedule because if you don’t, they’re also not afraid to share their feedback with you.
- Time =/= $$
To the average millennial, their time is much more valuable than money, (unless they’re a recent grad living on ramen noodles; in that instance, money = food, so at least a little money is important).
What a millennial doesn’t have time for is to browse around looking for valuable podcasts that pertain to their life. Since as a small business you’re probably already sharing your podcasts and links on social media channels, you’re already on the right track to reach them.
Never underestimate that value of the almighty ‘like’ and ‘share’ on Twitter, Instagram, Facebook, Google+, and beyond. Millennials trust their friends over suggested ads with 95% of them stating that their friends are their most credible source for product information (Social Chorus).
By setting yourself up to reach them quick via their own friends’ preferences, you’re also saving yourself time and money by investing socially in their discovery of you.
Encourage and entice your current users to ‘like’, ‘share’, and ‘+1’ your content, page, and podcast through good marketing tactics (think giveaways, ungated content, bonus white papers, etc.) to get the word out for you in a trusted way.
You’re viewed to a millennial as a trusted source of information when brought to them by a friend.They’re already invested in your brand just because their friends have introduced you to them, and that type of brand awareness isn’t easy to come by.
Take that. Run.
- Ads? No Gracias.
The millennial is also configured to be in control of their experiences, whether it’s by paying for a Spotify membership to control the usage of music or by paying for Netflix to binge watch ‘Orange is the New Black’. Both means of content consumption include little to no advertisement with the understanding that they have to pay a little bit of money to be ad-free.
A huge benefit of a podcast is that you yourself, as the podcaster, have control over your user experience, which fits right in line with the desired experience of a millennial podcast listener.
If you’ve been following along our blog, then you’ve already read our article about how to, “Get Rid of Programmatic Ads” and what to do instead. You can thank us later, and we know that you’re listeners will, too, millennial or not.
Depending on your ultimate goal of podcasting and your listener, you may even be able to reach out and obtain some funds from your listeners. In a millennials eyes, ad-free listening is a value-added benefit to podcasting, and one that they may even be likely to justify with payment to support you, your company, and the continuation of valuable content.
- Get Your Facts Straight
What’s better than an accurate podcast filled with great information? A website with the data and facts to back it.
Another way that millennials are shaping the way we consume audio is by requiring the information to also be fact checked, (and available for their viewing). Millennials want proof, data, documents, and charts to reference all of the information that they’ve just consumed.
Nothing is taken at face-value, so be sure to be considering this when planning your content delivery.
By supplying your podcast consumer with the facts and data you’ve utilized to bring them the news, introduce them to products, or to deliver whatever your message may be, you continue building that level of trust that they strive for. In the long run, supplying this information is what will continue bridging the gap for them between your podcast, your product or service while continuing to build that trust in your brand.
Stay True to You
As with any project, you should be considering your audience when researching and delivering your content through podcasts. You don’t need to use, “hip” terminology or understand what it means to, “Dougie” to connect with 25% of the U.S. population (Millennial Marketing).
You need to be you, you need to stay true to your brand and you need to consider the habits and trends that have helped define the fastest growing generation in the U.S. society. Millennial’s aren’t here for the fluff; they’re here for content, trust, and the sharing of valuable information.
As discussed the four key takeaways are this:
- Millennials want content, and they want it now.
- Time does not equal money to a millennial. Time is everything.
- Ads? Pass.
- Facts, Jack!
Some of this may sound simple, and although the millennial group as a whole is highly studied and analyzed, they’re quite an easy bunch to please. Consider ways in which they’re changing the consumption of audio and it can pay off big time for your brand.
Ready To Learn More?
Are you ready to talk more about how PodcastMotor can get your on your way to supplying great content to your consumers? Visit our, ‘Services’ page here to get started on your way to delivering killer content to those that can use it.
Contact us when you’re ready to get started!