Why you should start a business podcast
Why you should start a business podcast
Ed Lawrence: … You’re listening to the Sound of Business Film Booth FM with your hosts Evan Lawrence and David Foulkes.
David Foulkes: When you said you had a radio voice planned, I didn’t think it was gonna be like that.
Ed Lawrence: Yeah. Well, some people have the face for radio, some people have the voice for it. I’ve got both.
David Foulkes: Anyway, why are we here? We are video guys, and you are making me become part of a podcast.
Ed Lawrence: What I got excited about, Dave, was the stats, like most things, and the potential opportunity. And, I thought, “Yeah, okay. We make videos.” And, we do make a lot of videos for ourselves, to promote ourselves. But there’s a gap, and I think-
David Foulkes: In the podcast market?
Ed Lawrence: I think audio might be the new video.
David Foulkes: I think that’s a big call. I’ll tell you what excites me about podcasts is that the communication part of this is more exciting. because, you get this longer form where you are able to expand on ideas, which we never really do in two minutes. We try to get it down to two minutes, but here we can actually expand on some stuff. So, I’m kind of into it. You didn’t answer my self-serving and contrived question, which is why are we actually making a podcast when we’re video guys?
Ed Lawrence: Well, David, the stats don’t lie. We are a business. We make video to promote ourselves. But, if there’s an opportunity that isn’t video that I think is big, or we, because it’s not just me that runs this business, is it Dave?
David Foulkes: Yeah. But we could, by that rational, do pigeon carrying if we-
Ed Lawrence: But, we do blogs. Pigeon carrying is not a thing. I mean, if it was and it would benefit us-
David Foulkes: No technology has ever gone out of date. Pigeon carriers still exist.
Ed Lawrence: So, imagine going viral using pigeons. It’d take forever.
David Foulkes: Well, look, that’s a challenge we can take up later. But, for now it’s podcast-
Ed Lawrence: Can you imagine that? The phone call?
David Foulkes: No, I cannot actually.
Ed Lawrence: Pigeons just flew over my car. It’s a right mess.
The stats behind why you should start a podcast
Ed Lawrence: Podcasts are growing, like 10 to 20% a year, and if you look at it as like a healthy investment, a 20% growth you wouldn’t sniff at that. Warren Buffet would be like, “do that.” Might not be quite as volatile either. So I’ve found some stats. I’ve been searching Google Trends. I’ve gone across the internet far and wide to try and show you why if you wanna make content for your business, and you haven’t started doing it yet, or you want an easier way, podcasts could be the thing for you.
David Foulkes: Could be.
Ed Lawrence: So should we hit you with some stats?
David Foulkes: You need to prove it to me, yeah.
Ed Lawrence: Should we have some stats? Should we do the jingle for stats again? … Oh, look at my old stats.
Ed Lawrence: 67 million Americans listen to at least one podcast a month. Generally, if it happens in America, five years later, we get it.
David Foulkes: Like ah, the flu.
Ed Lawrence: The flu. Also, the majority of podcasters are middle aged and young demographic, which is good for business, right, because I mean, unless you are care homes-
David Foulkes: Hang on. What’s the demographic?
Ed Lawrence: Middle aged people and young demographic.
David Foulkes: So, everybody, apart from old people.
Ed Lawrence: Old people. Yeah.
David Foulkes: That’s a big demographic.
Ed Lawrence: But, I reckon, as a grandchild, if I went and showed my Grandma how to use technology, she’d like it too.
David Foulkes: Right.
Ed Lawrence: I don’t know what she’d listen to.
David Foulkes: Well, you can reach out to them as well, but for now, it’s a pretty big demographic as it is.
Ed Lawrence: It’s a big demographic for most business. If you’re a care home, switch off now. Otherwise, carry on. So, I have the stats I thought were really is that 53% of beer households are podcast listeners. 57% of baby food households, they’re podcast listeners.
David Foulkes: Yeah, that one I’m not sure I understood.
Ed Lawrence: Yeah, important stats, these. And this is the one I like and this is probably the most important. It’s not really a stat, it’s just a statement. You can’t really argue with it though. Podcast listeners are most loyal, affluent, and educated. I don’t know how they track that, but it’s … that’s what it said on the internet so it must be true.
David Foulkes: It must be.
Ed Lawrence: The opportunity here is quite big, I think. I’ll go back and I’ll discuss why again, is that Google Trends, if you haven’t heard of this, Google Trends if the free tool that Google give and it just who’s you what’s hot right now, basically. On a hot scale, 100 being hot, zero being not. Podcasts, the term podcasts, the search for that are currently hot. They’re 100 out of 100.
So they are hot. And when you look at the graph, which will be on our website if you’re watching this on the vodcast then you can see it on the screen now. If you look at it, podcasts have pretty much maintained the same level of popularity, but just growing slightly forever.
When you look at blogs, they’re going down and actually they’re at the scale of 25 hotness right now.
So that’s going down.
Video is up at 100 too.
Ed Lawrence: Basically what the stats are showing us is that podcasts are being searched for, they’re at a higher popularity at the moment. They can’t go past 100. So they’ve maxed out. And blog posts are going down. And the average business is encouraged to write blogs. Which they should, but maybe there’s another form and maybe it is podcasting.
David Foulkes: So what are some of the things that … Are there other mediums out there that are at 100 as well? I mean this is a total phenomenon that you’ve noticed that nobody else has.
Ed Lawrence: Nobody else has noticed this because they haven’t bothered doing it. They might have done. I didn’t look past three blogs, the top three. Why would you get past the top three?
David Foulkes: Why would you?
Ed Lawrence: But no, what I also noticed was I thought well let’s have a look at who is trying to make these. If podcasts are at their popularity, higher popularity, surely everyone’s going oh I’ll make a podcast and getting really excited about it.
David Foulkes: And they are.
Ed Lawrence: No they’re not. Because there’s only 1,000 searches a month for how to make a podcast in the UK.
Compared to 3,000 for how to write a blog. People are searching for podcasts, yeah. No one is really searching for how to make a podcast.
Ed Lawrence: It’s a classic supply and demand issue. Everyone’s going in the wrong way. Everyone’s trying to sell apples and there’s too many apples and there’s just pears everywhere and everyone’s eating them up. But no one seems to notice that there’s no pears.
David Foulkes: For once I actually don’t know if we need a metaphor for this one. It literally are people are looking for podcasts and not enough people are making them.
Ed Lawrence: Yeah that seems-
David Foulkes: In fact the metaphor just complicates it. But that’s fine.
Ed Lawrence: But the problem is everyone’s being told to write blogs because everyone needs to please Google and right, content is the easiest sort of thing to do. But it’s not easier than talking. I mean that doesn’t mean it’s going to be interesting. This probably isn’t very interesting at all.
David Foulkes: No.
Ed Lawrence: But it’s like, okay-
David Foulkes: Theoretically.
Ed Lawrence: Here’s a gapski. I speak a bit of Russian, I don’t know if I told you that. So there’s the stats. …
David Foulkes: By knowing you there’s going to be more than just a few stats, there’s some theory coming isn’t there?
Ed Lawrence: Yeah.
The science behind Podcasting
David Foulkes: Some science.
Ed Lawrence: Should I play the science jingle? Defiance, compliance, reliance, these are all words that rhyme with science. That’s the science jingle, right.
Ed Lawrence: I’ve actually spoken to a mate who is in a band full time about making us some jingles. So that might be interesting.
David Foulkes: Is that the science?
Ed Lawrence: No, science. So. The science behind this is that actually audio’s pretty powerful. Dr. Joe Devlan basically a researcher, I’m going to cut to the long and short of it, he put people in front of the visuals, the usual programming, Game of Thrones, Pride and Prejudice, things like that.
David Foulkes: Is that the usual programming?
Ed Lawrence: Yeah, of film.
David Foulkes: Oh I see, right. That kind of programming.
Ed Lawrence: Then he also put them in front of just an audio listening, someone just reading out the script right? And I don’t understand, this is just weird, but basically he studied their biometrics right? So heart rate, galvanic skin response, which basically is an emotional sign, so you’re getting all emotional, you start excreting some sort of oil from the sounds of it.
David Foulkes: It just sounds weird.
Ed Lawrence: Yeah it does sound weird. I mean I went deep into the internet to find this. It took a while. And body temperature. And the audio listener showed higher emotional response than the people watching the video, the film. Which makes no sense, I don’t understand.
David Foulkes: Audio is more evocative.
Ed Lawrence: Yeah, apparently so. It sounds like blind people are onto a right trick here.
David Foulkes: My heart rate is really low right now.
Ed Lawrence: Yeah so maybe if you shut your eyes and listen to me, shall we test it and see if it goes up? I’ll tell you a quick story.
David Foulkes: It’s going up. But then I’m holding my breath, so.
Ed Lawrence: Once upon a time, there were two people who started a podcast. And it didn’t go very well.
David Foulkes: Keep going, keep going with the story.
Ed Lawrence: And nobody listened. Yeah, so what’s your heart rate at? Has it gone up?
David Foulkes: It is … No.
Ed Lawrence: Right, why don’t you watch me say the same thing? Ready? Let’s see if it goes up.
David Foulkes: Here we go, here we go, here we go. No.
Ed Lawrence: Just in case you can’t see this, which you can’t if you’re listening, Dave has a heart rate monitor on. Okay?
David Foulkes: Oh it has gone up.
Ed Lawrence: Did it?
David Foulkes: Like I said I held my breath for a moment there so-
Ed Lawrence: Would that make it go up?
David Foulkes: Yes. Because you can potentially die so your heart starts pumping more oxygen to your brain to keep you alive.
Ed Lawrence: There’s more science for you.
David Foulkes: More science.
Ed Lawrence: People will learn a lot today.
David Foulkes: It has gone up, but I’m just stressed now because I’m thinking about my heart rate.
Ed Lawrence: Right, so we just proved that right? So basically yeah it sounds like we don’t need video at all. Which is depressing for us because that’s basically how we make our money.
David Foulkes: But even that was not, that can’t be the end of video just by that? We cannot be calling time on video here on this first podcast we’ve ever made.
Ed Lawrence: We are. That’s the end. We’ve now become Business Podcast Booth. And we’re going audio. Audio’s back baby.
David Foulkes: Wait a second. You keep the brand because we’re Business Film, like Car Phone Warehouse. Do you have a car phone these days? No. Of course not.
Ed Lawrence: Well actually it’s illegal isn’t it to have a car on your phone? So theirs is almost encouraging bad behaviour. There’s a great video, have a look on the website, there’s a link to it, it’s by one of our clients called Grant LeBoff who is a marketing strategist. He’s done a video all about this and he states that the mind works by the ear and not the eye. Which is basically backing up exactly what this scientist chap has found out and that we conceptualise information in an auditory way. He argues that people are forgetting the importance of sound. And he also makes the good point, search is going voice. Two out of five searches now, done by the voice.
David Foulkes: That’s a good point. But that doesn’t mean search is going podcast, but you’re saying that the trend is for because you can listen to it while doing other things. Is that what it is? Because you can multitask.
Ed Lawrence: But also-
David Foulkes: Like you can’t watch a video and drive for example. Not that I’ve ever done that. I haven’t.
Ed Lawrence: We could take this transcript, pop it into a blog, it would please Lord Google because it’s more chatty for search. And people when they search via voice don’t search in the way they type. They’re more chatty and conversational. So transcribing a podcast have a benefit, and that’s the science done.
David Foulkes: Alright.
Ed Lawrence: Alright. Defiance, compliance, reliance. These are all words that rhyme with science.
David Foulkes: Alright, let’s assume that I am now vaguely interested in podcasting, which I wasn’t at the beginning.
Ed Lawrence: Only vaguely. We’re just literally sat here chatting for half an hour and you’re only vaguely interested. Are you sure you’re committed to this Foulkes?
David Foulkes: I’m channeling our listener and thinking it’s probably where they’re at as well.
Ed Lawrence: You’re assuming we have a listener.
David Foulkes: Yeah yeah. Well we have one listener and he’s hitting record over here, it’s Greg so that’s fine.
Ed Lawrence: He’s not even listening. He’s on his phone.
David Foulkes: What are the benefits of podcasting?
Ed Lawrence: We’re just gone over them, were you not listening?
David Foulkes: No, this is the benefits section. Do we have a jungle for this?
Ed Lawrence: I can make one.
David Foulkes: Well I should hope so. The benefits of podcasting.
The benefits of Podcasting
Ed Lawrence: This is the jingle. … Benefits.
David Foulkes: That was good. I don’t know-
Ed Lawrence: It’s still going on, don’t interrupt. Benefits. There we are.
David Foulkes: Fantastic. Benefits of podcasting.
Ed Lawrence: It’s more the benefits of content I feel I should have named this section. Because generally speaking, and this is kind of what I think a lot of businesses struggle to get to grips with, is that we should be making things. It’s like why? Why would you make stuff? And if you listen to Seth Godin, and I know you do because we made a video where we used this quote and then Seth Godin ate a fly.
David Foulkes: And I listen to him separate from that.
Ed Lawrence: Yeah?
David Foulkes: Yeah.
Ed Lawrence: He says that content marketing is the only marketing that’s left. Now that’s not true because there’s loads of other types and you see it all the time. But, you know on our television adverts and they’re still there.
David Foulkes: I think what he’s trying to say is it’s the only one left that works.
Ed Lawrence: Okay. So for small businesses, let’s use it as an example right? The whole point is you make stuff you need to make stuff. People are searching for things, they don’t buy from you straight away, they don’t just do I’ll call an accountant and click on the first one on Google, not look at anything and hit it. They need to meet you. And it’s usually a really long process which means you’ve got to continually be giving them stuff of value that’s entertaining and fun, you know.
David Foulkes: I think the really important point that Godin is making there in regards to that is that feeling of I’ve made this for you, and the feeling if you get it right for your audience that they listen or watch in some cases with us, but in the case of podcast they feel like this was made for me. It’s right on target.
Ed Lawrence: That’s right. It’s almost like-
David Foulkes: It’s still knowing your audience.
Ed Lawrence: You just want to keep them on your radar. And you can’t just do it with an ad anymore. So the benefit of podcasting is the same benefit of doing any other content marketing, really. In that it builds relationships, can open doors once you’ve got a following you find that people go on to do speaking and other gigs and they get shared onto other podcasts and vlogs and stuff, massive credibility-
David Foulkes: There’s networking, but in terms of the audience-
Ed Lawrence: It builds a network. It builds a deep connection because if someone spends half an hour listening to you, I know the videos that we make are two minutes and if someone watches a two minute video for two minutes because it’s only two minutes then that’s what you can watch it for, is yeah they start to feel like they get to know you. If they listen to someone for half an hour, and this is generally what happens in podcasting-
David Foulkes: It’s a different relationship.
Ed Lawrence: Yeah but you can feel like you’re getting to know people, so again-
David Foulkes: If I was somebody who had watched a few of our two minute videos right? Then I suddenly listen to this.
Ed Lawrence: But you are. I mean you’re in them all.
David Foulkes: I have to, it’s my job.
Ed Lawrence: You have to look out for my spelling mistakes.
David Foulkes: Unfortunately I have to actually go through them all and watch ourselves again. But if I was, I watched a couple of our videos where we try to get a point across in two minutes, it obviously feels very like it’s not a rich, long experience. It’s not a lean in experience. This is totally different and I wonder what somebody, I honestly would like to know if you’ve seen any of our other videos and then you’ve listened to this if you haven’t fallen asleep by now, then if you were to let us know what you thought of this experience in comparison to that. Because it’s a totally different way of absorbing information.
Ed Lawrence: That’s a good question. I mean the last time we asked that question was after a webinar and we were told it was the worst thing we’d ever done.
David Foulkes: Yeah that was a webinar.
Ed Lawrence: But they were right, it probably was.
David Foulkes: It probably was the worst thing we’ve ever done.
Ed Lawrence: We weren’t on camera, that’s why we’re filming this one. One of the things we were supposed to touch on earlier but we didn’t, and this is interesting, is that 94% of podcast listeners are on a social platform. So out of all of the groups of people, they’re ranked highest which means they’re more likely to share it because they’ve got a network to share it with. So that’s another benefit of podcasting. A big benefit really is you don’t need to be on camera. So anyone who wanted to make video but didn’t want to be on camera, which is everyone pretty much-
David Foulkes: I think that should have been the first point. If you were … Well, presuming that people are making the choice between being on camera and podcasting, but-
Ed Lawrence: Well it’s the choice between what content shall I make? And the content, it really is if we go back to the stats there seems to be a gap here. People want it. It is easy to make. Which we’ll go into in a whole different piece. Although this took us ages to set up for and it was an absolute nightmare.
Ed Lawrence: We literally built a whole studio for it. So it took about a month. But you don’t have to spend that long.
David Foulkes: You don’t have to.
Ed Lawrence: And yeah, there’s this psychology and there’s science behind it. So really I can’t actually see anything, there’s no downside to this. The downside to video is you’ve got to be on camera and you can’t go as detailed because people get bored. But then the upside is you get to be on camera and people get to know you. So …
David Foulkes: You get to have fun with the graphics and stuff like that.
Ed Lawrence: I don’t know.
David Foulkes: It’s a different world, completely, to this.
Ed Lawrence: That’s right, it is a different world. And that’s why we’re making it, to answer the question you asked at the very beginning of this.
David Foulkes: Which is?
Ed Lawrence: Which is the whole point of this thing. We’re making a podcast because we think it’s an opportunity and we should just prove to you now that it is. So yeah.
David Foulkes: I’m feeling closer to being lukewarm about making a podcast now.
Ed Lawrence: Only lukewarm.
David Foulkes: Yeah.
Ed Lawrence: Do you want me to go back to the start and we’ll do this for the fourth time? Get you more excited? So yeah, let’s draw that to a close. If you think podcasting is just a load of nonsense and this was rubbish, let us know. Be more constructive, tell us why.
David Foulkes: Yeah, be more constructive with feedback.
Ed Lawrence: If you think we should do more, we’re going to no matter what you say so we’ll only get better, let us know. Anything else Dave?
David Foulkes: Yeah, that’s it.
Ed Lawrence: Alright. If you want to know how to make a podcast, we are going to get into that. Basically we’ll make a blog teaching everything, how to do it, produce it and so on. Once we’ve made all the mistakes so you don’t have to.
David Foulkes: It’s pretty much the same approach that we took to video, is with content marketing and talking head videos. We went, right if we don’t like the way it’s done and we didn’t at the time, we’ll make ourselves make all the mistakes so you don’t have to. We’re kind of going to do that with podcasts.
Ed Lawrence: Except I like the way it’s done. So we’re not going to make any radical changes there.
David Foulkes: No.
Ed Lawrence: We’re just going to try and make it so that you can then make it if you want to make it.
David Foulkes: But I definitely think there’s formats could be structured easier for people to make. And I think if we’re in production I think that’s what we should be doing. So yeah, if you’ve got any tips. Perhaps you’ve done podcasts and you’ve definitely got some things that you found worked and everyone should do, or the other way around, you haven’t done them and are desperate to understand how something is done, well we’re going to work it out and we’ll let you know.
Ed Lawrence: Yeah. And then if anyone has actually got this far, which I doubt, because who knows how long this is going to be, just let us know. Let us know where you listened to it, what were you doing at the time, and we’ll finish on that low.
David Foulkes: Finish at that low point.