In 2006, Steve Jobs was one of the early believers in the media format. Now, 13 years later, we can confidently say that podcasts are here to stay. About 25% of the adult US population listen to long-form podcasts.

The average podcast listener listens to, wait for it…

Five podcasts a week — and that number is growing!

Large publishers like The New York Times, Financial Times, USA Today, and almost every other first-tier publisher already run their own podcast channel.

However, at the moment, few podcasts are actually making money. Many publishers started podcasts mostly from fear of being left behind. As the New York Times’ own Michael Barbaro stated they “didn’t expect to make any money” from “The Times” when they first launched.

In 2019, podcasts still have a small market share and a lot of room to grow. However, for many publishers who have gotten used to banner and video ads, it’s still unclear how to monetize this new format.

Below you can find a simple but very effective guide to monetizing your podcast.

1. Connect with Programmatic Advertising

Programmatic advertising is certainly one of the most interesting upcoming trends in the podcast industry.

The idea is simple — since traditional advertising can be “hit or miss”, why not have smart software do it instead?

Programmatic advertising opens you up to a lot more demand for your ad inventory, which, usually, translates into higher bids for your ad time. After you set up filters such as age and location, the software automatically runs ads to target the best audience possible.

There are additional benefits with going programmatic, such as saving your time, maximizing the efficiency of ads but most of all it’s about placing your inventory in front of a very large marketplace of buyers willing to bid for it in a programmatic fashion.

How does programmatic audio work and what is a DAAST ad tag?

If you’re in AdOps, you know what a VAST tag is. So, similarly to VAST tags, the IAB has issued a DAAST standard for compliant advertisers and publishers that programmatically monetize their podcasts.

To be recognized as DAAST compliant, a member company must self-attest to meeting the minimum requirements stated in the technical specification. DAAST compliance is applicable for Audio Players, but audio ad servers must meet certain expectations for their ads to work in a DAAST compliant player. To submit your self-attested compliance, please see IAB’s Compliance Program.

Keep in mind, the podcast community has mixed reactions when it comes to programmatic ads. Some believe programmatic is smart and efficient while others think it’s ruining the industry. The most common complaint is that programmatic ads ruin the vibe, and feel “out of place” on a podcast platform so they should be avoided.

Engagement with programmatic is low and listeners often click “skip ad” when these come up. There is also an argument that the programs simply require some more work and that the data that makes programmatic display and video so successful is still not there for audio but that’s highly debatable.

Programmatic advertising is generally advised for larger podcasts with 50,000+ downloads since they can attract sufficient demand for their ad slots. If you’re hosting a podcast with a smaller, niche audience, you are probably better off using other solutions to monetize your podcast.

2. Live Reads

Here we have the proven, old-school method of podcast monetization — live reads or “host reads” are ads that are read by the host and thus a core part of the podcast content.

The big issue with third-party podcast monetization is that ads are skippable. The Wall Street Journal covered this topic in-depth. When ads are skipped, they are ineffective and that’s a problem for both marketers and podcast owners who are looking to make a buck.

This issue is entirely solved with live reads. Live reads enjoy the advantages and disadvantages of native advertising. The separation between content and advertising is blurred, therefore, listeners feel more engaged.

Also, with advertisements being the part of the download file, listeners don’t get to skip the ad (unless they fast forward) which makes the situation better. But live reading isn’t just about this. There are many great benefits to doing live reads.

Live-read ads feel natural and genuine. You, as a host, get to pick what product you want to sponsor and which words you want to use. Usually, you will be given a few key points and words to keep in mind, and the rest is up to you. A well done live read covers all of these points:

• The ad runs in harmony with the show’s content
• It’s authentic, not pre-recorded or scripted
• The keyword or URL is mentioned multiple times
• The host is honest and upfront that it’s an ad

All of this leads to live-read ads being more accepted than other, out of place ads. The key conclusion here is to make sure the ad is relevant to your audience and presented in the most honest, genuine way.

A good example of live reads done “right” is the Techmeme Ride Home podcast. At around the 11:00 mark, the main story slows down, relaxing, calm music starts to play and the host live reads an ad which fits well and doesn’t ruin the previous atmosphere.

Live reads are great for both small and large podcasts. The success depends vastly on the production, so make sure you use the given examples to your advantage.

3. Dynamic Ad Insertion

Dynamic ad insertion brought podcast advertising to a whole different level.

In the past, most podcast ads were “baked in”, static. Sponsors buy an ad slot, the publisher records it and edits it within their podcast audio file, and it stays there indefinitely. The problem with that is obvious — what happens to the episodes that were recorded months or even years ago and the ads are no longer relevant?

The solution is to have your ads dynamically inserted. This means you are able to switch the audio file on demand, displaying an ad that you want. Dynamic insertion allows publishers to swap out and change ads when necessary (if you’re selling ad impressions and you hit the mark for example) solving many issues with aging content. These ads can also be “host read” and thus made to perfectly fit a podcast.

As the technology moves forward, so does the software which allows these methods to thrive.

This could prove very useful for older episodes that contain expired coupon codes, website URLs or simply sponsors you no longer work with. The idea is to sell “impressions” instead of the whole ad-space, which will allow you to swap ads later on. Sponsors will then buy ads on a”per download” basis or similar, which enables better deals for both podcast hosts and sponsors.

You shouldn’t really bother with dynamic advertising early on in your podcast journey, but as your brand grows it becomes a very useful option.

4. Apple Analytics

If you want to make sure you are monetizing properly, you have to pay attention to the data.

Luckily, just about a year ago, Apple released analytics for their podcasting platform. The industry reaction was positive, since it is a step in the right direction. With Apple Analytics, podcast hosts can now learn more about the behavior of their audience.

Using analytics, you can now find a lot of useful information about your audience, such as the amount of time they listen, most skipped parts of your episode, their location, and device that they’re using. There’s a bunch of useful data available to make sure you optimize your content as much as possible. You should use analytics as a way to boost your monetization efforts.

Once you get to a large audience, using analytics becomes a must-do thing.

5. Merchandise

Of course, the best way to make money is to sell and rely on your own products.

It’s as simple as selling merchandise with your brand on it. The difficult part here is that you have to build a strong enough brand so your listeners are willing to buy from you, but once that happens… you’re set.

Building a brand takes time, so this is definitely not an option for beginners, but for those who already have an established audience.

As for what you can sell, the options are really endless — tee shirts, mugs, stickers, anything you can think of. Make sure the quality is great and use some of your brand assets like quotes or design to go with the merchandise. Your hardcore fans will absolutely love this stuff!

This way of monetization is also suggested to larger podcasts with 50,000 or more downloads. The bigger your fanbase is, the better the investment in merchandise.

6. Live Events

If you have a large podcast audience, you should definitely consider hosting live events.

Selling tickets to live events, meetups or just “closed circle” online events is a very profitable method to monetize your podcast. Of course, it requires work to build your brand to get to this point, but many of you will eventually get there.

This step requires a lot of effort and organizing, but the payoff is really good. You can make thousands selling tickets to these events, and you also get the chance to upsell some of your merchandise once you’re there.

If you have an audience of 50,000+ per episode, give live events a shot!

7. Inner Circles

A good way to monetize your podcast is to launch a “premium” version of it.

That’s right — set up a fresh, premium podcast for your hardcore fans and create an “inner circle” around that idea. They would have to pay to join the circle, but that’s a small price to pay for a peek at more intimate, in-depth conversations from their favorite podcast host.

This doesn’t mean you will have to spend an enormous amount of time producing another podcast. It can be a shorter, less “professional” and ad-free version of your podcast and your fans will totally be okay with it. One way to set this up is to set up a Patreon subscription tier which provides access to your premium podcast.

More content for your listeners, more money for you, it’s a win-win situation. You can start with this monetization method as soon as you build a decent following.

8. Sponsorships

Sponsorship opportunities are another traditional way to monetize your podcast content.

Instead of (or in addition to) selling ad slots, here you simply accept brands as sponsors to your podcast. This way, you can choose to feature them on your podcasts, social media or even merchandise. It’s a good way to make money without bothering your audience too much.

Advertising is kind of aggressive, but sponsorships? Not so much.

Of course, the best way to go about this is to only accept sponsors that are relevant to your niche or that help your work directly (providing you podcast tools like microphones etc.). These are the best kind of sponsorships both for you and your audience as well.

9. Outreach

Finally, we have the good old — outreach and networking.

To make money but also connections, you will have to put in some work and reach out to relevant brands. Send them an email, give them a call, ambush them at their favorite bar, do whatever you have to do but make sure you remain kind and considerate.

It takes a lot of time and effort to have sponsors filling up your inbox. Sometimes, you have to get out there and make sure your name is known. Advertising your own podcast is, funnily enough, the best way to monetize it. Outreach should be one of your top priorities early on, so this is a must-do for all podcasts with under 50,000 episode downloads.

Big or Small?

Size matters, especially in digital publishing.

The way you monetize your podcast depends on the size of your audience.

Over 50,000 downloads / episode

If you can consistently hit this number, shop around to the bigger ad networks like Midroll or Cabana – that’s enough to have them rep you. Usually, you can just do baked in mid-rolls if you have a decent metrics service.

Below 50,000 downloads / episode

Forget about programmatic and do the heavy lifting yourself. If you don’t have that many downloads because you’re in a small niche, turn that into a positive by finding brands who would be interested in your particular audience. If you do have a niche, then cater to it with additional merchandise.

The post 9 Step Crash Course in Podcast Monetization appeared first on SiteProNews.

That’s the beauty of real-time marketing. Done right, it captures (and holds) the attention of your target audience. It can piggyback on hot trends – remember the Pokemon Go craze? What about Oreo’s social media team capturing the moment when the lights went out during the 2013 Super Bowl? Those were both successful attention-grabbers in real-time.

In this post, we’ll see how real-time marketing can be used effectively by B2B marketers, and how it can impact your business directly.

What is Real-Time Marketing?

Marketing Land defines Real-time marketing or ‘RTM’ as “moments that occur when brands and agency marketers react quickly to local, national or global events happening online or offline, in an effort to interject corporate marketing into consumer conversations via social media messaging or boost brand recognition utilizing marketing platforms.”

Starting in B2C and showing record-breaking results, real-time marketing has matured enough for B2B businesses to incorporate RTM into their marketing strategy. 

How Can B2B Marketers Incorporate Real-Time Marketing?

There’s no shortage of examples showing how marketing consumer products with real time marketing can be highly effective. As a B2B marketer, you’re in an even more strategic position to benefit, because you can go deeper with your customers and be relevant in a way that impacts their business decisions.

For example, think about the trends and real time events in your industry like conferences, which you can build a real-time marketing campaign around.

Another avenue that offers insight into your customer’s minds is your data, and it can help you step into the conversation as it happens.

5 Real-Time Marketing Tactics for B2B Marketers

1. Always Be Listening (ABL)

To do real-time marketing right, you need to have your ear to the ground. Here are four ways to do that:

1. 1. 1. Set up Google alerts on trends within your industry
      2. Monitor all real-time events in your industry
      3. Follow influencers closely and develop relationships with them
      4. Follow industry publications and newsletters closely to remain current on trends, as well as common concerns and questions.

2. Resources

Have the resources in place to act quickly. Oreo’s social media team succeeded because they were prepared, and you should be too.

In B2B, monitor industry events, and use creative resources to act on current trends. You’ll also want to use a tool that harnesses maximum ROI from social media to keep track of your brand mentions, curate the right type of content for your audience, and make data driven decisions.

3. Ambassador Network

Launching a successful real-time marketing opportunity relies on creative thinking and engagement. Tap your employee advocacy programs and social ambassadors to not only let them know about the initiative, but also ask them to share it with their networks to create maximum B2B marketing impact.

4. Know Where the Conversation Is

For B2C marketers, the conversation is everywhere. B2B is more focused so it makes sense to review industry publications, events, and your data, so you can speak directly to your prospects.

As we mentioned above, understanding your customer’s journey online helps your marketing team get clear on what drives your customer’s buying decisions. Given that, your marketing team can create the most relevant content and discover opportunities for effective real-time marketing.

5. Not One and Done

If your customers are active on LinkedIn and Twitter, be there. Answer questions, ask questions, be an active part of the conversation so that when they’re ready to buy, you’re the first in their mind. 

Bonus: Step Outside of Your Comfort Zone

RTM is about having fun, so don’t be afraid to do just that. Businesses showing personality stand out and build loyalty. Not only that, but people are individuals, which means when you speak to them like a person instead of like a “corporation,” they appreciate it.

Conclusion

The goal of real-time marketing is to join the conversation going on in your customer’s head. When you incorporate current trends and pay attention to your customer’s “next best step,” you’re helping your prospects choose you.

The post 5 Strategies for Real-Time Marketing appeared first on SiteProNews.

Customer experience is a term used to categorize and describe the experience a customer receives while interacting with a business’s marketing and sales messages.

Ideally, these interactions will make up a “path to conversion”, also called a customer journey, that facilitates the progression of a potential customer from introduction to completed sale and beyond.

It might seem like a relatively new concern for eCommerce companies looking to improve conversion rates and sales on their websites but before the online shift, brick-and-mortar retailers focused on customer experience for many years by using upsell bins, improving store design, and optimizing POS and checkout.

In fact, for traditional retailers, like Abercrombie & Fitch, Build A Bear, and Nordstrom, customer experience has been successfully employed to differentiate themselves from their competitors and create a brand synonymous with quality.

This emphasis has also impacted the bottom line for these companies. Forrester reports that improving CX can increase profitability by more than 500%, as well as reducing customer acquisition and employee hiring costs.

What is a Positive Ecommerce Customer Experience?

CX starts with engaging customers with relevant events well before the sale, and continues after the sale with advocacy and brand loyalty.

What goes into creating a positive eCommerce customer experience?

• a user-friendly website
• a rapid checkout process
• personalized shopping experiences
• clear product pages
• easy returns
• outstanding customer support

If your analytics dashboard is showing an increase in repeat traffic that’s a pretty good indicator of a great customer experience. Bonus points go to positive customer experiences that not only bring in repeat business but also turn those customers into advocates for your brand that spread the word.

What is a Customer Experience Strategy?

A customer experience strategy defines, describes, and details how to deliver a positive and meaningful customer experience across all sales and marketing channels. However, in 2019, as online customer journeys become increasingly complex, creating an omnichannel CX strategy is complicated. To name a few, a CX strategy should consider factors such as marketplace data, consumer research and vision and should specify how to improve key areas, including:

• Ease of use
• Ease of purchase
• Catering to individual customer needs
• Accessibility

An effective customer experience strategy involves all departments in a company. By doing so, your company will be able to create a unified effort and process designed to improve the customer experience.

How can your company create or improve a customer experience strategy? Here are nine tips to get you started.

The 9 Secret Ingredients for a Great CX Strategy

1. Define the Right Style

Your CX strategy changes depending on the predictability of your market, and to every market there is a different strategic style. The Harvard Business Review, suggests the four strategic styles below. They include:

Classical: This style is best for companies that operate in highly predictable industries. Companies utilizing a classical style build a favorable market position by planning well into the future, and remaining with the same strategy for several years. Ask yourself: Can I sustain my customer experience strategy for many years forward?

Adaptive: This is best for companies in unpredictable industries. Such companies require a more adaptive strategy that can be easily and rapidly changed. Ask yourself: Is my infrastructure one that can change rapidly? Is the decision making process quick and easily adaptable?

Shaping: This is one step beyond the adaptive style. While it too changes frequently, it focuses beyond the boundaries of the company to define new markets, standards and business practices. Ask yourself: Do I leave room for market feedback to power rapid decision making?

Visionary: This bold and entrepreneurial style can create entirely new markets or visions, and views the environment as a way to be molded to a company’s advantage. But it’s more similar to a classical strategy, because companies take calculated steps to reach goals without switching tactics. Ask yourself: What does the future hold for the industry and how can we provide a customer experience that disrupts it?

Which CX strategy style is the right one for your eCommerce business? It depends on many factors such as your offering, management styles, human resources, technological infrastructure, the market, and several other factors.

Ecommerce Strategy Styles

Products that have rigid demand, a high percentage of repeat customers, and a small number of competitors, such as B2B eCommerce, are better suited for the classical approach. Apparel, however, which is characterized by high competition and lack of product differentiation, is a good match for the adaptive model.

A shaping or even a visionary strategy is great for eCommerce brands looking to differentiate themselves and stay ahead in a competitive market but, at the same time, can sustain the long term vision necessary to facilitate it.

2. Create a Journey for Your Strategy

While it doesn’t have to entertain, a good strategy should tell a good story. First, ask yourself what is the correct place to start? Some might start with detailing the goals up front. Some might prefer to opt for a “problem – solution” type of story, which details current challenges and their solutions.

Second, establish a theme by asking what is the main point of your customer experience strategy? Like any good story, your strategy should have a build up to a literary climax. For example, in the “problem – solution” model the climax is reached when presenting suggested solutions and their foreseeable outcomes. Finally, a good strategy brings it all together with a solid conclusion.

3. Map Your Customer Data

Map out the touchpoints, collect data, and figure out how to optimize the process. We all collect data. However, for your data to effectively fuel decision it should address questions such as:

• How do customers find you?
• Why do they choose you over your competition?
• How easy is it for them to browse your website?
• Is your website mobile-friendly?
• Are the product images clear and compelling?
• How quickly can they check out?
• What is their unboxing experience like?
• How easy is it for them to leave reviews?
• What sort of incentives do they receive to purchase again?
• How (often) do they receive customer support?

Ecommerce customer data should answer these questions.

4. Go for Omnichannel

Striving for an omnichannel experience is an important part of an effective CX strategy. Omnichannel businesses provide customers with a seamless integrated shopping experience, whether it’s from a desktop, a mobile device, by phone or in a brick-and-mortar store.

No matter where they shop, customers receive the same experience and messaging through every channel. The result is an effortless shopping experience.

When creating a CX strategy, it’s necessary to keep in mind the omnichannel experiences that most customers will traverse.

Therefore, if you presently operate an eCommerce brand, map out your current customer journeys across all channels (A). Then, map out the desired customer journeys expected to improve conversion rates, reduce acquisition costs, and boost overall revenue (B). Finally, your customer experience strategy should detail how to get from A to B.

5. Focus on the Customer

Always maintain a customer-centric approach. Ask yourself: What do my customers want? And what is the best way I can provide it?

Don’t assume that you know what is best for your customers. Spend time talking to them and collecting data. Find out what is important to them, why they choose the products that they do, and what matters to them when they shop. Focus on their needs. It’s all about them.

For most of you, a/b testing, user recordings, and VPN solutions are already being implemented to learn about how your customers interact with your web properties and apps. However, in 2019, the main issue impacting the customer journey and reducing online revenue will be malware and, more specifically, malvertising.

For example, Dollar Shave Club recently discovered that over 10% of their website visitors received malware advertising while on their website, which resulted in fewer subscriptions.

Using Namogoo, Dollar Shave Club was able to experience a significant spike in their subscriber conversion rates by, first, spotting that their customers were being hijacked by malicious ad injections, and, second, blocking those injections to improve the customer journey and boost conversion rates.

ORIGINALLY PUBLISHED: https://www.namogoo.com/blog/consumer-behavior-psychology/9-secret-ingredients-to-a-great-customer-experience-strategy/

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