Is it Too Late to Start a Podcast? (2020 Podcasting)

Is it Too Late to Start a Podcast? (2020 Podcasting)

In this book we’re going to talk about
if it’s too late to start a podcast, but before we do whatever channel
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So let’s jump into it. My name is Eric Sue and I have two
podcasts. One is called growth everywhere, and the other one is
called marketing school. Now the growth everywhere podcasts, uh, that one I’ve been doing for about five
years, maybe coming in about six years. And then marketing school has been three
years. Wow. It’s been a quite awhile. There are 700,000 podcasts
right now, um, around the world, in the podcast ecosystem.
Just keep in mind though, there’s over a billion websites out
there. So a billion is a thousand million, right? So it’s 700,000 podcasts. It
hasn’t even hit hit a million yet. So a lot of people are like, oh my God,
podcasts have become saturated. Now, podcasting, I’m not gonna lie, it’s
not easy. The average podcast gets, I believe, maybe I think at this
point 210 downloads a month or so, which is not good. Right. For
me, when I first started out, this was six years ago when I was doing
the growth everywhere podcast and it was only getting nine downloads a day, and this was while I was trying
to save my company single grain. It was completely on fire. I
should have not done the podcast. And I started at not a good
time. I mean it’s, you know, I was only getting nine downloads a
day and I’d spend a lot of time on it. A lot of time and efforts like, oh my
God, I would be writing the content, I’d be finding the guests, I’d be
researching the gas, I’d be, you know, I had to get, this is a video
podcast too at the time. So I had to get my hair ready and this
is while I was trying to figure out, you know, how do I save the business
that I was just tasked with saving. If I, anybody else, let’s say if I had a spouse or if I had
like a business partner looking at it like, ha ha, look at that. You should
probably give it up after the first year. Only $9 a day. I was spending six
hours a week on it. A lot of time. And so what’s the ROI on that?
Not a good return on investment. So now than podcasting is even tougher. There’s even more podcasts
and a lot of people, people are seeing it’s getting
saturated based on those numbers. You would say probably shouldn’t
start a podcast. Right? After the second year I was only
getting $30 a day. So that’s, you know, I went from 270 downloads a month to uh, basically 900 downloads a month still. I was investing a lot of time and six
hours a week I could have spent that prospecting. I was gonna spent
trying to, you know, recruit, I could’ve spent trying to fix,
you know, areas around business. And after second year, I’ve probably
should have thrown an intel, but I didn’t do that because
my ROI, my investment, what I was trying to get,
my return was learning. So if you’re doing podcasts to be famous, maybe not a good idea to do that
because it’s a huge time investment. But I felt like I was learning.
I felt like I was getting better. The fact that I learned how
to interview people better, I learned how to articulate
my thoughts better. I learned how to kind of find my voice
that was worth it to me because I was playing the long game. So I think if
you’re gonna invest in podcasting, if you want to play the long game,
it’s not too late to start podcasting. You know why? If you look at where the
podcasting industry is, the ecosystem, couple of years ago, I think it
was about $300 million or so, that was the total us podcast ecosystem.
Then it jumped out to about, I believe, $481 million. Now, next year, uh, in 2020, I believe it’s projected
to go to about $681 million. Some numbers are around those range. Now you have Spotify who spent a
couple of hundred million dollars. They bought gimlet media,
they bought anchor, a couple of acquisitions in the podcasting
space because they know podcast is getting bigger and bigger and they can
make more revenues off of that. Uh, Pandora is putting more effort
into podcasting as well. You’ve got all these other companies. Uh, Google play is focusing its search
results. Now if you use a Google, I believe it’s Google podcasts
in the search result pages, you can actually see the episodes.
Um, those are actually coming out. So is it too late? Well, the fact that these big tech
companies are putting money, these are publicly traded companies
putting more resources into podcasting and you know, the, the, the
market’s getting bigger, bigger, and more and more Americans are
listening to podcasting. That’s just, that’s just America. Okay. If
we look at the entire world, the podcasting market in China is over
3 billion a year versus 300 million. So look at the discrepancy right there. China has it down already in terms
of like consumer consumer apps. The U s will eventually catch up. I’m hoping the U s will catch up and
the market will get bigger and bigger. So it’s not too late to get
started in podcasting because a, the market is growing.
B, 700,000 podcasts. You just got to make sure
that you can stand out. So what can you do exactly what
option you have is going out there and interviewing people. You
can interview people, you have different perspectives
here. You can do that, right? Problem is everybody
has an interview show. How are you going to stand out if you
think you’ve got really good perspective, if you really think you
can beat out people in, uh, in your industry around interviewing or
maybe nobody’s doing any podcasts around your industry, let’s say you’re
doing something on, um, I don’t know, carrot juice or something, okay,
maybe you’ve got a niche for yourself. You should do that. Go ahead and focus on that because
you’re probably going to be the best. But if you’re going get another
interview business show, there’s already a lot out
there. I mean, I have one. Okay. Everybody has an interview business
show out there with the market school podcast. What we did was we only make
them five to 10 minutes every single day. So we batch recorded 20 episodes at a
time. And usually we’ll be ahead by month, but you have a new episode
coming out every single day. And we have a lot of frequency. We
recover things. It’s short to the point. And it’s, um, my cohost and I, Neil Patel, we just kind of go back and forth
on it versus my growth ever podcast. There’s a new one every week.
It’s about 30 to 40 minutes or so, and it’s interview podcasts and we take
repurpose content from youtube and then we’ll put it on there too. So basically we’re having a couple
of new releases every single month. And that’s how, or, yeah, a couple of them releases every single
month and every single week actually as well. And that’s how we’re
able to kind of, um, you know, maintain a good balance. So it’s interview podcasts and
then it’s just me for a little bit. And then a market school is just, it’s,
I’m myself, a Neal every single day. I started growth everywhere six years
ago. That’s even before, um, you know, Tim Ferriss started his and so you might
say, oh you started before everyone. That’s unfair, right? You know?
Sure. Like we started as a good time, but what did they say? They say, well the next best time to
start something is right now. So you have an opportunity to start
right now. Um, don’t wait until later. If you think you’ve got something to say
is you think you got good perspective. Like one of my friends started
in podcasts and they were just, oh we’ll get $2,000 a month.
And I thought, I said, that’s amazing cause you just started
out. It’s going to take time to compound. It’s like when you start a new
website, it takes time to compel. When I look at this youtube channel,
it takes a long time to compile. And if you stick with it, it just
like if you stick with the business, eventually it’s going to compound and
it’s going to grow into something big and you’re gonna be able to do
really amazing things with it. So just to reiterate again, podcasting,
there’s only 700,000 podcasts out there. So it’s still really, really early
in comparison to everything else. The market is getting bigger and bigger. It’s huge in China already getting
bigger and bigger in the United States. Lot of Americans, if you’re in the
u s have listened to a podcast, even people around the world to, when
I look at my and let it analytics, a lot of people around the world, I
got people in Japan, people in, uh, people in Europe, everywhere,
people in Mexico listening, people in Brazil listening.
Um, it is amazing. It’s an amazing way to work with
people at scale because you create one, a one episode, you create more and more. It’s not gonna take too much more effort. You’ve got a system going
and you’re able to, you know, do really good things for the world
and do really good things for yourself. All right, so I want to go a little
deeper on this topic. So check this out. In this video we’re going to talk about
how to get listeners for your podcast through paid advertising. A lot of
people, even the two podcasts that I have, we’ve grown it mainly through
organic, through our email lists, through our social channels,
kind of what we have already, but there’s other ways to grow it too.
So we have ran paid ads in the past, so you can use Facebook for example. And a really good example of
this is marketing in your car. So this is by Russell Brunson who
runs a company called click funnels. Here’s the amazing thing
about click funnels. I believe they do north of
$40 million a year in revenue. They have raised no
venture capital at all, and it’s because they’re really good at
marketing. If you look at his podcast, it’s called marketing and your car, he has a podcast stick and
what he does is he drives, he drove Facebook traffic to that
page and once you got to that page, if you wanted to stick, you
paid nothing for the MP3 sick, but you pay $9 for shipping
and then you’d get the product. This is amazing to me because basically
he was controlling the growth that way. What happened was this, for every single podcast or
podcast stick that he sold, which he basically gave away for free,
he was able to get five subscribers, right? Five subscribers, and then
people are going to rate review. And so he’s able to kind of
manipulate the growth that way. He’s spending about $15 per
acquisition for the stick. He was actually profitable
on that acquisition. So I think he’s making about $32
or so. And that’s the beauty of it. It’s a no brainer, right? So he’s making
money, he’s getting more subscribers, and this isn’t even factoring into
his backend where he’s selling $25,000 masterminds. He’s selling other courses. If you can build some kind of
funnel like that, which I highly, highly recommend that you look into, you’re able to kind of control
and manipulate your growth. There’s a podcast app called
overcast. That’s what I use right now. It’s faster than a regular podcast app
and you can actually run ads on there. You can do paid ads on overcast. You can also do paid ads on Spotify as
well and try to look at other channels too. People are listening to marketing school
and growth everywhere right now through Alexa, and I suspect that we might be able to
run ads in the future through Amazon’s kind of paid advertising
system on Alexa for in this video we’re going to give you
a two minute guide to getting your podcasts on the new and noteworthy.
All right, so let’s dive in. We’ll you have to do, to get into new and noteworthy is
you have to get as many ratings, reviews and subscribes as possible. You
gotta do that in a quick manner, right? So think about it as a PR bump. You get this really big like influx
first and it kind of goes down. There is a community called podcasters
paradise by John Lee Dumas. He, it’s actually a podcasting course where
people can help you rate review every Friday or so and they’re
all helping each other out. That’s a really easy way to do it and
there’s other podcasting communities out there that can, where you
can help rate each other, but also if you’re talking about
online marketing for example, or if you’re talking about
interior design for example, you can definitely just join
a community and do that. Second is blast your email list,
your social channels, et cetera. People tend to forget about the assets
that they have. Your email list, social media channels, these are
people that know you already, so it’s in your best interest to
try to get that influx going. Right? You can even retarget these people by
using paid advertising or overcast is a podcasting app that I use. You
can run ads on there as well. You can also go to marketing in your that’s from Russell Brunson and he has a MP3 funnel that he used and it was
very strategic about how he basically, for every one person he got to by his
little MP3 podcast stick five people subscribed so you can see how it’s
scaled really quickly that way. The other solution is to get
on other podcasts as well, so get on other podcasts in your
niche, in your industry or whatever, trying to get that big bump when people
are doing book launches to get on a bunch of different podcasts. So think about how you can get
on other different podcasts. And then the final thing I’ll say
is use Libsyn that’s Lib s, y, n that’s in podcast hosts that I use
that allows me to blast my episodes or promote my episodes to multiple channels
at once to Linkedin, to youtube, to soundcloud all at the same time.
And that makes my life a lot easier. Let me know if you are planning to start
a podcast or what ideas you have in terms of starting a podcast
in the comments below, but whatever platform
you are coming in from, don’t forget to check out
the next clip over there. If you’re watching on Youtube, and don’t forget to subscribe and hit
the bell button and don’t forget to rate and review and subscribe if you’re coming
from a different channel and we’ll see you tomorrow.

8 thoughts on “Is it Too Late to Start a Podcast? (2020 Podcasting)

  1. I think in the end the key to getting your podcast to take off to what it is now is the hair Eric :- ) Top Growth Hacks 2020

  2. Hey Eric I have started doing podcast few days ago and I'm also doing it only for my learning and to give knowledge to audience.

  3. Eric,
    Loving your videos
    My site is in a developing stage and I'm using Seedpro to showing the coming soon banner on my site.

    And I haven't submitted my site yet to GCS but it is showing in the search results when I search my website name on to Google. I was thinking to check the discourage search engines box on WordPress so that Google cannot crawl my developing site, Is this is a Good idea or let it be as it is?

    What should I do?

    And If I discourage in the developing stage will I face any issues after launching the site and unchecking that discourage option?

  4. A common issue with podcasts, I've noticed, is that great content tends to be buried very quickly as new episodes are released. Do you think that, with the advancement of voice recognition software, programs to automatically timestamp and index parts of podcasts by topic will allow users to access specific in-podcast content through a search query? That would be a game changer for the industry and the tech is almost there.

  5. Eric, the whole "get as many ratings and reviews to get into New and Noteworthy" is 100% wrong. In many cases, N&N is hand-curated by Apple. In the other cases it's the TOTAL number of downloads in a certain amount of time along with total number of subscribers. see Rating and reviews provide social proof, but that is it.

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