The podcast landscape is rapidly expanding. The number of new podcasts published worldwide surged from 23,200 in 2010 to 161,300 in 2023. Listeners now have the vast selection of 3.2 million podcasts with 178.4 million episodes to choose from, according to Statista.
While podcasts once centred around humorous anecdotes and controversial sports opinions, they have now caught the attention of financial companies that have recognised how the growing popularity of the medium creates a unique opportunity to engage with customers, share valuable insights and position themselves as industry experts.
From investment management to pensions, all types of institutions are launching podcasts to complement their existing marketing strategies. But with so many brands jumping on the podcast bandwagon, how can they ensure their message rises above the noise?
Standing out
With the market becoming increasingly saturated, simply releasing a podcast is no longer enough to stand out. Would-be broadcasters must go further – analyse the competition and identify unique topics that set them apart.
For example, Max Rothery, VP of marketing at Finimize and founder of The CMOs in Finance podcast, says he identified a gap in the market for in-depth conversations with leaders who have transformed companies and asked them for their playbook.
This topic not only addressed an unmet need that set the podcast apart, but the team’s genuine passion for the subject brought it to life, making it more attractive for an audience, he adds.
“Rather than chasing metrics, we focused on creating something valuable that we were genuinely excited about. That enthusiasm seemed to rub off and attracted an engaged audience,” he says.
Meanwhile, PensionBee’s The Pension Confident Podcast aims to tackle one key personal finance question in each episode. It provides clear answers, practical tips and insights to boost listeners’ confidence and financial knowledge, says Danielle Skerrett, head of content marketing at PensionBee.
“We ensure our panel includes personal finance experts, topic specialists and guests with lived experiences, whether we’re talking about mental health and money, the cost of divorce or how to start investing,” she says.
By addressing personal finance challenges that arise at various life stages, the podcast attracts listeners seeking guidance, no matter where they are on their financial journey.
However, standing out in a competitive market isn’t just about choosing the right topic, it can also come down to the unique elements of the podcast itself.
This is why AJ Bell’s does not carry any advertising or sponsorship and is not used to promote any of the firm’s products or services. Instead, it has been designed to work solely as a source of information and entertainment, says Dan Coatsworth, investment analyst and co-host at AJ Bell.
“Hopefully, this is appreciated by listeners, particularly in a market where podcasts have become commercially driven and are often stuffed with adverts, jingles and sponsor messages,” he says.
Living in a short-term world
Perhaps counterintuitively, in a world dominated by short-form content, podcasts seem to be gaining traction. Episodes ranging from 20 minutes to over an hour stand in stark contrast to the rise of bite-sized, 10-second videos on platforms like Instagram Reels, YouTube Shorts, and TikTok.
Coatsworth notes this rise in short-form content has actually worked in podcasts’ favour. Social media is now awash with content that doesn’t have any long-lasting impact, so podcasts stand out as a forum to dive deeper
into a topic.
“That’s why podcasts have a life of their own. They are the perfect medium to be able to go into more detail, exploring certain topics and giving listeners something to think about,” he says.
Mike Ambery, retirement savings director at Standard Life, agrees that the difference between podcasts and short-form content is the ability to conduct deep dives into more complex topics.
“The length of the podcasts allows us to give the topics the attention they deserve and provide context
on the issues, which is valued by our specialist audience who are typically consuming the podcast as part of
daily commutes or breaks to stimulate broader thinking,” he says.
This approach enables a deeper exploration of a topic without constant interruption in a content-saturated and ad heavy environment and provides valuable insights that support personal growth and development, Rothery adds.
“Our listeners, primarily professionals, treat these episodes as development resources, taking notes and putting strategies they hear about in place at work. We’re seeing a growing appetite for extended conversations, and long- form content as people look for a deeper understanding of complex topics,” he says.
David Brett, multi-media editor of Schroders, adds that the length of podcasts is also beneficial because it provides greater flexibility, with many listening while doing other activities, which helps keep them retained and engaged.
“Spending 20 mins or more listening to something while exercising or doing a chore is easier than trying to watch a video. And because you’re doing two things at once it doesn’t make you feel like you’re taking more timeout of an already busy day,” he says.
Strategic aims
Podcasts aren’t just a standalone marketing tool. While they offer many of their own benefits, such as increasing brand awareness and fostering connections, they can also work to complement and strengthen existing marketing strategies.
Coatsworth says AJ Bell was already engaging with customers via written content on its website and a weekly investment magazine. This was supported through education media and video-based interviews with external parties. Podcasts presented an opportunity to further amplify any impact it generated.
This content is also constantly adapted to align with the topics in which customers are expressing interest or demanding more information about, he notes.
“The company has dramatically increased the amount of customer content over the past year, including the launch of a monthly podcast dedicated to investment trusts, which is a particular type of investment that
is popular with AJ Bell customers,” he says.
Skerrett agrees that podcasts can effectively integrate into wider content creation strategies. PensionBee adapts each episode into a full-length video, a written transcript and several shorter video clips for social media.
“We also create supporting content including blogs and explainer pages on the topic, all of which are shared across various platforms from email and in-app messages to Instagram and LinkedIn,” she adds.
Podcasts can also play a key role in helping strategies attract target audiences by tailoring topics to specific groups. For example, a climate investing episode could engage socially responsible investors or episodes focused on managing money in retirement would resonate with those nearing or arriving at that age, she notes.
Ambery at Standard Life adds that podcasts also help attract target audiences by enhancing the brand image, making potential customers feel more confident and comfortable engaging with a company’s services.
“We see the programme, which we branded Thinking Forward, as playing a key role in enhancing Standard Life’s reputation, relationships and revenue in our chosen markets and the programme focuses on B2B pension experts including trustees, EBCs and financial advisers,” he says.