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4 Lesser-Known But Effective Strategies to Grow Your Finance Podcast

May 28, 2024 Deciphr AI
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IN A GIST

So, you're a podcaster in the finance niche. You're all about dishing out insights and advice, but you're hitting a wall when it comes to growth. 

You're not interested in quick fixes or paid shortcuts. You're in the game for organic growth, the kind that cultivates a dedicated and engaged audience.

Don't worry, we're here to help.

Here's the game plan we're going to break down for you:

  • 4 unique ways to grow your financial podcast
  • 3 financial podcasts you can take inspiration from

Before we dive into the nitty-gritty, let's set the stage. Let's talk about where you're at right now, the challenges you're facing, and the opportunities that lie in wait. Ready? Let's dive in.

MAIN ARTICLE

The Challenge of Organic Growth

Growing a following in the finance podcasting world can be quite the challenge. Even for the best finance podcasts out there, it's not easy to attract and retain listeners. It requires selecting topics that resonate with a specific audience and providing tailored advice that speaks directly to their needs and interests.

Now, here's the thing: you've already accomplished something remarkable. You've taken the complex world of finance and transformed it into something that's not only digestible but downright engaging. 

Your listeners appreciate your insights and value what you have to say. But you're not content with just a loyal following. You want to expand your listener base, build a thriving community, and create lasting connections.

So, how do you make that happen?

Due to its nature, finance podcasters often struggle to find financial success even after 24 months.

According to study by ImprovPodcast, even the best finance podcasts struggled to grow their audience with only 20% finding success in this niche.

However, it would be a mistake to underestimate the opportunities that lie in finance podcasting.

The Opportunities in Finance Podcasting

Let's take a step back and look at the bigger picture. Podcasting has exploded in popularity over the past few years. According to Insider Intelligence, the number of podcast listeners in the US alone is projected to reach a staggering 144 million by 2025. That's a massive audience waiting to be tapped into.

The silver lining: only a fraction of those podcasts are about finance. You have a unique advantage in this space. You're not just another voice in the crowd; you have the opportunity to be the go-to resource for finance enthusiasts who are hungry for valuable content.

To capitalize on this opportunity, it's crucial to understand and reach your audience. Tailor your content, find the right platforms to connect with your audience, and implement effective strategies that resonate with them.

Now that we've set the stage, let's explore the solutions that can help you achieve organic growth for your finance podcast.

4 Unique Ways to Grow your Financial Podcast

Now that we've explored the landscape of finance podcasting and the immense opportunities that await, let's dive into the actionable strategies that can help you achieve organic growth for your podcast. 

Implementing these not-so-common solutions will not only expand your listener base but also strengthen the connection with your audience and provide value that keeps them coming back for more.

1. Leverage LinkedIn Groups

LinkedIn is the perfect platform to get listeners–it’s free, highly targeted, and has a large network.

Think of it as a bustling conference where professionals from all industries gather. Now, imagine there's a room specifically designed for people seeking financial advice and insights. That's what LinkedIn Groups are like. 

By joining relevant groups and actively participating in discussions, you can position yourself as a thought leader in the finance space and subtly promote your podcast to a targeted audience.

Here are some best practices for sharing podcast episodes in LinkedIn Groups:

  • Add a written summary or excerpt from the episode to make it more engaging and informative. Free tools like Deciphr AI can help you create show notes for your episode in record-time.
  • There are an estimated two million groups on LinkedIn. Join groups that are relevant to the podcast's topic and participate in discussions to establish oneself as a subject matter expert.
  • Use the power of storytelling to create compelling LinkedIn posts for podcast episodes that don't fall flat.

To get you started, here are 10 finance LinkedIn groups that you can explore and promote your podcast to.

2. Create a Podcast Trailer

Imagine yourself at a movie theater. Before the main feature begins, you're shown a series of trailers that give you a glimpse into the upcoming movies. A good trailer piques your interest and makes you want to watch the entire film. The same principle applies to podcasts. 

Creating a short, engaging trailer for your podcast, you can give potential listeners a taste of what your show offers and entice them to listen to full episodes.

According to a study by Edison Research, 75% of podcast listeners stated that they had sampled a new podcast based on the recommendation of a trailer.

The What Should I Do With My Money podcast hosted by Morgan Stanley matches real people, asking real questions about their money, with experienced Financial Advisors. Its trailer provides a glimpse into the engaging discussions and valuable insights that listeners can expect from the podcast. Check out the trailer here.

Here are some ways to make a finance podcast trailer stand out from others in the field:

  • Define the purpose and tone of the trailer and include the podcast's main branding elements, such as intros and outros, podcast music, and some key expressions that the finance podcast is known for..
  • Craft a compelling script that highlights the unique aspects and value of the finance podcast, such as expert insights, actionable advice, or real-life examples.
  • Use engaging visuals or audio snippets to grab the attention of the audience, such as sound bites from interviews, charts, or graphs. Try using Lumen5, an AI-powered video creation platform that can help in creating engaging visuals for a podcast trailer. 
  • Keep the trailer brief, concise, and informational while showing the finance podcast's personality and style.
  • Be creative and experiment with different techniques, such as using sound effects, humor, or storytelling.

3. Run a Listener Contest

Who doesn't love a good contest? Running a listener contest can not only boost engagement but also generate word-of-mouth promotion for your podcast. Incentivizing your listeners to participate and share their favorite episodes or moments from your show can help create a sense of excitement and encourage organic growth.

A survey by Pew Research found that 64% of podcast listeners were more likely to recommend a podcast to others if there were contests or giveaways associated with it. 

The ChooseFI Podcast, hosted by Jonathan Mendonsa and Brad Barrett, ran a listener giveaway to celebrate a milestone episode. They partnered with sponsors and offered a bundle of finance-related books, courses, and resources as the prize. 

Here are some ideas for podcast listener contests:

  • Create a challenge or scavenger hunt related to your podcast. Ask listeners to complete a task or find a hidden item in your episodes to enter the contest. This can be a fun way to engage your audience and encourage them to listen to more episodes.
  • Create a trivia contest related to your podcast. Ask listeners to answer questions about your show, and select a winner based on the most correct answers.
  • Host a giveaway that encourages listeners to leave a review of your podcast on Apple Podcasts or other platforms. Offer a prize that is enticing for your listeners but doesn't break the bank, such as an audiobook. Rafflecopter is a popular online solution for hosting giveaways and contests of all kinds. It is an easy-to-use platform for running a giveaway. 

4. Have Live Social Media Discussions

Social media platforms have become the go-to spaces for connecting, sharing ideas, and building communities. For podcasts looking into utilizing unique engagement platforms, Clubhouse is a live, audio-only social media app that enables real-time conversations and networking opportunities.

As a podcast host, you can leverage Clubhouse to engage with your audience, host discussions related to your podcast topics, and create a sense of community.

According to Statista, Clubhouse had around 10 million weekly active users as of mid-2022. Clubhouse rooms have a 8,000-person capacity. Celebrities such as Oprah Winfrey, Drake, Elon Musk, and Mark Zuckerberg have all hosted conversations on the app. 

President and co-founder of TBC-Capital and an emerging fund manager Shondra Washington hosts Pitch Practice on Clubhouse every Tuesday. She has 3 million followers in the app and uses it to talk to a community of investors and venture capitalists.

Here are some tips for podcasters on how to effectively use Clubhouse to grow their audience:

Now that we've explored four unique ways to grow your financial podcast organically, it's time to draw inspiration from some successful podcasts in the finance niche. 

3 Finance Podcasts to Take Inspiration From

Here are three finance podcasts that can serve as guiding lights on your podcasting journey. 

These podcasts have managed to captivate their audiences, provide valuable insights, and build a strong following. Taking a closer look at their approaches and strategies can help you gain valuable insights to apply to your own podcast. 

Planet Money

This podcast from NPR offers great stories, great interviews, and practical advice that is easy to understand, making it a great choice for beginners. Planet Money has a unique voice and approach to financial topics that sets it apart from other podcasts in the industry.

Consider using storytelling techniques to make your content more engaging and relatable like Planet Money. Use real life examples of your listeners as discussion points. Podcastle is an AI tool that can help podcasters create engaging content by analyzing their existing content and identifying topics that resonate with their audience. It can also help with content curation and distribution.

The Ramsey Show

Hosted by Dave Ramsey, this podcast offers advice on life and money three times a week. Ramsey is a well-known personal finance expert and his podcast is a great resource for anyone looking to get their finances in order. The podcast's focus on personal finance and Ramsey's expertise in the field sets it apart from other podcasts.

Consider focusing on a specific topic or niche within the finance industry like this podcast. If your niche is on investing and trades, try using FinSea.ai to get real-time news and market move information for traders and investors.

BiggerPockets Money

BiggerPockets Money is hosted by Mindy Jensen and Scott Trench and focuses on personal finance and real estate investing. It offers practical advice and interviews with experts in the field, making it a great resource for anyone looking to build wealth through real estate. The podcast's focus on real estate investing sets it apart from other personal finance podcasts.

Consider interviewing experts in your industry or niche to provide valuable insights to your audience. BuzzSumo is an AI-powered content research tool that allows you to discover influential individuals and experts in your industry. It helps you identify experts who are actively producing valuable content in your niche.

Wrapping Up

Growing your financial podcast organically may present challenges, but it's not impossible.

Armed with these strategies and inspiration, it's time to take your financial podcast to the next level. Embrace the challenges, be authentic, and continue providing valuable content that resonates with your audience.