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Podcasts Are the New Black for Law Firm Business Development
Before jumping into the podcast foray, law firm leaders must think strategically about podcasting as a tool for marketing and business development. Resources, bandwidth and buy-in are needed to produce a successful podcast — along with patience as podcasting success is determined by long-term results.
For buy-in, let's start with some statistics. Podcasts are more popular than blogging, videos, and television. The average podcast consumer listens to seven podcast episodes per week, and 93% of podcast fans listen to most of an episode. Sixty-one percent of podcast consumers listen to podcasts more than watching TV. As of 2019, 51% of the U.S. population has listened to a podcast. It is expected that by 2022, 132 million people in the United States will listen to podcasts. According to Podcast Insights:
- Podcasts are most often consumed at home (49%) or in a car (22%);
- Listeners are loyal, affluent and educated;
- 40% of Americans 54 or younger listen to podcasts monthly; and
- 41% of monthly podcast listeners are more likely to earn $75,000-plus annually.
Before your law firm leaps into podcasting, answer these questions:
- What is the purpose of the podcast? Why do you want to enter the podcast space?
- Whom does the firm wish to influence? Will the podcast be focused on B2B, B2C or both?
- What does the firm have to offer via a podcast, and what will be its impact?
- What does success of a podcast look like for the firm, and how will success be measured?
Benefits of Podcasting
Podcasts deepen client relationships and trust, which lead to more work and referrals.
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