Podcast advertising for financial services companies is a powerhouse for awareness, education, and trust. Read on to discover the whys and how Capital.com achieved measurable ROI with it’s first audio campaign.
It’s no secret that podcasts are one the strongest mediums financial service organisations can utilise in their marketing mix. In fact it’s one of the largest contributing sectors for podcast ad revenue.
In 2022 finance services category equaled 14%, which is the top category behind ‘other’ (a collective of multiple low rev categories).
Podcasts are a game-changer for financial marketers, bringing in real results! The finance industry is catching on, with lots of institutions giving audio a shot and loving the vibes it adds to their mix. We see investment in this channel continually rising due to the measurable (and high) ROI it can generate for advertisers.
A recent comparison of audio and video ads ability to drive attention and action, proved audio by far out perform other formats. It attracted more attention than TV, online video, social media and display.
WHY PODCASTS WORK FOR THE FINANCE SECTOR
The way we engage with podcasts is a big draw for the financial sector. Hosts are a common, trusted voice to listeners, therefore generating trust and credibility. Research by Mindshare found trust for an advertised brand went down after the exposure to a video ad on social media but up when the brand was featured on podcasts.
This trust and credibility is also why many people turn to podcasts for education and learning. Pew Research Center states nine-in-ten podcast listeners tune in to learn (88%). In the context of the financial sector, shows allow for conversations about complex finances and investments to become more accessible and informal. It helps break down the barriers, deepen understanding and trust.
FINANCE LISTENING AUDIENCE
As of September 2023, there are over 3 million podcasts, 700,000 of which are regularly active, and 33,000 in the investments and finance genre. Planet Money, by NPR, is one of the top finance shows attracting up to 14 million monthly listens.
While these figures demonstrate a huge investment and finance audience is out there, financial service organisations don’t have to (and should not) limit themselves to just that bucket. People have a range of interests and using contextual targeting organisations can reach new customers.
Capital.com’s recent audio campaign demonstrates exactly this.
CASE STUDY: CAPITAL.COM INVESTMENT IN PODCASTS PAYS OFF
In Q4 of 2023, Capital.com leveraged the Next Broadcast Media network to boost awareness of its trading platform and USPs. The campaign used a unique multi-strategy approach to deliver results surpassing industry benchmarks.
The campaign brief was to raise awareness of Capital.com, drive interest, and educate listeners on investing. The target market audience were adults living in the GCC with an interest in investing.
New to podcast advertising for the Middle East region, the Capital.com team was supportive of a diverse campaign utilising different methods.
Speaking for Capital.com Tarik Chebib, CEO Middle East says “Capital.com’s mission is to make the world of finance more accessible, engaging, and useful. We see podcasts as a central channel to help us live up to this mission. As a new arrival in the Middle East market, audio can not only connect and educate listeners but also spread awareness of our platform to huge audiences quickly.”
To maximise reach while also fostering trust and educating listeners, a combination of dynamic, Host Read Ads and Branded Episodes were used.
The dynamic component addressed the need for reach and awareness. A pre-recorded Arabic and English ad was aired across podcasts in KSA, UAE, KWT, QTR.
Layered in with dynamic ads were sponsorships to aid in education and trust. Hosts of top performing local shows Studio Al Jumhour and Papersamwich recorded 40 – 60 second ads, which aired in pre-roll ad slots.
Furthermore a special branded episode on the hugely popular show Think with Hessa was created. The host, Hessa, dedicated an entire episode to investment advice, featuring Capital.com in the discussion.
CAPITAL.COM CAMPAIGN RESULTS
Speaking for Next Broadcast Media, Lemya states “This unique multi-level approach gave Capital.com great reach. Plus moments of true connection with audiences. Fans have great trust in hosts, much like social influencers, so their recommendation carries a lot of weight. For the finance sector this is especially relevant and effective.”
Independently evaluating the impact of the campaign by a third party, we see positive impact on brand image and consideration.
“This campaign achieved a significant uplift in brand image, placing it in the top 25% of all analysed audio campaigns. This shows how good targeting with trusted shows help positively position brands in the minds of listeners. By taking a multiple strategy approach to both increase brand awareness and educate consumers, Capital.com was able to differentiate themselves in the competitive market. They achieve measurable positive ROI” states Lemya.
THE BOTTOM LINE
Podcasts are a magnet for the financial sector. Their high listener trust and credibility extend to advertisers, as revealed by Mindshare’s research. Unlike video ads on social media, podcast ads boost brand trust. In the financial realm podcasts facilitate informal discussions and break down barriers. Plus foster deeper understanding and trust of complex topics like finances and investments.
