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At New Narrative we have seen a surge in clients asking us to support them in creating and publishing podcasts, and with good reason — podcasting is growing fast. It has global appeal, with listener figures as high in Asia as can be found in Europe and America, and offers exposure to a key target audience for many financial services companies. According to research, the average podcast listener is 45% more likely to have a college degree, and 45% more likely to earn over US$250,000 per year.

But, if, as a marketer, your palms are beginning to sweat as FOMO takes grip, pause for a moment and beware the pitfalls of SOS: ‘shiny object syndrome’; the graveyard of many a content marketing endeavour!

The number of podcasts may still be rising — up from 550,000 in 2018 to 700,000 this year — but average download figures are plummeting. Where once 1,000 downloads for a new podcast was typical, the figure now stands at below 200.

Still, there remains every chance of creating a new podcast that makes a big impact with your intended audiences. Here I share my thoughts how to make you podcast stand out from the rest.

Learn from the best

Begin by taking inspiration from what is already out there. There are some excellent finance-based podcasts – from broad-based to niche offerings. You don’t have to be the Financial Times (FT), the BBC or The Economist to gain yourself a community of loyal listeners. But, unless you can match these publishers for their quality of research and originality of insight and perspective, you may find your own efforts stuck in the auditory shadows.

Leverage influencers

On that note, consider the calibre and range of guest speakers you wish to invite. It may be tempting to use the podcast to showcase only the internal expertise of your organisation. After all, the FT typically does. But unless you can consistently roll out experts with unique insights and a strong media profile, this may well be a game of diminishing returns. Once the marketing hype has passed, people will likely drift away.

Introduce a range of perspectives

Sharing a wide range of perspectives is useful to help articulate the nuance and diversity of thought surrounding a topic. Your financial organisation might have its ‘party-line’ on global phenomena like US-Chinese trade tensions or China’s Belt and Road Initiative, but it can be useful still to convey the alternate viewpoints to gives listeners a more rounded understanding.

Perspectives taken from alternate fields of study can also prove highly engaging. I may be able to pre-empt what a macro-economist is going to tell me about the risks of Brexit, (not to diminish the value of their insight), but what about a celebrated physicist, or an award-winning philosopher? That’s a perspective I’m intrigued to hear.

Be big and bold

Big picture content is key to framing and giving the contextual narrative to your podcast. In marketing terms, it is the top-of-the-funnel content that draws in the broadest audience. Just as I may be intrigued to understand what a physicist may make of Brexit, I’m equally keen to understand – in the context of a podcast on US/Chinese trade disputes, say – how trade disputes have played out over the past 200 years. This context offers broad-based appeal that helps draw in listeners before drilling down into more specific analysis.

Coverage of big and bold of ideas will also do much to garner widespread appeal, and help position your brand as a business at the cutting edge. Think, for example, of the exciting innovations taking place in particle physics, data and AI or animal and crop gene-editing and the applications these fields of study can have on the challenges facing our world.

Play with the format

Format is another important consideration. Not only does it lend a sense of dynamism but helps also to break down content into digestible chunks. It is worth thinking carefully therefore how you can diversify the format within individual episodes, and across the series.

Consider for example interspersing an interview-style format with vox-pop interviews, or a monologue. Where possible, have some fun with the format. Recently the FT launched a light-hearted take on finance with their Finance Room 101 podcast, taking inspiration from the popular TV show. Here they asked industry-leading commentators what they would banish to room 101 to improve UK’s finances. The result is an highly engaging podcast.

Distributing your podcast

Podcasts are an excellent way to showcase the fresh thinking and passion that drives your business. But it alone will not drive audience figures. Like any other content marketing asset, it needs a sound distribution and promotional strategy.

If you want to build a solid community of listeners, and not rely solely on traffic to your website, you will need a media host. As of 2019, the most popular host sites are: Buzzsprout, Transistor, Simplecast, Captivate, Podbean and Castos. Of these, Buzzsprout is the most popular, but all offer roughly equal services with free-trial periods, so it is worth exploring around to see which service suits you best.

Once you have decided on your host, you will also need to think which distribution channels to sign up with. The most popular by far is iTunes. iTunes podcasts can be accessed via Android, but since not everyone will be familiar on how to do this, consider using additional distribution channels, such as Spotify, Google Play Music or Stitcher. As a note of caution, be sure to check first these services are available in your target markets. (Google Play Music is not available in Singapore, for example).

Marketing your podcast

To promote your podcast, I recommend allocating an advertising budget to purchase air-time from related shows in which to promote your own podcast. A short, snappy and enticing audio ad campaign strategically positioned will do much to generate interest.

Creating a teaser containing short snippets and sound bites of content from your podcast is another way to build interest. These teasers can be posted onto target social media channels with a ‘Listen Now’ call to action to broaden appeal to those who may not be podcast converts.

In addition, consider posting a transcript of your podcast. It will increase engagement and also helps your SEO, particularly where guest ‘influencer’ names can be dropped in.

Looking ahead

Podcasting remains in its early stages of evolution. Over the coming years we can expect to see publishers evolve the format and feel of podcasts, even incorporating tools like Amazon Alexa and Google Assistant to deliver an interactive element.

As this process unfolds podcasting is sure to become a much more mainstream marketing tool. But, as it does, the keys to its successful delivery will remain much the same, and common to other content marketing assets, with an overriding importance on detailed planning, a focus on quality content and a good investment of time (and sometimes) money.

I’ve outlined just a few pointers here, enough I hope to offer some inspiration to those considering starting a podcast. For anyone looking for some help along the way, the team at New Narrative are always on hand to support.

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With banks in a headlong dash to digitalise, accelerators, hackathons, demo days and tech challenges – not to mention investments and acquisitions – have become standard tools in an effort to imbibe  the spirit and the know-how of fintechs.

According to a recent poll from The Asian Banker, 82% of regional banks now have a firm ‘fintech strategy’ in place.

But, even with broad consensus on the direction of travel, the best route to take is less agreed upon.

On this point, last month’s Seamless summit in Singapore, offered a welcome dose of clarity.

From the panel discussion – The omni-channel journey – four distinct approaches emerged, as articulated by Shahzad Isahaq, Head of Consumer Finance at Bank Alfalah in Pakistan.

Butterfly effect

First, the ‘chrysalis’ model, a top-down, inside-out, approach that strives toward wholesale, seamless transformation of the bank into an organisation boasting the technological potential of a fintech with the financial capacity of a bank.

This model is underpinned by serious R&D investment and patenting as banks seek to carve out niches of market control.

It is an approach not without its disadvantages. How easy is it, you might wonder, to fundamentally change a corporate culture, to incorporate new fields of digital expertise, or adapt the layers of legacy systems, from IT to treasury, built over decades?

Integration headaches

But then each route seems to possess its own unique challenges. The ‘collaborate/partnership’ and ‘acquisition’ models are built by banks seeking to partner with, and acquire, fintech operators. Partnering and investment is a path favoured by two-thirds (66%) of regional banks.

Plugging in the specialist ready-made platform of a fintech can be an alluring option for banks seeking to quickly build out their digital solutions. But, challenges may arise in the efforts to integrate new technology. Shareholders will be seeking assurance that long-term value can be assured, and unless exclusivity clauses are agreed upon with the fintech, any gain in value may soon begin to dissipate.

Finally, the ‘incubator method’ is a model where banks foster fintech talent from within, bringing it to a point of market readiness. Its value lies not just in the full ownership of new innovative platforms, but also in cultivating a set of internal skills and culture honed around innovation, which can offer long-term rewards beyond the horizon of a single product launch.

Like each of the three options above, though, there are risks attached. Nurturing new and unproven businesses can be a lengthy process exposed to the risks of loss as well as financial gain.

Shared priorities

In spite of the different approaches, there are shared priorities most banks recognise, according to the panel.

First off, the importance of getting advice. A union of any sorts is a challenge. Combining together two businesses of such different sizes as a bank and a fintech with their different infrastructures and work cultures can only benefit from the input and experience of advisers who have overseen such corporate partnering before, in banking or other sectors.

Secondly, changes which do occur should be driven from the top. Wholesale reform such as that described by the ‘chrysalis’ approach, or indeed by the three other routes, demand direction and exemplary action from the C-Suite. Only this can give the level of persuasion needed to make the systemic adjustments required.

Lastly, the focus for banks and their fintech partners must be on prioritising the customer. An obvious point, perhaps, but one that may slide in importance as the new efficiencies and cost-savings of, say, replacing humans with chatbots or robo-advisory, become apparent.

The future of finance is clearly digital. But, by whatever means a bank and a fintech join forces, it is worth remembering that customer value, as the panel roundly agreed, is what sustains a business over the long term.

 

 

 

 

 

 

 

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