5 Tips for Measuring Your Podcast ROI

Written By Lauren Popish
5 Tips for Measuring Your Podcast ROI

In 2022, the value of launching a branded podcast as a marketing tactic is undeniable. Understanding the benefits your podcast is bringing to the table is an important piece of the puzzle because it will help you determine where your strengths lie, and where there’s room for improvement.

Taking time to analyze and measure your podcast data will ultimately give you a leg up against the competition and a chance to connect with your audience more deeply. Not to mention—if you can prove to your leadership team that the podcast has a strong ROI, you’ll have better chances of securing more budget for future seasons.

Although podcast data has been admittedly scant historically, methods for measuring podcast success are improving every day. Now, there are several helpful metrics you can track to uncover new insights about your podcast and grow your audience exponentially.

So, how exactly do you measure your podcast’s ROI? Glad you asked. Here are five tips for measuring the ROI of a branded podcast:

✴ 1. Set goals

Before you think about calculating your podcast’s ROI, it’s important to set some goals from the beginning so you know what to look for. The goals of your podcast will vary based on your brand’s overall mission, but some examples could include:

  • Increasing lead generation

  • Increasing revenue

  • Boosting brand awareness

  • Forming new connections with listeners

  • Establishing your brand as a thought leader

Once you’ve aligned on the goals you’re hoping to achieve through your podcast, it will be much easier to determine which aspects of its ROI you’d like to calculate.

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✴ 2. Use equations

To calculate the ROI of your podcast, you’ll need to use a simple equation. The exact equation you’ll be using will depend on the type of ROI you’re trying to calculate, whether it be to do with financial goals, brand awareness, or another area. 

Here are some examples of the equations you’ll want to use to calculate podcast ROI in a few different areas:

  • Financial ROI: (Sales Revenue – Expenses) / Production Time 

  • Advertising ROI: Ad Revenue – Expenses = ROI

  • Lead Generation ROI: Site traffic before vs. after launching your podcast

✴ 3. Track the right metrics

There are plenty of different metrics you can analyze to determine the ROI of your podcast. Determine which ones align with your overall brand and podcast goals, and create a document or spreadsheet to track them over time. 

Some examples of podcast metrics to analyze include:

  • Unique listeners

  • Downloads

  • Ratings and reviews

  • Ad revenue

  • Website traffic

  • Brand sentiment (i.e., positive or negative)

  • Engagement rates

  • Email newsletter signups

  • Social media engagement rate/followers

  • Retention / dropoff rates

✴ 4. Measure how you stack up against competitors

Another way to gauge your podcast’s ROI overall is to measure it against other podcasts operating in the same space. Based on elements like brand sentiment, social media sharing, and engagement, you can get a sense of where you stack up in comparison to your competitors and your overall share of voice (SOV).

For example, is your podcast a go-to listen for people interested in your subject matter? Have you established your brand as an authoritative voice in your area? These are important questions to consider when comparing your podcast to other shows currently on the sound waves.

Related: Making the Pod: Conducting a Competitive Analysis

✴ 5. Focus on the big picture

While crunching the numbers can give you a good sense of your podcast’s ROI, it’s important to take the full picture into account by considering things that aren’t necessarily measurable through hard stats. This could include brand sentiment, comments from listeners, or new relationships you’ve formed as a result of the podcast.

If your podcast goals include raising your brand profile, connecting with potential customers, or establishing your brand as an authority in your field, then tracking the KPIs that are a bit more difficult to quantify through numbers will be crucial. Try gathering social media comments, reviews, and shares of your podcast episodes to determine how it’s being received by listeners overall.

 
Lauren Popish
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