There are many ways to measure your podcast’s ROI, and it mostly depends on your podcast goals, whether that is to increase brand awareness or connect with your audience. But the impact of your podcast goes beyond the traditional metrics.
In this episode of the Recorded Content podcast, our host Justin Brown discusses different ways to measure your podcast’s ROI. He shares the critical qualitative and quantitative data points. He also explains why you can’t measure the impact of your show based on your metrics.
Qualitative metrics are just as important as quantitative metrics
“In addition to these quantitative metrics, there are also several qualitative data points that can help you understand the effectiveness of your branded podcast. A lot of podcasters focus on the download metric because it’s a very tangible number. I get it. I look at download numbers. These qualitative metrics, though, are generally more subjective and are a little bit more difficult to measure. But they can provide important insights into your podcast success.”
Set SMART goals
“To effectively measure the ROI of your podcast, you need to start by setting clear and specific goals before you ever hit the record button. Using the SMART framework can help ensure that your goals are specific, measurable, achievable, relevant, and time-bound. For example, a SMART goal for your podcast might be doing increased website traffic by 20% within the next six months, or you might want to improve the conversion on specific PPC landing pages, or you might want to increase the total views your company gets on LinkedIn. Once you’ve set your goals, you need to track the key metrics that are going to help you measure that progress to get to what is that ROI. Depending on your goals, those metrics may include downloads, website, traffic, social engagement, reviews, or revenue.”
Learn from both mistakes and successes
“Finally, it’s important to continuously improve your podcast by learning from your successes and failures, regularly analyzing your metrics, experimenting with new strategies, and soliciting feedback from your audience can help you improve the quality and impact of your podcast over time.”