YOUR SUCCESS MATTERS
Some of the risks associated with scaling a business include: 1. Overexpansion: Growing too quickly or expanding into new markets without adequate preparation can lead to overexpansion, which may strain resources and lead to inefficiencies[1]. 2. Operational Debt:...
When scaling a business, it's important to avoid common mistakes to ensure successful growth. Some of these mistakes include: 1. Scaling Too Early or Too Late: Scaling too early, before establishing a solid base, or scaling too late and missing opportunities can be...
The top 8 challenges service-based entrepreneurs faced during periods of rapid growth are: 1. Maintaining Consistent Quality: Service businesses must ensure a consistently high level of quality to retain clients, which can be challenging as the business scales up.[1]...
by GEORGE WINSLOW.
Black American consumers say podcasts are one of the most effective ways for advertisers to reach them, according to a new Horowitz survey
As the advertising market for podcasts continues to grow and a growing number of TV and media companies are adding podcasts to their offerings, a new study from Horowitz Research finds that Black American consumers are heavy users of the medium and that it is an effective way for advertisers to reach them.
Horowitz’s data has long shown that Black Americans have consistently been among the most engaged with entertainment and technology, using subscription streaming services and streaming music more frequently than their white, non-Latinx counterparts.
The new FOCUS Black: State of Media, Entertainment, and Tech: Consumer Engagement 2023 report by Horowitz Research also find that they over-index in the area of podcasts. Three in 10 Black consumers surveyed say they consume podcasts daily or almost daily compared to 2 in 10 white, non-Latinx white consumers. Six in 10 Black podcast consumers say they have specific podcasts that they follow regularly, and for 4 in 10, the medium has replaced other kinds of content they would have been consuming before.
As more Black consumers rely on podcasts for their daily source of entertainment and information, the medium represents an important opportunity for brands and media to connect with Black audiences in a meaningful way, the researchers found.
Comedy, sports, culinary-themed content, and podcasts related to popular culture are the most popular mainstream genres among Black Americans who consume podcasts. They are also more likely than their white, non-Latinx counterparts to keep up with podcasts that focus on social justice, racial justice, women’s rights, and LGBTQIA+ content.
But, compared to all other podcast genres, Black-focused content is the most popular among Black podcast consumers with almost half (45%) tuning in on a regular basis. The findings from the study show that there is room to grow this space, with more than half of Black podcast consumers saying they wish there were more Black-hosted podcasts.
“Podcasting is a rapidly evolving medium with lots of opportunities to connect with targeted audiences in spaces and places other advertising doesn’t reach,” notes Adriana Waterston, executive vice president and insights and strategy lead for Horowitz Research. “Given that podcasts provide a platform for culturally specific voices and perspectives that aren’t always heard in mainstream media, it is no surprise that Black and other diverse audiences are gravitating there. It makes sense for advertisers to go there, too.”
The research also found that podcasts are becoming an increasingly relevant channel for advertisers, with almost 2 in 10 Black consumers saying that podcasts are one of the most effective mediums to reach them. Male and 35-49 year-old Black consumers are even more likely to say that podcast advertising is effective.
The full FOCUS Black: State of Media, Entertainment, and Tech: Consumer Engagement 2023 report explores different segments of Black consumers and their attitudes towards hot-button topics to help media companies, advertisers, advertising/marketing agencies, and PR companies make smart decisions about Black marketing and outreach. The survey was conducted in August 2023 among 555 Black adults 18+. Data have been weighted to ensure results are representative of the overall U.S. Black population. The report is available in total market, FOCUS Latinx, FOCUS Black, and FOCUS Asian editions.
See Original Article at TV Technology
