The Power of Niche: How Podcasting Can Help You Reach Your Target Audience
In this episode, I look at Chris Anderson's book, The Long Tail. In it, he defines six themes of the long-tail age. I discuss these as well as how podcasting fits well into the long-tail space and how we as a culture are firmly planted in the long-tail age.
The Long Tail: How Endless Choice is Creating Unlimited Demand by Chris Anderson
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It is time for Build that podcast where we will discuss how you can use a podcast to grow your business and expand your influence. I'm your host, Eric Rutherford.
I recently went back and read Chris Anderson’s book, The Long Tail: Why the Future of Business is Selling Less of More. The book was published in 2006.
For some context, eBay started in 1995, YouTube was created in 2005. Twitter was founded in 2006. Netflix started their streaming service in 2007. Spotify launched in 2008. Apple launched the first iPhone in 2007 and the app store in 2008.
When Chris Anderson wrote the book, we were just beginning to move into a technological age where accessing the long-tail content was possible. Anderson defines six themes of the long-tail age.
In virtually all markets, there are far more niche goods than hits.
The costs of reaching those niches is now falling dramatically due to digital distribution, search technologies, and a critical mass of broadband penetration.
Tools or filters that can rank, make recommendations, and have accurate searches drive demand down the tail.
Once the variety expands and the filters do their job, the demand curve flattens. There are still hits and niches, but the hits are less popular and the niches more so.
There are so many niche products that collectively they can comprise a market rivaling the hits.
Once this occurs, the natural shape of demand is revealed, undistorted by distribution bottlenecks, scarcity of information, and limited choice of shelf space.
He describes a long tail as “culture unfiltered by economic scarcity”
When I read this, I immediately thought of how podcasting as a medium has begun to change the landscape of communication and information because it fits so well in the long tail model.
There are only a handful of widely popular podcasts. You can probably name one or two like Joe Rogen’s or Tim Ferriss’s. Yet there are thousands of podcasts that connect with a 500 to 1000 people on a regular basis.
Let’s take the low number of 500. You might think 500 people too small a number of customers to worry about. Afterall, you want to grow your business and 500 seems dinky.
If you sell SaaS products worth $50 per month, that equates to $600 per year. 500 people x $600 per year = $300k per year.
Podcasts add the compound effect of content and word of mouth. They are sales conversations while you sleep.
Your podcast will not be your only means of engaging with your potential customers, but it can be a viable source of connections that build trust.
Remember, use podcasts to grow your business and expand your influence.