Driven to Action: Podcast Listeners are a $302 Billion Opportunity for the Auto Market

With July fast approaching all 50 states in the US are at least partially reopened and the auto industry is back to work to appeal to those potential buyers Detroit39s big three automakers restarted their assembly lines in the third week of Mayamp8212right after auto marketers began ramping up their local TV ads in the last week of April Importantly ad units increased almost 6 during the week of April 27 So with production now resumed and new ads hitting the airwaves who should marketers be engaging withAcross consumer groups podcast listeners should be high on any auto marketer39s list According to a recent analysis conducted through Nielsen39s Podcast Listener Buying Power service 358 million people were shopping online for vehicles at the height of shelterinplace restrictions in the US and 105 million of them were listening to podcasts Those engaged podcast fans represent a 302 billion opportunity for marketers and advertisersWhile podcast popularity among consumers has been growing for the past few years its appeal among brands is accelerating largely because of the ad engagement that the medium commands A Nielsen study last year for example found that topofmind brand awareness for many popular brands was nearly 70 among podcast listeners Plus podcast listeners tune in for more than 10 hours each week This presents marketers with significant opportunities to reach engaged car buyers Our study this year found that 50 of internet vehicle shoppers visited a website for more information about a product after hearing about it on a podcast which is five percentage points higher than the average podcast listenerAs auto marketers continue to ease into the world39s new normal they39ll need to be mindful of the proper sentiment to use when communicating with interested auto shoppers and they39ll need to know what shoppers are in the market for Notably a growing number of podcast listeners are greenminded and therefore they39re more likely to be in the market for a hybrid vehicle than the average AmericanAnd when it comes to which podcast genres marketers should be most focused on for their advertising comedy takes the cake followed closely by newsHigh income households also love listening to podcasts More than 55 of the podcast audience has a household income above 75000 a year By comparison only 41 of US households earn more than 75000 per year Podcast consumers have the disposable income for big ticket purchasesPodcast listeners also present opportunities for auto marketing beyond vehicle sales and leases Even though many consumers are opting to stay close to home these days podcast listeners are not doityourselfers when it comes to car upkeep Compared with the average US consumer they39re 11 more likely to pay for an oil change 16 more likely to buy new tires and 16 more likely to get a brake jobThere is no doubt that marketers are facing a wealth of new challenges as we approach the midway point of 2020 and we know the importance of advertising through a crisis as well as the need to reach the right audience on the right platforms And as the future of auto consumption unfolds more and more marketers are finding out that podcasts might just be the next great advertising frontierClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNetamp160

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Driven to Action: Podcast Listeners are a $302 Billion Opportunity for the Auto Market

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Driven to Action: Podcast Listeners are a $302 Billion Opportunity for the Auto Market

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