We’ve come a long way from “Can you measure podcasts?” to “How do you want to measure podcasts?”
In just a few short years, the podcast industry has been enriched by a suite of third-party measurement tools that are helping advertisers better understand the impact of their campaigns. New innovations are constantly hitting the market, providing insights at every stage of the funnel, both online and off.
Yet, with such rapid evolution, it can be hard for brands and buyers to keep up, to know what can be measured and what tool is best for the job. So, it makes sense that some brands choose a particular method or vendor simply because that’s the only one they know or have used. Sometimes that choice is a perfect match, in other cases it’s like trying to chop down a tree with a hammer.
Matching a measurement tool for your campaign objective
Podcasting’s maturity means there are many tools at hand, not just hammers. We can let the task determine the tool, rather than the other way around.
To begin that determination, look at the fundamental: the campaign, itself. What is the objective or KPI? How do you, the advertiser, measure success? That’s our objective—the task—and it informs our choice of tool.
That sounds sort of simple and, frankly, obvious. Yet, it’s easy to skip right past that question when you’re juggling a ton of campaigns on deadline.
Here’s a real-world example: Let’s say an established consumer brand is taking first steps into podcasts. The campaign is intended to build buzz for a new product, sold principally at retail. The brand has been hesitant to enter the space previously because measurement seems to be challenging, but the team recently learned about web attribution and is excited to give it a try.
It can be hard for brands and buyers to keep up, to know what can be measured and what tool is best for the job.
Attribution is the tool that has gained some of the largest mindshare, as well as traction, in the podcast marketplace. Consequently, it beacons brightly on many buyers’ radars.
Attribution’s ability to measure podcasts’ impact on lower-funnel metrics, from web landings to purchase, is powerful for direct-to-consumer brands—many of which were the platform’s trailblazing sponsors. However, in this case, the established brand doesn’t have an ecommerce goal. Instead, the brand is essentially building awareness, an upper-funnel KPI.
So, understanding that, the brand team suggests creating a landing page, then adding a call to action to the creative telling listeners where they can learn more about the product. That’s certainly something attribution can measure, right?
While it’s true those page landings can be tallied, it’s not really an adequate substitute for awareness. Simply put, the campaign will make many more listeners aware of a brand or product than will ever take the step of visiting that website, especially if there is no other incentive to do so. That impact goes unmeasured with attribution.
Instead, a brand lift study is the best tool for the job. Moreover, this method is well established and well proven for podcasts. It’s been available for several years, and I’ve personally overseen over 100 different studies. Brand lift provides a strong read on how a podcast campaign impacts upper-funnel metrics, like awareness. It’s also good for the mid-funnel, gauging lifts in recommendation or purchase intent.
Taking advantage of podcasting’s growing toolbox
While brand lift and web attribution are the most common research methods, podcasting’s toolbox keeps getting bigger. If your ecommerce strategy has a mobile app component, most major attribution platforms can capture that activity, too. For the brick-and-mortar merchant— perhaps a quick-service restaurant or retail chain—we now have geofence attribution, demonstrating how well podcasts drive listener foot traffic to your location.
Here at SXM Media we’re always working closely with current and new measurement partners to blaze fresh trails in podcast metrics. My advice to buyers, then, is to always tell publishers what success looks like, not just the tool you think is right for the job. Then be open to hearing what cutting edge opportunities are available. There’s a good chance you’ll be very pleasantly surprised.
