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Podcasts Are the New Black for Law Firm Business Development
Before jumping into the podcast foray, law firm leaders must think strategically about podcasting as a tool for marketing and business development. Resources, bandwidth and buy-in are needed to produce a successful podcast — along with patience as podcasting success is determined by long-term results.
For buy-in, let's start with some statistics. Podcasts are more popular than blogging, videos, and television. The average podcast consumer listens to seven podcast episodes per week, and 93% of podcast fans listen to most of an episode. Sixty-one percent of podcast consumers listen to podcasts more than watching TV. As of 2019, 51% of the U.S. population has listened to a podcast. It is expected that by 2022, 132 million people in the United States will listen to podcasts. According to Podcast Insights:
- Podcasts are most often consumed at home (49%) or in a car (22%);
- Listeners are loyal, affluent and educated;
- 40% of Americans 54 or younger listen to podcasts monthly; and
- 41% of monthly podcast listeners are more likely to earn $75,000-plus annually.
Before your law firm leaps into podcasting, answer these questions:
- What is the purpose of the podcast? Why do you want to enter the podcast space?
- Whom does the firm wish to influence? Will the podcast be focused on B2B, B2C or both?
- What does the firm have to offer via a podcast, and what will be its impact?
- What does success of a podcast look like for the firm, and how will success be measured?
Benefits of Podcasting
Podcasts deepen client relationships and trust, which lead to more work and referrals.
John Corcoran, co-founder of Rise25, LLC, and host of the "Smart Business Revolution" says: "When used as a strategic business development tool, a podcast can have a significant ROI." Corcoran started a podcast in 2011 when he was a practicing lawyer. His first recording was of a client for whom Corcoran had handled a small contract matter. He researched and found that the client was a successful serial entrepreneur. As a result of the relationship that was reinforced by the podcast, the account grew substantially. Fast forward to 2019. Corcoran has produced more than 500 podcasts and moved into the industry full-time. "The most important thing lawyers must do to benefit from podcasting is figure out how to make money from it," he says. This means "interviewing, showcasing, highlighting, profiling and putting on a pedestal, your clients and referral partners, which will lead to more clients and referral partners. It's as simple as that."
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