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Episode Transcript

Benjamin: Welcome back to the MarTech Podcast. It's just you and me today, marketers, and for those of you who are new to the MarTech Podcast Community in this episode like we do at the end of every month, I'm going to tell you how we practice what we preach. In the marketing of this show. We're more than halfway through the first quarter of the year and things are feeling like they're really getting off to a running start this year as we do each month. I want to start off this podcast by restating some of the things that me and my teams are trying to accomplish in the production of the MarTech podcast. Yeah. We set up our goals in two different ways. We have our non-quantifiable and are quantifiable goals in terms of our non quantifiable goals. We're trying to get a better understanding of who our listeners are. We're trying to mitigate some of our risks by cultivating new growth channels.

Benjamin: We want to add more utility by producing format in multiple different forms of content like our newsletter and some of our episodes summaries, and we're trying to evaluate the opportunity of building a podcast networks that's larger than just the MARTEC podcast. That's it. In terms of the quantifiable goals that we're trying to reach, we're trying to hit 100,000 downloads per month run rate before the end of the year. We want to collect $100,000 in Martech, sponsorship revenue, reaching out to a hundred different networking conversations to schedule our guests and we want to launch a new podcast and potentially even revive an old one that we started before. So now that we've talked about our goals, there's a few things that I want to cover today in terms of the making production and marketing of the show. First off, I am happy to announce that we have reached a major milestone as of today, recording this on February 28th the Martec podcast has been downloaded over 100,000 times.

Benjamin: big milestone, nice to feel like the podcast is now in the six figure club. I wish that was the monthly download rate, but thinking that 100,000 downloads have happened in less than a year, it makes me feel warm and fuzzy inside. So thank you all for being a part of that. Achieving that figure. It means a ton to me and we're excited to continue to scale the show and bring you more great Martec podcast content. But celebrations aside, I want to talk to you about how the show is trending this month. We're going to start off by talking a little bit about what happened last month where the show was downloaded 17,500 times, which was a whopping 59% month over month growth that's coming off of December, which was a month where we didn't publish a full month of content and we didn't have any advertising. So 59% growth sounds like a great number, but it was also coming off a slower month because it was the end of the year and in last month we upped our budget from zero to $4,000 so obviously that was a contributing factor for the large growth that said, going into this month, my plan was to continue our spending while recognizing that we're heading into the shortest month of the year.

Benjamin: We only had 28 days to drive podcast downloads, so it was going to be near impossible to achieve the same growth rate that we had last month and hard to even top the total download numbers. So how did we do? Well, let's just say we didn't crack the 59% growth rate. That's not a real surprise and it looks like we're going to land somewhere in between eighteen thousand five hundred and nineteen thousand downloads, which is just around a 5% growth rate. That said, since we are comparing a month with 31 days to a month with 28 days, it's not an apples to apples comparison, so a 5% growth rate doesn't sound like much, but when you look at our average download per day, we grew from 565 downloads per day to 660 which is a 17% growth rate, which is much more in line with the growth rates that we've seen blended over a longer period of time.

Benjamin: Truthfully, my hope for this month was to get to 20,000 downloads and it looks like we're going to have to wait until March till we get there, but we hit our hundred thousand download mark. That was a key milestone, really excited about achieving that. So in terms of our marketing mix for the month, I invested a total of $4,600 in marketing across four paid channels and those channels are our tried and true dynamic advertising on podcasts through a platform called Nyt k and it we invested $2,000 in net and generally like we did the previous month, we try to put more money into knit than any other channel and we did that but not by much $2,000 for net. And that's really our work horse. The reason why we didn't invest more into knit this month was I wanted to test some other growth channels. So we put $600 into advertising into another podcast platform called overcast and overcast presents display advertising, banner advertising in their APP.

Benjamin: So these are podcasts listeners that are seeing the banner ads while they're listening to podcasts. So we put a $600 investment into overcast. It generated 60,000 views, which resulted in 1700 engagements a click. Basically it runs out to be about a 35% CPC, which really sounds like it's a pretty good mark. The issue that I have with the overcast platform is that we only generated 66 subscriptions, so while there are 1700 clicks, the conversion rate from click to subscriber was relatively low. Their CPA worked out to be roughly $9 which is significantly more than what we're paying using dynamic insertion by putting audio content into other podcasts through net. So I think we'll probably double back to overcast down the road. I want to test to see what the lift is, but it took a month to be able to spend the $600 in our campaign and I just didn't see a big burst.

Benjamin: I didn't see a big signal, so not necessarily a platform that we're going to double back on right now. We tested in another platform at the end of this month and we haven't really seen the full result of it, but we are testing some ads using a platform that similar to knit in the sense that it's dynamic insertion, but it's not in podcast advertising. It's in a newsletter. We're testing an ad on the platform called the inside newsletter. You can go to inside.com to see their series of newsletters and we invested $1,000 into targeting people that the inside team knows our marketers. The rates are $25 Cpms, which feels pretty expensive to me, but it was a relatively small buys so that was a rate that we were okay with investing to get a test to understand if there is a heartbeat for that channel. I don't really have a full report on how the campaign performed because we only started it at the beginning of this week, so we've had four days worth of traction and so far we've seen some pretty good results this week and now whether that is being specifically driven by the inside newsletter or whether that's just the growth of the show, it's a little difficult to say so no news yet to report, but I'm optimistic that the inside newsletter channels one that we're going to be able to rely on in addition to our primary growth channel, which is the nit advertising.

Benjamin: The last channel that we invested in was an APP store optimization platform that I'm not going to say the name of because I don't necessarily feel great about the performance of the channel. I don't want other people investigating it. We invested $3,000 a month into getting the MARTEC podcast to rank in the apple iTunes store. And unfortunately this is a channel that we had tested for a month before and we saw some pretty promising results initially and we tried to make a longer term commitment. And what happened was that they're stating that apple is updated, their terms of service or Apple's made changes to how they rank people in their APP store. We had a commitment that we would be ranking in the top 75 in the business category and we weren't able to maintain that position. So at the end of the day, our APP store optimization ended up netting nothing and we're trying to recoup the budget from that campaign.

Benjamin: So it a pretty frustrating experience. You'd win some, you lose some. We tested this channel, I thought it was gonna work and it turns out it didn't. So at the end of the day we landed around 18,500 downloads and if you discount the $1,500 we spent for APP store optimization that nets out to a budget of $3,100 which is a blended rate of 17 cents per download. And when you look at the cost per new download, it was around $3 and 10 cents. That's actually a lot more than we've paid for our downloads over the last few months. But we were testing some new channels and we didn't see some great results from some campaigns and I'm optimistic that we'll be able to optimize it next month as we get back to focusing on the nit platform. So to try to put this in perspective, if you look back over our growth rate over the last six months, we averaged a growth rate that was somewhere between 18 to 20% depending on whether you're looking at the growth per month or the growth of the number of subscribers that we're seeing on a daily basis.

Benjamin: So somewhere by around 20% has been our month over month growth rate for a six month period. If we're sitting at 18,500 downloads right now and we apply somewhere between an 18 to 20% growth rate, it looks like our trajectory for the end of the year is between 90 and 100,000 downloads per month. So the moral of the story is that based on what we're doing so far with our performance, I feel like we're tracking to reach our audience growth goals for 2019 so I'm optimistic now in terms of her monetization strategies. Our plan was to target gross stage B two B SAS companies that were already doing awareness based marketing activities like events, radio and advertising on other podcasts. We sold all of our Q on ad inventory and some advertorial placements for a total of $27,000 going into Q one and since we were able to sell the vast majority of our inventory quickly before the quarter started, and seeing that our listenership has nearly doubled this quarter, we decided to raise our rates.

Benjamin: So My expectation is that we're going to bring on more advertisers for shorter deals because the vast majority of the advertisers that are coming to us are asking to spend somewhere between five and $15,000 for a month, two a quarter long sponsorship. So my hope is that by raising the rates were able to a invest more in marketing and continue to increase our audience and overdeliver for our advertisers. We're also going to be able to increase the monetization for the podcast. Last thing, my team is working on scaling. It's content production capabilities, so we're to the point where a publishing Martech podcasts as a daily show five days a week, we have our content already booked. Most of it recorded all the way through April, so we have a lot of content that we're pumping out more starting to think about producing content and other formats like newsletters and engaging in social media, shorter form content.

Benjamin: We're also trying to work on helping other podcast producers create content, thinking about spinning out other shows to be able to sell more advertising inventory. So we've been working, we've been hustling. I want to, as always, thank my production team who's created a great amount of content thanks to our guests who are willing to share their expertise, and specifically thanks to you, our listeners for lending your ears, for helping us achieve our goals. We had 100,000 downloads per month. I am really excited. We're growing our business. 2019 is off to a great start. I'm optimistic that we're going to keep growing and we're really excited to bring you more great Martech podcast content. So thanks again. We're excited to hit our big milestone this month, and as always, until next time, bye. Advice is to just focus on keeping your customers happy.

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