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Episode Transcript:

Benjamin: Welcome back to the MarTech podcast. It's just you and me today, marketers, and in today's episode I want to give you an update on how the show has evolved. As we come to the end of our first quarter of production, we're going to talk about how this show is tracking to the goals that we've set, and how we are putting the learnings that we gathered from both the data we've collected and from the marketing experts we've met into action. For those of you who are new to the MarTech podcast community, we're going to start off by recapping some of the goals that we've set for the show. In the first episode of this show, I laid out a qualitative goal of creating a podcast that helps marketing professionals stay up to date while also helping marketing novices learn the fundamentals. 

Benjamin: We also set a longterm goal of reaching 10,000 downloads per month based off of the working assumption that you can make more than beer money with a podcast of that size. At that time, this podcast had only been downloaded a few hundred times, so we set a near term goal for reaching a thousand downloads per month for the start of our second month of production. By the end of our second month of production, our podcast had scaled nicely to reach the 1500 downloads per month mark that not only exceeded our goal for the month by 50 percent, but it also represented that we were on a three x growth rate during the time we were testing to marketing channels. We were looking at Google ad words and podcast advertising through a dynamic podcast ad insertion platform called admin. After a month of testing both paid marketing channels, we'd spent $800, $300 on podcast advertising and 500 on ad words to drive our 1500 downloads. 

Benjamin: Having spent $800 on marketing to drive 1500 downloads equates to a customer acquisition cost, have roughly fifty five cents per download. So we were feeling pretty good going into this month, which is our third month of production, and we set a goal to maintain the same growth rate, which is three x our previous month. If we had to map that a download goal, that would be roughly 4,500 or 5,000 downloads during the month. And to accomplish that, our plan was to scale our investment in marketing while focusing on our most efficient channel, which was our podcast advertising through ad nit. Okay. So we've got a longterm goal of reaching 10,000 downloads per month and going into this month, we were trying to reach 5,000 downloads for this month. So how did we do? Well, honestly this month wasn't as cut and dry of a success as last month was. By the time this episode is published, the show will generate roughly 33 or 3,400 downloads. 

Benjamin: And while we came up short of reaching our monthly goal of 50,000 downloads, there's still very much reason to be optimistic. First off, the show had a month to month growth rate of 120 percent this month. That means the show is more than doubled in size in June. And while my hope was to stay at a three x pace, I am definitely not going to complain if the show doubles in size each month. Also, last month we spent $800 in marketing with a blended cost per download of fifty five cents. This month we invested almost double that $1,500 in marketing entirely through our podcast advertising and ad nit, and we saw our blended cost per download drop to forty five cents per download for the month. That said, I don't necessarily think that our advertising became more efficient as we scaled our spend because when you only look at the cost to drive at new download last month, that costs about seventy three cents to acquire a new download and this month that cost us about eighty cents to acquire a new download. 

Benjamin: So at the end of the day, doubling our span, raise our cost to acquire a new download by just about 10 percent, which honestly feels about right to me. The more you spend in a marketing channel, generally the less efficient it gets. Okay, so let's recap. We spent $1,500 in marketing this month and we drove 2100 total downloads for the quarter. The show has generated over 5,000 downloads. Again, 3,300 of them coming this month, which equates to about eighty cents per new download for the month and a little less than forty five cents per download when we look at the entire quarter. So what does that mean? Well, if the show maintains a 45 percent download rate, which was our average for the quarter, and we want to add another 6,700 downloads per month to reach our goal of 10,000 downloads per month, it's going to cost about $3,000 for the quarter to reach our goal. That said, if we use this month's estimate of eighty cents to drive a new download, it'll cost about $5,300 for us to hit the 10,000 downloads per month. 

Benjamin: Mark. That said, as we continue to focus on scaling our audience in this upcoming quarter, we're also going to start focusing more on monetizing our content with the hopes of being able to generate enough revenue to cover our monthly marketing spend by the end of this quarter. In other words, we're still going to try to hit the 10,000 downloads per month mark this quarter. That's goal number one. If we continue to rely on paid advertising to grow our audience, I estimate that the cost will be between three and $5,000 for the quarter or between a thousand to $1,500 per month to reach the goal of 10,000 downloads per month. Since we're also starting to think about monetization for the quarter, I'm setting our second goal of reaching a thousand to $1,500 in revenue for the month by the end of this quarter. So gold number two, drive enough revenue to cover our monthly marketing costs by the end of the quarter. Lastly, while the mission for this podcast is to help our listeners learn how to use cutting edge technology to be effective marketers, our hope is that this show grows into a business that's profitable enough to enable us to keep working on the project. 

Benjamin: That being the case, we're going to set our third goal to start decreasing our dependency on paid advertising. To drive the shows growth. That means we're going to be working on three things, driving more organic growth, making our show more viral, and doing some APP store optimization. So goal number three, lower our blended customer acquisition cost with the focus of creating more content that is compelling and shareable. Let's recap again gold number one, we're going to try to hit 10,000 downloads per month this quarter. Goal number two, we're going to try to create as much revenue as we're spending in marketing and goal number three, we're going to try to drive down our blended cost per acquisition by focusing on driving more organic and viral growth. When I take a step back and look at what we've accomplished this quarter, it's really nice to see that the show was downloaded 5,000 times. 

Benjamin: We've published 25 episodes that speak to both experienced and aspiring marketers. Our average listener stays tuned for roughly 75 percent of each of our episodes and at 85 percent of the people who have listened to the Martec podcast have become subscribers. All of those things make me feel like we are absolutely on the right track with this show. When we launched this podcast, I said that our goal is to reach 10,000 downloads per month, which based on our current growth rate is not too far off in the distance, so I think it's fair for us to shoot to hit the original goal for the show, the 10,000 download mark this quarter, which is really exciting. Honestly, I'm proud of what we've accomplished this month and this quarter of the Martec podcast and while I'm the host and the producer of the show, you'll notice that often I say we, and by we I mean obviously me, our show's editor, our production assistant, our guests, and of course you, our listeners to those of you specifically have reached out to provide us with feedback or comment on the show. 

Benjamin: I want to thank you for taking the time to guide the show in the right direction. I really want this show to evolve to become a community for marketers. So seriously. Thank you for giving me a reason to keep working on the show this quarter and for all of your feedback. We've covered a lot of ground in this quarter and at the same time we're only just starting, so thank you for listening. If you haven't already, hit the subscribe button on your podcast app to stay up to date with how the show is growing and for a regular feed of marketing and technology knowledge and your podcast feed. We'd also love for you to share this podcast with your friends in marketing or people that are just interesting in the subject and if you're feeling super generous, give us a rating in the itunes store or wherever you listen to your podcasts. 

Benjamin: If you have any questions, you can always reach me directly by filling out the contact form on our website. You can go to Martech, m a r t e c h p o d dot Com. You can always reach out on twitter and linkedin are handle is Ben J. Shap Llc b e nj  o s h a pllc, so great quarter. Thank you all for listening and coming up next week. We're going to do something a little different than something that I think is special. We're going to focus the entire week on a topic that's near and dear to this shows heart, which is podcasting, so stay tuned. Next week, starting after the fourth of July holiday, we're going to have one episode every day that talks about a different podcasting topic, and until then, my advice is to just focus on keeping your customers happy.