✊ Spotify just solved one of podcastings biggest growth challenges
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Hi friends, What's the most frustrating aspect of marketing your podcast? Every year, I pose this question to the hundreds of podcasters who complete the annual Podcast Marketing Trends survey. And while there are many frustrations respondents cite, there's one response that wins by a landslide: "Knowing what to focus on that will actually move the needle." With so many growth strategies, tactics, and hacks being hawked around the internet, it's no wonder. The sheer volume of advice (some good, some bad, much of it somewhere in the middle) is enough to leave anyone feeling overwhelmed and paralyzed, unsure where to invest the limited amount of time they have for their show. But here's where things get interesting. Over the past few weeks, Spotify has rolled out a new analytics feature that solves the problem of podcast marketing overwhelm Well almost. Let me explain. Spotify recently rolled out a new analytics dashboard breaking down how many people have:
They've also included the conversion rates from each stage of the listener acquisition funnel to the next. I know, I know, I can hear you already... "Ok, this is kinda interesting I guess... But what am I supposed to do with this data that will help me grow?" Well here's where things get fun. When you know how your show's conversion rates stack up to the industry average benchmarks, you can diagnose the issues that are suppressing your show's discoverability with pinpoint accuracy. Said differently, you get a detailed map leading the way to growth. No more guessing what the potential problems might be. No more guessing where you should be focusing your limited time. No more feeling paralyzed when it comes to marketing your show. So how exactly do you interpret your data? I just released a video walking you through the entire process, including breakdowns of the most common growth-suppressing scenarios, the reasons behind them, and how to fix them. You can view the full Spotify Benchmark Data here along with links to resources on how to improve your show's conversion rates. And if you're willing to help contribute to this project and help improve the accuracy of the Spotify benchmarks for everyone, here's how you can help in less than 2-min.
I'll be updating the page with new data, insights, and resources over the next few weeks.
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