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In episode #525, Eric and Neil discuss the best way to market to people making more than $150K per year. Tune in to hear the exciting ideas they have to boost your reach and potential earnings.
Time-Stamped Show Notes:
- [00:27] Today’s Topic: The Best Way to Market to Individuals Who Make Over $150K a Year
- [00:37] There was an article on the Salesforce Blog about podcasts. According to the article, 16% of the people who listen to podcasts make over $150,000/year.
- [01:01] In addition, that 16% listens to roughly five hours of podcasts per week.
- [01:07] So, if you want to target that 16%, you should consider starting a podcast to increase your traffic and sales.
- [01:18] Marketing School gets about 550,000 listens per week.
- [01:38] If you don’t want to create a podcast, you can simply advertise on a podcast.
- [01:55] You can target your ads towards a certain income group on Facebook.
- [02:28] You can target prominent Venture Capitalists on Twitter or similar types of people.
- [02:40] Eric likes the idea of targeting people through podcasts. The attention you get from a podcast is unparalleled.
- [03:05] If you create your own podcast, you can run your own ads to get more subscribers and listeners.
- [03:21] Eric and Neil considered using Russell Brunson’s method, which required giving away pre-loaded MP3 players.
- [03:55] iTunes has yet to open advertising for podcasts, but Spotify currently allows it.
- [04:00] Eric and Neil are planning to expand their marketing plan in 2018.
- [04:40] Wealthy people tend to listen to podcasts to gain skills that will make them more successful and effective at whatever it is that they do.
- [05:10] You can do AVM, which is targeting specific companies and accounts.
- [05:31] If you are delivering the right content to the right people at the right time, you are likely to close sales at a higher rate.
- [05:51] Marketing School episodes got shorter in 2017, but they started to focus on quality as well as quantity. They want to provide the best possible content to gain more followers.
- [06:44] Eric and Neil are keen to get your feedback on this podcast. If you like what you’ve been hearing, please leave a review!
- [06:47] That’s it for today!
- [06:49] Go to singlegrain.com/giveaway if you want to get in on a special giveaway opportunity!
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The post The Best Way to Market to Individuals Who Make Over $150K a Year | Ep. #525 appeared first on Marketing School Podcast.
Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.
Neil Patel: And I'm Neil Patel.
Eric Siu: And today, we are going to talk about the best way to market to individuals who make over $150,000 a year. Neil?
Neil Patel: So, there was a article on the Salesforce blog, and it was talking about podcasts. For those of you who don't know, and I ended up learning this the other day, 16% of the people who listen to podcasts make a income of over $150,000 a year. Let me repeat that. 16% of the people who listen to podcasts make over $150,000 a year. That's quite a bit of money. In addition to that, that 16%, on average, they're listening to podcasts, roughly, five hours a week. So, if you want to go after people who make a lot of money, look at what channels they're on. One of them is podcasts.
Eric and I sell to B2B, and we're selling high ticket items. We do a podcast that gets 550,000, roughly, listens per month. Now, I don't know how many of them are unique, because Libsyn doesn't show that, but, in this case, that would mean, roughly, 88,000 of our listens are from people who make over $150,000 a year. That's not too bad. A easy way to get access to them is, you can either start your own podcast, or you could just do advertising on podcasts.
Eric Siu: Yeah. Google podcast advertising. You get a lot of information there. I think we, actually, have a post on podcast advertising there. If you want to learn more about it, just Google it. What I'll say too is, it's very simple to just go on Facebook, and you can advertise to where it's a certain ... I think they took titles away for the time being, but you still have income. You can advertise towards income. Now, think about this too. If you go to Google, and you type in "what kind of incomes make what kind of money," like let's say like a CEO, for example, or a VP of marketing, they're probably making above six figures. They're probably making over 150,000, so you can target based on title, and you can target based on employee size, on a LinkedIn, for example, and you can find these people.
Or, you know what? Prominent venture capitalists out there on Twitter, you can target those specific people on Twitter, or people that are similar to that. That's how you can market to people that are really affluent. I really like the idea of podcasting, because, fact of the matter is, I probably listen to five hours plus of podcasting, which is what Neil was saying exactly. I think the attention that you get there, is unparalleled versus the other channels that you have at the moment.
Neil Patel: Yeah. Speaking of podcasts, so, if you're a business, and you can afford to spend money on podcast advertising, you don't have to just do advertising where you're putting your business in a podcast. If you create your own podcast, you can do ads to get way more subscribers and listeners, which is much more effective. Because, once you have those people subscribed to your podcast, as you have new and new episodes, you're continually marketing your business indirectly, which is helping you grow. Now, Eric and I have talked about doing a lot of ways to grow our podcast subscriber base. We thought about doing Russel Brunson's model, in which, you give away a free MP3. He gave away a free MP3 player. You just pay shipping, and it has a ton of his podcast episodes. He shot up to the top of iTunes, and then I think he may have gotten pulled.
Eric Siu: Yeah. I think he's still pulled off right now. Let's check.
Neil Patel: Yeah. Marketing Secrets.
Eric Siu: Yeah. He's still pulled off right now.
Neil Patel: Nonetheless, it was a really effective strategy. I believe iTunes opened up advertising for podcasting, or am I wrong there?
Eric Siu: I think they're opening it soon. I don't think it's open yet. Spotify did.
Neil Patel: Spotify did. That's smart. So, Eric and I, we're going to start advertising in many different ways in 2018, because we want a ton of subscribers. We're at 550. Why not spend a hundred, two hundred thousand dollars to go and get ... be one of the most popular podcasts out there getting millions of listens. Now, we can just continually push our message out, which will eventually help our brands grow, our businesses grow. We're big believers in podcasts, and it's not just us. The data's showing it. You're seeing a lot of affluent, wealthy people listening to podcasts in their cars when they're going to work instead of music. It's one of the best channels to go out there and generate revenue from.
Eric Siu: I guess this is a side point. Why do wealthy people listen to podcasts? It's because they want to get better at what they do, so they can deliver even more value to the world. It's not just because they listen just for ... Yeah, sure. They might listen to a serial sometimes, but they want to listen to things that make them better. I know, for me, I listen to this stuff so I can improve all the time. It looks like Marketing Secrets is back on iTunes, but it's got seven ratings. That's like a side topic.
Neil Patel: Yeah. I'm assuming they started from scratch, or something over again.
Eric Siu: Looks like they started from scratch. Anyway, the other thing I'll say, is you can do Account-Based Marketing, or ABM. That's targeting very specific accounts and companies that you want to reach, and then sending them content. The most creative salespeople that I've seen, the way they integrate with marketing is that they send marketing content that's created from their marketing team to very specific accounts that they're targeting. That's another way of reaching people. If you're getting the right content to the right people at the right time, what's to say that you can't, obviously, you're going to be able to target people that are making over 150,000. Then you're going to be able to close a sale at a higher rate.
Neil Patel: Yeah. That's, pretty much, it from my end. It's like don't neglect podcasting. Eric and I wouldn't be doing a episode daily. You know, it's funny. In 2017, as we were doing podcasting, you've noticed that our episodes got shorter and shorter, and we were just cranking out topics. Eric and I, definitely, see value in podcasting. If notice, towards the end of 2017 going into 2018, we started improving the quality of our podcasting. We go to studios now to record. We make our episodes longer, and we're so much more picky on which episode topics we're picking, because we want to make sure that, if you're taking the time to listen, we have to provide value. If we're not teaching you something new each and every time, we failed. So, take your time, and don't just focus on quantity. Focus on quality. Shit quality and high quantity isn't going to drive your revenue.
Eric Siu: Yeah. By the way, if you, actually, like what you've been hearing in the last 30 episodes or so, the feedback we've been getting is good, and the numbers are going up, we're keen to get your feedback on whether you like this format or not, whatever ideas you have. Before we go, just go to singlegrain.com/giveaway if you want to get in on our special giveaway, and we'll see you tomorrow.
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