In the booming podcast industry, whether you are a startup podcasting network looking to corner a niche, or an independent podcaster making inroads in this realm, understanding your competitive landscape is crucial. The process of competitor analysis and segmentation in the podcasting industry is slightly different than in more traditional niches, and yet is consistently overlooked in the rush to get content out.
In this article, we will redefine podcast competitor segmenting, discuss its importance, the approach to creating a meaningful competitor segment, and how to stay on top of your strategy with minimal effort.
Podcast competitor segmentation is the breakdown of your podcast competitors into manageable sections based on multiple factors such as content focus, audience demographics, production quality, etc. The ultimate aim of this exercise is to understand where you stand amidst the sea of podcasts, and the unique value you bring to the listeners.
In pursuing competitor segmentation, aside from positioning, you also aim to expose opportunities and gaps in the market and adapt your content strategy accordingly.
A few reasons why segmentation is important:
Creating meaningful podcast segments begins with broad data collection, then drilling into the details to group competitors. Here’s an approach to get started:
Identifying Competitors: Begin with a search for podcasts that coincide with your podcast themes. Start platforms for podcast discovery and rankings as primary data sources.
Data Collection: Gather information about these podcasts – genres, sub-genres, quality of content, frequency of episodes, monetization strategies, listener demographics, popularity metrics (like the number of ratings, followers), etc.
Identification of Key Themes: Study the data to identify key areas where competitors differ. These could be in terms of content theme, format, target audience, approach to monetization among others.
Competitor Grouping: Based on the key themes identified, segment your competitors. For example, you could have categories like "Storytelling podcasts targeting millennials" or "Business podcasts monetized through Patreon".
Gap Analysis: To wrap up your competitor segmentation, cross reference these segments to pinpoint opportunities for differentiation. Ascertain where your podcast fits in, and spot any untapped areas in the podcast market.
Devising Strategy: Once the gaps are identified, tailor your podcast strategy. You may decide to cater to an underserved audience, adopt a unique content strategy, or optimize a new revenue stream.
It's worth noting that competitor segmentation is not a one-time task. The dynamic nature of podcasting demands regular revisits to your competitor segments for updates or re-evaluation. However, the idea of juggling between creating podcasts and an intense competitor analysis might sound daunting.
This is where automation tools like Aomni come in. Aomni is an AI platform for conducting real-time analysis and tracking competitor moves in just 15 minutes, with no prior effort required. Tailored to meet the peculiarities of various sectors including podcasting, Aomni allows you to stay on top of your strategy with minimal effort.
In the ever-evolving podcasting landscape, understanding your competitive environment is crucial. Proper competitor segmentation enables you to differentiate your content, align your strategic plans, understand your audience better, and ultimately, build a successful podcast.
In leveraging tools like Aomni, the process becomes more seamless and efficient, enabling you to focus more on creating the engaging content that your audience loves.