Have you ever wondered how you possibly can connect with latest people at a networking event without making it awkward? Surrender to it.
I’ll provide more context to highlight the result.
I recently attended IAB Upfronts Podcast here in New York. As I used to be wandering around pretending I had somewhere to go, I noticed two guys who looked friendly enough to approach. Then I used my approach to latest people at these events.
I went up and said, “I’m just going to awkwardly butt in.” Luckily, they were very open, and that is how I met Gary Coichy.
With two many years of experience on each the agency and brand side, Gary decided to start For Digital Media (PDM), a leading podcast agency with a unique distinction of being the first multicultural podcast agency network, providing advertisers access to a diverse multicultural audience segment in the podcast ecosystem.
After the event, I caught up with Gary to learn more about how he began PDM, what he envisions for the way forward for the podcast industry, and what insights he could pass on to other entrepreneurs.
Leadership
During our conversation, Gary highlighted the pioneering role PDM has played in recognizing and monetizing podcasts from underrepresented groups like African Americans, Latinos, and the LGBTQ community.
Early on, he discovered that engaging with ignored audiences could help his company change into an industry leader and create latest opportunities for growth and influence.
Historically, if you don’t have a large audience, it’s difficult, if not not possible, to get brand deals. But Gary realized the power of making a centralized network of podcast hosts, pooling their reach, and then selling packages to advertisers that include placement on several different podcasts.
This has proven helpful for brands because it has expanded the reach of their network of hosts. For example, as an alternative of getting just 1,000 ad impressions on one podcast, they might get 20,000 ad impressions on twenty separate podcasts without negotiating multiple deals.
As Gary said, “We were the first company in 2017 to fundamentally see the value of partnering with a podcast host of color. At the time, there wasn’t one centralized place for advertisers to reach their audience, so that was a huge unlock.”
His leadership strategy has been to see potential where larger networks saw limitations due to scale and financial viability. Gary’s first big break got here when he landed HBO as a client in 2019.
Currently, the PDM Network consists of top podcasts including: Kenny Burns Show, Behind the mask, Black girl texting AND Social proof.
Taken key:
Like Gary, it’s best to consider pioneering in untapped markets where you possibly can lead and define the terms of engagement.
Innovation
PDM continued to evolve, but Gary knew it was essential to proactively evolve. He shared a thought that occurred to him that kicked off the next phase.
“How else can you diversify your offering to make sure your advertisers are getting more than just a read-through ad or placing a 30-second ad on a podcast to still authentically reach that audience?”
As a result, PDM House was launched as a live podcast activation to directly engage audiences during major cultural events.
Gary elaborates. “We take podcasters on tour around key cultural moments like Art Basel, the Super Bowl, and Fashion Week; all while fully immersing them in brand experiences that drive meaningful conversations.”
Taken key:
Creators and brands should continually seek latest ways to deliver content and connect with audiences to transform standard interactions into unique, memorable experiences.
Forecasts
Gary predicts the continued evolution and influence of massive names entering the podcast space, which can only increase its popularity and reach. You also can expect to see more brands hosting podcasts that share content adjoining to their core offerings.
For example, Yelp has a podcast called Behind the Review that features interviews with reviewers and business owners about their experiences — whether the rating was one or five stars — so listeners can go behind the scenes and discover what really went on.
When asked about the impact AI will have on the podcast industry, Gary had some excellent news for anyone anxious about being neglected: “I don’t necessarily see AI completely taking over in the next two years. But I do see it playing a bigger role in terms of A/B testing and different ads that can work and that can resonate, not resonate, as a revenue stream.”
Taken key:
Keeping up with these trends allows you to strategically adapt so what you are promoting can remain competitive and relevant.