In March 2020, as the Coronavirus Pandemic swept over the US, we at Punchmark felt like there was a lot of silence in the jewelry industry. Where were the rallying calls, cutting edge information, and technology to lead the industry through a massive overhauling of how we do business day to day?
The realization that WE could be that voice dawned on us, inspiring us to create our first podcast, The Jeweler’s Survival Kit. This podcast aimed to address and inform the jewelry industry, and encourage adaptive measures, such as cashing up their inventory, staying busy in the store, pivoting their brick and mortar store to an omni-channel solution, and more.
The feedback was overwhelming. We were floored by the positive feedback of listeners, and clients' willingness to share their own strategies they had found successful. My favorite story was the proliferation of “Auction Streams” on Facebook by many of our clients that proved just how innovative business owners can be when their backs are up against the wall.
After seven episodes of covering ways to adapt to the pandemic environment, and the pandemic not going anywhere, we made the decision to pivot our podcast away from the darker topics of the pandemic, and angle towards covering emerging tech in e-commerce, as well as some color topics related to the jewelry industry. We collaborated with The Smithee Group and rebranded our podcast as In the Loupe.
Our Goals In Starting a Podcast
Our goal in creating In the Loupe was two-fold with regards to the topics we covered:
- Educate - Increase understanding of each topic or tool
- Advocate - Communicate why a tool should be used now
We found that we consistently were having the same conversations surrounding digital marketing techniques. What is SEO? How do I make online sales? What should I be posting on social media? Should I be paying for ads on Google or on Facebook? Etc… Everybody seemed to have a lot of questions and nobody seemed to be providing answers for free.
It’s no secret that Punchmark provides e-commerce website design and development, and The Smithee Group provides marketing services. However, we felt if we oxidized the ground, and provided some free beginner information, that it would help the industry as a whole grasp the concepts we were encouraging them to employ, regardless of if they hired us as the ones to carry them out.
What Does It Cost to Run a Podcast?
My pitch when I took on management of the podcast was that before the end of the first season (13 episodes), In the Loupe would be ROI positive from a cost perspective, regardless of the advertising, awareness, and other benefits it would generate. My only ask was that any surplus generated would be kept in the In the Loupe coffers for later seasons and future improvements.
As is true with many things, money can be a rocket booster, lifting projects to new heights and moving you forward faster, but content is the true king. If you have a million dollar studio, but your episodes are bland and unengaging, nobody will listen. In podcasting, there exists a low hurdle for production quality that it is absolutely necessary to clear. A few of the most common solvable ones are:
- Removing background noises and loud bangs (ensure you are in a quiet room)
- Mic quality (get a mic with a swing arm off Amazon for <$40)
- Breathing into the mic (get yourself a $10 pop-filter)
- Poor quality recordings (record each track independently with headphones + QuickTime)
- Distracting verbal habits (practice makes perfect in eliminating umms, likes, conversation loops, etc.)
- Lack of consistency (stick to your upload schedule for a minimum of 15 episodes before you expect any growth)
- Only uploading to one platform (Buzzsprout costs $9 a month, and has easy integrations with Apple Podcasts and Spotify which are absolutely necessary to appear on)
Once these hurdles have been cleared, the next step up in quality requires many hours and MANY dollars (such as a recording booth, or higher quality microphones), and have less of a payoff than the ones I just listed out. I hardly think it’s worth it to chase after them until after you’ve established yourself and have decided you enjoy this.
We create content calendars for 5 months at a time, and preplan key details such as the release date, title, write up, etc so that we don’t have to decide anything the week of. All of the planning is done in bulk, which actually cuts down on the planning required.
We have a very talented copywriter, Stephanie Momot Rhodes, who writes copy for a variety of Punchmark projects, including the marketing titles and descriptions for each episode. This cost is optional but it certainly has a marked improvement on the project as whole.
Another optional cost we splurge on is an editor. Our amazing editor, Paul, is paid per episode to compile the tracks and level the audio. This is completely optional, and if you are trying to save money, I’d recommend you just edit using GarageBand which comes stock on any Apple device.
Finally, building a brand for your podcast is important. Your podcast brand extends to the music you choose, your tone, editing, title choice, cover art, and promotion material. The In the Loupe brand is seen as relatable, approachable, hip-hop, casual. The sort of brand that wears t-shirts and bomber jackets and enjoys chatting over a beer. Ernest but doesn't take themselves too seriously. Our music was actually produced by our CEO, Ross Cockerham, about 15 years ago, and we feel it sets the tone for how we wish to portray ourselves.
In total, 1 episode of In the Loupe costs us ~$195 to write, produce, host, and release.
Is There an Appreciable ROI?
The short answer is YES. Podcasting as an industry is growing at a staggering rate, and the number of US listeners is expected to reach 43.6 million by 2025 according to techcrunch.com. Podcasts reach listeners in a variety of ways and have a very natural tone, which can be employed as a means to amplify, shift, or rehabilitate a brand’s image all on its own. People naturally want to trust, and podcasting allows for your business and employees to position themselves as thought leaders and experts on the topic. These can all be extremely valuable when staking out your little corner of the internet and business economy.
We sell sponsorships for episodes. The price varies depending on how many downloads we are commonly receiving per episode around that time. We’ve charged anywhere between $250 - $1,000 for an episode sponsorship, and provide discounts for bulk purchases. We only take sponsorships from businesses that are in the jewelry or e-commerce space, and that we feel our clients would benefit from. There’s no point in advertising just for the sake of making a little money, as the value of your podcast is spreading your message, not in simply generating money.
The long term benefit of Punchmark having a podcast is that we are educating clients and prospects on topics that we think are valuable, in a setting of their choosing, and are building a deeper relationship with them than just a business provider. The content is free, therefore the trust is the product.
Will a Podcast Be an Effective Business Utility for Your Business?
It depends if your business relies on trust and expertise from your industry. I do believe that there is a LOT of room for more podcasts, especially in the jewelry industry, from different angles. For example, I wish there was a podcast by a retail jeweler that discussed the day to day of running a jewelry business, like the upgrading displays, Black Friday prep, rushes and build up related Valentine’s Day and Christmas, and how to stay busy in the summer slow season. I would personally listen to this podcast and support it.
I’d say… give it a try! Start by listening to a few podcasts and take notes of what you enjoy and don’t like as much. Get yourself a microphone, hit play and send it! Good luck!