Episode Transcript
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Speaker 1 (00:04):
iHeartRadio presents Podversations, a weekly discussion with the biggest names
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(00:25):
audio is the future of storytelling. Whether you're a newbie
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Speaker 2 (00:46):
Hello and welcome back to the iHeart podcast Speakers series.
I'm Will Pearson, President of iHeart Podcasts. Great to be
with you again. We've got a special conversation today. I
know we're usually talking to one of our favorite podcasters.
Today we're actually talking to a member of our Ruby
Studios team to talk a little bit about the world
of custom podcast It's been super interesting watching over the
(01:07):
past I don't know, I'd say four or five years,
as the podcast space has evolved from a space truly
driven by direct response advertisers, and there's still a really
important part of the industry to brands waking up to
the effectiveness of podcast advertising and seeing what the direct
response advertisers we're seeing, and then as they dip their
toe in the water, moving into the space of custom
(01:30):
podcast and custom integrations and opportunities other ways to activate
the audience that they're trying to activate. And so to
talk about this today and to learn a little bit
about what we can be thinking about in the world
of custom podcast. I've got Rachel Swan Krasnov, one of
the leaders of our Ruby Studios team. We're going to
talk a lot about Ruby. Rachel, thanks for joining us today.
Speaker 3 (01:50):
Thanks for having me. Super excited to be here.
Speaker 2 (01:52):
Yeah, it is an exciting time to be in this space.
You guys have gotten a ton of recognition at Ruby.
Tell us a little bit about what Ruby Studios is.
You're part of our podcast team here, but with a
very specific focus on this world of custom podcast. Tell
us about Ruby.
Speaker 3 (02:07):
Yeah, absolutely, so. Ruby is the branded audio team here
at iHeart.
Speaker 4 (02:12):
Everything we do ladders up to the master brand, so
you get all of the benefits of working with iHeart.
So the scale, the great names, all those things, but
also you're working with a team who specifically understands what's
important to our partners, our brands, and not only podcast listeners.
So we work day in and day out to really
create engaging programs with our partners. But we understand things
(02:32):
like KPI, it's legal reporting, all the things that make
it a lot easier for our partners to create something
really exciting. And yeah, we like to say that we're
building more than custom podcasts. We're building really comprehensive audio campaigns.
So we'll work with our partners to come up with
a custom podcast, but that's just the content driver itself,
and that we can really expand that to really meet
listeners where they are across the audio realm. So it's
(02:55):
a really exciting time.
Speaker 2 (02:56):
It's been really fun to watch over the last couple
of years, especially as Ruby team has grown to meet
that demand for custom podcasts. But you know, if you're
a brand, what should you be thinking about? If you're
interested in testing out the world of custom podcasts? What
should you be asking yourself?
Speaker 3 (03:11):
First? Yeah, that's such a good question. I think that
it's going to sound very simple, but the main thing
is what do you as a brand want to accomplish
with your custom podcast.
Speaker 4 (03:21):
So my role on the team is that I really
help brands come up with these concepts. So in Ruby,
we have everyone from dedicated pre sale to producers to
people helping really create those campaigns all the way through.
So when we start to come up with those ideas,
it's really important for us to understand the basics. So
why do you want to create a custom podcast? What
are you looking to accomplish? What impact do you want
(03:42):
to have. Do you want to set yourself up as
a leader in this space? Do you want to maybe
tackle a specific problem? What's most important? On top of that,
who are you as a brand speaking to? Who's your
target audience? Is it the target for all of your
other campaigns, for everything that you're doing, or are we
reaching somebody new?
Speaker 3 (03:58):
These things are really important because they help us really
craft those stories.
Speaker 4 (04:02):
So know your target audience, who's your primary, who's your secondary,
who's your tertiary, and then.
Speaker 3 (04:07):
We're going to make that content for your primary and secondary.
Speaker 4 (04:10):
On top of that, like more fun stuff like the creative,
like what tone are you trying to take with this podcast?
Is it something really fun, lighthearted, funny? If you will
or is it going to be a little more serious?
Are we going more into that thought leader space. All
of those things combined really help set us up for
success when we're coming up with those ideas. We always
tell our partners, the more info you can give us,
the better. We have a really handy creative questionnaire that
(04:33):
any seller watching this call is going to be like, oh,
there's the mention, there's the first one. Because it's really
the most important part for us is again to just
know as much as we can about our partners to
really build some things that we understand the most that
really speaks to their messaging and who they want to read.
Speaker 3 (04:47):
So the more info the better.
Speaker 2 (04:49):
And it's fun to see that in action, you know,
seeing the range of brands that you guys have worked
with when you think about anything from an under Armour
to a T Mobile to a Trojan to an Eye
like obviously incredibly different brands, which I guess leads me
to the question about you know, measuring success, how we
define success in the custom space. Do you want to
(05:10):
talk a little bit about how you guys think about
it and then also how some of the brands have
thought about it that you work.
Speaker 4 (05:15):
With yeah, absolutely, success is different for all of our
partners because all of our partnerships are truly bespoke. Before
we were Ruby, we were the custom podcast team, so
everything is really truly custom. We see the most success
with upper funnel, so like brand awareness, shift and perception
things like that. However, there is definitely a growing space
for more dr things like.
Speaker 3 (05:36):
Actually driving sales into that nature.
Speaker 4 (05:38):
We're starting to really understand that more and where it
makes sense, so we can really build multifaceted campaign. So
if you think about it, like the podcast content itself
can talk to overarching stories, telling deeper stories with listeners
because really the beauty of a custom podcast is that
you get to spend just an uninterrupted time with your listeners.
They get to engage more deeply with your brand than
(06:00):
they can in other mediums.
Speaker 3 (06:02):
But at the same time, within that narrative.
Speaker 4 (06:05):
You own all of the ad spots within the podcast
and also surrounding it, so you get to get harder
hitting messaging across or dr CTAs things like that.
Speaker 3 (06:13):
So again, multifaceted.
Speaker 4 (06:14):
When we look at success, we always like to stress
to our partners that they're not buying downloads. We actually
have a really unique business model where clients are paying
zero dollars for production, zero dollars for talent costs, and
all of their investment goes towards a hard working media plan.
So what we stress is that the time that you
actually spend with listeners is the most valuable. So look
at things like time spent, completion rate, things like that,
(06:37):
because again, it's just building a connection and a communicating
with your audience. And we've had brands look at different things.
Like I said, we're really understanding where we can do
more lower funnel. We've actually had a partnership with Mattress Firm.
The podcast was Chasing Sleep. It's probably one of my favorites.
We examined just ways that like people with like really
weird sleep schedules, like it would be astronauts or people
(06:58):
who lived in like areas where it was dark for
days on end, Like how did they adjust and what
did that mean?
Speaker 3 (07:03):
But the podcast actually drove a four time return.
Speaker 4 (07:06):
On the return and AdSpend and a forty five percent
lift in incremental sales, which is incredible.
Speaker 3 (07:11):
And because we know that now.
Speaker 4 (07:12):
We're able to kind of bring that into our new podcast,
which is really exciting. So that wasn't even a metric
that they usually went out to plan, but it worked
around it. So again, it just totally varies based on
our client. But the beauty of working with Ruby that
it really is a partnership from start to finish. So
we're going to have a lot of conversations about our
partners KPIs and understand them so that we can work
(07:34):
together to find measurement in a way that proves that
out so that they see the success that they're looking for.
Speaker 3 (07:38):
And of course we're also going to be honest with
our partners.
Speaker 4 (07:41):
We're going to say, look, if this is the story
that we're going to tell, this is where we think
you're going to see the most success because we really
always look for that renewal. We always want to make
sure that we're creating successful partnerships. And we've actually seen
over a ninety one percent renewal rate from season one
to season two, and that's because we're taking all of
this into account.
Speaker 3 (07:58):
So that's a really long winded to say that successfully
varies by partners, but we'll work together to find out
what works best for you. But that's that.
Speaker 2 (08:06):
I mean, I don't know that there's a better stat
in terms of a takeaway and you know what brands
have seen with effectiveness, that ninety one percent renewal rate
for brands going from a season one to a season two.
He's unbelievable. What whatever those KPIs are. I think part
of what makes this work so well too. You mentioned
the team and the different roles that people play, but
(08:28):
we really did want to build a team that found
this perfect meeting spot of you know, giving brands what
they're looking for while also making sure to give listeners
and audiences what they're looking for. And when you can
find that intersection of podcasts that of course they have
the brand messaging and of course they're trying to help
the brands achieve those KPIs, but also with the team saying, yeah,
(08:50):
let's make sure we're really building something that will stick
with the audience. The shows are just fantastic, and I
think that's why we see those kinds of rates. Let's
(09:15):
talk about the audiences for a second. You know, your
task with finding different audiences again, we mentioned some of
those examples before. When we think about something from you know,
Trojan to IBM to some of the others, you know,
they're obviously very different audiences. I don't think last I checked,
they're going after the exact same audiences between those two brands.
But how do you guys think about audiences that you're
(09:35):
trying to reach and go after them?
Speaker 4 (09:38):
Like we said before, like that's part of like our
initial questions is like who are you trying to reach?
Because that really does determine the type of show that
we're going to produce. And I think what we've learned,
especially recently, is that brands are starting to shift to
be more and more specialized when it comes to those audiences.
We've gone from like really broad plays like our team
(09:58):
did the Game of Thrones the Dragon Companion series, which
was really exciting and obviously that's a broad audience that
has a ton of mass appeal, including myself. I was
very excited about this one. But we've also done in
the pharma space that that's like much more niche, much
more specific, and it's really just about again like highlighting
those stories but then really finding ways to get in
there so it just feels so much more personal. So
(10:20):
I think two really great examples of that are the
head Start Embracing the Journey, which was a podcast that
we really created to build a community for those living
with chronic migraine because you can feel really isolated when
you have these types of conditions. I believe it's something
more than fifteen days a month when you have chronic migraines,
you're just kind of debilitated from them. So really raising
(10:41):
up those voices and helping people reach that community. We
also did the same with Untold Stories Life with Mayasenia
Gravis and again sharing these stories were a priority for
our client.
Speaker 3 (10:51):
It wasn't a mass play.
Speaker 4 (10:52):
It was really finding those affected and really kind of
bringing them together. And we're able to do that by
just finding these voices who are eager to share these stories.
Our production team does amazing jobs of finding these real
people who want to tell these stories. So whether that's
through social or blogs, are going to communities or organizations
that work in these space and bringing them out to
really share those stories. And then also again working with iHeart,
(11:15):
you have the really great advantage of working with the
number one podcast network. So like I mentioned, like, our
custom podcasts are built with a media plan that's specifically
created to target the audiences that are most important, So
we have the added benefit of running tuned in spots
brand messaging across the top shows on every category, every vertical,
So no matter your audience, we're able to reach them,
(11:36):
and they're already super fans of podcasting, so we're finding
them when they're already eager for more shows. So I
think it's a really great mix of just like knowing
how to create that sticky content that people really want
to listen to, but also on top of it, having
that plan to really get those listeners because we're creating
content that we're all going to be proud of, so
we want people to hear it and be excited for
more of it too.
Speaker 3 (11:56):
Well.
Speaker 2 (11:56):
To your point, you know, the strategy around reaching these
audiences isn't really all that different between the Custom podcast
and every other podcast we launch. We know that we're
able to reach as people often here nine out of
ten Americans, and so we can find those subsets that
people are trying to go after and make sure that
we're reaching those, which has been really really cool to see.
Before I ask you about any other favorites from Ruby,
(12:18):
I want to talk to you about grown up stuff.
This is a really cool concept that the team came
up with, and it's been fun to see it in action,
but tell us a little bit about grown up stuff.
Speaker 4 (12:27):
Yeah, so grown Up Stuff is really a first of
its kind show for our team. Typically we're producing podcasts
in partnership with brands, so entire series dedicated to a
specific brand and the stories that they want to tell.
Grown Up Stuff is a really a great example of
how our team is working to be more of a
partner for sales but also for brands in general.
Speaker 3 (12:46):
So really offering a.
Speaker 4 (12:47):
Solution that's maybe a little bit less of a barrier
for entry for some brands when it comes to budgets,
but it's really just the entire show was created for
brands in a really brand safe environment.
Speaker 3 (12:57):
So the whole show.
Speaker 4 (12:59):
Is really about like discovering those parts of adulthood that
we all are pretty unsure of. I'm speaking from experience
or also rather like a lack of experience here, like
anything you're wondering about, like folding sheets, how do you
pay for college? Things like that, And at really every episode,
our hosts Matt and Molly, who are actually part of Relief,
talk to subject matter experts to really understand all of
(13:19):
those things and kind of just demystify those elements. But
it's all created so that brands can come in and
really own episodes, So whether that's through alignment on themes,
are actually coming in and like talking specifically about what
the brand does, it's an entire show that's really built
for that, So it's super exciting. They actually just release
their first branded episodes in partnership with Tiaa where they
(13:40):
talk about how you afford college and things like that.
So just really exciting opportunity and I think when we
talk about grown up stuff, like I said, it's just
a great example of how we're trying to as Ruby
as we evolve, just be there more for brands at
every step of their entry into the custom podcast space
or the custom space. And yeah, it's just very exciting
and we're looking forward to working more.
Speaker 3 (14:01):
With brands And if you guys have any questions, feel
free to reach out.
Speaker 2 (14:05):
That's fantastic. Yeah, So for anybody watching, if there's a
brand that is interested in exploring the space, tell us
how you guys and they can get involved.
Speaker 4 (14:13):
Absolutely, So feel free to reach out to your sellers,
your partners at iHeart and they'll loop us in and
we can give you more info on the show itself.
We can also talk about your goals, what you're looking
to accomplish, and how we can really build that into
a story of an episode. What's great about Gus it's
probably the most brand friendly show because it really is like,
just whatever you guys want to do, we'll find a
(14:33):
way to get those story out there. And Matt and Molly,
like I said, their hosts, they're part of Ruby, so
they really understand making great content but also how to
do that with brands first.
Speaker 3 (14:43):
So yeah, it's a really great opportunity that we're all
excited about.
Speaker 2 (14:46):
Well, that's fantastic. Well, congrats on everything that the Ruby
team has built and continues to build, and the accolades
and recognition that the team has gotten for all of
these great shows. It's going to be fun watching over
the course of the next couple of years. Think, just
as we're seeing more and more brands are raising their hands,
they're seeing success in the podcast space with their existing
ad plans and thinking, I think there's an opportunity to
(15:09):
take this a step further. Again, Rachel, thanks so much
for spending some time with us.
Speaker 4 (15:13):
Enough.
Speaker 2 (15:14):
Yeah, we look forward to talking to you again soon,
and thanks everybody for watching and listening today, We'll be
back with you next week.
Speaker 1 (15:28):
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