The Serviceable Obtainable Market (SOM) is a subset of the Serviceable Addressable Market (SAM) and refers to the portion of the market that a business is able to reach and convert into customers or listeners.
For a podcast, the SOM represents the number of people who could conceivably be made aware of the podcast and choose to listen to it.
Determining the SOM is an important step in understanding the potential reach and size of a podcast, and it can help podcast creators and marketers create a business plan around a show and plan and execute effective marketing strategies.
Here are three steps for determining the SOM for a podcast.
Three Steps to Determine the SOM for Your Podcast
Identify the Marketing Channels and Tactics Being Used to Reach Potential Listeners
The first step in determining the SOM is to identify the marketing channels and tactics being used to reach potential listeners.
This could include advertising on social media or other podcasts, reaching out to influencers or bloggers in the podcast’s niche, running collaborations with other creators, using search engine optimization to make the podcast more discoverable online, and any other tactics being used.
Research the Effectiveness of Each Marketing Channel and Tactic
Once the marketing channels and tactics being used have been identified, the next step is to research the effectiveness of each channel and tactic.
This can be done through a variety of methods, including data from the marketing channels and tactics themselves (e.g. data on the number of clicks or impressions from an ad campaign), as well as data from third-party sources like market research reports or online surveys.
Estimate the Percentage of the Audience Reached Likely to Be Interested in the Podcast
Once the effectiveness of each marketing channel and tactic has been determined, the next step is to estimate the percentage of the audience reached through each channel and tactic that is likely to be interested in the podcast.
This can be done by considering factors such as the topic and format of the podcast, the competition in the market, and any other relevant factors.
Examples of Applying the Three Steps to Determine the SOM for a Podcast
Here are three specific examples of how these steps might be applied to determine the SOM for a podcast
Example 1: A podcast about vegan cooking that is advertised on Instagram and reached out to vegan influencers for collaborations
- Identify the marketing channels and tactics being used to reach potential listeners: Advertising on Instagram, reaching out to vegan influencers for collaborations
- Research the effectiveness of each marketing channel and tactic: Look at data on the number of clicks or impressions from the Instagram ads, as well as data on the number of followers and engagement of the vegan influencers. This information might be available through data from Instagram and the influencers themselves, as well as data from third-party sources like market research reports or online surveys.
- Estimate the percentage of the audience reached through each marketing channel and tactic that is likely to be interested in the podcast: Consider the competition in the market and the specific focus of the podcast (e.g. vegan baking, vegan meal prep, etc.). This could be done by looking at data on the number of other vegan cooking podcasts or blogs available on the platforms being used, as well as the specific topic and format of the podcast.
Example 2: A podcast about gardening that is advertised on Facebook and has a strong presence on Pinterest
- Identify the marketing channels and tactics being used to reach potential listeners: Advertising on Facebook, strong presence on Pinterest
- Research the effectiveness of each marketing channel and tactic: Look at data on the number of clicks or impressions from the Facebook ads, as well as data on the number of followers and engagement on the podcast’s Pinterest account. This information might be available through data from Facebook and Pinterest themselves, as well as data from third-party sources like market research reports or online surveys.
- Estimate the percentage of the audience reached through each marketing channel and tactic that is likely to be interested in the podcast: Consider the competition in the market and the specific focus of the podcast (e.g. vegetable gardening, flower gardening, etc.). This could be done by looking at data on the number of other gardening podcasts or blogs available on the platforms being used, as well as the specific topic and format of the podcast.
Example 3: A podcast about finance and investing that is advertised on LinkedIn and has a strong presence on Twitter
- Identify the marketing channels and tactics being used to reach potential listeners: Advertising on LinkedIn, strong presence on Twitter
- Research the effectiveness of each marketing channel and tactic: Look at data on the number of clicks or impressions from the LinkedIn ads, as well as data on the number of followers and engagement on the podcast’s Twitter account. This information might be available through data from LinkedIn and Twitter themselves, as well as data from third-party sources like market research reports or online surveys.
- Estimate the percentage of the audience reached through each marketing channel and tactic that is likely to be interested in the podcast: Consider the competition in the market and the specific focus of the podcast (e.g. personal finance, investing for beginners, etc.). This could be done by looking at data on the number of other finance and investing podcasts or blogs available on the platforms being used, as well as the specific topic and format of the podcast.
Understanding the SOM to Inform Podcast Marketing and Growth Strategies
Overall, determining the SOM for a podcast involves identifying the marketing channels and tactics being used to reach potential listeners, researching the effectiveness of each channel and tactic, and estimating the percentage of the audience reached through each channel and tactic that is likely to be interested in the podcast.
By following these steps, podcast creators and marketers can get a better understanding of the potential reach and size of their podcast, which can help inform marketing and growth strategies.
Understanding the SOM is particularly important because it represents the portion of the market that the podcast is actually able to reach and convert into listeners, which is a key factor in driving growth and success.
It’s also worth noting that the SOM can change over time as a podcast’s marketing efforts evolve and new channels and tactics are introduced.
For this reason, it’s important for podcast creators and marketers to regularly assess and update their understanding of the SOM in order to make informed decisions about marketing and growth strategies.