$5k is Not Enough

$5K is not enough budget to test into a new media channel. It might be enough to test a single tactic within an existing channel. The effectiveness of this is doubtful unless you have an incredibly high conversion rate from a low AOV, a free offering, or a top-of-funnel vanity metric (which is another topic altogether).

For the rest of the brands with revenue-based measures of success, a $5K budget is like using a drop of paint on a wall to determine its dried shade.

New media channels are a gamble. To balance risk and upside, structuring a test with an outcome in mind and spending as little as possible to understand the viability of a campaign, via both performance and scale is responsible.

Early in my customer acquisition career, I was so excited to test everything emerging under the sun. Back then I had to pass on most deals larger than five figures because my more experienced management did not see the upside of what I thought was a nominal risk. So, I had to stay under that figure or make a compelling case for anything greater.

Why? Because I chose not to focus on pushing what is working in favor of the shiny or grass is greener for further growth.

The greater budget freedom was not available to me because I struggled to put together a strategic rationale that explained why X was a better use of resources than Y.

I was ahead of the curve in quantifying funnels (or customer journey) and measuring performance, but could not explain why the gamble was worth a five-figure bet in a manner that demonstrated upside.

As a result, I spent too much time testing networks and platforms that did not have minimums. Hoping the immediate performance was close enough to our average performance to increase our investment. When it did, I would graduate the channel from my bench into my core mix. When it didn’t and was more often the case, I’d still consider coming back to the channel when there was a material difference between their product and ours.

Like most MLB batters, tests converted in the typical 25% range, so I would reference the difference between an all-star (.300 batting average) and a failure (the “Mendoza line” of .200).

Today, a round minimum figure to test a media channel is too often used to justify required FTEs in order to make sure the brand is taken seriously.

In a rational world, a minimum test budget is a byproduct of bespoke brand KPIs calculated from a bottoms-up approach. I understand a media channel or agency’s cost of doing business, but it shouldn’t come at the expense of their future growth from the brand.

A publicly traded ad platform prompted this rant. They said $5K was enough to test. And in Q4! The brand’s media agency agreed. I requested their forecasted results and what went into the figure. None were used. Just that $5K is enough to test. I couldn’t resist asking what AOV they used in their forecast. When they shared it was 20% of ours, they assured me that their recommendation remained valid.

A month after the test concluded, a campaign recap was not put together to tell its story and how less than the minimum amount was actually spent. The test was a waste of everyone’s time involved because we have inconclusive results of whether or not this channel could be viable.

Still, it stands to reason that a minimum ought to be brand-specific because if your measurement of success is a purchase with a high AOV and lower conversion rates, your minimum will be more than that of a brand with a greater conversion rate (because of a lower AOV or other reasons).

$5K is not enough, in fact, after years of experience, $50K is really not enough to test something like audio. In fact, audio may be one of the less expensive alternative mediums to test into due to creative production costs.

If I could manage my younger self, I would model forecasted results from the bottom up with comparable, actual conversion metrics. Then, incorporate the media channel’s average CPMs, CTRs, and other metrics, creating a red flag when the outcome likelihood of success is out of whack.

ORBIT: The Oxford Road Benchmark Intelligence Tool

Joe Rogan Didn’t Make the Top 15. Critical Role Did. Here’s What $1.6 Billion in Performance Data Actually Reveals.

The first podcast rankings based on ROI, not downloads. Built on real campaign results from hundreds of advertisers.

After more than a decade of development, Oxford Road is unveiling ORBIT: a first-of-its-kind Benchmark Intelligence Tool built on real campaign outcomes from across the industry.

ORBIT aggregates over $1.6 billion in verified podcast spend, across hundreds of advertisers and 120+ genres, then normalizes it into one question: What actually worked?

It doesn’t tell you which podcasts are popular. It tells you which ones drive ROI. Which ones convert. Which ones are worth the check you’re about to write.

The First ORBIT Rankings

Below are the Top 15 Performing Podcasts, ranked by advertiser results over the past 12 months.
These are the shows that consistently outperformed benchmarks and delivered measurable ROI.

What ORBIT Reveals

Big reach ≠ big results: Joe Rogan and most tier-1 mega-shows didn’t crack the Top 15. Only 3 of the top performers (20%) are household-name podcasts. Advertisers systematically overpay for reach while ignoring shows that deliver better returns.
Comedy and politics dominate. 11 of the top 15 performers are comedy or news/politics shows—the exact categories many advertisers deliberately avoid due to brand safety concerns. Controversial content, when aligned with brand values, drives action.
Stop buying your own industry. We tested it: Tech companies don’t perform better on tech podcasts. Finance brands don’t win on business shows. There’s no statistically significant lift from matching your industry to your genre. Your customers listen to the same shows everyone else does: comedy, true crime, politics. The genre silo is costing you discoveries.
Faith-based shows overperform. Religious podcasts, particularly Christianity-focused content, rank in the top 6 genres for consistent ROI across multiple verticals—a finding impossible to surface without normalized, goal-based data

How Orbit Works (And Why It’s Different)

ORBIT normalizes performance across different advertiser goals—whether that’s target CAC, desired ROAS, or cost per qualified lead. This allows direct comparison across campaign types, something download-based rankings can’t provide.

The difference:
Many tracking tools tell you who’s advertising and estimate spend, count ad occurrences, or measure downloads and reach

ORBIT shows which podcasts made money and which ones didn’t
We factor in what advertisers paid, what they were trying to achieve, how it was measured, including survey-based attribution data, and whether the investment delivered ROI. That’s the difference between counting impressions and measuring profit.

Our methodology:

Minimum 3 distinct advertisers per show
Minimum 3 paid drops per advertiser
At least 50% of placements must exceed advertiser goals
12-month rolling analysis updated monthly
Attribution-normalized across pixels, codes, URLs, and modeling

For Chief Audio Officers

ORBIT eliminates guesswork from podcast planning:

De-risk initial buys by seeing which shows have proven track records with similar advertisers
Optimize faster with normalized performance data across attribution models
Find hidden gems before they become expensive tier-1 shows
Break category assumptions with data that shows where your customers actually listen
Scale with confidence, knowing which placements consistently deliver ROI

The era of buying podcast ads based on download numbers is over. ORBIT shows you which shows drive performance, before you spend a dollar.

“This is what happened when real companies spent real money. If you want to know which podcasts work, start here.”
— Dan Granger, CEO, Oxford Road

Subscribe to The Influencer for monthly ORBIT updates

So What is a Podcast? We Polled Over 4,000 People, Launched a Docuseries, and May Have Started a Revolution.

What’s a Podcast?: The Revolution Redefined

Twenty years ago, “What’s a podcast?” was an innocent question—asked with curiosity, maybe confusion. Today, it’s a loaded one, with real consequences for creators, platforms, advertisers, and the future of the medium itself.

“ Why does the definition of a podcast even matter? If we don’t define it clearly, we leave it to others to decide.”

Dan Granger (CEO, Oxford Road & Veritone One)

That’s why we’re taking the question head-on with two major releases this week:

In collaboration with Edison Research we surveyed over 4,000 Americans, and interviewed 30+ creators, executives, and thought leaders to propose a clear, inclusive, and actionable definition of podcasting. This is more than semantics—it’s about protecting the open, intimate, creator-first medium we all believe in.

Download the White Paper Here

In this new three-part documentary series, hosted by Allyson Marino (Founder, Lipstick & Vinyl), we trace the evolution of podcasting from pirate radio roots to today’s billion-dollar ecosystem.

️Episode 1: The Genesis – The Accidental Revolution (2004-2013)

From MP3 uploads by the great Robin Williams to Adam Carolla’s marketing test runs, we explore the DIY spirit that launched a media movement.

Featuring Ira Glass, Adam Carolla, Leo Laporte, and more.

Episode 2: The Explosion – Mainstream and the Pod-Demic (2014-2022)

Serial broke podcasting wide open—and brands, platforms, and creators flooded in. Then came the COVID boom, and eventually, a sobering correction.

Featuring Bryan Barletta, Pete Birsinger, the Meiselas brothers, and more.

Episode 3: The Crossroads – Identity Crisis and the Future (2023-Present)

With the rise of video podcasts and closed platforms, the power has shifted. Can we protect the creator-led, listener-first DNA of podcasting while embracing growth?

Featuring Guy Raz, James Cridland, Dan Franks, AJ Feliciano, and more.

Watch Here

Listen Here: Spotify

Listen Here: Apple

Help Shape the Future

We’re not here to gatekeep—we’re here to rally. Podcasting has always thrived when creators, platforms, and advertisers build together.

So we’re inviting YouTube, Spotify, Apple, and others to help create a shared definition, an open attribution framework, and a future where the medium remains open, inclusive, and built to last.

Sign the Petition Here

Podcasting has never been just another media channel. It’s personal. It’s powerful. And it’s ours to protect.

“This is what made podcasts special. And this is what we must preserve—lest we find ourselves defined out of existence.”

Dan Granger (CEO, Oxford Road & Veritone One)

ORBIT: The Oxford Road Benchmark Intelligence Tool

Joe Rogan Didn’t Make the Top 15. Critical Role Did. Here’s What $1.6 Billion in Performance Data Actually Reveals.

The First ORBIT Rankings

What ORBIT Reveals

How Orbit Works (And Why It’s Different)

For Chief Audio Officers

“This is what happened when real companies spent real money. If you want to know which podcasts work, start here.”
— Dan Granger, CEO, Oxford Road

So What is a Podcast? We Polled Over 4,000 People, Launched a Docuseries, and May Have Started a Revolution.

What’s a Podcast?: The Revolution Redefined

Here’s What We Learned: The Influencer Opens the 2024 Archives

$5k is Not Enough

ORBIT: The Oxford Road Benchmark Intelligence Tool

Joe Rogan Didn’t Make the Top 15. Critical Role Did. Here’s What $1.6 Billion in Performance Data Actually Reveals.

The First ORBIT Rankings

What ORBIT Reveals

How Orbit Works (And Why It’s Different)

For Chief Audio Officers

“This is what happened when real companies spent real money. If you want to know which podcasts work, start here.”— Dan Granger, CEO, Oxford Road

So What is a Podcast? We Polled Over 4,000 People, Launched a Docuseries, and May Have Started a Revolution.

What’s a Podcast?: The Revolution Redefined

Here’s What We Learned: The Influencer Opens the 2024 Archives

“This is what happened when real companies spent real money. If you want to know which podcasts work, start here.”
— Dan Granger, CEO, Oxford Road