Recently I took part in the "Beyond the Podcast" Virtual Summit presented by AWeber. One of the speakers, Mark Asquith, discussed the value in podcasts with small but dedicated audiences.
He spoke about an ice fishing podcast. To summarize his point, a show like that might not rake in listeners in the millions, but it most likely will have a small dedicated audience. And if you happen to be a company that produces products related to ice fishing, you've found the perfect place to showcase your business.
While podcasting is getting big time attention thanks to celebrities like Conan O' Brian and Anna Farris, creators with limited budget but a whole lotta heart are working hard to put out quality content their fanbase will enjoy. Find the creators like that who just happen to be speaking to your audience, and invest in them. You will not be disappointed.