Making Money With A Podcast
Podcasting is great, it gives you a chance to spread your message, connect with your audience, and interview amazing people. If that’s what you’re into. But how do you start making money with a podcast?
Well, that’s what this post is all about and I’ll share with you the strategies that the most successful podcasters use today. So let’s dive into it.
It’s no secret that if you don’t already have a podcast, you may wanna consider starting one. And if you have one, well, then these strategies are gonna be that much easier to implement.
As great as a podcast is for your brand and for your business, its ability to generate revenue is what really makes it a powerful marketing tool.
Four Strategies For Making Money With A Podcast
Podcast money maker number one is sponsorship
Now this one is kinda obvious but it’s still worth mentioning, especially as it’s become more and more popular in our industry and across podcasting in general. The concept of getting a sponsor is actually really simple.
Basically, someone sponsors your show and in exchange for the money that they’re giving you for the show, you’ll either give them some kind of shoutout, or a tribute, or they’ll get a spot on the show or whatever you decide to negotiate.
Now you as a podcast host or as the owner, or creator of the podcast are essentially being rewarded for the fact that you have a podcast.
But the amount of revenue that you’re going to be able to generate or the amount that a sponsor is going to be willing to pay is going to vary on a number of different factors.
How many listeners you have, what kind of brand or business you have, what market or niche or industry that you’re in as well as how long the podcast has been running and all of those kind of factors.
Sponsorship is an absolutely great and viable way to make money with your podcast. With that being said, some people like to have a little more control over the podcast itself but regardless, I’m certainly not against it and I’m certainly not discouraging it.
Podcast money maker number two which is paid advertising
Now when it comes to running paid advertising on your podcast, there’s a number of similarities and differences compared to sponsorship.
First of all, a sponsorship tends to be kind of a longer term arrangement or a longer term agreement and there tends to be a higher level of commitment. Whereas with paid ads, normally what people are looking for is a transactional relationship.
Now when it comes to running the paid ad, this can be either recorded by the business that’s buying the space on your show, or the podcast host can offer to record the ad for them, or simply make a plug anytime throughout the show. Common spots are at the beginning, somewhere in the middle, and at the end, not surprisingly.
Now just like with sponsorships, the amount that you’re gonna get per section of airtime is going to vary depending on your market, and the industry, and the niche, and the listenership, and all those other factors we’ve already discussed.
Podcast money maker number three is traffic
Now this one has a little bit of a catch associated with it because essentially what you’re doing is you’re using your podcast to send traffic to whatever source that you want, which means you’re going to probably need somewhere to send it to.
Now if you have a good product, or a good service, and a good offer that’s already converting well, then this is like adding gasoline to the fire by essentially giving more attention and more traffic wherever you want to send it.
In fact, even if you don’t have your own product or service, you can still use this method to drive traffic to affiliate sales or to joint venture offers or anything else where you’ll get a kick back for some of the sales or some of the traffic you send.
You can grow a sizeable amount of revenue from traffic that is originated from listening to your podcast. So it’s a great strategy and a very viable one if you already have a functional business.
Podcast money maker number four is networking
This can really enable you to build a profitable podcast. Yes, the other three strategies are great, whether you’re running sponsorships or paid ads or using it for traffic, but it is this fourth strategy that’s really can turn into a crucial part of your business overall.
The beauty of this final strategy is in its simplicity. And essentially, it just involves being a good person who’s good at your business and is offering value to other people.
Basically, the networking strategy involves making new connections with people that end up turning into fun, professional, and profitable relationships for you and your business.
Now the key with running this networking strategy is that your podcast will need to have some element of an interview style show. So if your podcast is based entirely around interviews, that’s fantastic.
But if it’s a solo show, where it’s just you giving a monologue, well, you’re going to need to find some way to incorporate either guests or interviews or experts or something where you will be able to get outside experts into your show.
Now the key with finding these guests is to make sure that they’re professional, and they’re qualified, and they’re essentially well-represented for the market that you’re serving.
The last thing that you want is an irrelevant guest who doesn’t know about your topic or isn’t an expert in their field and is basically just not providing value to your listeners. Because that’s a quick way to lose them.
But the strategy overall is really simple. Be kind, be professional, know your stuff, listen well, and try to find out where they need help. If you can be the one to help them, that’s fantastic.
And if not, that’s okay too, you can recommend or refer them to someone that may be able to. The key here is to try to serve and try to provide as much value as possible, both to your listeners and to your guest.
So this sounds a lot like networking. You might be asking, what makes this such an effective strategy when it comes to the podcast? Well, let me give you a few reasons.
For starters, when you interview them on your podcast, you’re going to be having a discussion for about 30 to 60 minutes which builds a tremendous amount of rapport.
You’re also giving them something of tremendous value which is access to your audience and a network to share their message which builds likeability. Lastly, you’re a subject matter expert who really knows your stuff and you’ve got a podcast to prove it which builds trust.
And when you put these all together at the end of the podcast, you built a tremendous amount of know, like, and trust and if there’s an opportunity to help the person further, or if they know someone that does, well, that door is pretty much open for you.
There’s no need to be pushy, there’s no need to be salesy, all you need to do is chat. At the very least, you’ve built a powerful new connection and maybe even a new friend.
Making Money With A Podcast – Conclusion
All in all, a podcast is an amazing marketing tool to have in your arsenal. It’s fun, relatively easy to set up, and if you implement the steps we talked about today, can also add to your business’ bottom line.
I hope you enjoyed the article. If so, make sure to share it and leave me a comment in the comment section below. Also, for more great marketing strategies, tools, tips, tricks, and tactics, check out some of my other posts.
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The chapters cover:
How To Choose A Podcast Niche That Fits You, Branding Yourself For Success From The Start, Get Your Podcasting Equipment In Order, Plan Your Podcast Episodes With A Purpose, Record And Edit Your Podcast Audio Like A Pro, Finding A Suitable Host For Your Podcast, Launch Your Podcast Like A Rocket Ship, How To Plug Your Products And Services, Growing Your Audience Like A Chia Pet and Getting Advertisers And Sponsors For Your Podcast
Podcasting Profit Secrets is a step-by-step blueprint for launching a profitable Podcast.
Here’s what you’ll discover in this course:
- The importance of branding and building a community around your brand.
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- The one secret no one tells you about monetizing your podcast.
- How to quickly get in the right mindset to start – and commit – to your podcast.
- 5 of the most essential tools you need for podcasting success.
- The right way to develop your podcast and establish yourself as a trustworthy expert in your niche.
- Why you should start your own podcast as soon as possible.
- The easiest way – and top tools to use – to organize your podcast content.
- How to sound like a professional podcaster – even though you’re totally new to the podcasting game!
- The not-so-widely known technique to cut down on your podcast editing time.
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