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Is it possible to that marketing your podcast can make you money?
The answer might surprise you.
Survey on Marketing Your Podcast
I conducted a research survey of hundreds of prominent podcasters and asked a simple question – “what are your best strategies for monetizing your show?”
I asked them to share their best tips and challenges for developing an income from podcasting.
I conducted this research for a very specific reason.
I have found that launching my podcasts
I've landed over a hundred clients in the past year, increased my mailing list, connected with strategic partners, made some great friends, and even met some amazing people.
One thing is clear: the road to monetizing a podcast is not so straightforward.
That’s why we decided to do this research on marketing your podcast for monetization.
I have tried everything to monetize Yogi's Podcast Network and can tell you that doing the podcast is the best thing I've done to grow my own network.
I have also helped countless clients launch their own podcasts. Their experience has been the same as mine. They have found that their podcast drives business to them.
I hear many people tell me they don't have enough time. Stop worrying about that! Creating a podcast does not take as much time as compared to not having a podcast. Having a podcast gives you access to higher level people and you get to leverage the principle of reciprocity. If you want time to do a podcast, stop going to boring networking events because podcasting is more effective.
And thanks to the long tail of content marketing, it is also a way to follow up with people in your network, because people in your network can consume the shows and you will remain top of mind.
My goal in conducting this research was to see the thoughts of other podcasters.
I was not surprised that many podcasters told me they had not been successful in monetizing their show. Some never even gave it any thought.
A common statement is that they don't directly monetize their podcast, they use it to grow connections and influence by featuring others who have more impact than they do.
Some podcasts create sponsorship packages to attract larger corporations. They also make it so smaller local businesses can also be part of the podcast. This is a smart approach as it covers everyone.
Unfortunately, too many great shows have come to an end because the host couldn't figure out how to make money from it. Hopefully, the information I am about to provide will help you avoid that fate.
Marketing Your Podcast for Monetization
Pick the Right Topic for Your Show
Before you make any attempt to earn income from your show, make sure you pick a topic that has enough interest. Try to determine if there is enough interest in your topic before moving forward.
If your show is to be part of a new niche, do your research. Take the time to search Apple Podcasts. Determine if there are similar ones or not. It is probably better to go into a crowded niche and do a fantastic job than it is to go where there is little to no demand already. Podcasting has been around long enough that there is probably a reason the niche isn't represented.
You are going to need a clear vision so you can find the right targeted audience. You need to find your audience and people who believe in your vision. Do whatever you can to help people. When you approach things in this manner, sponsors start showing up.
People like when you are helpful. Sponsors like it even more. They want to be associated with helpful people and they are willing to support them financially.
A Large Audience is Not Required
My research shows that most podcasters were under the assumption that the only way to monetize a podcast was by building a large audience and then charging for advertising.
Many have realized that building a large audience is not essential. Instead, consider the fact that a podcast is a tremendous tool for networking and connecting with people all over the world that you would never be able to connect with otherwise.
Several have realized that a podcast is a very useful tool without a significant number of downloads. Advertising is always a great way to monetize.
Podcasters have said they use their shows to prove to other media entities that they have the talent to work in that industry. They use it as a launching pad for bigger things.
Finally, many podcasters say it is about building a community rather than increasing profit. At the same time, they do point to increased advertising revenue as a result of their podcast.
Build Your Brand
The first thing to note about this is a brand doesn't equate to dollars in
A podcast does wonders for networking and relationship building. Marketing your podcast has an extremely high ROI. It is worth the time and effort.
The key thing here is that the monetization is many times indirect. I find podcast editing and podcast launch clients because of my podcasts. Without them, I would struggle to grow that part of my business.
Some podcasters report that being more transparent via their podcast has helped them build a solid brand, which
If You Are Small, Avoid Advertising
One of the most surprising things I discovered is that many of the more savvy
Many have reported they don't think the podcast community has figured out the best way to monetize. It seems like they are attempting to use the same model as adjacent media and that just isn't the right fit.
Those that do advertising report that the revenue is not enough to pay the bills. They bring in a small amount of money, but that isn't sufficient.
Sponsorships don't get the job done on their own either. A good content development strategy is required with attached services that can be sold. That's the best way to make
Still, other podcasters have disagreed. They find that if you are selective about which sponsors you
Use Multiple Strategies to Monetize
It is highly recommended that you don't settle on one strategy for monetizing. Some podcasters make a commission from a company and selling merchandise.
At times a company will want to use a podcast to get their name out there. They will ask a podcast host to do the show for them. They pay that host for that work.
Some podcasters design and sell a line of t-shirts. They use print-on-demand so there is no overhead involved.
Be Deliberate About Who You Interview
Selecting who you choose to be a guest on your show is an important task. Your guest's community will become part of your extended network and that extended network is going to determine your revenue. This is exactly why the host should book the guests.
When the host books the guests, it results in better quality interviews and relationships.
What About Crowdfunding?
Crowdfunding can be an effective way to monetize a podcast. Starting a campaign on Kickstarter or Indiegogo does wonders for this issue when handled correctly.
I listened to one podcaster told me he wanted to raise money for veterans, so he created an episodic podcast (just 12 episodes) and created a Kickstarter to raise money for them. It raised over $6,000!
Use Your Existing Business
One of the best ways to monetize a podcast and get
There are many business owners I spoke to who are using their podcast as a direct tool for generating clients and leads. This means more revenue for their business.
Marketing podcasters find that listeners will contact them for help with marketing or landing pages. Technology podcasters find that listeners ask them for help with technology. These things are one big reason every business should have a podcast.
Podcasters have reported that their podcast has helped them build trust with potential clients. Because of the podcast, potential customers feel like they know you. People work with someone they know, like and trust. A podcast makes you that person.
Some podcasters (mainly coaches) share recordings of their own coaching sessions. One coach estimates he makes about $20 per download because of this. Sometimes even a guest will hire you!
An SEO podcaster mentioned that he takes questions and offers strategic marketing services via his podcast. He charges for this, but it has been a huge boon for his income.
Podcasts can be your marketing arm of your business. They can bring traffic to your website and inspire phone calls about the services you offer. You also gain massive credibility, more so than even a blog.
Having a podcast is similar to writing a book. Everyone knows that if you write a book on your niche it establishes your reputation. Many podcasters will find that 50 to 70% of their new clients found them because of
Some podcasters even find that it has increased their reach nationwide or even worldwide. People hear about you via your podcast who would never have known about you. They listen in and like what you have to say. They feel as though they know you personally. This inspires them to hire you.
Social Proof, Credibility and Authority
I am planning a mini-book about this
A podcast can help establish you as an expert in your industry. Be transparent and tell the truth and your reputation will grow.
Focus on getting endorsements from thought leaders in your industry. Exchange services for endorsements. It is a win-win situation.
Your podcast is going to raise awareness of who you are and what you do. Remember when I mentioned helping others? Your podcast will showcase that concept for you. Tell the stories of you helping others and it will get out to the marketplace, scoring you many more clients as a result.
Books, Merchandise–Sales!
Podcasts can take you from a fledgling business to a full-fledged brand. You can write books and sell merchandise and use your show to promote those activities. That is exactly how My Podcast Academy was born.
My book on podcasting is about to be released. It is going to guide you through many of these issues. You are going to want to buy a copy!
Affiliate Programs
Several podcasters I spoke with use affiliate programs to generate revenue from their shows. How this works is a merchant sets up an affiliate program and they pay you a commission when you refer a sale to them. I personally do this with Amazon.
Gear sponsorships and affiliate programs seem to be very popular with podcasters. If you use affiliate links and generate enough sales, then you can use that data to approach the manufacturer of the product you are promoting and propose a sponsorship, on top of the affiliate commissions.
Some podcasters have approached affiliates and used their product as a “sponsor” for their show and directed people to the affiliate link.
Press Passes for Free Event Access
One way you monetize is by getting free access to local events. If you see an interesting event in your area, contact them and tell them you are a podcaster and ask for a press pass. It won't always work, but when it does you save money.
Don't Give Up!
The key thing to understand is that success doesn't happen overnight. Keep plugging away and never give up! With this kind of attitude you will see success over time.