How to Make Money with a Podcast￼
In the past, many said that it was impossible to make money with the internet. Today, however, countless people are now earning their living through it. The same was also said about podcasting. Again, there are people whose main source of income is podcasting. While you can find many reports on this, some podcasters prefer not to publish the reports of their earnings.
Making money using a podcast works pretty much like any other internet property. Make content that attracts people then monetize that traffic. More traffic translates to more opportunities for making cash. Sponsorship is the most common method in podcasting. It is also easier to implement than the others.
Basically, it involves getting paid by an advertiser to mention their service or product on their show. Sponsors always look for a podcast with traffic. If the traffic is niche-focused, the better. Advertisers will get in touch with you if you have the numbers.
Blubrry and Libsyn offer their clients opportunities for advertising. Others like Midroll also get you in touch with advertisers. Note that podcast hosts get a cut of your revenue. Advertisers have realized that podcasting is growing fast. You can choose to maximize your profits by cutting out the middleman. This means finding sponsors on your own. What is your niche? What services or products would suit the product? One other good thing about finding advertisers on your own is the fact that you get to negotiate the rate. Instead of diluting your show’s integrity by selling other people’s stuff, promote your own work. There are two main reasons why this is a good idea.
First, you will keep most of the profits and not just get a small percentage. Second, you will enjoy free traffic. This money-making method can be quite lucrative. Among the products you can sell include video series, courses, and eBooks. Services include design, writing, and coaching. Once you have decided on a product or service, drive traffic to the sales funnel using your podcast. You can promote yourself as well. If you believe in your expertise in the niche and promote yourself as a guru, it will be easier to get gigs, sell your books, or get coaching clients.
The best way to advertise yourself is by sharing your skills and knowledge with listeners. Your credibility will grow with your audience. Premium content can see your listeners become paying customers. Offer things such as a subscription service, past episodes’ catalog, exclusive episodes, or a paid community.
A good example is recording an episode, playing a portion for free, then having listeners pay for the rest of it. People can be very generous. If your show adds value to listeners, they will have no problem donating just to show appreciation. Ask nicely and be likable. When you decide to do this, make the donation process quick and easy.
Every day, more people are jumping into podcasting, creating new content in order to build an audience, build personal brands, connect with influencers, and boost exposure. There are podcasters who have managed to make money successfully podcasting. If you want to be one of those people as well, here are a few ideas on how to create an additional income stream using your podcast. Podcasts like the $100 MBA Show, The Art of Charm, and Entrepreneur on Fire are quite popular and generate a lot of money through sponsorships each month. According to the cost per impression (CPM) model, you get:
- $18 per 1000 downloads (15-second pre-roll)
- $25 per 1000 downloads (60-second mid-roll slot)
Money like this may help with production costs. You will notice that new podcasters focus more on landing sponsors and downloads while their other ways of making money through a podcast—even for those with a small audience. Relationships matter a lot in podcasting just as much as they do in business. One expert says that networking is the main reason why most coaches, authors, marketers, and entrepreneurs get into podcasting.
When searching for guest interviewees, don’t concentrate too much on their status. Put your business first. There is nothing wrong with interviewing A-listers, but it is better to find guests that you can end up doing business with. It is okay to look for sponsors. But first, try to work with what you are already selling. Is the product or service relevant to your target audience?
Does it benefit those that tune in religiously? If you have answered yes to these questions, start thinking of how you can leverage the podcast to boost your sales. Try something like exclusive discounts for loyal listeners. If you coach—like a business coach—find an approach that resonates with your show. First make subscribers out of your listeners. Give exclusive deals to make them sign up.
For a show that is technical, affiliate marketing may be the way to go. Maybe you always mention resources in your podcast. It is time to get paid for that. If the content remains relevant over time, you will still be making money out of old episodes. A podcaster gives away high-value content for free in their show. Why not repurpose this content and make some money? Listen to your old interviews and shows, add some new content and create a book. If a book is not your thing, make an audiobook?
You can decide to ask your community for contributions. Patreon, for instance, is a great crowdfunding platform that allows your audience to support you. Virtual summits can see relationships and podcasts turn into a business opportunity. Use the connections you have made to organize a large virtual summit—the largest in your industry.