Posted on 2/18/2020, 6:10:16 AM
The world of podcasting can be difficult to navigate, at first. But, the power behind this new trending bridge of communication to audiences everywhere is undeniable. The most recent national tally of podcast listeners totaled 144 million, with a whopping 20 million listener increase from 2018. That’s a lot of people listening to what you have to say!
This is the reason why many businesses have jumped onto the podcasting train in order to modernize the way they are promoting their businesses. To further paint a picture, in 2020, it is estimated that businesses in the U.S. will spend a total of $1 billion on podcast advertising.
With listeners tuning in from their cars during their commutes, at home on their Bluetooth speakers, and from platforms online, it is clear to see why businesses are grabbing advertisements spots on popular podcasts to reach their target audiences.
But, how can you, as a future podcaster, make money with your show?
As discussed above, many businesses are willing to dish out major dough to get advertisement spots on popular podcasts. And, this can bring in a good amount of cash for your podcast business.
However, it is important to seek out the right sponsors and advertisers to accommodate your particular niche and audience. For example, a podcast that serves information catered to writers may have sponsors from services proven to help with that particular craft, such as publishing or editing services.
If a sponsor advertises on your show but it does not fit your niche, your audience may get a sour taste in their mouth. As a podcaster, you want to make sure all the information you are serving up to your audience is relevant to them. When information stops being relevant, be prepared to lose loyal listeners.
All in all, you and your sponsor will only benefit from this collaboration if the advertisement is reaching the right ears.
Say you are starting a podcast about your journey of starting your own business. This is a popular topic given the rise of entrepreneurs over the last decade, so you’re already bound to have an audience! And, since you have been through the journey of starting your own business, you probably know the basic beginning steps and the ins and outs of navigating humps.
This professional life experience is the perfect background to teach others how to follow in your steps. And, having a podcast is the best way to create a community of people who want to learn how to start. That’s where monetizing your knowledge comes into play.
Teaching courses on your niche is an excellent way to make money off of your podcasting business. Online courses or one-on-one sessions are both very common in the podcasting world. If people can relate to your personal story and see the success that you have, they will trust you to teach them how to get started on their own entrepreneurship journies.
If you have loyal listeners that come back every week for your show, then you’re already ahead of the game. But, having loyal listeners doesn’t automatically equal a dollar sign. There is more that needs to be done.
Offering premium content to loyal subscribers is a great way to earn a little extra cash off of your podcast. These can include perks like additional interviews, episode sneak peeks, private Q&A’s with the host or behind-the-scene looks.
To monetize in this way, it is up to you to decide what your audience would benefit most from.
Once your podcast begins to take off and you have a community of regular subscribers, hosting events could be very beneficial. These events could be due to a piece of big news such as the release of your book. Or, they could be simple live-style interviews or talks followed by a meet-and-greet.
Events like these are not only making you money, but they also help to further strengthen the bond with your audience by allowing them to put a face to the podcast. Talking with your audience directly in an intimate setting will help to gain more listeners. Remember, word-of-mouth is still the most powerful form of advertisement.
If you have a business that has products associated with it, then your podcast is your ultimate selling tool. However, even if you don’t have products ready to go, there are still ways to fit them into your podcasting formula.
Every podcast should have a name that truly represents its niche. It should be memorable and unforgettable. And, to secure that title even more firmly, try putting it on hats, tees, and mugs for starters. Fans of your podcast will happily dole out a few dollars for these items. Plus, it’s an extra form of advertisement for you, which means more money in the long-run.
Podcasting is a tricky business, but with it, there are many ways to succeed. For more information on monetizing your podcast and making it the best it can be, check out our summary on Daniel Rowles, “Podcast Marketing Strategy: A Complete Guide to Creating, Publishing, and Monetizing a Successful Podcast.