Podcasting is great, it gives you a chance to spread your message, connect with your audience and interview amazing people. But how do you make money with a podcast?
It’s no secret that if you don’t already have a podcast, you may want to consider starting one. And if you have one, well, then these strategies are gonna be that much easier to implement, because as great as a podcast is for your brand and for your business, well, it’s its ability to generate revenue, that really makes it a powerful marketing tool. So, let’s get right to it. Here are four strategies that you can use to make money with your podcast.
Number one is sponsorship. Now this one is kind of obvious, but it’s still worth mentioning ,specially 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, well, you’re 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, including 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. Sponsorship is an absolutely great and viable way to make money with your podcast.
2) PAID ADVERTISING
Alright, so let’s talk about podcast money maker number two, which is paid advertising. Now when it comes to running paid advertising on your podcast, there are a number of similarities and differences compared to sponsorship. First of all, a sponsorship tends to be, it’s 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 though they can buy space in bulk. 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 going to 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.
3) SENDING 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.
The other three strategies are great, whether we’re running sponsorships or paid ads or using it for traffic, but it is this fourth strategy, that’s really enabled The Modern Marketing podcast, to become a viable and crucial part of businesses overall. The beauty of this final strategy is in its simplicity. And essentially, it just involves being a good person, who’s good at 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.
All in all, a podcast is an amazing marketing tool to have in your arsenal. It’s fun.