How To Make Money With Podcasting- An Ultimate Guide
Podcasting has lately emerged as the new marketing compass. It directs you to those niches which can generate a stable and positive cash flow. The rip-roaring success of the popular podcasts has got marketers into rethinking their business strategies.
Insights into the podcasting trends in the recent past are making the existing and upcoming marketers think of different ways to make money from podcasting.
This article will share some useful tips to convert your podcasting endeavours into stable revenues.
Podcast sponsorships: The stepping stone to quick revenue:
The hunt for a long-term sponsor can be an uphill task. It entails finding sponsors, maintaining them persistently and delivering the spots. The most vital aspect to consider is the Cost Per Impression Model (CPM). The CPM rate is something you should take seriously if you are thinking of making money from podcasting.
Presented below are the average sponsorship rates for a standard podcasting-
Pre-Roll ($20 CPM): This is a 15-second Ad right mentioning the sponsor right at the beginning of a podcast.
Mid-Roll ($25 CPM): This is a nearly 60-second long sponsor slot, typically the main sponsor slot that gets mentioned in the middle of the show.
Post-Roll ($20 CPM): This is a 15-second sponsor mention towards the fag end of the podcast.
Therefore, if you are running a show that has as many as 3000 listeners and maintaining standard pre-roll and mid-roll packages, you are earning $135 per episode, which amounts to $540 per month.
It is interesting to note that the popular podcasts like the $100 MBA Show and Entrepreneur on Fire make more than some $1000 per month mainly through sponsorships.
Building relationships: The key to podcast money making:
Making money from podcasts has a positive correlation with the nature and extent of relationships you are building. And these need to be more than just business relationships. A strong connect with your audience is as important as the strictly business-centric ties you intend to form with your sponsors, guest speakers and other people involved.
The podcast connects should feel like a handshake. People at both the ends should feel equally engaged.
Coming to your audience, understanding what caters to their interests is the key to keep them glued to your show. Not only will this let you make money from the podcast episodes, but will help in the progressive development of your product.
Speaking of business relationships, look out for people who you can do business with. So instead of running after guests exclusively for their “status”, try to find people who are worth collaborating with. This will help your podcasting endeavours in the long run.
Boost the sales of your products and services:
You definitely had your products and services in mind when you started your first podcast series. Now that you already created a strong audience base, relook and rethink your marketing strategies. If you are not rightly leveraging your podcast as a promotional platform, you are letting your products and services take a backseat.
Simply chasing the prospective sponsors does not always help. You need to have a closer look at your product and see if it is catering to the needs of the audience. If it is aligned to the interests of your viewers, you need to consider multiple ways to make the maximum money out of your podcast shows.
The first checklist item to tick off is the “trust” factor you build with your viewers. If they believe in the values of your services, you are almost halfway through. Cement this relationship further by offering exclusive discounts to your regular viewers. This, no doubt, will increase your sales and bring you closer to the desired ROI.
Affiliate Marketing: A surefire way to make money from a podcast:
If your podcast is mainly technical and lays emphasis on resources, affiliate marketing is something you can’t afford to ignore.
- Reach out to the product creator: Arrange a short podcast show to interview the product creator. It can be a 2-10 seconds segment, but make sure you discuss or share only the affiliate links therein.
- Talk to a user: Reach out to people who have already used the product. Leverage the popular social media platforms to garner success stories and have those people as guest speakers on your show.
- Product review: At least once in every 10 podcast episodes, dedicate a show to discussing the potential positives of a product. Share the affiliate link while talking about the product.
- “Tip of the day”: Add life to your podcasting endeavours by sharing a “tip of the day” or a “tip of the week”. Dedicate a short segment to sharing product tips or any useful information.
- Advertisements: Use your Ad segments to talk about the product and direct the same to the affiliate link.
- Useful tools: To make ample money from podcasts, here are three tools at your disposal-
– Pretty Link
– Lead Pages
– Click Funnels
- Call To Action: Have some clearly defined Call To Actions to generate maximum revenue from your podcasts.
Crowdfunding: Your podcasting catalyst:
Crowdfunding can potentially raise your podcasting endeavours to new heights. This, in fact, is one important option to consider if you are looking for your community’s contribution. Top crowdfunding platforms like Patreon, Kickstarter, Indiegogo and CircleUp can help you garner your audience’s support as pledges.
It offers the following benefits-
- Acts as a marketing tool: Crowdfunding campaigns help you reach out to a wider audience base through numerous channels.
- Provides a proof of concept: This comes after the initial stage of market validation wherein you need to convince your potential investors of your brand credibility, something crowdfunding makes possible.
Virtual summits: Make more money from podcasting:
Podcasting, combined with business relationships can be leveraged to create abundant business opportunities in the form of virtual summits. Podcasting bigshots like Yan Ilunga and Navid Moazzez have made such ventures possible.
It is evident that podcasting is the gateway to a great future as a marketer. Hold on to the best strategies and make money from your podcast shows like never before.
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