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How to Make Money With Your Podcast in 4 Different Ways

Are there golden opportunities waiting to be discovered in the podcasting world? They may not be too far off, considering that advertising revenue for podcasts is expected to exceed one billion dollars in the year 2021. It would appear that there is no better moment to get started on monetizing your podcast than right now.

Nevertheless, before we get started, I believe it is important for us to establish certain expectations. You have to understand that it is extremely uncommon for podcasts to make a sizeable amount of money right from the beginning unless…

You or your podcast has a well-known personality associated with it, which means that you already have an established audience.

If you are producing a podcast, especially for a company, and the company is paying you to do so, then it is unclear why you are taking the time to read this. You’ve made it!

The path to success can be more challenging and time-consuming for the typical podcaster. But try not to let this discourage you. Podcasts are currently the medium with the highest rate of growth in the globe since people can’t seem to get enough of listening to them. Because of this, the possibility of making money is easier to come by than it has ever been.

The question now is, where do we begin?

You need listeners before you can even begin to consider monetizing your podcast in any way, shape, or form. If not, to whom are you marketing your product?

Developing a following can be a time-consuming process, but here are some pointers to help you get started:

  • Coverage: Is your podcast accessible from several platforms? Apple and Spotify are two of the most popular podcasting platforms; however, you should also make sure that your podcast can be found on Google, Amazon, Youtube, Castbox, and as many other platforms as possible.
  • Clarity: Can you inform me what the topic of your podcast is before I listen to it? Is the piece of artwork captivating? Do the titles and descriptions of the episodes entice me to watch them and make sense?
  • Consistency: are you putting out new releases on a regular basis? If there is nothing for your listeners to subscribe to, you might as well not bother asking them to subscribe in the first place. Your listeners are more likely to create a habit (also known as listening to your podcast!) if you make it a point to upload new episodes on the same day of the week and at the same time each week.

By the use of social media, let people know that your podcast is available. There is a wide variety of options available, ranging from Facebook to TikTok (and just between you and I, TikTok is rapidly becoming an important podcast discovery tool).

Cross-Promotion

Are you able to find other podcasts that would be interested in talking about your podcast in exchange for you telling your listeners about theirs? If so, cross-promotion is something you should look into.

It appears that your target demographic is expanding. Congrats! It is now time to consider ways in which you can monetize your podcast. This can be accomplished in the following four ways…

Ask for it

If you want to start making money off of your content quickly and easily, the simplest method to do so may be to ask your audience to “buy you a coffee” in the form of a small gift. The vast majority of loyal podcast listeners are aware that producing your program requires both time and financial investment; hence, if you are consistently providing them with a show that they enjoy, many of them won’t think twice about giving you a donation.

TIP OF THE DAY: If you spend some time cultivating a relationship with your audience members beforehand, you will increase the likelihood that they will make a financial contribution to your cause. Read our post titled “Community is Key: How to Build Your Podcast on Social Media” on our blog if you need any help figuring out how to carry out the aforementioned steps.

Provide content that is just available to them.

Developing your own podcast subscription plan through a platform such as Patreon could be the next logical step to take if you already have an audience that is committed and actively participating in your content.

You might provide your listeners with access to special content on a monthly basis in exchange for a little charge. This content could include bonus episodes, merch, or even things like show shout-outs. The second option is an excellent method to “give back” to your listeners who are prepared to pay for your show, and a huge number of podcasts make a very lucrative income off of their subscribers.

Advertise or seek sponsorship.

Selling advertising space, sometimes known as “airtime,” is rapidly becoming one of the most common ways for websites to generate revenue. This may take the form of advertisements that are played throughout the podcast, typically at the beginning, middle, or end (sometimes referred to as pre, mid, or post-roll), or it may take the shape of a sponsorship of the entire show or series.

You might ask an advertising network to take care of this for you. You might also approach brands directly if you already have the contacts necessary and are confident in the strength of your pitch.

You can monetize your podcast by teaming up with an advertising agency.

TIPS: Give some serious consideration to the audience you already have and the types of companies, products, and services you believe they would be interested in. When you’re just getting started, it’s always beneficial to be able to think a little bit outside of the box and pitch to newer, more flexible businesses. This will get you further. Yes, (insert massive global brand here) would be an amazing advertising partner for your podcast; however, the approval process for such a partnership can take as long as your grandmother would take to ride a skateboard if she had one. This is because the approval process must go through a chain of 100 different people and numerous ad-buying agencies. Work with moving companies that specialize in speed if you need to relocate quickly.

Join an advertising network.

When you have a weekly audience that consistently numbers in the thousands, ad networks can become your next best friend. They will perform a lot of the hard work for you, including finding businesses to work with, negotiating deals, and assisting you in expanding your audience by marketing your podcast via their network.

Agreements can be struck on the basis of a fixed charge (as in the case of sponsorship, for instance) or on a CPM (Cost Per Thousand) basis, which indicates that the amount of money you receive is proportional to the number of listeners you have. But, keep in mind that advertising agencies will deduct a fee or commission from any contract that they negotiate on your behalf; therefore, you should take this into consideration while you are determining which company would serve as the ideal partner for your program.

Why You Should Listen to Podcasts? As a Listener

Over the course of the past few years, podcasts have rapidly emerged as a competitive form of media consumption. People have started listening to podcasts more frequently as a result of the proliferation of streaming services since it is a way to consume content that is both convenient and engaging. In the following paragraphs, we will discuss the advantages of using podcasts, not only as a listener but also as a producer of your own content.

As a Listener

Listening to podcasts can be a fun and educational way to pass the time, and it also has a number of other advantages. Here are some of the most important considerations to make before deciding whether or not to make podcasts a regular part of your routine:

Convenience

The portability of podcasts is widely regarded as one of the medium’s most compelling selling points. You are able to listen to them even while engaging in other activities, such as exercising, commuting, or performing tasks around the house. Podcasts, in contrast to movies and television shows, do not demand your whole attention. You can play them while operating a motor vehicle, preparing food, or even taking a shower.

Variety

There is a podcast available for about every subject you can think of. There are podcasts available on a wide variety of topics, including history, politics, real crime, comedy, and sports, so it doesn’t matter what your interests are. You also have the option to switch to a different podcast whenever you want to avoid becoming bored with the current one.

Podcasts that meet the criteria for accessibility can be accessed by anyone who has access to the internet and a device that can play audio. You can play them on your desktop computer, mobile phone, or tablet, or on any smart speaker you own. While the vast majority of podcasts are available for no cost, some of them do ask for a subscription or a payment from listeners.

Engaging

Since they are structured to sound like a conversation between the host and the listener, podcasts are frequently more engaging than other forms of media. The host will frequently share their own views, experiences, and insights with the audience as if they were speaking directly to them. It is much more difficult to acquire the same level of closeness and connection through the consumption of other forms of media.

Podcasts that focus on education can be an excellent method to gain knowledge about new subjects or maintain awareness of the most recent occurrences. On many podcasts, subject matter experts talk about their areas of expertise and share their knowledge and observations. You may educate yourself on a wide variety of topics, ranging from politics and pop culture to science and technology.

As a Maker of Things

If you are interested in creating content, establishing a podcast can be a fantastic way to share your ideas, interact with people, and grow a following. If you are interested in creating content, start a podcast. Consider beginning a podcast because of the following compelling arguments and justifications.

Easy Access with Little Requirements

Beginning a podcast requires little effort and is not very expensive. To record and edit your episodes, all you need is a computer, a microphone, and some free recording and editing software. You are able to host your podcast on platforms like Anchor, which gives you everything you require to get started while also being completely free to use.

Management of Creativity

When you launch a podcast, you assume full responsibility for the material, including its creation. You have complete control over the guests you have on the show, the themes that are discussed, and the format that the show follows. You are free to try out a variety of writing styles and structures until you find the one that suits your needs the most.

Create a Group of Followers

Building a following and making connections with other people who have the same interests as you may be accomplished quite effectively through the use of podcasts. When you publish more episodes of your podcast and attract a larger audience, you’ll have the opportunity to start cultivating a community around it. Because of this, chances for collaborations, sponsorships, and several other forms of monetization may arise.

Networking

Creating a podcast can also be an excellent opportunity to network with other producers, professionals, and influential people in your field. You can meet new individuals by inviting them to appear on your show, working with other podcasters to create content, or attending events and conferences. Building relationships and identifying prospects for future initiatives can both be facilitated by this.

Development of Oneself

Creating your own podcast can be a terrific way to push yourself outside of your comfort zone and develop as a person. You’ll need to build your public speaking skills, understand how to interview guests, and manage your time successfully. You may find that doing so helps you acquire new abilities and boosts your confidence, both of which will be useful in other aspects of your life.

Author Bio: Travis Dillard is a business consultant and an organizational psychologist based in Arlington, Texas. Passionate about marketing, social networks, and business in general. In his spare time, he writes a lot about new business strategies and digital marketing for SEO Turnover.

Originally posted 2023-03-17 18:09:09. Republished by Blog Post Promoter

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