How To Generate Revenue With Your Podcast

October 18, 2017 35

Many podcasters in the world enjoy podcasting because it’s an outlet for them to speak their mind. Other podcasters like sharing their knowledge, their beliefs and their two cents. Whether or not, you want to make income as a result of speaking, read this week’s blog. We’re in the big Leagues discussing how you can generate revenue with your podcast.

Contrary to popular belief, there are several ways to monetize your podcast. The biggest names out there realized the opportunity early on, most likely before they even started recording. The smartest entrepreneurs and business leaders started a podcast to earn additional income as opposed to podcasting first then changing directions to earn income.

Affiliate Marketing and Sponsorships

Mmmm, now we’re talking! Cash money and cash flow. Well, not entirely, but it’s possible if you know the right people. The right type of show will warrant and even attract advertisers, marketers, and sponsors. Furthermore, promotion of your show will grow your exposure and potentially open yourself up to new advertisers, marketers, and sponsors.

To be realistic with you, keep in mind that just because you think your show is the end-all, be-all of podcasts, it may not live up to the hype. (One of our team members learned this principle in a previous position in sales. Although he marketed a certain product that made sense to the public and loved the idea, not everyone he communicated with believed the same).

What if I told you people buy things simply based on show hosts promoting them? Sixty-three percent of listeners, out of 300,000 purchased a product after hearing a host bring it up.

Stand Up and Peacock It Out

There’s no harm in pitching your show to an advertiser or sponsor. This is especially the case with valuable content and the right size listenership.

Make sure it stands out in its own way. Ensure you’re being yourself as you speak on whatever topics you discuss. Although there are times that the truth hurts, authenticity is a critical trait to have. It will allow people to see you for you. The last thing you want is for your audience, your family and your friends to know you as one personality in person and another personality on the radio. You’ll be quickly walking a slippery slope in terms of reputation. Play it safe and remain consistent.

Be Proactive | Use What You Have

"be proactive" Is there anything you are making or have to sell? What about your network? Who on your list, your LinkedIn, your Facebook, your street could benefit from exposure? Consider partnering up with someone else if you don’t have a starting point of your own. A partner you already know would be a good step to take as it’s between yourself and a big brand name or sponsor.

Additionally, it could make things easier for you as you fail, learn and grow. You will fail in one form or another. That’s the way you will succeed–by failing. Failing means movement toward success when you learn something new and hone your craft. It’s better to fail with someone you know as opposed to a big name. Unless Ford, Coca-Cola or Apple come knocking on your door, save the potential blow to your ego. Play it safe and start out with your local community.

The ROI of Podcasting

Our previous blog brought a lot of information about ratings to the service. We did a little digging on Neilsen ratings, one of the most well-known companies in media statistics and metrics. They’re cooking up some interesting technology on streaming audio, podcast listens, downloads and consumption. It’s worth the read!

Neilsen is important because, with detailed metrics like those, the ROI (return on investment) of podcasting will become easier to obtain. For now, we are a bit limited. Regarding the listeners you know personally, you can always survey them and analyze the results. A pseudo hack for analytics that comes to us off the top would be to attach your podcast to a digital engine that can be tied to some real-deal analytics. Let us explain…

Putting your podcasts on a website–not one built by Wix or Squarespace, because you’re smarter than that–is exposure. You can track clicks, bounce rates, downloads with website analytics, which will tell you closely about podcast listens and downloads. If you have questions regarding this topic, reach out to us. We can walk you through it easily.

REFERENCES:

Some of this we knew, some of this we discovered and researched. Still, it’s worthwhile to connect our readers to other sources to further bridge the Internet.

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