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Episode Info: HOUSEKEEPING: My book, Profit Grom Your Podcast UPDATE. If you're asked to confirm your sale, please say yes. Podcasts are continuing to get more and more popular with millions of listeners worldwide. In some (few from what I've seen) cases, people with very popular or very niche shows can charge what some people call a "Guest Appearance Fee." While I understand that some of us are trying to at least pay for the cost of production with our podcasts, but there are some things to think about before you go charging people to be on your show. SUPPLY AND DEMAND I know some people were charging to be on your show (in some cases four figures) to be a guest. The law of supply and demand can be summarized as the smaller the supply for something the more your can charge as long as it has value (or perceived value). Why? Because you can't get it anyplace else. If you show has a HUGE audience and people are banging on your door to be on your show, this might indicate a high demand for people to be on your show. If your show is super niche, it may be the only podcast on the topic. If a potential guest wants to do a deep dive on Viking history, there may not be that many podcasts to contact. Remember when sponsors are paying you money it is to get in front of your audience. If a guest thinks you have a large chunk of the audience they may be willing to pay to get in front of them. MANAGING DEMAND WITH YOUR PRICE When you have too much demand on a product as you can't keep up, one strategy is to raise the price. When I was a working musician some of the bars I played had a $5 cover charge. Why? Because if you were willing to pay $5 just to get in the door there was a good chance those people had disposable money to buy food and drinks. This way your bar was full of your target audience. If you have a TON of people BEGGING to be on your show, charging for an appearance might slow the demand. It might shorten the line to get into the guest chair, and only those who KNOW that you have their target audience will bust out the cash to sit in that seat. If this sounds like a good idea, lets take a second and look at this a little deeper. Take a Long Look in the Mirror If you were to go to Google is your show one of less than five other podcasts on your subject? Are you the only pigmy pony podcast? Do you have a large audience? Not many people can say they have a super-niche podcast with a large audience. Here are some other things to consider: Enjoying the Extra Money This Would Bring In TV Talk shows (due to the union) pay their guests to appear on the show ($726 per episode by some accounts) but that is for a show with millions of viewers. According to some reports by Marketwatch 30% of adults have no emergency savings at all (if you make 50,000 a year). If you go up to $150,000 a year 25% of people are still living paycheck to paycheck. My point is without some discipline, there were always be more month at the end of the money. What might happen is you have an ...
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