112 How to Make Money from Your Podcast
Here’s a newsflash - creating a podcast costs time and often, money. It won’t take long before you start thinking, ‘I need to make some money here…’
If I had a dollar for every time someone asked me how to monetize their podcast (often before they’ve even started) I’d be rich… and I guess my podcast would be monetized.
Here’s the hard truth, monetizing takes time. But, since so many of you have asked, I’m going to break it down for you over the next two episodes.
Before we can start talking about monetization strategies, we need to clarify which type of podcaster you are. There are two main types of podcasters - those who podcast for their business (podcasting = marketing) and those who podcast as a business (selling your audience to a sponsor).
In this episode, I’m talking to those business owners who are podcasting to draw attention to what they do and build their authority.
Here’s how you monetize your podcast if you are a business owner. You don’t! Your podcast is not how you make money, it's a tool for you to increase the money you make in your business by increasing your revenue. Hello, marketing.
Here’s how it works. You create a podcast about your area of expertise and create content that you know your ideal customer will LOVE and lap up like a thirsty pup during a heatwave.
Then, in your podcast, you have a killer call to action that helps that thirsty audience connect with you, engage with you, and eventually buy from you.
And, because they know who you are (and pretty well too, since you’re in their earballs every week), they like you (obviously, or they wouldn’t keep listening) and they trust you (thanks to all of that great valuable information you keep sharing) they are going to happily sign up for whatever service or product you offer.
This kind of know/like/trust doesn’t happen overnight so you do have to keep with it. And, you need a few more key things to make sure your audience is moving in the right direction (next stop: paying client).
Here are the podcast must-haves if you want to monetize (aka have it be an effective marketing tool):
- Brand alignment (your podcast and your brand are on the same page)
- Listener-centric podcasting (you have your ideal customer in mind every time you record)
- Valuable content that will position you as trusted expert in your niche (and make you an authority)
- Quality production that reflects the value you offer in your business.
- Clear call to actions at the end of each podcast so that your listeners (aka potential customers) know what to do to work with you (cha-ching). Oh, and;
- Don’t try to double dip by bringing in a sponsor. It confuses the message and makes your audience feel frustrated and less important. If you want to build your authority make sure you keep your eye on the prize and don’t get side-tracked with piddly little sponsorship deals.
For those of you who skip to the very end of my 5 minute episodes for the solid gold nuggets… 1) you’re missing all the fun and 2) here’s what you need to know to monetize your podcast - be intentional, serve your audience, be patient, help them take the next step with a solid call to action. And, don’t treat them like a commodity… serve them and they’ll think of you first the next time they need to buy the service or widget that you sell.
Still not clear on how to make money with your podcast? Book a free 15-minute coaching session with me and I’ll walk you through the steps you need to be taking to turn your podcast from a time-vortex into a lead-generating machine.
Tune in to the next episode to find out how podcasting-as-a-business types can monetize their podcast.067 This is the Bare Minimum You Need to Reach in Podcasting 075 Why You Need To Know Your Podcaster Type