Turning your podcast into a business is all about finding new ways to monetize your podcast. Here are my 4 favorite strategies to help you get the absolute MOST out of your podcast.
#1 Sponsorship & Advertising Revenues
This is usually what people think of first when it comes to monetizing podcasts. That stems from the fact that people see podcasts as newer versions of radio and TV, and advertisements are a staple of these mediums. And because TV and Radio ad spends and sponsorship are generally all about reach, this means advertisers and sponsors will usually be focused on your audience size and demographics.
If you have a large and compelling audience then advertising and sponsorship revenues will be easier to generate. If your audience is small, it's probably going to be more difficult.
If you have a small podcast and it's very targeted, especially if you have a very loyal and engaged audience, you can advertise higher price point products because the advertiser might only need to sell 1 or 2 of these products or services in order to justify their advertising investment.
One warning about this particular model: if you are going to take advertising or sponsorship revenues, then be sure to choose products that align with your values. Remember: you're developing a relationship with your listeners; if you endorse a product that disappoints them, they may associate you with that breach of trust, which could hurt your listenership in the long haul.
#2 Charging For Episodes
If you have a podcast that you make available to everybody, which I highly recommend, you can also introduce special episodes with certain masters or certain elite guests that you charge for.
For example, you can have a “regular” episode every week and then once a month or so, you can release a special episode just for people who buy it or for members who subscribe to your VIP podcast.
#3 Directly Selling Products & Services
Another great strategy to make money on your podcast is to sell your own products or services directly.
One great example of this is JP Sears who has the “Awaken With JP” podcast, and who promotes his funny, tongue-in-cheek t-shirts on the podcast. Taking that same idea, you could potentially sell books or programs or mugs or any number of products that align with your podcast directly from your videos.
#4 Driving Leads into other products and services that are indirectly related to the podcast.
This last strategy is my favorite. Using your podcast to drive leads to other programs and services is by far one of the best strategies, in my experience, to monetize your podcasts
So, rather than in the last example where we would directly market or sell certain products or services, in this case, you can use your podcast to drive opportunities.
Think of it this way – instead of directly having a call to action to buy something, the call to action would be to connect. To have a meaningful conversation and connect with you to discuss opportunities for ways that you can help these people.
One particular strategy I learned from my friend and colleague, Doug Sandler, of the “Nice Guys On Business” podcast, is worth mentioning here. Quick story: I was doing my podcast for months and was getting tired of it. We were trying to make business by turning listeners into clients. Doug listened to me complain and said: “Michelle, you're doing it the hard way. The best way to drive leads is to turn your guests into clients.”
To learn about his strategy you can go to turnkeypodcast.com/superstar, which will take you to a program that'll teach you how to launch or relaunch a podcast that actually drives leads and turns guests into clients.
If you want to go deeper and maybe even explore if and how I might be able to personally help you build and grow your expert business, let's connect. You can find me at superstaractivator.com/go and set up a discovery call with me for free.
Ciao for now!