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Many of those who wish to start a podcast, share a primary objective to make money through it. Whether their podcast is on self-help, business, real estate or fitness, the common ideal goal is to gain enough listeners to eventually monetise the podcast.
While comedy and TV-show based podcasts are the most likely to make money, many stumble into it after suddenly gaining a mass of listeners, giving them a platform to sell advertising space and gain sponsors. Despite this, it is not always down to sheer luck. For those podcasters starting out with a goal to make money, these tips will help you know where to start.
Sponsorships are one of the simplest ways to earn money from your podcasts. Similarly to sports franchises, once you have found a business willing to sponsor you, you can request a certain amount of money in exchange for the promotion of their brand.
When it comes to finding a business to work with, many start-out podcasters will ask local businesses or small independent companies for a sponsorship. As your podcast grows, so will your leverage with larger brands and companies, and your ability to perpetuate a larger sponsorship.
While it may be tempting to gain as many sponsors as possible, it is important to check first if their brand is relevant to your content. A major rule is to never sacrifice the quality of your podcasts for financial gain. Your listeners are not only extremely important to your success, they are also potential customers; if you fill half of your audio time with sponsor name-drops, you run the risk of losing listeners.
Another way of monetising a podcast is by building relationships with brands or firms that can become valuable partners. If an associate company has no affiliate program, but is selling products or services, you can negotiate a coupon system with them which can then act as a great incentive for your listeners. The company can give you a promotional code which you can give to your listeners, allowing them to have a discounted purchase from your partner company. This will allow you to get commissions from completed orders by those using that code.
Many successful podcasters use their platform to advertise their own products and services in order to gain income.
In order to do this, you firstly and most importantly need to learn subtle techniques to talk about your products in an engaging and effective manner, so that the listener does not get perturbed by incessant advertising.
For example, if you are a personal trainer, and your podcast is on fitness, you could gently promote your gym/services/book/social media account, without being overbearing. It is important to remember that the listeners are there because they wish to take something from the podcast. They want to learn and be entertained. Therefore the art of subtlety is crucial.
SELL PREMIUM CONTENT
At the very beginnings of podcast creation, a popular way of making money was through “Premium Selling”.
Premium selling works by offering a subscription fee to listeners who wish to hear exclusive content, such as special episodes and access to a library of materials.
If you choose to offer a subscription service for your podcast, it needs to be worthwhile for the listeners, so they feel they are purchasing something worth paying for.
The simplest way of all is of course to ask your listeners to donate! Once you have managed to gain a loyal and enthusiastic following, you can casually mention to listeners that donations are welcome, and provide them with a way of doing so. The best way is to use funding platforms such as Kickstarter and Crowdfunder. In return, you could offer them merchandise or simply express your appreciation to them over the podcast.
As aforementioned, your podcast listeners are also potential customers. Unlike other mediums, podcasting is a great way of bonding with these customers, communicating experiences and asking for suggestions. It’s a way of giving a voice to your business or brand, and making it personal. Essentially, this means that listeners are more likely to invest their time and money in your brand over another, and even suggest your services to friends and family.
Creating show notes for your podcast as well as frequently updating social media channels with links to your website will allow your customers to explore your brand freely, therefore generating leads to your business.
There are many different ways to get your podcast monetised, it is a great idea to weigh up each option and pick whatever is right for your voice and your brand.
Head of Digital Marketing
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