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11 Ways to Make Money Podcasting
Let’s say you have mastered the art of podcasting.
You have invested in the right set of instruments for the podcast, narrowed down on your content appropriately and have also managed to garner a set of die-hard followers who are hooked to your podcasts now and look forward to it.
As an able podcaster, your next question is undoubtedly what now?
How can you make money via podcasting?
11 Ways to Make Money Podcasting
Well, here is a quick lowdown on making money with podcasts.
They will help you to understand how to make money podcasting and also how you can use them as an effective medium to promote your business:
- Garnering Sponsorship
- Undertaking Virtual Summits
- Affiliate Marketing
- The Magic of Networking
- Ways to Push Your Product
- Create Audio Books
- Drum Up Crowdfunding
- Don’t Be Shy to Ask for Donation
- Creating Novel Apps\
The revenue dynamics of podcasting is pretty similar to that of any other audio-visual medium.
Just like you need a loyal set of readers for your blogs, the podcasts also need a set number of followers.
Once you get the popularity quotient right, most popular podcasts can help you make large sums of money every day.
Given the growing popularity of the podcasting trends, you now have a relatively large bevy of brands who are ready to sponsor.
The podcasts which are popular and have a reasonable following can make rather significant gains through these sponsorships.
In fact, we are talking of sponsorships close to Super Bowl ads.
With 21% of Americans above the age of 12 hooked to podcasting, it is now fast becoming a depending model to make money.
The numbers do not just indicate the rising popularity of podcasts but also the heightened buying power of these listeners.
- The household income of nearly 22% podcast listeners is above $100,000.
- At least 60% of those listening to podcasting have either promoted a show or bought something that was promoted during the podcast.
Though sponsoring podcasts is fast emerging as a highly lucrative proposition, you need to be careful about certain pre-conditions to garner maximum value.
They don’t just help you negotiate better rates but also enhances your reputation as a podcaster.
- You must make sure that all that you podcast is extremely engaging and people enjoy listening to it.
This is important not just for getting sponsors but also creating a loyal base of listeners who would keep looking for more podcasts from you.
- You must pay careful attention to the overall content and the production quality of the podcasts that you upload.
- Moreover, poor audio quality can severely impact the branding potential of any specific content that you might be trying to garner sponsors for.
- Sponsoring for not just podcasting but for any type of audio visual products needs a close reference to actual numbers.
In many ways, these numbers are the real indicators of actual demand and the kind of viewership they command.
This is crucial data that determines the actual sponsorship that you can hope to earn.
- Also, as an efficient and experienced podcaster, it is very important to know your audience well and make sure that you are able to dish out products that appeal to the listeners and help you make money simultaneously.
2.Undertaking Virtual Summits
Your queries about how to make money with podcasts has an easy answer.
You can liken it to any other audio visual initiative that you can think of and then use the same principles for podcasting.
This is exactly how hosting virtual summits can be such an interesting option to explore.
So what exactly is meant by virtual summits and how can you make money podcasting through this?
Well in the simplest of terms, virtual summit refers to any interview that involves a lot of experts, even 20+ industry veterans at certain times.
The concept that it works upon is viewers drop in at the point of time during the course of this discussion.
The content of this kind of podcasting is generally free for at least the first 24-48 hours.
But if the viewers have missed this window, they would have to buy the content or rather an all-access card that allows them to catch up on all the episodes that they might have missed.
You have to be careful about the choice of the subject and the quality of experts that you rope in for this podcasting.
Remember that mere 20 people talking with viewers chipping in between won’t get you the desired number of eyeballs that you would be targeting.
The choice of subject and the people speaking often set the tone for the podcast and thereby, help you get the right kind of followers and revenue along with it.
If you can host a sufficient number of these podcasts successfully, you can then make this a successful revenue model.
Apart from the real time list of people who would be buying these podcasts, you can also rustle up a list of email subscribers who are ready to buy these podcasts.
That aside, the brand that you create through this exercise also helps you make money.
The secret of how to make money with podcasts is not very different from other audiovisual media.
Therefore, it is but obvious that affiliate marketing also figures in the list of things that you can do to make money from podcasting.
Basically, affiliate marketing programs help you make money by promoting their products and services through your podcasts.
In case you are wondering how you can sell products to your listeners, the company normally provides you with specific links or codes that aid selling of the products.
For every product that gets sold through these links or codes, you earn a commission.
The exact rate and range of commission will undoubtedly depend on the affiliate marketing company and the number of their products that you are able to retail in all.
The choice of company for the affiliate marketing program becomes a key game-changer in terms of how much money you can make.
For example, if you decide to go ahead with Amazon, you have the potential to earn commission anywhere between 4-15%.
Of course, this depends on the total products that are actually shipped in a month.
This is exactly why it becomes very important to choose the right set of products.
There are two ways of identifying the right set of products.
You can choose options that match with the theme of your podcasting, or you can decide on the kind of products that your followers or listeners would like or have an interest in.
Also when you are promoting products through the podcasting, it is very important to maintain complete transparency and not take your listeners for a ride.
That is exactly why you also need to promote only those types of products that you believe in. It is unfair to mislead your listeners who are attaching great value to every syllable that you utter.
Wrong selection of products from the affiliate marketing initiatives does not just hinder the ways to make money; it also impacts your reputation.
After a bad experience with the product, your listeners could also raise a question mark about the overall quality and content of your podcasts.
That would surely impact the overall monetization plan.
4.The Magic of Networking
Have you noticed that some podcasts are invariably always better that what the peers bring forth?
They would have great quality, superior selection of guests and an engaging debate almost every time.
While superior knowledge is one aspect of the whole thing, there are many different elements associated as well.
One of the primary catalysts of how to make money podcasting would be to further your networking initiatives.
Don’t be shy to tap the possibilities offered by every single member of your network.
The more you keep probing, the better are the chances of getting some real good voices and meaty content enhancing the quality of your podcast.
The kind of content that you put forth has very little relevance in terms of nurturing a strong network.
Don’t think that if you do not put interview based content, you don’t need to pursue networking actively.
In fact, networking can be real handy in terms of helping you to market your product, take your podcast to a relatively larger number of audience base and provide a lot more followers.
The strategy for networking also needs to be carefully chalked out.
Your guest list should not just have A-listers.
While there is nothing wrong with concentrating more on A-listers, it might not be strategic all the time.
That is exactly the key to helping you make money podcasting.
Strategy is one of the primary prerogatives that you must concentrate on.
You have to curate a guest list in a way that attracts the maximum number of listeners, and that is when you gain from the podcast.
Additionally, you should not just focus on creating an influential guest list.
It is very important that the person you liaison with also brings forth some basic business opportunity for you.
For example, if you are networking with a group of enthusiasts who are passionate about the topic that your podcast is about, they can often help you gain a lot more publicity than many big names in the industry.
They will listen to your podcast; talk to ten other people and who knows what business opportunity can suddenly click from these initiatives.
5.Ways to Push Your Products
While affiliate marketing is one way to make money via podcasting, there is another way to monetize your podcasts.
So before you run around looking for the right options to take forth your affiliate marketing dreams, another simple option would be to promote products that you easily have access to and won’t cost much either.
For example, your sister sells decoupage items and spends a fortune promoting them.
Why don’t you strike a deal at mutually convenient terms and start promoting her products through your podcast?
There can be a cross promotion as well, where your sister includes links to your podcast and you promote hers.
As a podcaster, it is extremely important to understand the kind of listeners that you have and the product profile that would get you the moolah.
For example, you might be podcasting on gaming.
So it is needless to mention that you would have a significant number of listeners who are youngsters and belong to the trendy-funky Gen Y.
Therefore though you are not a fashion specialist or talk about fashion, you can promote trendy apparels through affiliate marketing tie-up.
While you might not be a fashionista, you have identified just the right pulse of the majority of listeners.
As a result, they would then relate a lot better to the type of products that suit their likings.
So, on the same lines, if you promote a great new bakery or stuff for newborns through your podcasts about fashion, it will be able to target the right type of listeners and help you make significant money.
The logic is fashion is invariably followed by women at large and at least 50% of these women would be new mothers or know people who are new mothers.
As a result, they have genuine requirement of these products.
Therefore they are more likely to buy these products and help you make money podcasting.
In short, you have to understand how to convert our podcast into an effective marketing tool and go all out to try and make the desired difference.
In this context, do not be stuck with names and brands.
Depending on the demand, kind of alternatives available, it does not harm to liaison with your neighbor and not a hot shot brand that wasn’t, if the prospect to make money look relatively strong.
The core idea should be maximum publicity for your podcast and strong response to the brands that you are promoting.
Remember the whole theme of your marketing initiative is how to make money podcasting.
Whatever revenue model that we explored thus far for monetizing your podcasting, is all extremely unstructured.
There is no regular stream of income flow.
There would be times when you get a lot of money flow and then complete dry spells.
So then the question that comes is how to make money with podcasts on a sustainable basis.
This is important because the only way a podcast would be sustainable over the longer-term is via monetizing its content in a systematic manner.
Perhaps one of the easiest options to maintain a regular flow of income via podcasting would be to decide to podcast on Patreon.
This a profitable proposition because Patreon allows its podcasters to receive income on a regular basis.
You can choose a payment scheme that suits you best.
It can be either on a per month basis or on every podcast that you put out on air.
This works equally well for beginners and veterans in the podcasting world.
So it is no more stress about how much revenue you can collect from sponsorships or ads or sales.
By their nature, they can fluctuate anytime but Patreon helps you make money without too much of a problem, and you can focus a lot more on enhancing the quality of products that you are podcasting.
Another big advantage of going the Patreon way is that it enables every podcaster an opportunity to connect with their devoted listeners on a one on one basis.
In the journey towards identifying how to make money podcasting, these interactions can prove to be major game changes with the potential to convert occasional listeners to hardcore followers.
So without any additional work, you are able to regularly interact with the listeners, understand their preferences and even tweak the content of your podcast accordingly to accommodate these additions.
This Patreon platform has, of course, many similarities with that of the YouTube model.
However, given the fact that podcasting is a continuous affair, the one-time funding alternative does not work very effectively.
In comparison, the Patreon model provides a steady source of regular income.
Given the relative wide range of listeners that Patreon commands, even a few bucks for each podcast a month can aggregate to a rather large sum on an annualized basis.
Reports indicate that there are some podcasts that have garnered close to $5000-7000 a month on Patreon even on the basis of few bucks that every listener chips in.
One of the fundamental lessons in how to make money podcasting is that you need a steady flow of listeners who can be turned into subscribers essentially.
This is particularly useful when you are in the coaching business and want to market your offerings through coaching.
It will be useful for the listeners as they can save considerable time coming and going to your coaching center.
Moreover, podcasting is one unique product that you can hear while on the go and can gain significantly.
Moreover, this enables all those people who stay far away to also take advantage of your coaching.
However, one important aspect of this entire game plan is that the way you promote your coaching endeavors through podcasting often holds the key to most sustainable promotional exercises.
Well in this context, I feel you must adopt the movies’ structure.
Think about how movies make money through their publicity campaigns.
You can pretty much use the same concept with your podcasting too.
Just like a movie trailer, create a short gripping podcast trailer and also promise a free 30-minute session.
You can use this kind of promotion to get your listeners hooked and then turn into subscribers eventually.
The higher the number of subscribers, you can make money faster via podcasting.
You can also throw in a free consultation session for all those who turn subscribers listening to your podcasting.
This will no doubt add another layer of credibility and goodwill and help listeners add to your revenue model.
8.Create Audio Books
The general progression from coaching is to books using podcasting.
You are spending a lot of time and energy into creating quality content for your podcasts whether it is about business, commerce, mathematics, IT or even general advice about life and wellness.
This is your opportunity to turn this precious content into a saleable format and make money through it.
You already have understood the quality of content is appreciated, and there is a sufficient number of willing listeners who subscribe to it, all you need to do now is take it to the next level.
Take in all your creative instincts and put them to use creating audio books.
In effect, you are not doing anything extra.
You simply need to collate all the available podcasts done thus far, and then you relocate them into an audio book format.
You can then sell them as a single unit or even look to sell it on a part by part basis.
This will entirely depend on the demand cycle and the model that yields maximum gains for you.
For those who are little more resourceful like Jon Nastor, you can also convert this into a printed book format either.
You can then promote the book using the same podcasts as well.
In this way, you can create a self-sufficient module of both creating content and then monetizing and promoting it.
Surprisingly, all of it is being done using the same set of podcasting that you created initially.
9.Drum up Crowdfunding Through Podcasting
Sourcing funds through podcasting is one of the biggest ways to make money.
But the biggest problem in this context is the approach for drumming up the funds.
Take a look at how the subscription model works on a platform like Patreon, a few bucks every month hurts nobody but what it helps you achieve is a sustainable channel for continuous revenue flow.
Well, this is what can lead to crowdfunding, as a means to make money via podcasting.
Just like you saw in the case of Patreon, the community of listeners chips in with small amounts and pledges.
When aggregated, this eventually allows you to create a pretty dependable kitty that allows you to take forwards these podcasts further.
Successful crowdfunding is all about creating consciousness amongst the listener community and then making them party to the entire cause.
In this way, you turn your podcasts as a common platform or level playing field.
It brings together people with similar beliefs across the world in a sustained manner and helps you to understand how to make money with podcasts.
In case you are planning to create audio books or full-fledged publication, these crowdfunding initiatives can be rather handy and help you provide the much-required resource to help you move forward.
10.Don’t Be Shy to Ask for Donation
Creating a podcast is a rather expensive affair.
You have to organize the fund to hire a studio, instruments for recording, spend time researching and creating an appropriate content.
Plus the idea is to eventually turn it into a source of income and make money in the process.
In this context, you can easily ask for a donation pledge from your regular listeners.
There is no reason you need to be shy about it.
If your content is impressive and there is still time for the number of subscribers to reach satisfying levels, you can still go ahead and raise funds through donation.
Of course, you must remember this kind of method cannot be a permanent way to make money.
This is only a stop-gap measure to tide past a tough phase in your podcasting journey.
After all, it is almost like begging, and you won’t be too happy asking for donations all the time.
Also, this can impact the number of listeners that you might have for your podcasting episodes.
After all, people might easily get irritated by a constant plea for donations.
11.Creating Novel Apps
In the journey towards how to make money podcasting, there is never any dearth of opportunities to capitalize on.
So if you have quality podcast content and a reasonable subscriber base to bank upon, you can also look at devising unique models to make money.
It could be anything from making it an app for android or iOS devices to something that is offered as a free offering along with other products as well.
The idea is to get the maximum number of people willing to pay the price for the product that you have on offer.
So, Podcasting Makes Money
When you are looking at ways to make money using podcasting, there are many alternatives that you could explore.
The overall idea is to generate funds capitalizing on the willing listeners to your podcast.
However, the secret of how to make money podcasting is closely linked to the choice of topic that you might have in mind.
If you want to make money as a podcaster, you have to look at identifying the most gripping topics that can generate the largest number of subscribers.
It should also have the potential to start a debate and involve the listener community into the whole discussion module.
Effective networking is another important tool for generating funds through podcasting.
From creating an A-list of guest speakers to being able to spread the word about your podcasts, your connections can go a long way in helping you create a sustainable revenue model.
Moreover, you must maintain continuous connect with your listeners.
As a seasoned podcaster, this often creates the most reliable tool to improve the quality of your content going forward.