Podcasting is growing in popularity. Many people listen as they commute or while they are at home, and they become loyal followers to podcasters who they enjoy listening to.
When you create great content and interview interesting and unique guests, you can build a following for your podcast. Once you do, you can monetize it and start making money.
There are a number of different ways to make money podcasting, from sponsors to donations and affiliate links. You need to build credibility by growing your audience, and then you can use any of these methods as your podcast monetization strategy.
Take a look at some of the proven ways to make money podcasting in 2022.
1. Podcast Sponsorships and Podcast Advertising
When you find a sponsor, they will pay you to promote their products and services. There are a few different ways to earn ad revenue, so you can decide which is best for your podcast. You can take an ad that was created by a marketing company and place it in your episode.
You can find podcast sponsors through podcast advertising networks.
This is effective, and in fact, research shows that 70% of podcast listeners consider purchasing a product or service after they learn about it from a podcast they follow.
You can also talk about the products and services and why you support the company. It has to sound natural and flow, and this is the more popular form of podcast advertising for sponsors. 63% of all of the ads are this type.
You need to consider where you will run the ads. Pre-roll is in the beginning before your podcast begins. Mid-roll is during the podcast, and post-roll is after the podcast.
Many podcasters are paid using cost per mille, or CPM. They get paid per every 1000 downloads. They charge between $10 and $50 for each 1000 downloads, so if they have 100,000 downloads at $20, they earn $2000 in ad revenue.
This model works well for big shows with a large following, but it isn’t as great for smaller podcasts.
Another model is value-based sponsorship, where podcasters negotiate a rate with a sponsor. They might get paid $50 per podcast episode no matter how many downloads they have. This is a good option for smaller podcasts that cover niche topics.
With sponsorship, you can monetize your podcast, but you can also develop your brand and provide useful recommendations to your followers. Podcast advertising helps you grow your following and draw traffic to your podcast.
You can find sponsors by reaching out to companies directly, partnering with a podcast hosting service using a directory, or joining a podcast network. The most important thing is that you understand your topics and you are growing your audience.
2. Donations and Crowdfunding from Podcast Listeners
Another way to make money podcasting is by asking for donations or crowdfunding. You can use a platform such as Patreon, which makes it easy for you to offer bonus content or more for people who send you donations. They allow you to create a paid-only RSS feed.
You can ask for donations during your show and put a link up for people to donate. You can also join a crowdfunding platform to raise donations for your show.
3. Offer Premium Podcast Content
It is always good to offer content free of charge as you are building your audience. Once you start developing a following, you can start offering premium content to your podcast listeners for a fee. You can create premium content with additional interviews or offer early access to people who pay.
Some podcasters have a Q&A with the hosts, and others offer premium content from behind the scenes.
The key is to come up with ways to offer exclusive content that has value for your listeners so that they will want to pay for premium content.
4. Podcast Subscriptions
You can also offer subscriptions to your regular followers. People who subscribe might access premium content and more. Many podcasters charge anywhere from $3 to $15 per month, depending on what kind of bonus content they are offering.
Once you set your subscription fees, you can use holidays and other occasions as a way to offer special pricing. This helps to get more subscribers. It is important to create excellent content that is interesting and unique, and you will want to create premium content for subscribers weekly.
When you are setting up the structure for your subscriptions, there are several different options. You might even consider. You can offer a monthly plan, an annual subscription plan, or a one-time subscription fee.
Some people offer lifetime subscriptions for more money as long as they have an established fan base.
5. Affiliate Marketing
When you do affiliate marketing, you get commissions when people buy products and services that you recommend. You should choose products that are relevant to your expertise so that you can promote them authentically.
If you are going to include an affiliate link, you can find a spot in your show where you mention the product and put up a link. People who download your podcast will also be able to see it so that they can buy products that you recommend.
The most popular affiliate program is Amazon because it is relatively easy to get started. There are others, such as ShareASale, and they let you choose specific programs to join. Select an affiliate program and join it.
The best way to do this is to have a WordPress blog to accompany your podcasts. This way, people can learn more about the companies you are promoting.
6. Create Online Courses
You can also create online courses to teach people what you talk about in your podcast. If you are talking about sales, your online course can teach people how to get started or how to improve their businesses.
You need to collect emails from your listeners so that you can build an email list. Then you can let listeners know about upcoming courses that you offer.
You can also create a webinar to promote your courses. In your webinar, you will show your listeners what you are offering, but save the valuable content for the paid course. People will be engaged and interact with you during the webinar, which makes them excited about the course.
No matter what your specialty is, there is value in your experience. People will pay to learn how to do what you do, especially if you have credibility and a strong following.
7. Offer Services
If you are an expert in your field, you can talk about what you do during your podcast. For example, you might talk about how to make compelling ads on Facebook, and the service you offer is managing the ads for other companies.
The podcast shows people that you are an expert, and if they like what they hear and it sounds compelling, they may sign up with you. You can find new clients through your podcast.
This is a great option for most fields. No matter what you do, you can inform your listeners and let them know that you are available.
8. Offer Coaching or Consulting Services
In addition to offering your services in your field, you can offer coaching and consulting to people who want to learn how to do what you do themselves. For example, instead of managing their Facebook ads for them, you will teach them the most effective ways to do it.
You can offer trainings to teams so that they can learn how to do it. Businesses hire consultants when they want to learn or teach teams within their organization, and your podcast is the opportunity to show them that you can be an asset to their companies.
In addition to talking about your field of expertise, you can have interview style podcasts where you interview other people to discuss the benefit of hiring a consultant to boost their businesses and teach their teams. This helps people understand the value of hiring you.
9. Host Events
You can generate enthusiasm for your podcast and make some money if you host events. A podcast meetup is one kind of event, where your audience as well as your customers and potential clients can come together.
You have the opportunity to make a connection with many people, and you can show them that you are an actual human being rather than a voice they listen to.
Some podcasters host a coffee hour or a happy hour, and everyone can meet and talk about their favorite podcast episodes.
You can let them know what you have planned in the coming months, which will get them excited for your show. You will also get a better idea of how your audience reacts to you and your content.
You can ask for feedback and find out if there is anything your listeners would like to hear. This will help you come up with topics for future shows. It is also a great opportunity for you and your listeners to network.
It is easy to set up an event. Whether you are staying in your hometown or traveling, you can let your listeners know that you will be at a particular coffee shop or pub and invite anyone who wishes to join you.
If you expect a large crowd, you might want to make sure you have room for everyone by calling the venue.
Once you decide on a venue, you can use Facebook to create an event, or you can do it on LinkedIn or EventBrite. Share the event if you want to draw a large crowd. You can also meet at a park or library in town.
Another option is to get together with another podcaster and cohost an event. This gives them an opportunity to meet your audience while you meet theirs. It will draw more people, and you are likely to pick up extra listeners.
10. Sell eBooks
Another way to make money from your podcasts is by creating and selling eBooks. You can give your book away to some of your listeners in exchange for a review. This helps to make your book rank better, and you can make more sales. You can also be a guest on another podcast to promote your book.
11. Sell Products
Once you develop a loyal following, you can sell products to your listeners. Podcasters often make shirts, mugs, keychains, and more for their listeners. You can choose different products and sell them during your podcast.
You can partner with a company that offers demand product printing so that you don’t have to create a lot of products ahead of time. You aren’t limited to t-shirts, as there are a number of products that people will buy.
Some popular items are stickers, hats, and mugs. They will help you build brand recognition, so make sure that you decide on the lettering style, colors, and logo before you print them up. You want to be consistent so that people start to recognize your brand.
Keep in mind that the best selling merch across the board is a basic t-shirt. Other popular items include coffee mugs and stickers. Make sure that you use your products and video your podcasts so that people can see them when they download them.
12. Public Speaking Engagements (Bonus)
Finally, you can make money through public speaking engagements, or live events. If you develop a following and people like what you have to offer, you may be asked to speak at a conference or a live event.
You will get paid to be at live events, and the fees range from a few hundred dollars to six figures for highly desirable experts. You will also increase your credibility and authority and find new listeners through these live events.
There are a lot of different ways to make money through podcasting. The best way to monetize your podcast is by combining the different methods listed above.
It becomes easier to make more money when you draw more regular listeners because advertisers want to get their products in front of large audiences. Make sure that you build your podcast listener base and show everyone that you are an authority and an expert in your field.
Some of the more entertainment-focused podcasts can be quite profitable if you draw a following.
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