Starting a podcast might sound like a waste of time from the outside for those that don’t know that podcasts can actually be profitable. Although becoming a professional podcaster might seem far away, being prepared and equipping yourself with the knowledge on how to make money podcasting will save you a lot of trouble later on.
Learn the basics of monetizing your podcasts to help you make a solid podcasting career. It is important to have a goal with your podcast despite only starting. Make a goal and work towards that goal.
How to monetize your podcast
Affiliate marketing works by referring people to a specific product or company and every time that product is sold or the company makes a sale, the podcaster gets a certain cut of the profits.
This is a great way to make money, especially for consistent podcasters. It is important to make the ad creative and something that would make the listeners want to buy the product or avail of the service. Don’t be too “market-y” though.
Advertisers and sponsors
Both advertising and sponsorship are very important and should probably be the first things to look for as a podcaster. Once you have enough viewership, approaching companies about possible advertising and sponsorship is a good way to earn money.
It is important to be strategic with this though since making wrong agreements could come back to bite later on. There are already a few podcast ad networks that could help get you in contact with advertisers.
Transforming your podcast into a webinar type of podcast is a good way to earn from podcasting. There are a lot of podcasters that actually make their own online courses that also teach podcasting that could be profitable.
It’s important to have the right market before doing this and it is also important to have a solid presence as a podcaster or whatever you are podcasting about. Online courses are rising in popularity and it could be a good idea to make use of their popularity.
Depending on what you are podcasting about, you can also offer services that are in line with what you specialize in. Some podcasters even use their podcast as a way to build credibility for their services.
Services can range from how to grow a brand, GoogleAdWords, Facebook Ads, and other Ads management. The good thing about having a podcast is that it would automatically promote your service as well.
For those that have podcasts that focus on niche markets where the viewers are willing to pay, starting crowdfunding is a great way for the podcast to continue. One good way to get a consistent string of income is through Patreon since the podcaster will be able to get a continuous source of income.
Podcasters that usually go for crowdfunding are those that do not like ads themselves. Sometimes when the topic or theme of the podcast is serious and important, the podcaster would rather go for crowdfunding instead of going for advertisements.
Premium content is actually golden especially if you have access to certain information that others might want. You may personally know a celebrity or you might be close with a specific important person or important people. Premium content is content that viewers won’t be able to get anywhere and in order to give such, the content has to be something people can’t easily get from others.
Of course, it is important to make sure that the podcast is rich enough in information to be premium. If the podcast isn’t that substantial, the podcaster could lose their audience due to their move to offer premium content.
Aside from making money, hosting events is also a great way to strengthen the viewership community and fans. If your podcast is focused on something like a specific TV show, you can provide early access events to Patreon sponsors in order to monetize the podcast.
This is quite like premium content and making up an event might seem more attractive to a certain type of audience. Some people prefer to hear “premium content” while others might prefer “early access events.”
The podcaster can have products of their own. Why not? For podcasters with a good deal of strong followers, selling physical products is another good way to monetize the podcast. It is important, however, to make sure that the podcast is ripe for product selling.
Some podcasters really communicate with their audience and ask for support for their podcast by selling them products. These could range from T-shirts to other more useful items or other products that the audience would most likely buy.
Depending on how much free time the podcaster has, the podcast can be monetized by mixed techniques. Monetizing the podcast can take quite a chunk of the podcaster’s time which is why it is important to only do what you can with the available time you have.
It is important that when monetizing, sufficient effort is given so that the result does not look half-baked and comes out in good quality. The thing about podcasting is that it is not advisable for the podcaster to put out content just because. Every piece of content that is put out should be done to a certain standard. The same is true with monetization.
It is also important not to over monetize. Nobody likes a podcast that only focuses on money. Make sure to pick the monetization that works and stick to it. Try not to do everything since it might leave a negative impact on viewers.
Monetization is okay except when the viewers find it to be the main focus of the podcast. The podcaster should know how to introduce monetization in a way that the audience and viewership understand and is willing to support the podcaster. Everyone needs to earn and this is something that the audience can totally understand. What the audience doesn’t like is if the podcaster is milking them.