What is Podcast?
A podcast is a form of audio broadcasting on the web. It can be listened to on the go, while commuting to office or even while working. It’s a content medium that doesn’t require all of your target audience’s attention like a video or a blog post.
How to Make Money as a Podcast?
In the beginning, you may not be rolling in the dough from your podcast (and that’s ok). But that doesn’t mean that you can’t start building your community and monetizing your content right now. There has never been a better time, seriously!
There are many ways to make money with a podcast. There are some methods you can leverage successfully without a large following, while others require demand and viewership in order to work. Regardless of which avenues you choose, it’s important to have more than one stream of revenue as a podcaster. Having only one source of income will put you at greater financial risk.
1) Sponsors & Advertising:
Advertising and sponsorships are probably the first things you think of when looking for ways to make money from podcasting.
There are several different podcast ad networks that can connect you with advertisers. They do all the work of finding advertisers, negotiating rates, getting the script, and more. You usually need a larger audience of at least 5K or 10K listeners per month to work with them.
2) Affiliate marketing:
Affiliate marketing is a performance-based form of marketing where a business offers rewards to affiliates who are able to successfully bring customers to them. Affiliate marketing is a great way for any creator to monetize their content. Affiliate marketing works best when you promote products or services that you use or are familiar with, so you can authentically promote them.
Using a plugin like Lasso is highly recommended. This allows you to create short links that redirect to your special tracking link (among a bunch of other useful features). This makes it easy to say a short, memorable URL on your podcast.
3) Sell a Service:
Selling a service through freelancing is another great way to monetize your podcast. This is even better than selling physical products as you don’t have to worry about fulfilment or packaging. In fact, you can complete most of the freelancing gigs like content writing or graphic designing by working from your home itself.
4) Find Your Niche:
Even the best podcasts in the world aren’t going to be catered towards everybody.
Instead of trying to go broad, perhaps start by finding your niche.
Think about who your core audience are going to be, and work on attracting those listeners first.
After you’ve built a following you can start thinking about moving to attract a broader bank of listeners.
5) Building Relationship and Community:
Audiences are galvanized by interactions and conversations, not only with you as the podcast host, but with other listeners who share a passion for your topic. If you have no community and no interactions, then it isn’t a conversation, and you are just talking at your audience and not with them.
People want to feel involved, and if you give them that, they will trust you more, and they will strive to support you.
6) Promoting Your Service or Products:
You can drive more sales to any existing services or products by talking about them on your podcast. Hearing you explain what you offer and how it can benefit your audience is a fantastic way to educate listeners and push them closer to making a purchase.
7) Consulting or Coaching:
You already have a vast array of knowledge in your industry that you’re sharing with the world, but each person is different and therefore has personal questions about your industry based on their experiences. As a result, why not try out coaching. Once you start bringing in coaching clients, listen closely to them so you can find out what issues they all have in common and grow your coaching business with their needs in mind. Establishing closer relationships and helping the lives of others through coaching services will prompt your clients to share your podcast and content because they know and trust you on a deeper level.
8) Monetize Your Podcast:
Getting listeners is great, but if you want to keep running your podcast for the long-term, you’re going to need to monetize it.
The costs of podcasting equipment and hosting can really add up over time, plus you may want to pay for extras like transcription. And, of course, you’ll likely want to get a good return for the time you invest into your podcast.
9) Get book for speaking gigs
This is another benefit of establishing yourself as an expert in your field and can be a great way to generate revenue because speaking gigs usually pay really well.
The benefit of getting in front of a room full of people who might be interested in your product or services can be invaluable. And if you’re starting out, you usually need a few speaking gigs under your belt before you can start asking people to pay you.
10) Physical Products:
Physical products are things like t-shirts, mugs, and other swag.
The Generation Why Podcast offers a ton of different products, plus premium content, and a very active Patron page.
You can use a site like Tee spring to make sure you get enough sales before they get printed – that way you don’t get stuck with a bunch of products.
How Much Does It Cost to Start a Podcast?
It costs as much as you want it to. If you’ve got a big budget and want to invest in a professional-grade setup, your bill will rack up. On the other hand, if you simply want to try your hand at podcasting, you can start with next to nothing.
How Much Will You Earn?
If you have a strong network and you have been providing good content that isn’t available elsewhere then. Your listeners would definitely be willing to spend some money to be a part of your premium community. This could prove a good source of money because even if you charge $50 per month and have 1000 subscribers. You could earn $5000 per month.
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