Recently, the demand for audio content is highly increasing especially in a post-COVID-19 world. Podcasts are a way you can share relevant information and express your opinion on topics of your expertise or interest. There are also opportunities to make substantial money podcasting. If you are interested in starting a podcast, here are some options you may consider to monetize. If after reading the below you decide podcasting is not for you, fortunately there are many other options to make money online.
For instance, you can’t watch a video while working out, driving, or during outdoor activities, and this is the best time to get a fix of your favorite podcast. As the industry is continually booming, most people are shifting to podcasting to create exciting shows, build brands, connect with influencers, and boost exposure for their ventures.
If you enjoy teaching, this could be the right method for you. You can create online courses where give lessons in your field of expertise based on your own methodologies. The content should eb similar to that discussed during your podcast. Break down the information into more specific subjects where people can get particular results after completion. However, you need to keep your content relevant and timely. Tap into your listeners feedback and have them suggest topics that they want to learn more about.
Create information specific to your target audience. This will help you build greater loyalty among listeners if they feel their feedback is being heard. You can choose to educate your listeners on marketing, podcasting, entrepreneurship, finance, blogging, and making music among many.
Pro Tip: Try to start collecting listener emails as soon as possible during your podcasting career. This will reduce your reliance on social media or advertising to communicate with your followers. Email lists also enable you to better inform your audience of your next sessions and keep them engaged.
Provide one on one Coaching
Get on calls and speak to individuals to help or guide them on making personal improvements. You can provide coaching on topics such diet, fitness, business, teaching or many others. Use podcasts as an alternative marketing tool instead of online advertising or social media marketing. Think of various ways to convert your listeners into subscribers by leveraging your podcast to attract new sign-ups. You also can decide to offer discounted or free consultations to attract new clients. Most podcast fans are willing to pay for a more personal touch; therefore, you need to take advantage of this and upgrade to a paid subscription and get more people signed up. Set up different times in your calendar and tie them up with various appointments for easier management.
Contact Influencers for Joint Venture Partnerships
Relationships are essential elements in podcasting, just like in any other business. You can build mutually beneficial partnerships with influencers in your industry or area of expertise. All it takes it the initial reach out on Twitter or LinkedIn to make the professional connection. Once you have your partners, you can start to plan your type of partnership. For example, you can plan on co-hosting a podcast. Alternatively, you can co-host an online digital conference where experts discuss topics of interest for both your listener groups. Collaborating with other podcasters often yields positive results. You can tap into their network of listeners who can, in turn, be your subscribers to increase your audience. Continuous networking will help you meet new collaborators, potential sponsors, or unlock several other types of opportunities.
Have a strategic view when forming relationships and try to connect with people who you can do business with. This will help ensure that their content solves your listener’s problems or pain points. Maintain rewarding relationships after your sessions with the influencers to offer new exposures for your audience.
Create Premium Content
Sell your podcast content in an enticing way that convinces your clients to pay for it. You can choose to give the bulk information freely. However, loyal fans may be willing to pay a fee to access premium, exclusive, ad-free or extra content. Premium or exclusive content can be interviews, behind the scene content, Q&A sessions or early access to RSS feeds. These extras provide additional value to your listeners and justify a charge, usually in the form of a monthly subscription. Alternatively, you can charge access for older episodes. Determine what your audience will want to listen to and come up with exciting content worth their payment.
Try Affiliate Marketing
In affiliate marketing, you get a commission by referring clients to other companies. You then earn a percentage of the sales or a flat payout when the client makes a purchase. As a podcaster, you may frequently cover several products or services, and your listeners might get interested in buying them. You can approach the brand’s company and request an affiliate partnership to enjoy some affiliate income. The information you share remains relevant for a longer time, and as your show grows. You can potentially generate some passive income by continually promoting affiliates on older posts. You can naturally mention a product or service that you enjoy using or one that might interest your listeners. If you lack the perfect audience size for an affiliate offer promotion, you can create your advertisement spot. You will find several affiliate programs for popular products in Amazon, and ShareASale, among others.
Sell a Product or a Service
Consider the products or services you cover in your podcast. Determine whether they are relevant to the audience or their related interests. You can devise strategies that leverage your products to boost sales. You need to direct your podcast listeners to venture by using your show to increase your business returns. Set up a survey to determine your clients’ needs. With their feedback, you can create a product that will make their life easier. If you are involved in services similar to the topic of podcast you can promote it through your podcast. For instance, if you cover web developing or any other marketable skills relevant to your listeners.
You can promote your service through your podcast. Your audience is more likely to reach out to buy your products or hire your skills. Offer discounts to your available subscribers and streamline your order fulfilment. After generating a perfect following, you can create your merchandise relevant to your podcasts. Also, express your professional expertise on various topics related to your skills.
Time Saving Tip: Sites like anchor.fm and supercast.com offer platforms to help podcasters create, distribute, and monetize their content. The services provide tools you need to manage free and premium content, as well as handle payments. Providers such as anchor.fm are free to use. They help creators launch their podcast, with no limits on storage and no restrictive service agreements.
Hold Virtual Summits
You can turn podcasts and relationships into a business opportunity by holding virtual summits. Virtual summits can generate a considerable part of your income if you are able to reach large audiences. Take advantage of the connections you create via your podcast to make your name well known out there. Rely on the relationships you built via interviews on the podcast to enlarge your fan base. You can also organize events involving expert speakers with a big following to help increase your exposure. Take advantage of such an opportunity as the host to sell all-access passes to the event. It’s also your chance to grow email list subscribers and build authority. Ensure that anyone who gets on your email list has free access to view scheduled interviews.
Get paid via Donations or Crowdfunding
You can utilize a crowdfunding campaign to get support from listeners through pledges. With a loyal fan base, you can expect a level of support when you ask for monetary contributions. Listeners will see the initiative as a way to thank you for the value you avail. You may be surprised to see how much they are willing to pay for the content you put up daily. You can also decide to take donations before releasing a specified product to avoid any risks. Alternatively, you can accept donations through crowdfunding sites or a paypal.me page in a way that your fans will trust. Try to focus on entertaining podcasts and offer bonuses depending on the contributions to get as many people as possible.
Write an Ebook
If you are an author you can consider writing an EBook. You can pitch your EBook to your podcast listeners to sell your other, hopefully relevant, content. To boost your book sale, use your podcast loyal fan base to get positive reviews and make the initial sales. During the launch, you can also try to get on other podcasts to promote your book. This exposure will help you build trust among a new audience. Additionally, you can create an audiobook, using your existing audio content, which could generate more revenue. Use your podcasting storytelling and communication skills to increase your creative ouput and following.
Advertising and Sponsorships
You can choose to get sponsors for your show, who perfectly suit your topics and audience to bring about conversions. Get into a deal with those companies in line with your content to sponsor and monetize your podcast. Use various ad networks on the podcast to connect with advertisers and get the script and paying rates. Alternatively, contact multiple companies directly to get an advertising opportunity, especially if you have a higher niche audience. However, before you approach them, ensure that you have at least a minimum audience of about five thousand monthly listeners. Having a larger audience give you higher bargaining power. The more downloads you get per episode, the higher the likely payouts from sponsors or advertisers.
Starting off your podcast platform is a significant step to reach out to your clients, provide valuable information, and make some money. The above guideline outlines some money-making techniques; some work well for starters while others for more established accounts with a broader audience base; either way, you will find one that suits you.