Podcasting had significantly improved over the past few years and is paving its way to the Entertainment industry. It is a media platform that creative individuals use to exhibit their talents and earn money through active listeners. But, podcasting is not limited only to that, it can be monetized in a way to increase profitability. Get to know more ways on how you can gain profit while enjoying your craft.
Leveraging your craft to another business platform is a form of monetization. For example, Star Wars leveraged themselves through Disneyland. Disneyland made Star Wars attractions in their parks and Star Wars made a lot of profit from it as well. You can do this in Podcasts, too. Here are the six effective ways on how to monetize your podcasts:
It is important that you create an interesting and creative platform to get the attention you need in media. As soon as you drive more listeners, you start getting people who’d love to advertise through you -- that is what we call sponsorship.
Some might say that it’s the easiest way to monetize podcast but the truth is, it isn’t. To gain sponsors, you have to make your craft known. In this way, companies will agree to become your sponsor.
Whether it is a media, in-kind, or signature type or sponsorship, you need to always be creative. Think of different ways on how you can maximize your exposure. You need to decide which of these sponsorship will work best for you. Just remind yourself that you need to choose your business models carefully. This will help you create your platform, and provide you the essential material you need that would be relevant to your brand.
It's also important that you build a business partnership and relationship within your sponsors. Most of the Entrepreneurs are not yet familiar on how podcasting can help their business. You just need to be creative and provide the information they need to sign in.
Below is an example from Selected Shorts. Listen from 0:10-0:40 to have an idea how it works.
You can make use of every Digital items to earn extra bucks.It’s selling online programs, premiums, affiliates and entertainment stuff like pictures, modules, songs- anything that you can create through the World Wide Web using your creativity. It’s more on the exchange of products or profit rather than relationship building.
InvestorGrit with their subscription plan and online courses are perfect ways on how to use this.
Listen to the last few seconds of the podcast (around 22:27) as an example.
Lucky podcasters enjoy getting much media attention and earn from it like in live events such as conferences and specialty events. Podcasters are gaining money having tours and going to events recording live on their podcast channels. Some do meetups, wherein they meet with a group of people in interesting places, have an excursion and broadcasting it live in their podcast. You have to remember that your audience wants to engage with your activities. Live events and ticket selling are some of the profitable ways in leveraging your podcasts.
Motivational speakers like Brendon Burchard's Podcast, use their shows to leverage their events.
This is an exciting fact that podcasters would love to engage in. Selling your stuff that has your logo on it or some content associated with your podcast, like in Philip DeFranco’s Youtube channel. Add humor to it, your loyal patrons will love it. It is a perfect strategy as well to maximize the potential of your craft.
Podcast that use this technique is 100MBA.
It’s having subscriptions and raising contributions on your podcasts. This is providing your audience something that excites them rather than them getting it from other source like kickstarter. It would definitely help generate profit. You can have a partnership with those using Patreon, too.This will provide equal opportunities and maximize both of your profits.
One of the famous podcast that use this strategy is Radiolab. You can listen to it starting from 0:00-0:50 below.
Knowing your brand and creating your platform is key to good monetization for you to develop Revenue Streams. Platforming. You need to focus more on what your brand will be. You have to remember that your viewers are not new to the internet, so they know your stuff. Know your listeners, Know your brand.
In all this it is important to know your goals,”what would you like to achieve?”. Great Podcasters have a vision, have a plan. They know what projects can stem from their Podcast. Learn from your audience, their interest will serve as your guide.
By being able to build a brand, podcasters are able to gain the trust of audience and hence improve their business along the way. This may not be directly but indirectly, which is still so cool!
Podcast that does this includes SimpleWholesaling.
Those are some ways that can help you can gain profit while enjoying your craft. Do you have a plan to start a podcast and possibly earn money through it? Then feel free to let us know by sending us an email below.
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