Over the years, podcasting has earned a massive following. And since it has become quite popular, monetizing it has also become way easier. If you are looking to monetize your podcast, here are 6 ways you can achieve said objective:
When you are able to consistently produce topnotch content, it will only be a matter of time until you get a decent following. Once you have a robust fan base in place, you can expect more people to advertise their products/services on your show. This is called sponsorship.
While many assume this is the easiest way to monetize a podcast, in reality, it is not. Oftentimes, your podcast has to be extremely popular so businesses will be enticed to advertise on your show and work with you. In line with this, you need to ensure you are able to maximize your exposure. It is also important that you are able to build a solid business relationship with your sponsors. It has to be clear to them what they'll get in return for the money they put in.
Below is an example from Selected Shorts. Listen from 0:10-0:40 to have an idea how it works.
Selling digital items is yet another effective way to earn money from your podcast. Digital items can come in the form of online programs, premiums, affiliates, and other stuffs like pictures, modules, songs, etc.
InvestorGrit with their subscription plan and online courses offer the perfect example.
Listen to the last few seconds of their podcast (around 22:27) and you'll know what I mean.
Many podcasters have also earned some extra moolah from live events they attend like conferences and tours. Others do meetups and broadcast them live on their show. This is a quick and easy way to monetize your podcast if you already have a loyal and solid following.
Motivational speakers like Brendon Burchard's Podcast, use their shows to leverage their events.
Selling merchandise related to their podcast is something many podcasters have turned to. If you are up to it, you can sell pretty much any merchandise that has your logo or anything else associated with your podcast in it. Given that you already have a solid fan base, you definitely won't have a hard time convincing them to buy.
This is a technique the 100MBA podcsast uses.
In some instances, podcasts will have very loyal followers that are willing to do more than just subscribe, they are also willing to contribute.
One popular podcast that uses this strategy is Radiolab. You can listen to it starting from 0:00-0:50 below.
Many businesses who have a podcast can attest to the value it offers. The moment their podcast starts to take off, it is likely that their business will benefit significantly as well.
Podcasts that ulitize this strategy include SimpleWholesaling.
How have you monetized your podcast? We'd love to hear from you!
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