If you are like most people, it is likely that you launched a podcast without really knowing how to monetise it. The good news however is given that you focus on providing exceptional value to your listeners, monetising your podcast should come easy.
Not everyone may be aware of it but there are several ways to monetise your podcast. However, in this article, we’ll focus on one of the most prevalent ways to monetise a podcast—through sponsorships.
Let’s crush one of the common misconceptions when it comes to podcast sponsorships. If you launch a podcast today, will sponsors be lining up at your door?
However, if you start a podcast in a niche you are knowledgeable in and passionate about, consistently providing value with each episode, and building an engaged and captive audience, then it would only be a matter of time until you’ll have sponsors lining up at your doorstep to get in front of your listeners.
While partnering with every interested sponsor is tempting (especially when you’re still starting out), you have to remember that when it comes to sponsorships, having your best interest and that of your listeners is always the best way to go. If interested sponsors have other agendas in mind, you might want to reconsider.
Below are other key things to remember when it comes to podcast sponsorships:
Keep in mind the law of diminishing returns
How does the above adage apply to podcasting? Specifically, it means having more than 2 pre-roll and midroll sponsors is not ideal for both parties involved (you and the sponsor).
For starters, it’s not a good thing for sponsors as the message they would like to convey gets diminished. When this happens, you can expect minimal to zero listener action. Of course, this will make things extra challenging for you when the time to discuss an extension comes.
More than anything however, it’s bad for your listeners. Undoubtedly, one of the many reasons people tune in to podcasts is because they don’t have to listen to those annoying commercials on the radio.
If you have too many sponsors per episode, it will seem like you are more about getting sponsorships as opposed to providing value and a powerful listening experience to your audience.
Look for companies that are relevant to the niche you are in
If you are in the process of looking for likely sponsors for your podcast, start with the ones that are currently marketing to the niche you are in. Case in point: if your podcast is about raising children, companies that offer products and services that deal with babies and mothers might be interested to come onboard.
List down at least 20 possible companies you can approach whose products and services your listeners might value in. Once you have the list, approaching them should rank next in your list of priorities.
Create an exciting offer that’s hard to resist
Approaching a possible sponsor should start with a well-crafted email. In addition, you need to provide all the relevant information sponsors might want to look into. For instance, you might need to provide sponsors information on who your listeners are, not just demographics.
Also, it makes perfect business sense for companies to know for sure the audience you are marketing to. While you’re at it, consider it a good idea to also share your current listener number alongside information on how engaged your current audience are.
Lastly, provide some proof. If you’ve successfully marketed to your listeners before, consider sharing relevant information about it with your target sponsors. Do you have emails, testimonials, or comments about the value you have provided? Now’s a good time to highlight and share them!
What other podcast sponsorship techniques do you swear by? We’d love to hear about them!
Share this post!