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Podcast

7 Steps To Podcast Monetization – PTC 356

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You know I am a big fan of “don’t make it harder than it needs to be”. This is true when it comes to podcast monetization. The shortest distance between two points is a straight line. Stop adding in all of the unnecessary steps and tools.

PODCAST RELATIONSHIPS

Imagine being able to have a conversation with your ideal customers on a weekly basis.

On top of that, those ideal clients request that conversation every week. How great would that be?

A podcast makes that conversation possible.

A podcast provides you a huge opportunity to demonstrate your authority to your prospects and invite them to become clients.

If you structure the show properly, your podcast can be an amazing marketing tool to drive your business and grow your revenue. You build trust every week.

When I have conversations with podcasters, they often tell me they want to make money with their show. I then listen to an episode.

There are usually one of two big issues when it comes to monetization. First, the podcaster has nothing to sell. Second, if they have something to sell, they don’t ask for the sale.

If you want to monetize your podcast, you need to make the offer often. Build your audience, so you can make offers to many people at the same time.

SPONSORSHIPS

Many people want a big audience so they can get sponsors.

This is the worst move you can make for three big reasons.

First, people are fleeing traditional media to escape the ads. Why would you want to clutter up your show?

Second, it takes a huge audience to attract a sponsor. The number is usually over 5,000 downloads per episode. Only about 7% of all podcast hit that number.

Finally, it takes a ton of work to land a sponsor and you only get paid once. You would cry if you calculated the dollar per hour rate you’re getting paid for that sponsorship.

Instead, market your own stuff on your show. Get paid every time something sells for podcast monetization. If not, at least create an affiliate relationship so you get paid on sales and not one, flat sponsorship fee.

7 STEPS TO MONETIZATION

There are seven monetization steps to use your podcast to grow your business:

  1. Launch your podcast talking about content that you love
  2. Have something to offer and sell that is a solution to the problem of your audience
  3. Build an audience to which you can make that offer
  4. Demonstrate your solution on your podcast
  5. Give them a free resource to get them started that allows you to capture their email address
  6. Nurture the relationship through your podcast and email
  7. Make the offer

MONETIZATION CONTENT

When it comes to step number 4 Demonstrate Your Solution on Your Podcast, there are seven ways you can show your prospects how you are perfect for them.

1. Demonstrate Your Authority

Simply share your solution on your podcast. Explain how you became an expert in your space. Follow the information with a strong, single call-to-action. This is a great way to get your listener to begin their journey in your funnel and become a client.

2. Demonstrate Your Coaching

Share a bit of a coaching session as an episode. This will show your listeners the transformation you offer your clients. Demonstrate how your coaching can help her as well. Then, tell her how to sign up to get a discovery/strategy call with you or get your coaching.

3. Demonstrate Your Products

Your podcast can be like a weekly webinar. However, your ideal clients actually subscribe to it. They come to hear you speak every week. Give them a sample of your courses, books, templates, etc.. Create excitement and intrigue. Then, tell them where to buy it.

4. Network With Others

Swap interviews with other podcasters to grow your audience. Help each other get exposed to a new listners. This is like a joint venture for your content. Podcast listeners listen to podcasts. Therefore, go get on more podcasts. Bring people to your show and start the process.

5. Listener Coaching Examples

This is similar to demonstrating your coaching, but shorter. Create an interactive show using listener audio or questions. Demonstrate your coaching without using actual sessions. Just answer questions and solve problems. Then, tell listeners how to sign up to get a discovery/strategy call with you or get your coaching.

6. Attract Media Interviews

Get media to view you as an available expert in your field. Offer your services for their stories and reports. This will allow you to get in front of new, potential listeners and grow your audience. Your podcast demonstrates your interviewing ability. Reporters will trust that you can hold your own during an interview. Ask the reporter to share your podcast information to the new audience.

7. Listeners Share Your Content

Word-of-mouth is the number one way people discover new podcasts. If you want your audience to grow, make your content easy to share. This is free marketing when your listeners share your great content and expose you to new, prospective listeners (and clients).

CONSISTENCY

Your business won’t grow until you take action. Pick one of these ideas and get started today. Then, stick with it. Consistency helps your podcast and business grow.

If you would like help launching and developing your very own podcast strategy, visit www.PodcastTalentCoach.com/apply for your FREE, no strings attached strategy call with me.

This isn’t a sales call in disguise. You and I talk about your goals and develop a strategy to achieve those goals. If I have something I think might help you, we can talk about it. However, we need to get to know each other first.

Let’s chat. Visit www.PodcastTalentCoach.com/apply and schedule your call.

Podcast

Go Beyond The Sponsor Ad – Episode 255

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When I talk with podcasters about their goals, many tell me they would like to make money with their podcast. Some tell me they want this to be their only job. Others tell me they would like to earn enough to cover the expenses. When we talk about the “how”, podcasters often tell me they would like to pursue a podcast sponsor for the show.

If you would like my help creating revenue streams with your podcast, you can get my free list of 6 Ways To Make Money With A Free Podcast at PodcastTalentCoach.com/makemoney.

PROBLEMS WITH THE SPONSOR

The commercial on a podcast is the idea that comes to mind most frequently. However, there are a few issues with commercials on your show.

First, many people are turning away from traditional radio and to podcasts to get away from the long commercial breaks. Listeners are tired of interruption marketing that really doesn’t pertain to them and sells products and services that do not interest them.

Another issue with advertising on your show is your limited inventory. How much advertising can you possibly put into a show? There is a ceiling with regard to the revenue you could earn.

Commercials on your show also turns your show into a commodity. Advertising converts your listeners into price. How many listeners do you have? Let’s put that into the formula and figure out the price for your commercials.

You don’t want to be a commodity. You have something special to offer. Don’t let advertising turn your show into something similar to salt or gasoline or cotton balls.

As we have discussed before, sponsorships are a tough sell. Most traditional buyers want to buy podcast ads just like they buy radio ads. They simply are not the same.

With broadcasting, the ads are reaching a broad audience. Therefore, only a small portion of that audience will be interested in the product advertised.

With a podcast, the entire audience has an interest in common. If the product or service advertised is a good fit, it should be of interest to most of the audience. Therefore, you should be able to charge more for those ads than a traditional radio commercial.

STACK THE VALUE

I recently worked with a client on a very successful proposal. He had the opportunity to pitch a large governmental agency on sponsoring his show. His podcast reaches the exact audience they were trying to reach. The fit was ideal. He priced the sponsorship with regard to value and effectiveness rather than cost per listener.

When you approach potential clients, make your sponsorships more than commercials on the show. Sell them a whole package. Go beyond the simple sponsor commercial. Give them something more and make it special.

You can convert your sponsorship into a marketing partnership by adding other features that only you can provide.

  • Add them to your website
  • Include them in your newsletter
  • Showcase them on the show with an interview
  • Share them on social media
  • Create affiliate programs to promote their goods or services

MAKE IT SPECIAL

Make the commercials special. Keep in mind when you do the commercials within the show, make your ads unique and entertaining. Your ads should be just as entertaining and informative as your content.

Sponsorship is just one way to create revenue with your show. There are many others. You can find my list of 6 Ways To Make Money With A Free Podcast at PodcastTalentCoach.com/makemoney.

 

Do you need help with your podcast? Get details here: PodcastTalentCoach.com/coaching. Let’s see what we can do.

Let’s turn your information into engaging entertainment.

Podcast

The Podcast and Profit Connection – Episode 240

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Many people want to make money with their podcast. However, the podcast isn’t structured to help achieve that goal. How do you generate a profit?

If you would like ideas to make money with your show, get my free guide “6 Ways To Make Money With A Free Podcast” at PodcastTalentCoach.com/MakingMoney.

I see a lot of podcasts and online businesses in my coaching. Podcasters reach out to me to help make their show stronger and help drive a business, but they are missing the connection.

THE PROFIT CONNECTION

A consultant got in touch with me to help refine his show to drive his business.

One of the first questions I ask is about goals. If we are a year down the road, what would you like to see happen over the next 12 months to be happy with the results?

Answers to that question range from revenue to profit to downloads to speaking engagements and a variety of other things.

This guy wanted to do 2 things. He wanted to get more speaking engagements and wanted to build his authority in the space in order to get more clients. Perfect. We can make that happen.

Then, we listen to the show. It never fails. I listen to the show and nowhere in the episode does he mention he is a speaker. Nor does he talk much about his consultancy.

The podcast is an interview show. He does a nice job interviewing the guest. The show demonstrates the expertise and authority of the guest. He even does a nice job directing listeners to the guest’s website.

How is this building this podcaster’s authority or gaining him speaking gigs?

THE GOAL

Each episode must have a goal in mind that builds your authority and moves your listeners closer to becoming clients.

We simply refined the structure of the show a bit to allow him space to do these two things. We added a little at the beginning and a segment at the end where he could talk about speaking and consulting while giving the listener something they could use.

Once you determine what you hope to accomplish, look at the format of your show. Is it conducive to your goals? Are you doing a solo show that has room for you to really nail your goals, or are you doing interviews where you need to build in features to help you accomplish your goals?

Maybe you’re doing a magazine-style show or one with narration. Whatever the format happens to be, you need to make sure there is room in the episode to achieve your goals.

How many hosts are on your show? Make sure everyone is aware of the goals.

Will there be any listener interaction? How does that connect to your goals? You might use questions to help build your authority or demonstrate your service.

Determine the length of the show. There is no right answer. There is never too long. There is only too boring. Keep the momentum moving forward.

How will your audience benefit from each show? Give them a taste of your superpower and what you can do for them.

Find ways to demonstrate your authority in each episode. This should be part of your show prep.

Create your show clock. Lay out the plan for each part of the show.

COACHING

I have worksheets that will help you through each of these steps to monetize your show. It is part of my new coaching program that will help you start making money and generating a profit with your podcast. It is called …

POWERFUL, PROFITABLE PODCASTING

12-WEEK COACHING PROGRAM

Each week, you will get a module of videos to help you build your podcast business.

Once a week, you also get access to a workshop where I teach some of the nuance of building your podcast business and I answer any of your questions regarding the modules.

To make sure you are making progress specifically for your business, you and I have a one-on-one coaching call once a month.

The 12 modules include …

1. YOUR MONEY BASE

The show focus and foundation for your business

2. ATTRACTING YOUR IDEAL CUSTOMER

Focus your show on your ideal listener. The more you know about your listener, the better you will be able to communicate. Keep this person in mind while recording each show.

3. THE PODCAST AND PROFIT CONNECTION

Each episode must have a goal in mind that builds your authority and moves your listeners closer to becoming clients.

4. GET YOUR LISTENERS TO TAKE ACTION

Defining a goal for your show

5. THE POWER OF STORY

Use storytelling to engage your audience

6. GROW YOUR AUDIENCE

How to use interviews to grow your audience

7. MONEY MAKING IDEAS

Using your podcast to build a business and generate a profit

8. CONTINUOUS IMPROVEMENT AND GROWTH

Review your show with a purpose

9. GROW YOUR NETWORK

Creating engagement and building relationships

10. ATTRACT MORE POTENTIAL CLIENTS

Building ideal lead magnets

11. SHOW ME THE MONEY

Tying it all together

12. THE LONGEVITY PROCESS

Podfade prevention

ARE YOU READY?

Are you ready to connect your podcast to a business and start making money? Let’s see if this program is right for you.

Take advantage of my free podcast strategy call. We can develop a strategy for your podcast to build your structure and reach your goals.

The strategy call is free. There are no strings attached. It isn’t a sales pitch in disguise. I just help you get clear. At the end of the call, if you feel like Powerful, Profitable Podcasting coaching programis right for you, we can talk about it. That is up to you.

Visit PodcastTalentCoach.com/coaching. Let’s get you started today.

Let’s turn your information into engaging entertainment.

Podcast

How We Got $2k Per Episode By Adding Value

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In the last few free strategy callsI’ve had with podcasters, we have been talking about money and generating revenue with your podcast. I had a call just the other night. She wanted to figure out how to sell sponsorships for her show.

One of my clients wanted to get his show on the radio. He wanted to work together to figure out how he could make it a profitable endeavor.

If you would like my help creating revenue streams with your podcast, you can get my free list of 6 Ways To Make Money With A Free Podcast at PodcastTalentCoach.com/makemoney.

As we have discussed before, sponsorships are a tough sell. Most traditional buyers want to buy podcast ads just like they buy radio ads. They simply are not the same.

With broadcasting, the ads are reaching a broad audience. Therefore, only a small portion of that audience will be interested in the product advertised.

With a podcast, the entire audience has an interest in common. If the product or service advertised is a good fit, it should be of interest to most of the audience. Therefore, you should be able to charge more for those ads.

I recently worked with a client on a very successful proposal. He had the opportunity to pitch a large governmental agency on sponsoring his show. His podcast reaches the exact audience they were trying to reach. The fit was ideal.

His podcast is getting about 1,000 downloads per episode. How much would it cost to do a direct mail campaign or broadcast advertising campaign to reach 1,000 interested, qualified buyers with a message?

If we estimate 1 out of every 4 people that receive a direct mail piece is actually interested in the message, we would need to send the piece to 4,000 people to find 1,000 interested people.

When it comes to direct mail, you need to add in all of the costs. Those would include design costs, marketing copy costs, the cost to buy the mailing list, the cost to print the mailer, and the money to actually send it out.

According to Media Space Solutions, total costs range anywhere from 30 cents for the do-it-yourself type to $10 per person for the professional job.

So, let’s say you have the ability to do a bit by yourself. You can do the copy and design, but hire out the printing, buy the list and pay for the mailing. We’ll say your direct mail piece is $2 per piece landed. That would be $8,000 per mailing to reach the 4,000 people if we are figuring it takes 4,000 direct mailers to be as effective as 1,000 rabid podcast fans.

To reach those 4,000 people on a weekly basis at $8,000 a pop, you would be spending $416,000 per year.

My client and I discussed laying out this scenario for the agency. First, discuss with them the marketing costs they would possibly already be spending. Then, educate them on the rich value of the podcast audience.

Now that we have them envisioning the cost it would take to reach that audience weekly, we then tell them we can help them achieve that reach for a fraction of the price. We decided on $100,000. Less than 25% of the direct mail costs.

Then, we stacked up the bonuses. He offered to include them in the radio show, in the newsletter, on the website and in social media posts at no extra charge.

He sold the value and the ability to measure the downloads of the podcast.

The prospects were very interested and plan to budget the expense for next year.

This is what he e-mailed me after the meeting …

“Erik – Here is why you are worth $150 an hour….(I think you are worth more). I started off with the question – So is it important to be branded to a growing audience of highly engaged listeners? They said absolutely – I reinforced this with the NPR 75% retain sponsor information from listening to a podcast. While I didn’t get the big fish at the conference yet and let me emphasize yet- I happened to be in a target-rich environment and kept digging with those other pots of money from the same organization and I sold sponsorship for 12 episodes at 2k each to grant managers lower in the food chain. And still going after the 100k in upcoming cycle. Our discussion was extremely helpful.”

That is one way to make money from a podcast. It is all in the framing of your value.

When you approach potential clients, make your sponsorships more than commercials on the show. Sell them a whole package. Give them something more and make it special.

  • Add them to your website
  • Include them in your newsletter
  • Showcase them on the show with an interview
  • Share them on social media
  • Create affiliate programs

Keep in mind when you do the commercials within the show, make your ads unique and entertaining. Your ads should be just as entertaining and informative as your content.

This is just one way to create revenue with your show. There are many others. You can find my list of 6 Ways To Make Money With A Free Podcast at PodcastTalentCoach.com/makemoney.

Do you need help with your podcast? Let me help you develop a plan. I can help you find ways to build a business around your podcast just like I did here. Get a free strategy session with me under the coaching section online at www.PodcastTalentCoach.com.

Let’s turn your information into engaging entertainment.