How to build a profitable podcast.
This post details all you need to know on how to make money podcasting in 2021...
Podcasting has proven to be one of the best ways to attract a large audience.
It drives engagement, brings people with similar interests together, and allows you to convey your message to a growing market.
As you might already know, you can make good money through podcasting.
Before we proceed, for the sake of people who are still alien to what a podcast is:
A podcast is a hub of digital recordings that you can listen to.
It covers several topics that you can download, stream and listen to at your convenience. You can listen to it while you work out, drive your car, relax at home, or anywhere you find yourself. To discover more about podcasting and how you can start one, click here.
How do you make money from podcasting?
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This is one of the first questions people ask when they consider getting into the world of podcasting.
In this post, I will discuss several ways to make money podcasting.
Every money-making venture requires dedication and hard work to grow your brand's visibility.
The amount of effort you put in will determine how much money you can make money from podcasting.
To see a practical way of turning a podcast into a media empire, read about my journey here
Before I give you the list of ways to make money from podcasting, there are things you need to know before monetizing your podcast.
Many people start a podcast without a plan for how they intend to make money podcasting, and that is fine.
The first step is to have an exact list of the topics you want to address. Once you have this in place, it will become easier to find out how to monetize your podcast.
However, when you start making money from podcasting, you have to follow this set of rules:
Now, to what you have been waiting for...
Here is a list of how to make money podcasting in 2021:
One of the most effective ways that podcasters make more money is through advertisements...
However, you need to have in mind that it might take some time to build the audience that will attract advertisers' attention.
Advertisements are usually sold by cost per mile or CPM. This means you measure per thousand listeners.
According to research by Foundr; ad-buying platforms put the current industry rate at $25/60-second ad CPM and $18/30-second ad CPM.
Advertisers either reach out directly to the podcast and brand or use an agency as the broker.
There are different ways to run CPM ads.
Podcasting networks are ad brokers that insert ads automatically into your podcast show.
You need to join a podcasting network to use this type of ad.
Podcasting networks negotiate with you to get some creative control level and offer you marketing benefits.
Podcasting networks earn from a revenue-sharing model, often a 70/30 sharing formula. Although this is sometimes affected by show size.
Some podcasting networks include Advertisecast, Authentic Shows, Midroll, and PodcastOne.
This is the simplest form of getting ads on your show.
However, only a few media hosts have this functionality. They are often big players, and they are the fastest way to start earning.
Another advantage they offer is convenience, as you can always disable ads, and it will not impact your show hosting.
They also have a revenue-sharing model that averages 70/30.
A lot of people listen to podcast shows on YouTube.
This is why you should always upload your show episodes on YouTube to earn from their ads mechanism.
You will have to make your show more attractive for YouTube by either adding slideshows or add a video to your podcast.
Another way you can make money through Ads is via your blog.
Set up a WordPress blog and publish your episode transcripts. Some of your audience prefer to read than listen. This will boost your ranking on Google if you post regularly.
You can make money through Google AdSense and other ad brokers this way.
To make money via affiliate marketing, you will need to register your show with an affiliate program company.
You will get a dedicated direct link or a promo code. When you send out a message about the affiliate offer, your listeners can make a purchase using this link or code, and you get your commission.
Affiliate marketing is one of the passive ways to make money via podcasting. Every episode published is an opportunity to make a commission when your audience discovers your content.
There are many types of affiliate products for you to recommend. If your recommendations are genuine, they are likely to be more successful.
This is an alternative to affiliate marketing. To do this, you have to invite your guests to promote their services/products.
While affiliate marketing requires a sale before the commission, charging your guest gets you money before making a sale. The difference between both is the risk of the outcome.
This form of agreement is fair to the podcaster, as you can forecast the amount of money you will make.
Another advantage of this is that the episodes feel more natural and do not like forcing the sale. The listeners will not get the sense that you are trying to make money off them.
There are different reasons to start a podcast.
It could be to promote what you sell or the services you offer.
As you inform your audience, you can always offer them your services or pitch your products.
One way to do this is by offering consultation services.
All you have to do is make sure that your audience trusts you and is loyal to you. If they show an interest in using your services you can charge them for hours of consultation.
You will have to make them understand the benefits of a one on one conversation, as they will get more personal insights and practical knowledge than what they get on your podcast.
You can ask for donations from your audience on your show.
Listeners donate to shows through several platforms, Patreon being a well-known example. These platforms offer tools for monetization and allow you to draw people in by offering them additional content.
The truth is that your fans do not mind throwing a few dollars at you if you offer them further insights into your show. This is the simplest way to make a living from podcasting.
To get people to use this option you will need to insert a call-to-action and keep it authentic.
Tell them what you need the donations for and when people know why they are spending their money, they are always open to it.
One way to go about this is by offering premium content for the paid subscription.
After sharing content on the free episodes, you can offer your listeners incentives on a paid subscription, for example:
Before you monetize your podcast, you need to establish your podcast by building your audience base.
Here are some key components you need to pay attention to:
Always keep your user in mind when creating content.
You don't want to stress your listeners, so you have to make it easy to find and listen to your show.
Have a good-looking logo that looks equally good as a small thumbnail, and make sure you have a mobile-friendly website.
There are several tips on podcasting platforms to help you create a good user experience.
Before you create your show, make sure you have identified your target audience.
You need to build your entire process based on audience needs.
Whenever you put up an episode, always create a marketing plan based on whom you want to connect with and how you want to reach them.
Your podcast's visual aspect should carry the same tone as the show.
The look should be cohesive, and features like the cover art, social media, and website design should convey the same message.
Take a look at our logo for instance. It speaks volumes, didn't it?
One effective way to grow visibility for your podcast is by collaborating with other podcasters.
You can be a guest on their shows and cross-promote with them.
Get the most prominent names on your show as guests and get a shout-out from top influencers.
There are several ways you can use to generate revenue for your podcast. But you must first grow your audience and earn their trust.
Share genuine industry information or a hobby, and you are on your way to making money from podcasting.
Increase access to your podcast by uploading on top podcast platforms — this way, you are building visibility and attracting advertisers.
Press play on the audio player below to discover more about how to make money with podcasting.
