Can you really make money through podcasting? The simple answer, yes! Podcasting can be used to gain customers’ attention and get them to purchase from your business when you apply it strategically. With podcasting, the way that you make money is many fold. So I am going to run you through some of the main ways you could be generating income and increasing your profit through the result of having your own show.
Here are the 6 best ways to make money through your podcast:
1. Have a funnel strategy in place. A podcast funnel is a great way to monetise your podcast and make money from your passion. Where are you taking your own audience with your show? What are you doing to bring them into your funnel? Podcast listeners are 14 times more likely to use and follow your call to action in a podcast than in any other medium. So make sure you are doing this! By creating content that leads listeners to your freebies, lead magnets, and funnels, you can turn your podcast into a profit centre.
2. Push in show promotion. How are you strategically using the content you deliver on your podcast to talk about your own products and services? Promoting and talking about your own services, either through general chit chat in your show or by creating formal sponsored ads of your own content, will drive your sales.
3. Add affiliate links. Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own. By including affiliate links in your podcast, you can earn money from listeners clicking on the links and making purchases. This might be someone else in your network you are collaborating with. It could be someone about to launch and you have them on as a guest to promote their product on your own show. Be sure to mention these affiliate links in the show and show notes.
4. Use Sponsored Ads. The key to successful sponsored ads is to make sure they are relevant to your audience and fit in with the content of your show. A good sponsored ad will fit naturally into your show. You could approach a company that helps podcasts to get specialised ads, or reach out to brands yourself. Think about approaching smaller businesses and other podcasters who would want to get in the same audience as you. This is a more formal arrangement in which they are paying you for mentions on your show.
5. Create show merchandise. This is is a great way to promote your podcast and build brand awareness. It’s a physical representation of your podcast that people can take with them and show off to their friends. Hats, water bottles, bags, note pads, key rings, car stickers, t-shirts…the list goes on. Plus, it’s a great conversation starter! People will see your merchandise and be curious about what your podcast is all about.
6. Offer premium level content. Podcasting is a great way to build an engaged and loyal audience. What better way to show your appreciation for their support than by offering them exclusive, bonus content that will add even more value to your listener. For example, Patreon. With a subscription-style payment model, fans pay you a monthly amount of their choice in exchange for exclusive access, extra content, or a closer look into their creative journey. It’s win-win; you retain creative freedom while getting more income, and fans get to rest easy knowing that their money goes directly towards creating more of what they love.
You will want to take a step back after you record your podcast and evaluate its content. Make sure it contains the precise call to action that leads your listeners where you want them to be. When you create podcasts the right way, you get to sit back and watch your profits flow in massively.
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