11 Ways To Monetize Your Podcast In 2020 & Beyond
So, you'd like to make money with your podcast, huh?
Well, many have tried and many have been frustrated along the way.
For those brave enough to commit to the podcaster's journey, monetizing their creations can be a long road to disappointment.
But, there is hope.
I've been in the podcasting world since 2008 (in many roles such as a host, producer, guest booker and even as an Entrepreneur.com podcast industry writer) and, during that time, I've connected with many podcasters who've used various ways to make money off their shows.
But, in most cases, it's a long game.
You're NOT getting rich quick and for many, you're not creating enough income to make a living off of it.
Of course, it's not impossible to make your podcast profitable, but the odds are against you.
To even have a shot at consistent monetization, you have to do the work by creating amazing content and building a loyal audience brick-by-brick.
If you're a celebrity and/or you have a big following/email list before starting your show, life will be much easier.
But for the rest of us, it's going to take a full commitment to create your empire from the ground up.
Producing consistent podcast episodes daily, weekly or bi-weekly can be a grind (mentally and financially) because you're ALWAYS feeding the BEAST.
Coming up with new content is challenging especially if your show is something that you're growing on the side while you work a full-time job, have a family and other obligations.
There WILL be times where you'll receive very few downloads and you'll question why you're putting this much effort into a show that no one listens to.
It can be discouraging and a swift kick to your ego.
So, if you're going to have a podcast, make sure some part of it connects with a passion of yours.
Money will follow if you stick it out long enough.
But, if you're ready to monetize your podcast now, here are 11 ways to do it.
Get A Sponsor
When I co-hosted a basketball podcast from 2008-2013, securing a sponsor was the first type of monetization my co-host, Audley Stephenson and I thought of.
Back then, we received advertising revenue from BlogTalkRadio.com which was a website that housed our live podcast.
We barely made much money. Maybe in a year we might have scored close to $200 once.
The thing with getting a sponsorship these days is many podcast networks, such as Midroll and PodcastOne, want shows to have big download numbers (typically over 50,000 per month) to get as much exposure as possible for their advertisers.
If your show doesn't have that kind of following, that's okay.
If you have a niche podcast with an engaged and loyal audience, you can add a lot of value for a sponsor in your industry because your listeners are a more concentrated type of prospect the company might be looking for.
To find advertisers in your niche, do a Google search on companies that could be a fit then reach out.
I read on SideHustleNation.com that you can also locate sponsors by checking out these podcast advertising networks:
Do your research and see what happens!
Crowdfunding
Ever hear of Patreon?
It's a membership platform that makes it easy for artists and creators to get paid.
Podcasters use it by asking their listeners to join their page to support the show.
The thing with sites like Patreon is you always need fresh and exclusive content (i.e: additional interviews, behind-the-scenes content, etc) consistently to make it interesting for listeners to keep paying their subscription.
If you have what it takes to keep that wheel moving then go for it.
Physical Products
Merchandise!
We're talking t-shirts, mugs, pens, ball caps and any other swag.
You can sell them on your podcast website and mention them on your show.
There are so many websites you can use to create those products such as Zazzle.com and VistaPrint.com (see an example product below) to name a few.
You can also check out Teespring that offers an unlimited range of print-on-demand goodies that ship to over 180 countries.
Offer Your Services
Is there a way to connect your service (i.e.: coaching, consulting, investing, etc) with the content on your podcast?
If you're a Real Estate agent who has a show that helps people understand how to buy and sell property, you become the expert in your listeners' minds.
They will trust your knowledge.
So, if you mention your services (in a non-salesy way) during the podcast, people will want to reach out because you've already built rapport with them which could lead to them hiring you.
Turn Your Podcast Guests Into Potential Partners Or Clients
The cool thing about having an interview-based podcast is the amount of networking you can do with your guests.
Before booking somebody on your show, think about your business first.
Which guests can you collaborate and do business with for a win-win partnership?
If you're looking for tips on how to network with your guests, here are a few:
“You have to keep the connection going, so I try to follow up with something helpful, such as a referral to someone they want to meet or sending a prospect their way or something to give them. I've even sent pizza socks to one of them because we were joking about pizza socks for some reason on the podcast.”
-Jamie Masters, Host, Eventual Millionaire Podcast
“(1) Suggest a meetup for a meal or coffee if they’re ever visiting your hometown or vice versa. (2) Reach out before an upcoming conference and suggest a meet-up if they're going too. (3) Offer to be a guest on their show and specify a unique way you will provide their audience value. (4) Occasionally provide valuable insights/comments on their social media posts. (5) If the guest has a new book or program launching, get them to come back on your show as a repeat guest. If it’s a program they're launching, become an affiliate.”
-Jesse Chappus, Co-Host, The Ultimate Health Podcast
If a partnership doesn't work, maybe the guest could use your service herself or know somebody who could.
Sure, having celebrity guests on your podcast would be nice, but if you're thinking of generating some income, be more strategic when it comes to booking people on your show.
Affiliate Marketing
Basically, this is when you receive a commission when people purchase products or services that you have referred them to.
You hear it all the time on podcasts when hosts do an ad read and offer a discount count for that product.
In many cases, the host gets a cut every time someone buys.
This monetization strategy is typically the most effective when the host has a loyal and engaged audience who trusts and likes her and believes she authentically approves of the products and services she's promoting.
If a host comes off as inauthentic or doesn't have that passionate audience, her affiliate marketing hopes will fall flat.
Here are some affiliate programs to check out:
Here is a list of others to visit as well:
You can add affiliates to your podcast website, so listeners can visit them after your episodes.
Books
There are many examples of successful podcasters who've sold their books by mentioning them on their shows including Tim Ferriss and Smart Passive Income's, Pat Flynn.
Again, if your audience loves you, they'll want to support you.
If they don't, they won't buy your book.
Another way you can promote your creation is to be a guest on other podcasts.
If you need help arranging that, here's a book that I wrote on the topic.
Create An Online Course
If you're interested in teaching content, that is similar to the stuff you discuss on your podcast, and making money from it then having an online course could be a fit for you.
You can promote it on your show and your email list.
So, where can you build online courses?
Try out these websites...
Become A Public Speaker
If you're a great podcaster with a passionate audience, there's a good chance someone out there will notice your strong communication skills and ask you to speak at a conference or an event of some sort then pay you for it.
It's a solid way to build up your authority and be in front of new audiences that could potentially have future listeners of your podcast.
It also doesn't hurt that your speaking fees can range anywhere from a few hundred dollars to hundreds of thousands of dollars or more.
If you're curious about the industry, here are a few speakers bureaus to check out:
Charge Your Podcast Guests An Appearance Fee
Yes, this happens.
The host of the popular Entrepreneurs On Fire podcast, John Lee Dumas charges his guests.
The last I heard in 2017, his fee was $900 USD per appearance.
On Fri, Nov 3, 2017 at 5:42 PM, John Lee Dumas of EOFire <[email protected]> wrote:
Hi Dave :-)
Amy can pay here: https://www.paypal.me/eofire/900 and we'll send the scheduler (now booking spots in mid Dec)
But, it's gone up big time since then.
(Thank you for the photo SideHustleNation.com!)
Hey, if your podcast is valuable enough to your guests, you can charge them.
From their point of view, if they pay, they feel your audience is filled with their ideal clients, so they'll be willing to invest.
But before you start charging them an appearance fee, make sure your podcast has a good following and you have a strong understanding of who your listeners are.
Potential guests will likely ask you about your download numbers and your show's avatar to make sure they'll be in front of the right audience to make their marketing investment worthwhile.
If you don't have these things in place beforehand then you ask your guests for money, you may offend them.
So, build your show and audience first then think about using this monetization strategy.
Repackage Your Podcast Content
I did this with The Breakdown with Dave & Audley basketball podcast (formerly The NBA Breakdown) I co-hosted.
Using conversations from our guests, I wrote a quote book called Basketball Talk, The Way It Should Be!
We sold a few copies then in 2015, I used some of The Breakdown's podcast interview quotes again when I wrote my first traditionally published book, 100 Things Raptors Fans Should Know & Do Before They Die.
It became an Amazon.ca basketball bestseller. :)
Besides books, you can repurpose your podcast interviews in online courses, use podcast guest stories in your speaking appearances and so on.
The above options are just a few ways you can monetize your show.
Of course, not all of the above will be a fit, but feel free to try which ones work for you.
You can also combine a few of the above suggestions to see if they click as well.
But remember, even though monetizing your podcast would be great, focus FIRST on creating a show that you're passionate about that will provide your listeners incredibly useful, insightful and entertaining content.
You MUST win them over.
There's no monetization without their support, so take care of them FIRST then they will take care of you. :)
#Podcasts #Business #Entertainment #Books #Publishing #Speaking