While listening to one of your favorite podcasts, does the thought of starting your own ever cross your mind? Whether you plan to share your opinions, your original creations or your expertise, podcasting is a good way to do it. In this post, I’ll explain how to earn money from podcasts.
Top 4 ways to make money podcasting
Like any other type of digital money-making, earning money from podcasting takes time and persistence. However, once you have a large enough audience, it is possible to earn money on each episode you produce.
Sponsorship is the first way to earn money from your podcasts.
Luckily, sponsors are not number-based. Whether you have a large or small group of followers, you can apply for sponsorships.
Sponsors do not keep track of how many followers you have. They look at the skill of the podcasters who are worth their money.
How to find sponsors for your podcast
Simply mentioning a well-known company in your podcast can generate many followers and other promotional opportunities.
This is a smart move, especially if you are in the early stage of podcasts.
Companies that are likely to sponsor you will also advertise through their channels, which will give you plenty of publicity and a wider audience.
Start pitching companies and big-ticket clients for sponsorship. You can connect them on social media and talk about your audiences.
However, not all companies you contact will be willing to pay money or provide products. If so, you can try asking them to promote you on their social media.
2. Sell online courses
After witnessing the pandemic, online courses have started making their way for everyone. Imagine how many listeners you will grow from one solid course via a podcast!
If you want to launch a course, a few informative podcast episodes are the perfect way to go. You can also sell books online and make money out of them. Make a popular podcast to sell books and build your credibility.
You can use your podcast listeners to get the best sales and reviews that make the book stand out.
When deciding how to make money from your podcast, consider the type of audience and how much time you can invest in the course.
If you cannot create great content, the success of your podcast is nearly impossible as you can never gain loyal followers. Hence brood over the quality of your course.
3. Affiliate marketing
Whether your podcast is big or small, there is an affiliate marketing opportunity for every podcaster.
Look for affiliates that sell products and services your listeners tend to like.
There are two main ways to promote products to your listeners:
This affiliate marketing tactic involves inviting a guest to a presentation and promoting their products. You will share a promotional code that will give you a sales commission if listeners click.
Remember: You must make sure the product or service is legal. Otherwise, you will lose the trust of your listeners. You should always choose the product and services that your audience needs. That way, you maintain their faith.
Platforms like Audible, Ting, Airbnb and others ask you to promote your business. It would be best if you talked about your experience accepting offers.
If you are considering joining an affiliate program, promote only those products that you believe in. Because when you endorse a product, you link your reputation to it.
If your choice is not relevant to your audience, then the commission you earned is not worth it.
4. Online consultation and coaching
Last but not least, you can offer personalized consultation or coaching to your audience. If you are an authority in any field, you can charge hundreds of dollars for an hour of consultation.
These personalized consultations can be a great money-making strategy if you are good at advising on business, relationships, finances, or other matters.
Coaching over podcasts may take time and effort every day, but the money you make can be enormous. And not only that, but it also opens up future opportunities to help you earn more.
So if you need a great source of income, sell courses on podcasts.
The key is to experiment with appropriate strategies for your niche, your podcast, and the audience you serve. Then find out what works and copy it.
Keep getting feedback from listeners as you start monetizing your podcast.
How to attract an audience for your podcast
In 2021, 116 million people listened to podcasts each month. So the chances are good that you can grow a network of people with an engaging podcast.
A few tips:
- Always looked for opportunities to appear on others' podcasts.
- Invite new people to your show.
Every new guest you bring will present your show to a new audience. Get enough guests, and you will see your audience and followers increase with every episode.
When you greet new audiences, ask them a small favor. There are two things your audience should do if they like what the hear:
- Subscribing to your podcast
- Rating your podcast
Don't forget to ask them to subscribe and rate.
Of course, a subscription means that someone will see your podcast in your stream every time you post a new episode. Ratings and reviews, on the other hand, convince anyone considering your program to try it.
When someone does any of these two things, it encourages the growth of your podcast.
What’s a podcast?
When someone shares their thoughts on a specific topic in audio form, it is usually called a podcast.
Just like a radio show or traditional television, podcasts are the form of entertainment in this era.
Podcast topics can range from finance, sports, travel, health, spirituality, or lifestyle. You name it, and you can find a podcast about that particular topic.
A podcast is usually divided into phases during which specific content or subgroups are discussed.
Podcasts often cover one episode per day or week. Listeners typically receive a notification whenever a new episode appears in the podcast they are subscribed to.
Related: 10 ways to improve a podcast website
A surge in the number of podcasts
The availability of technology and portability have made it easier to listen to podcasts.
Users can now easily find steps in streaming apps like Spotify and iTunes, and all you need is a digital device to set it up.
If future growth remains as strong as previous years, podcasts could reach more than $3.3 billion in revenue by 2025.
You can easily download your favorite podcast and play it offline when free. Podcasting as a whole has picked up, and the media format now has over 100 different languages worldwide.
How to earn money from podcasts explained
These are some of the best ways to monetize a podcast. But first, you need to expand your audience and gain their trust.
Next, increase access to your podcast by uploading it to major podcast platforms, increasing your visibility and attracting advertisers.
When monetizing podcasts, you don’t have to get hooked into one method as a source of income. Podcasts enjoy income from various sources, and with smart advertising and promotion, all bets are off.
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