The Profitable Podcaster
3 Questions You NEED to Answer to Have a Profitable Podcast (Show’s Mission Statement)
Your show’s mission statement is more than just some words on a page. It should determine the direction of your show, the format, who you’re talking to, and ultimately how it will make money. Much like a map (well, Google Maps) when you’re going to a new destination, your mission statement will guide your podcast from losing money to generating enough income to support your business.
The framework for your mission statement is this: My podcast helps [AUDIENCE] solve [PROBLEM] by [GOAL OF EACH EPISODE]. Listen on to get the prompts to help you craft the perfect mission statement for finding sponsors and selling products.
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I want you to imagine that you just bought a car. You bought a car because a lot of people have been telling you that you should have a car. And that generally it’s probably good to have a car and it’s fun to have a car. So you buy this car and you get behind the wheel and you kind of vaguely know where you want to go. But you don’t know how to get there. You don’t really know if a car is the best way to get there. But you just decided to start driving that eventually you’ll get to where you need to go.
That sounds like a massive waste of time and money, especially with the way gas prices are today. But this is what a lot of podcasters do. They know they wanna start a podcast. They think they should start a podcast and that maybe they can make some money somehow with podcasting. But the truth is, you buy a car when you know a car is the best thing to get you from A to B. And you know what A is, and you know what B is. And you have directions for how to get from A to B.
Now, if you’re listening to this and you already have a podcast, you’re maybe wondering, should I not have or should I go return my car? Should I stop my podcast? I don’t think so. But I do think you have A, you want to get to B and you need that map. When it comes to podcasting, if we assume B is making money, your mission statement is the map.
So today, we are going to talk about why you need a mission statement for your podcast and the questions you need to answer to make that podcast profitable.
Welcome to Make Money Podcasting. The podcast that teaches you that monetizing your show is no longer just about getting sponsors. On this show, you’ll learn tried and true methods to increase your revenue and turn your podcast from a money pit into a money maker.
Hi! I’m your host, Joe Casabona. And I’ve been able to make six figures with my podcast. I’ll share everything I know with you here on Make Money Podcasting presented by Nexcess and Podcast Liftoff.
Joe Casabona: Okay. So let’s talk about your mission statement. And I’m not saying your mission statement is the title, or maybe what vaguely your show is about. I’m saying your mission statement is the thing that your podcast and every single episode sets out to do to perform. Every episode wants to accomplish this goal. So right up front, I’m going to give you my framework for coming up with a good mission statement. Get a pen and paper ready. Because here it is:
My podcast helps ____ solve ____ by ____. And you fill in the blanks with audience problem and goal of every episode. So my podcast helps audience solve problem by performing the goal of every episode.
If we’re talking about Make Money Podcasting, my podcast helps podcasters of any size, solve the problem of losing money with their podcast by giving them tried and true methods for generating income with their show. If we look at my main podcast, How I Built It, my podcast helps creators solve the problem of being consistent and building their business from their creative work by offering free coaching sessions with successful creators.
Those, that is the goal. We’re talking about who the show is helping. What problem your show is solving. And then a stated goal for every episode. And this is really important. Because as more people start to podcast, you can’t just have founder stories or interview shows.
I was listening to a podcast called “On Your Terms” by Sarah Potler LaHayne (and I hope I’m saying that right.) We hang out at craft in commerce. But she has some really great insight from her podcast episode on kind of what she learned starting a podcast. And one of her big takeaways was she didn’t want to just Do interviews with the same people who keep doing interviews.
I think that’s a really important thing to consider when you are either creating or readjusting your show. Because again, you don’t have to, if you have a podcast, you don’t have to burn it all down. Again, my show How I Built It, I’ve pivoted a couple of times throughout its six years. Basically from WordPress developers to WordPress business owners, to business owners, to creators.
So you don’t have to burn it all down. But you do need to seek some clarity. This is why your mission statement is so important because you define that. And then that is the roadmap for how to get from I have a podcast to, I have a podcast that makes money.
It’ll help you determine your format and your topics and who you’re talking to. And if you are, so if you are doing interviews, it’ll help you kind of weed out the people who maybe just wanna go on your show because you have an audience or because they’re trying to fill some quota. So an example for me, right, is again, How I Built It, my podcast.,How I Built It, offers free coaching sessions for creators.
So a recent episode is with Dickie Bush, that ”coaching session” was ‘How To Become a Consistent Writer.’ That was the coaching session essentially. And I know that that’s the goal of every episode. So when someone pitches me and they just wanna tell their story about how they started their business, I know that that is an immediate rejection. Because we’re not getting actionable advice. We’re not getting a coaching session. We are getting a probably well rehearsed story about how this person started a company and overcame adversity and worked really hard. And now, they have this thing that they wanna tell you about. I’m not interested in that. My audience is not interested in that. And that’s not solving the problem that my podcast sets out to solve.
So with your podcast, I want you to do this exercise. I think it’s really important. And we’ll talk a little bit more about why it is so important. But you need to answer these questions: Who are my listeners? And this is maybe like an ideal customer avatar thing. But I want you to think about who you are talking to when you’re creating these episodes.
Again, if we look at on your terms by Sam, her audience is made up of creators who are selling something online who need legal advice. And this fits in really well with all of Sam’s episodes and her call to action, which these contract templates that she sells. So who are my listeners? That’s the first question.
The second question is what problem do my listeners have? Because again, I think your podcas today, if you’re starting in 2022, your podcast needs to be purpose driven. It can’t just be two dudes on a microphone talking anymore. That’s like a very tired format. The interview format works if you have it within the context of this, where your conversations are geared towards helping someone. But just two people talking, I can listen to Joe Rogan for that. I can listen to my first million for that. I can listen to How I Built This. I can listen to those podcasts are a dime, a dozen. I can listen to any sports podcast if I want to hear two dudes talking about random stuff. What I want Is a podcast that helps me solve a problem. So, who are my listeners? What problem are they trying to solve?
And then the third question: How do I solve that problem? Break down your solution into bite size chunks or steps. And now that’s what your first 10 or 20 episodes are about. So again, if my…Actually, I’ll say this and then we’ll take our quick sponsor break. But I’ll say this. If you followed this podcast when it first launched in early 2022, you’ll notice that I took a long break between like February-July. And that’s because my mission wasn’t as clearly defined as I thought it was.
I thought my mission was just help people make any kind of money. And I wanted to lay all of the groundwork. But now my mission is clearer. They want actionable advice to start making money today.
So my first episode when I came back from this short hiatus was my Smash Framework, Five tried and true ways to make money with your podcast.
Now, I’m telling you this because after the break you’re gonna find out why your mission statement is crucial in getting sponsors or selling products. But those are the three questions I want you to think about. Who are my listeners? What problem are my listeners trying to solve? And how do I solve that problem?
Because how do I solve that problem? That’s going to create your episodes. And then you’re gonna have a goal for each of those episode. Filling out the mission statement, my podcast helps this audience solve this problem by doing this in every episode.
So there is the mission statement framework. Let’s take a break from our sponsor and hear from our sponsor. And then we’ll get into why this is so important.
Sponsor: This and every episode of Make Money Podcasting is brought to you by Store Builder from Nexcess.
As a podcaster, you might be wondering what’s the best way for me to implement some of the things that we talk about on this show. How can I easily make money with my own website? And when it comes to setting up an e-commerce site, you kind of have the choice between an easy but limited platform or a limitless platform that you need to manage yourself, taking precious time away from your podcast.
Until now, Store Builder is e-commerce made easy for everybody. It saves you time and delivers a storefront that lets you get to business. As someone who has set up multiple e-commerce sites, I can tell you that store builder has been a much easier experience than anything else I’ve tried. Answer a few questions, add your content, and sell.
Store builder was created and is supported by the e-Commerce experts at Nexcess. I host all of my important sites, including the membership for my own podcast and this podcast at Nexcess. Get the speed, security, and support you need when you need it. Whether you’re selling podcast merch, offering a supplementary course, or you have a membership or subscription.
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Thanks so much to Store Builder and Nexcess for sponsoring this and every episode of Make Money Podcasting.
Joe Casabona: All right. So now that you’re thinking about your mission statement. Let me tell you why this is so important. Because sponsors and brands, they know who their target audience is. They know what problem they help their target audience solve. So when you have that great, that perfect alignment, they’re going to want to get in front of your audience. And it doesn’t matter if you have a hundred downloads, I mean, it matters a little bit, but it doesn’t matter if you don’t have thousands of downloads. Because if you’re so closely aligned with this audience, then you are creating content on behalf of the sponsor. And your vouching. You’re using your trust to tell your audience, “Hey, you know how I help you solve this problem?” Today’s sponsor also helps you solve this problem. The sponsor you just heard from helps you solve the problem of making money with your podcast. Maybe they don’t help you get sponsors, but they help with a crucial part of the Smash Framework, which is memberships or eCommerce, where you can sell a digital product or service.
So when I look for sponsors, I wanna make sure we’re aligned. But sponsors and brands also want that too. And your mission statement helps because now when you pitch sponsors, you can say, “Hey, I know that your product helps podcasters make money.” My podcast also does that. If you want to get in front of an audience that is loyal, and trusts me, and is interested in your solution, I have an offer for you. But it’s not just sponsorships. It’s your services or products too. Right? So if you sell a product or maybe a course, then your product, or your course should do the same thing, right? It should be for a target audience to solve a specific problem.
Recently on my main show, How I Built It, I interviewed Sam Munoz and she successfully monetizes her podcast by using it as the top of funnel to sell her mentorship program. And her mission for her podcast is so tightly aligned with her mentorship program that the people who are listening to her podcast want no need more. So when I talked to her, I was like, well, you get people on your mailing list and then you put them in a sales sequence. And she said, “No. When the doors are open, the call to action is just go sign up for my mentorship program.” And this isn’t a $20 mentorship program. It’s a high ticket item thing that her audience is primed to buy because her mission Is clear. She knows who she helps. She knows the problem she’s solving, and her episodes successfully solve that problem.
So I hope what you’ll take away from this episode is you need to define or redefine your mission statement.
Maybe you had one, but it wasn’t quite what you thought it was. This is the key to building a profitable podcast. Because it’s going to help you determine your content, the format of your content and how you make money, right? Because maybe an affiliate program is not the best thing based on your mission. Maybe selling a product isn’t the best thing based on your mission. Maybe a sponsorship is or vice versa. Maybe you don’t want to have sponsorship because you know, you’re gonna be selling that product.
So there you have it. That’s it for today’s episode.
Thanks so much for listening to Make Money Podcasting presented by Nexcesse and Podcast Liftoff. For all of the show notes and to subscribe, you can head over to [makemoneypod.com/006].
Thanks so much to our sponsor, Nexcess.
And until next time. I’m Joe Casabona, and I can’t wait to see what you make.
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