So far I’ve told you how a podcast can build trust, help you learn, and expand your network. But there is seemingly something obvious missing, right? What about the people who make money from podcasting? That is indeed another reason to podcast, but I will caution you: podcasting isn’t a cash cow, and it may not seem like you’re making any money for a long time. Still, there’s are a few ways to make money podcasting. Let’s take a look!
A quick note: This is a bit of a preview of new lessons rolling out to my Podcast Liftoff Course later this month. You can enroll today and get the updates for free.
This is definitely the most commonly thought of method for monetizing because it’s the most visible. Sponsorship is having brands pay for an ad during your podcast episode. Lots of podcasts, including my own, will insert ads at the beginning (pre-roll) or during the episode (mid-roll).
While it seems to be the most common, keep in mind that it’s not easy to get sponsors. You need to reach out to brands and convince them that giving you money to promote them is a good idea. I would recommend reaching out to brands you already have a relationship with first, and start low – $25-50 per spot.If you want to have podcast sponsors, start small. Brands you know, small amount of money. Click To Tweet
Podcasters tend to like that one because it’s easy to tie dollars directly to the podcast, or even specific episodes. But you’ll want to have a lot of data: both of your listeners, to pitch sponsors, and traffic flow to keep track of what sponsors are performing well.
If you have a product or service you offer (and I bet many of you do), you could use the podcast as lead generation. And this pairs well with using your podcast to build trust.
At the beginning of each episode you can mention a product or service related to the content of your episode. “Hey, today we’re going to be talking about making money with your podcast. Did you know I teach people how to do that in my course?”
Make sure to have a clear call to action; I would recommend telling them to join your list to learn more and get a special deal. Then you can nurture them on the show, and via the mailing list.Generate leads with your podcast. Have a clear Call to Action and BUILD YOUR LIST! Click To Tweet
The great thing about this is you can always start small with a low-priced item. Then slowly build to bigger products and services.
Did you know sponsorship isn’t the only way to make money?
In-fact, it might not even be the best way for you. This free guide will help you learn about 4 ways besides sponsorship to make money, as well as figure out which way is best for you and your show.
Crowdfunding / Membership
The third way you can make money podcasting is through crowdfunding – or offering your listeners bonus content in exchange for a monthly subscription. I would say this is the hardest path to take.
You need a large or dedicated audience to pull this off, and then you need to convince them that you’re worth spending $5/month on.
On top of that, you need to create extra content – but not so much work that you’re stuck doing extra work for 1 person. If you’re going to take this path, I recommend really thinking about the value proposition and if it’s worth it. Then talk to your listeners.
I’ve decided to save what I think is the best for last: affiliate income. You add affiliate links to your show, show notes, and transcripts (you should definitely have show notes and transcripts).
This is the path of least resistance because you can start today. Find some products or services you love and will happily recommend anyway, and add the affiliate links to your podcast’s website.You can start with affiliate links today! Add them to your show notes (and also, have show notes). Click To Tweet
If you’re going to mention affiliate links on the podcast, I would recommend a quick disclosure (which you’ll also need to have on your website), and an easy to speak URL.
You may not make a ton of money to start, but you can begin to offset some costs of your show. Plus, you can retroactively update show notes and transcripts – it doesn’t just need to be episodes moving forward! If you’re using WordPress, a great tool for this is ThirstyAffiliates.
Start Making Money with Your Podcast Today!
If I had to give you an action plan, it would be:
- Sign up for affiliate programs and add links to your website.
- Build your mailing list.
Check Out Podcast Liftoff
If you want even more in-depth advice and tutorials on making money with your podcast, check out my course, Podcast Liftoff. And if you have any questions or advice, feel free to leave them in the comments!