As the popularity of podcasts continues to rise, more and more individuals are diving in and starting their programs Turn a Profit from Podcasts to establish themselves as thought leaders in their fields, attract an audience, network with influential people, promote their brands, and attract customers to their companies.
There are many examples of people utilizing podcasting to supplement their income, both professionally and personally.
Here are eight ways you can monetize your podcast to make extra money if you’re interested, too.
Here are 8 Ways to Turn a Profit from Podcasts;
1. Podcast sponsorships
Monthly sponsorship revenue for popular podcasts like “Entrepreneur on Fire,” “The Art of Charm,” and “The $100 MBA Show” is in the hundreds. By using the CPM (cost per thousand impressions) pricing structure Turn a Profit from Podcasts, your program will receive:
• $18 for a 15-second pre-roll for every 1,000 downloads
To advertise in a 60-second mid-roll position and pay just $25 for every 1,000 downloads, you would need to pay:
For every three thousand downloads your podcast receives, you’ll earn $54 for a 15-second pre-roll and $75 for a 30-second mid-roll.
“This might assist pay part of your podcasting expenditures,” says Yann Ilunga, who runs the Podcast Success Summit Turn a Profit from Podcasts, the biggest digital conference dedicated to podcasting. Many new podcasters worry about building an audience and finding sponsors, but there are other ways to make money with a podcast.
However, some podcasters may not see personal connections as a lucrative business strategy Turn a Profit from Podcasts. But Ilunga argues otherwise. Relationships are a vital factor in podcasting, just as they are in business, he argues, regardless of whether or not your podcast is interview-based.
According to my research and interviews with successful podcasters, “networking” is the primary motivation for many business owners, marketers, writers, and trainers to launch their podcasts.
When searching for visitors to interview, don’t concentrate only on their prestige, but think about your company. “Many presenters want to interview A–listers on their programs, and there isn’t anything horrible with that,” explains Jessica Rhodes of Rhodes to Success. “Think about your company, however. Turn a Profit from Podcasts Instead of pursuing visitors based on their social position, focus on conducting in-depth interviews with individuals with whom you may genuinely do business.
3. Increase the sales of your products and services.
Consider the goods and services your company is presently offering before pursuing sponsors. Is your show’s audience interested in your product? If they keep coming back week after week, that’s a good sign Turn a Profit from Podcasts. If that’s the case, you should start planning how to use your podcast more effectively. Sales might be boosted by offering a special price to your readership.
Remember, your presence in your listeners’ earphones is a great method to develop authority and reinforce the “know, like, and trust” element. You’re establishing that element with your program, so don’t be hesitant to market your goods and services or provide unique discounts, provided they are relevant to your audience Turn a Profit from Podcasts. Start looking at your program more strategically and view it as a marketing tool that may help you transform listeners into subscribers, and turn prospects into paying customers.
In Booked, best-selling author Josh Turner outlined an appointment–setting system that is built around social media Turn a Profit from Podcasts. Have you got a podcast and you’re a business coach? Instead of focusing on social media, you might use a similar strategy that is centered on your program.
Again, think about methods you can transform listeners into subscribers first. Can I get a free 30-minute consultation from you? A podcast is a great medium to promote your content and encourage people to subscribe to it. If offering free sessions isn’t in the cards for your coaching firm, maybe you might offer your clients special rates to Turn a Profit from Podcasts.
5. Affiliate marketing
If your podcast is more technical and you frequently refer to outside sources, affiliate marketing may be a viable revenue stream to explore. “During a recent interview The Audacity to Podcast host Daniel J. Lewis shared the fact that affiliate commissions allow him to generate a good income from his podcast,” Ilunga recalled Turn a Profit from Podcasts.
If you’re producing a podcast, chances are good that most of the episodes will be relevant for years to come. What you said yesterday is still true today and will be true in the months and years to come. As the popularity of your podcast increases, you may be able to supplement your income with affiliate links and earn money while you sleep.
6. Books and audiobooks
The podcaster’s job entails investing significant time into the production of high-quality material that is then distributed without charge. Turn a Profit from Podcasts Business owners may listen in, hear some suggestions, and take them or leave them as they see fit. As I discussed in “3 Material Marketing Trends You Need to Be Addressing in Q2,” recycled content is a potent content-marketing tactic.
Who says you can’t use already published material in your podcast?
Hack the Entrepreneur presenter Jon Nastor is an excellent example of a podcaster who recycled some of his material and produced a product people pay for: a book. His book is a compilation of insights gleaned from the interviews he conducted for that Turn a Profit from Podcasts and original material.
Not everyone has the same passions as an author, and maybe writing a book isn’t your thing. What about audiobooks, though? Expert narrator and audiobook producer Krystal Wascher thinks that when podcasters hone their craft, they improve as communicators and storytellers. If you’re good at recording, why don’t you make an audiobook?” Seeing as you’re reading this, you presumably have material and recording skills. It’s a no-brainer.”
You may benefit from getting the help of the locals Turn a Profit from Podcasts. With a crowdfunding site like Patreon, your audience may financially back your work via pledges. As Profitcast host Brian Kane, aka “The Real Brian,” explains, “Noah Lugeons, for example, is making $1,200 an episode.” “There are several components that go into successful crowdfunding,” Kane continues. “However, it is important for podcasters to understand that there are ways to profit from your show beyond the traditional CPM sponsorship model.”
8. Virtual summits
Virtual summits are a great way to capitalize on the growing popularity of both podcasts and interpersonal connections while also having fun and making some money. Turn a Profit from Podcasts Two podcasters who have utilized their programs to network and create industry-leading digital conferences are Navid Moazzez (creator of The Branding Summit) and Yann Ilunga (host of the Podcast Success Summit). Moazzez added 3,000 new email subscribers and made $20,000 in sales thanks to the Branding Summit.
Moreover, Llung asks, “Are you a podcaster who would want to hold the greatest virtual conference in your industry?” Use the contacts you’ve established via your podcast to organize a conference with a speaker roster of 80+ experts as I did. Through doing interviews for my podcast, I was able to network effectively.