Ways How to make money podcasting
Ways How to make money podcasting How to Make Money Podcasting: A Guide Putting together an online podcast is another option to make money online. Along with my site, I also have the podcast Good Financial Cents, and I frequently use that platform to locate new sponsors and advertising.
I vividly recall how I found my first podcast sponsor, who was ready to spend $8,000 to add a brief clip at the start of every episode for 90 days. Since I wasn’t sure I could heavily monetize my podcast at first, that was very exciting for me at the time.
There are a ton of individuals, though, who make far more money from their podcasts than I do. Consider the John Lee Dumas-hosted Entrepreneur On Fire podcast. The most recent revenue report for the program shows that this podcast had a net income of more than $ 400,000 in March 2018. That is crazy, now.
Finding your expertise, building a following, and then figuring out how to earn and work with sponsors are the keys to progressing with podcasting. Since creating, recording, and editing a podcast requires a lot of logistics, this is not the simplest way to make money online, but it is something to think about.
1. Become an affiliate
When a company uses your podcast to promote one of its products or services, this is known as affiliate marketing. You serve as a go-between, bringing your listeners to them, and the company compensates you for the traffic you generate. This is often accomplished by your listeners signing up for a service or making a purchase, with each new sign-up or purchase being attributed to your podcast.
Due to the fact that it depends on successful conversions to generate revenue on both ends, this type of marketing is excellent for beginning podcasters and businesses. The relationship is a great option because the more prosperous it is, the more both parties profit from it.
How does affiliate marketing for podcasts operate?
After signing up as an affiliate, a company will send you a special code or URL (known as an affiliate link) to share with your audience. Since your audience will be hearing this URL in audio format, make sure it is simple to remember and type again. A decent strategy is to just have your podcast’s name in the URL (e.g., affiliate.com/yourpodcastname), which points to the website of your affiliate partner.
Once your listeners have your link, they can use it to benefit from the deal being offered by your affiliate partner. Your partner will credit your podcast for the intended subscription or purchase when it is made and pay you a certain amount for each new consumer you bring to their company.
What affiliate network should I use for my podcast?
Only the appropriate podcasts and businesses can work together to make affiliate marketing successful. Choose the affiliate programs that best suit your audience while looking for one for your podcast. Your audience will probably not be interested in a firm that sells kitchenware if your podcast is centered on the most recent book releases. They will be considerably more intrigued by businesses like Audible that frequently collaborate with podcasters for marketing purposes.
Fortunately, there are several of tools available to connect companies with podcasters. All you have to do to start marketing a business’s product or service through your podcast is sign up for one of the following affiliate programs.
- Shopify Affiliate Program
- Amazon Associates
- Skillshare affiliate program
- Rakuten Advertising
- CJ Affiliate
The best strategy is to diversify and use various affiliates because every program has unique advantages and restrictions.
2. Offer tiered subscriptions through Patreon
Fans (referred to as “patrons”) can support their favorite creators by making regular monthly contributions through the membership site Patreon. With Patreon, you can categorize podcast subscriptions into various “tiers,” each of which offers a different set of advantages. Remember that each tier ought to have enough exclusive material to warrant a monthly fee.
Tiered Patreon subscription for podcasts
Here are some other pointers for luring and inspiring listeners to contribute to your Patreon:
- Set a low entry price. Focus on enhancing your content while setting a reasonable subscription price. It’s much simpler to sign up 10 listeners for $5 per month than it is to sign up one listener for $50.
- Make higher tiers worth it. To convince your supporters that they are getting their money’s worth, higher tiers ought to offer more advantages. These can range from special discounts on branded merchandise to early access to new content.
- Follow a consistent schedule. Maintain a schedule whether you want to release an episode every day, every week, or every month. Try your best to be timely and publish podcasts on time because podcast listeners anticipate a consistent stream of content.
- Keep your audience in the loop.Share behind-the-scenes material with your audience and keep them informed about new episodes. If a person has a stronger, more intimate connection with the host, they are more likely to continue making monthly payments.
Utilizing a crowdfunding platform is another approach to raise money from fans. However, it is well known that crowdfunding websites offer one-time initiatives with funding choices that are challenging to incorporate with a podcast. It’s simple to set up subscription-based payments through Patreon that bring in regular income for your podcast.
3. Sell custom merchandise to fans
We all had posters, t-shirts, and other memorabilia when we were kids that featured our favorite artists, movies, or sports teams. You can now make and sell the same goods (and then some) to your own podcast listeners because of print on demand.
You may simply create unique things to sell to your audience if you are creative or know someone who is. With print-on-demand services, all you have to do is register for an account on the website of a print provider, upload logos and images, and select the goods you wish to sell.
Some popular print-on-demand services include:
platforms for markets The on-demand nature of this production process implies that you won’t be spending a fortune on the stock, but they will require early setup fees and time. Additionally, because they only produce what is ordered, you won’t have to worry about running out. This kind of setup is ideal for podcasters because it enables you to maintain an online store that is open around-the-clock in the background while you concentrate entirely on your podcast.
4. Write and self-publish a book for your audience
It’s safe to presume that your followers appreciate hearing your views on various topics. Why else would they be listening to your podcasts, after all? Additionally, you can infer that your followers would be satisfied to receive additional content from you in different formats. Self-publishing of books begins.
An excellent method to add new material and earn money from your audience is to self-publish a book. Perhaps this is the reason why so many well-known podcasters have published their ideas in books that their listeners can purchase for a set fee.
For instance, The Guilty Feminist, a book by comedian Deborah Frances-White, is based on her unscripted panel podcast of the same name. Other famous examples are Adnan’s Story by Serial producer Rabia Chaudry and Joseph Fink’s rewriting of the Alice Isn’t Dead podcast’s plot.
You might potentially increase your popularity and income by publishing a book based on your podcast thanks to its numerous advantages:
- Widen your fanbase. While your podcast’s listeners will direct them to your book, some listeners could stumble onto it first. If people like the book, they’ll probably look for the original work, which will grow your fan base.
- Increase your subject authority. Having a companion book will increase your authority on any subject your podcast addresses and give your work more weight.
- Grow sales of your merch. Fans of your book and podcast might grow to love your brand even more, which would increase sales of your other items like bags, posters, and t-shirts.
5. Host live podcasts and collect tips
Not many podcasters will achieve the levels of success required to land a gig in a live location. This does not preclude one from conducting live events or earning money from them, either.
Users can set up live broadcasts on websites like Twitch, YouTube, and Facebook that are accessible to anybody with an internet connection worldwide. Since the initial costs are modest and you may utilize the same location where you typically record your podcasts, these are excellent substitutes for live settings.
Utilize tools like Venmo, Cash App, or Ko-fi to accept tips from listeners while you record your live podcast. Create an account and leave a link accessible on the stream’s screen, in the chat log, or both. These are immediate, one-time payments that can be made at any point during your performance, much like you would with a barista or waiter.
These tipping systems have the great feature that they don’t have to be exclusively related to your livestreams. Make it simple for your podcast listeners to help you by leaving a tip by including a tip button on your website, show notes, or social media accounts.
6. Join a podcast advertising network
You won’t be able to keep your podcast’s content ad-free if you use this technique of monetization because you will need to include an ad. Although you might include them as post-roll commercials, which play at the end of your podcast, if you wanted these podcast advertisements to be as subtle as possible.
In order to connect podcasts and marketers with a common target audience, podcast advertising networks were created. They can be an excellent method to monetise your streams, but they typically demand that podcasters have a particular number of loyal listeners before they can sign up (usually beginning at 1,000).
The need that your podcast run advertisements for goods, services, and other podcasters offered by the network is a drawback of joining a network. Although you can control when these advertisements play, you cannot publish your podcast without them. Therefore, after you’ve signed up with an advertising network, you can no longer choose to keep your podcast ad-free. However, by deploying them as post-roll advertising, which play at the end of a podcast, you may make these podcast advertisements unobtrusive.
Here are some of the more well-liked options for joining a podcast advertising network:
Recall that testing and measuring the performance of your campaigns becomes crucial when you collaborate with a business from a podcast advertising network to make sure the relationship benefits both parties.
Turn your audio content into cash
Here are six strategies for generating steady money through podcasting.
Remember that the most successful podcasts use a variety of monetization strategies to provide a consistent income flow while concentrating on growing their listenership.
These strategies are perfect for podcasters who want to devote the majority of their time to establishing and expanding their podcast brand because the majority of them rely on automation to generate passive income.
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