Yesterday I released a new episode on Should I Start A Podcast which was all about making money from your podcast. If you land up listening, you will:
- Learn how different business owners make money from their podcast
- Hear the misconceptions about making money from your podcast
- Take a deeper look at how to sustain the podcast creatively and financially
- Rethink how you interact with your guest before and after you interview them
- Understand what is the #1 thing I focus on after doing over 1500 interviews
- Hear us talk about the Proust questionnaire
- Learn the advantages of using LinkedIn for C-suite executives
- Think differently about doing a pre-interview before the main interview with your guest
But, I wanted to give you more than what we covered in that conversation. So, here it is. 6 main ways to make money with your podcast…
1. Become a host sponsor
Host sponsorship is another way to monetise your podcast. A sponsor will pay you to read out a message on-air, and that message gets heard by all of your listeners. It can be anything from a company or product endorsement, or even just something entirely unrelated to the content of your podcast.
To become a host sponsor, you can either contact companies directly yourself (this may take some time) or use an agency like Jango Radio that specialises in connecting hosts with sponsorships. You’ll likely receive offers from multiple companies, so it’s up to you how much money you want to make per episode and how many episodes per month you want to record with sponsorships. You’ll probably need at least three sponsorships per month for this method alone if not more!
This method has its pros and cons just like any other type of monetisation strategy.
2. Paid speaking opportunities
You can also leverage your podcast to generate paid speaking opportunities. Some of the most popular podcasts are hosted by comedians, professional podcasters and celebrities who get paid to speak on stage at events. If you’re interested in doing this yourself, look for organisations that have an audience similar to yours or want someone with expertise in a different area than what you do on your podcast. For example, if you host a sports podcast called “The Sports Fans Podcast,” you could find speaking opportunities at local businesses that need speakers about marketing or advertising instead of just sports topics for their staff meetings.
If you’d rather focus on getting paid gigs from organisations directly related to your podcast’s topic, then look into hosting workshops at venues like libraries or community centres. You’ll need some extra equipment like screens and projectors—but if there’s enough demand from people who listen to your show then these kinds of events can be very lucrative while still allowing plenty of time off work!
3. Make your podcast a lead generator
Lead generation is a process of collecting information about potential customers that you can use to sell your product or service.
You can use your podcast as a lead generator in many ways:
- Get more podcast listeners. The first step to getting more people listening to your podcast is making sure they find it in the first place. This means sharing your show on social media, emailing friends and family members, posting on forums relevant to your niche (like Reddit), and doing whatever else it takes to get new people interested in what you’re doing.
- Get more podcast subscribers. Once someone clicks play on one episode of your show, they’ve got an open door into subscribing for future episodes—but this doesn’t happen by itself! You need strategies in place that encourage people who enjoy what they hear from one episode or series; these strategies include keeping tabs on where listeners are coming from so that when one avenue stops working well enough anymore (for example: if most downloads come from Facebook but not Twitter anymore), then you know which way needs adjusting first before others follow suit later down the line too soon since all eyes turn toward whichever platform shows promise early success with bringing them closer together again rather than focusing solely on one thing at once without looking elsewhere too closely just yet.”
4. Earn revenue from affiliate marketing
If you don’t have a product or service already, but want to try something new that could work for your podcast, consider affiliate marketing.
This method of monetising a podcast is an indirect way of making money through promoting other products or services in exchange for commissions on sales. The best part of this option is it can lead to long-term residual income if done correctly!
5. Turn your podcast into a book or program
If you already have a podcast, you have a ready-made audience. It’s time to take their attention and turn it into action.
You can use the podcast to promote the book or program you want to create. By promoting your book or program on your podcast, you can reach the same people who already listen to your show—and that means more sales for you!
Podcasting is also a great way for entrepreneurs and thought leaders to get their message out into the world. With so many other forms of media available today, it’s easy for someone’s voice not being heard as loudly as they could be if they had their own platform where they could speak directly with their audience through audio or video content. Podcasting gives them this opportunity!
Finally, podcasting is an excellent tool for building a community around your message! Having an engaged community helps keep people interested in what you have say and makes sure that even if they don’t buy something directly from us at first (like when we are first starting out), we’re still reaching new people every day via word-of-mouth referrals like these ones here today.”
6. Create ancillary products for your audience
Podcasting is a great way to build a business and make money. You can monetise your podcast in different ways, depending on the type of show you have.
Take advantage of your audience
If you’re producing a podcast about fitness, for example, then it stands to reason that some people in your audience might be interested in working out with similar equipment or accessories. If so, sell those products on your website! Offer workout clothes or other fitness-related items as ancillary products on top of selling advertising space or even selling sponsorships directly through the episode itself (which we’ll get into later).
Likewise, if you’re doing a show about nutrition or cooking recipes and meals then perhaps they’d like cookbooks or meal plans based off what they hear each week. Create these ancillary items and sell them through your website using Amazon’s FBA program (Fulfilment by Amazon).
There are different ways to make money from your podcast and you should figure out which way is best for you.
There are many ways to make money from your podcast. There’s no one way that works for everyone, and you should figure out which way is best for you.
First, think about what kind of podcast you want to create, who your audience will be, and what they need or want from it. Then decide how much time and energy (and money) it will take to create something that people actually want. You also have to consider how much time this will take away from other activities like work or family life… and whether it’s worth it!
If you’ve gotten all the way to the end and haven’t done it yet, don’t forget to listen to the podcast episode on the Should I Start A Podcast (for my business) podcast. You can find that on Spotify or wherever you get your favourite podcasts.