A podcast can be a lucrative business if you know what you are doing and how to use certain strategies and techniques to monetize a podcast indirectly.
In a previous blog we gave you a list of some of these ideas, here are more to get you going on making money on your podcast, sooner rather than later.
It is best to start thinking about podcast monetization before you publish the first episode. If you have not started a podcast, be sure to consider how the show’s topic, style, and the content will lead to future money-making strategies.
Keep aware if you want to podcast about sensitive or debatable topics you might alienate certain sponsors.
Moving forward podcast ad revenue is expected to reach $863 million in 2020 so there will always be sponsors who could fit into your niche audience.
It is recommended that once you start publishing a podcast, to do between 10 to 12 episodes to build an audience.
Offer Access to An eCourse
If your podcast has an educational message or teaches listeners a new skill, develop an e-course, and earn extra money.
To create a course, do it on your website or host it on a third-party platform according to too this article on PC Magazine.
If you think courses are a good way to make money on your podcast, try doing it on a third-party platform when first starting. You will need to pay fees for each person who signs up for the course, but you will not have to create a functional system on your website. If courses make you money, then you can do it on your own.
Sell Content Upgrades
Inside a downloadable resource with each podcast episode relating to the episode, this is often referred to as content upgrading because it upgrades or improves a listener’s experience.
For instance, if you host a shopping podcast try talking about shopping for purses in one episode. At the end of the episode, tell listeners to drop by your website and buy a map of the best places to look for purses.
To sell a content upgrade, add a payment form on your website for listeners to pay and download the form. Try adding this to the place where you publish your podcast download links and/or audio player.
Think about also adding an eCommerce shopping cart to list your content upgrades separately the people can browse your previous upgrades in one place.
Sell Actual Items
When listeners like a podcast, they might be buying merchandise that shows off the podcast. Try selling items such as T-shirts, coffee cups, banners, or anything that lets the audience connect with the show outside of listening to your most current episodes.
Feature the podcast’s name, tagline, or comment on the merchandise. Any calls-to-action can help describe when a listener might realize they heard about the product on their fave podcast.
And these days, you do not need to handle any products to have your eCommerce store.
Check out websites where you can design your own products and then sell them online.
Or try Oberlo, to create a drop-shipping store that instantly purchases products from another source when listeners place an order.
Public speaking is easy for many podcast hosts, so if you’re comfortable speaking on your podcast you’ll do great in front of a live audience.
How much you can earn speaking publicly depends as some speakers earn just a small stipend and travel expenses while other speakers make six figures or more.
The best way to get into public speaking is to locate local groups and meet with them to discuss your niche or industry. Try Meetup, Facebook groups, or peruse your local newspaper for organized events. Then, contact them and present a topic but do inform them you will mention your podcast. Prepare a presentation with visuals and figure out what you want to talk about.
Start small, perhaps talking to small groups that meet at the library or neighborhood café and use those talks to get better and public speaking and creating a name for yourself.
Good luck and start getting busy on your podcasting today!