Podcasting is huge right now and it’s a great way to spread your message as a personal brand entrepreneur. What could be more personal than someone being willing to put earbuds in and listen to your voice? It’s been a game-changer for me but it’s also a lot of work. We all have lots of calls on our time and we are here to make money. If you’re going to become a podcast host, you need to make it pay. Here’s how to make a podcast generate income.
How to start a podcast
Let’s face it, if you don’t have any podcast listeners then you’re not going to get very far with monetizing your podcast. The first step to making it bring money into your business is to build an audience.
Ask your listeners to share your podcast on social media. These people are fans. They have chosen to listen to your podcast over other people’s. They have taken you on their commute or on a walk or while they’re doing household chores, whatever it is they’re doing, they have chosen your voice to accompany them.
They want to hear what you’ve got to say. They are part of your community and they will be happy to support you, particularly if all they have to do is hit a link to share your latest episode. That’s a no-brainer.
Once people start talking about your podcast with their community, you’ll start growing your listener base. The other thing to ask for is reviews. When someone is deciding to listen to a podcast for the first time they want to hear something they already know is good. A bunch of 5-star reviews and some great comments about how much people love listening to your show is going to give them the social proof they need to hit the download button.
Don’t forget to ask your guests to share with their communities as well. People love being podcast guests. It gets them in front of a new audience and gives them an opportunity to spread their message more widely.
Give them material they can share with their audience. Send them artwork and ready-written social media posts. If you want to go a step further, give them an audio clip they can send out to their email list to tease the conversation they’ve had and encourage their followers to tune in.
You need to focus on building your audience. Once you get the momentum going, nice things happen. It’s a reward for all your hard work.
Use your podcast to establish your authority
When people share your podcast or give you a review, they are saying to the world that they rate you and believe you know what you’re talking about. They are officially stamping you as an expert in your niche. Use your podcast to help your community. Answer their questions, give them the knowledge they need and entertain them.
Don’t forget to make use of all that great material in your podcast by repurposing it. Not everyone will listen to a podcast episode all the way through but they might read a blog post written from the audio or share a social media post with key learnings on it. The more people who see your content and learn from it, the better for establishing your authority.
This will give you opportunities for paid speaking gigs. People have heard you talking, they know you can do it, and they like your message. You can use it for PR as well. Tell your industry about your podcast, what you have learned from your podcast and how your podcast has helped your business. People will be interested to hear how you have created a success because they want to do that too.
Your podcast will also give you a reputation you can use to get featured in articles or to write guest articles for publications as well.
How to get sponsors for your podcast
Sponsorship is a great way to monetize your podcast. Come up with a deal and ask a company who is a good fit for your community if they would like to come on board.
Start by looking at who is sponsoring the shows you listen to. You know that they are already into advertising in this way. Then make a personal connection with the brand you would like to work with. Tell them what’s in it for them.
If a big brand doesn’t want to get on board, then why not see if someone in your business network does. It’s an opportunity for a fellow entrepreneur who you respect to get in front of your audience and support your work at the same time.
You can also ask your listeners to support you. There is nothing wrong with telling people how they can sponsor your show. You can also crowdsource support. Ask people who love listening if they would like to contribute and help keep your show on the air. Fans will be willing to put their hand in their pocket to keep listening to their favorite podcast. I’m always saying you need to become somebody’s favorite and this is why. People will be there for you.
You can also use affiliate marketing to monetize your podcast. This where you have a deal with a company, they give you a special link and you give that link out to your audience. If they buy from you, you earn a commission.
Talk about your products and services
Your podcast gives you an audience of engaged fans. You know they’re engaged because they’re willing to listen to you for a decent period of time. If you’ve got a book, course or event to sell, talk about it on your show.
You can also repurpose your existing content as part of your show. Share audio from a presentation or do a podcast version of a webinar. It’s an opportunity for people to learn from you and get a taste of what else you have to offer. For a listener who is at the consideration stage in buying from you, this will help them make their decision.
Create products and services based on what your audience is telling you they need. If they are asking for more information about a topic then look at creating a course for them. You have the data to know what episodes are the most popular and people will get in touch with you to tell you how much they loved a particular show.
There are many ways to generate income on the back of podcasting. If you grow your audience it’s a great means of establishing your authority and showing people you really know what you’re talking about. This then opens up lots of other opportunities to generate income for your business from speaking to sponsorship to marketing your existing products and services and developing new ones.There are many ways to generate income on the back of podcasting. If you grow your audience it’s a great means of establishing your authority and showing people you really know what you’re talking about. #Youpreneur Click To Tweet
Chris founded Youpreneur® in 2015. He is a serial entrepreneur, keynote speaker and author of the bestselling books “Virtual Freedom” and “Rise of the Youpreneur”. He hosts our weekly podcast, Youpreneur.FM, as well as our annual conference, the Youpreneur Summit. Chris is based in Cambridge, UK.