Monetize Your Podcast using the 11 points strategies (2021)
As a podcaster, it is important to learn how you can monetize your podcast. Podcasts are becoming more and more popular as people find new ways to enjoy them.
People who want to start podcasts will need to make their podcast available on different platforms, create consistent episodes, and tell others about it.
People who are interested in starting a podcast often ask themselves how they can get listeners or if people would even be interested in listening. To build an audience of regular folks like you and me for your pod cast first requires releasing them through distribution channels such as Spotify and Apple Podcasts . Releasing the content consistently is crucial too because without consistency there won’t be any momentum building up until eventually nobody cares anymore (or more likely forgets). You should also promote what you're doing by telling friends , family members, acquaintances etc., whether this means sending out emails with links directing them toward where they can.
So, if you want to make money off of your show, there are many different options out there for you! Here are 8 strategies that will help you get started with monetizing your podcast:
- Sponsorship Deals or Ads
- Create paid membership tiers
- Affiliate Partnerships
- Sell Premium Episodes
- Asking For Donations
- Selling Merchandise
- Gate your back Catalog
- Selling Access To A Course
- Live Events
- Sell repurposed content
- Syndicate your show to You Tube
Let's take a more in-depth look at them:
SPONSORSHIP DEALS OR ADS
Podcast sponsorship is a great way to monetize your podcast because it’s simple and easy. All you need to do is reach out the sponsor, give them information about what type of listeners you have and how often they listen or download, then once that’s been established there isn’t anything else that needs done!
Sponsorships pay more depending on how many people listen to your show. As the number of people who listen increases, so will your revenue. But that also means this is a tough way to make money if you don’t have many listeners
Generally, you can charge for “pre-roll” and “mid-roll” mentions. Mid-row (during your episode) pay more. Promote the sponsor at both points if you’re comfortable.
Here are a few places to find sponsorship deals:
CREATE PAID MEMBERSHIP TIERS
The latest trend in podcasting is creating paid membership tiers. Listeners can pay to access exclusive content, private Facebook groups, or even get their own swag. The best way to get this started is to create a Patreon account. It’s well-respected and simple to use. You can use their default settings or create your own system of levels and rewards for donors.
You may find more listeners are willing to support the show because they’re receiving either a physical product or exclusive episodes for their contribution.
Affiliate marketing is a way to make money from your podcast by promoting products with special affiliate links. If listeners click on one of these links and buy the product, you'll earn a commission for each sale that's made.
Create a special URL that tracks sales. Use yourdomain.com/product-name, and set it up with a redirect so you can see exactly how many people followed the link to buy it. Have reasonable commissions beforehand as well!
SELL PREMIUM EPISODES
Since your audience is already familiar with content you have published on your podcast, why not create special premium versions of selected episodes for purchase? This will allow them to access more specific information they are interested in.
For example, you could release two episodes per week where one is free and the other has unique content. The paid episode must be worth paying for though! It could be a:
• Long-form Q&A podcast episode with a guest
• Live recorded show
• Video version of the show
• Ad-free show
An easy way to create premium content is recording it while you record your free stuff. Let's say you invite a guest on your show and spend 30 minutes discussing the topic at hand, then an additional 10 minutes offering something juicy people will want to buy for their ears only. Make sure that extra time includes some good material even if there are no sales involved initially because listeners can get suspicious of hidden agendas when they hear too many "good deals." It also helps keep the conversation going in case anybody gets stuck or off track during this process!
ASKING FOR DONATIONS
A simple way to monetize a podcast is by asking for donations. It's easy, straightforward and people are happy to pay if they like your content enough. You can create PayPal buttons or open up Stripe accounts (or even setup GoFundMe campaigns) - it really depends on what you're most comfortable with! To avoid feeling slimy about promoting yourself with crowdfunding, tell your audience exactly why you're asking for donations. Are you using the money to create more episodes? Let people know that!
When an audience loves a podcast, they might be buying merchandise that shows off the show. You could sell T-shirts, mugs, stickers, or really anything that lets your audience connect with the show outside of listening to the latest episodes.
Showcase the podcast’s name, a repeated catch phrase, or an inside joke on the merch. Your calls-to-action can describe the moment a listener may pass a stranger on the street and realize they’re wearing a tee shirt from their favorite show. Instantly a bond is formed from their shared love of your show.
And these days, you don’t need to actually handle any products in order to have your own E-commerce store.
With Teespring, you can design and showcase products that are only printed/created when someone buys. This way you don’t have to put any money down. With Oberlo, you can create a drop-shipping store that automatically purchases products from another source when your customers make an order.
We advise that you use a print-on-demand service for merchandise at first. This way you won’t have to buy a pallet of inventory. If you buy a bunch of inventory, there’s a chance you won’t be able to sell it.
GATE YOUR BACK CATALOG
If you have been creating a podcast for ages, try this strategy.
Rather than spending time creating new premium content, you can restrict access to your older episodes. This means that users will be required to pay a subscription fee in order for them to listen.
SELLING ACCESS TO A COURSE
A standalone e-course is a great way to earn some money if your podcast aims to teach listeners something. If you're creating an educational or skill building podcast, this would be the perfect product for them!
If you think courses are the right way to monetize a podcast, we recommend creating your first course on one of those third-party platforms. Yes, you'll pay some fees for each person who takes it but then skip having to build an in-house functional system that processes payments and handles all submissions/participants interacting with the platform etc. If courses turn out to be your money maker, bring everything back in house!
If you have a local following or avid audience who wouldn’t mind traveling to see your performance, sell tickets for an event. Your fans will enjoy meeting with you in person at this live show!
The type of event you host will depend on your audience and your podcast’s topic. You might give a lecture, run a workshop, teach a skill, or simply host a group discussion. Eventbrite is a great tool to sell your own tickets for a live event.
Since podcast monetization is difficult, it's best to try this tactic after building a loyal following. You don't need thousands of attendees for an event to make money but you do require some people in attendance.
SELL REPURPOSED CONTENT
There are many ways to reuse content that you've already created, which can significantly reduce the amount of time making something new would take. Repurposing is a great way to accomplish this because it still allows your original work and ideas shine through without having you spend hours creating them again.
A book is an excellent marketing tool that can be used to increase the value of your podcast. Take some podcasts you have already published, transcribe them yourself or use Castos transcription services from your dashboard, and edit with more relevant information for readers who are looking to learn about similar topics mentioned in each episode.
This will also help improve SEO since people love reading things on their phones now! If this strategy to monetize a podcast appeals to your listeners, invest a little money into a professional design from a service like 99Designs. Then you can put it in a format that’s suitable for Amazon. Selling books on Amazon is far more effective than trying to sell it through your own website.
Next, market your new book on your podcast. Point out that it’s a comprehensive way to learn everything you’ve taught.
SYNDICATE YOUR SHOW TO YOU TUBE
By converting your podcasts into YouTube videos, you can expand the reach of what you've created and even make money from them.
This is a quick process. All you have to do is enable monetization in your account settings and Google will handle the ads and distributing your money.
I recommend adding a single image to your episode recording, and considering YouTube SEO best practices for surfacing videos in more search results.
Frequently Asked Questions About Podcast Monetization
Should I start a podcast to make money?
No! A podcast can’t be all business. The foundation of how to earn money from a show is having loyal fans who follow hosts passionate about their topic, not those looking for something quick and easy. If you start a podcast because you want to make money, it will likely fall flat. It's important that your motivations are rooted in sharing something unique and interesting with the world rather than trying to cash out as fast as possible.
When should I start thinking about monetizing my podcast?
So, before you even publish your first episode, be sure to consider how the show's topic, style format and content will lend itself to future monetization strategies. Having a successful podcast is all about thinking ahead!
You should create 10 to 12 episodes before you begin publishing your podcast. This will help build an audience for the first few months that people are listening, and it might increase listener retention overall.
How many downloads do I need to start monetizing my podcast?
When a podcast has received 400-500 downloads per episode, it is time to start monetizing the show. There are no hard rules with this strategy but generally speaking most podcasts will see success around that number of downloads.
If you’re considering joining a podcast advertising network, they may have minimum download requirements before you can apply.
There’s no one right way to monetize a podcast. The trick to maximizing revenue is to implement monetization methods that aren't intrusive to your audience and to use a bit of every technique instead of going hard on a single monetization strategy.