Ways to Monetize your Podcast
“How do I monetize my Podcast?” is one of the most asked questions in Podcast forums, and social media groups. It’s only natural to try to make a profit (or cover costs) on a project that you dedicate so much time to! In this article we’re going to dive deeper into ways to fund your Podcast, whether you’ve just published your first episode, or if you’re a seasoned podcaster.
With multiple agencies predicting that in 2021 more than one in 5 ads will be allocated to Podcasts, no wonder every podcaster dreams of making money with their show! The good news is that achieving that doesn’t necessarily require a larger following! Keep reading to learn how to monetize your Podcast, and to discover each option’s pros and cons!
Join a free monetization program
This option is the easiest to get hands onto. Pretty much every major Podcast hosting platform out there has monetization programs that allow podcasters to sign up without too much technical knowledge (Spreaker, Anchor, Podbean, etc).
PROS:
It’s pretty easy to set up and to get paid.
Additionally, there are Podcast marketplace platforms such as PodCorn that also match podcasters with advertisers.
Ads are placed automatically and matched to audience’s interests.
No need to record ads, those are taken care by the hosting platforms and agencies.
You can select the ad placement.
No need to book ‘sales meetings’.
CONS:
You’ll be limited to industry standard amounts (start at $25 per 1,000 plays) and can’t negotiate higher rates unless you have higher downloads.
Not worthwhile for Podcasts with smaller audiences.
You may need premium subscriptions to access monetization programs.
You don’t have control over the content that is being automatically played during your Podcast.
Not available worldwide.
Hosting platforms act as the middle man and will keep a share of the revenue.
Add Affiliate Marketing or Product Codes
Affiliate marketing is also referred to as performance marketing. This medium is not exclusive to Podcasts and is widely used by bloggers, vloggers or online influencers. The way it works: creators make a commission when the audience buys products from the companies that they have agreements with. Example: “Use code TPS for a 10% discount when you buy the YU microphone”).
PROS:
Making a profit by talking about your favorite products.
It’s not exclusive to Podcast platforms.
Podcast websites or social accounts can feature additional information and links about the products, which will maximize exposure and profit.
Ads or product mentions can be organically added during the episode’s recording, and they perform extremely well when the Podcaster ties in the product with the topic that they’re addressing in that specific episode.
You can email brands directly or sign up for affiliate brand deals with Amazon, ClickBank and ShareASale.
CONS:
It may sound fake or inauthentic if the host is just trying to talk about as many products as possible to get more revenue out of it.
You’re promoting someone else’s products.
Some platforms take a cut.
Not always easy to assess if the audience will be interested in the products.
Sourcing your own Sponsorships and Ads
This is one of the strategies that can provide podcasters some of the highest ROI (Return on Investment).
PROS:
High ROI strategy because you’re the one deciding how much you want to charge per spot.
There’s no middle man or platform involved, just you and the ad buyer.
You can rely on your own network, and use your own reputation to close deals.
Doesn’t require large following, just highly engaged audiences.
High control over the messaging, which can be built into contracts.
CONS:
If you don’t have a network to tap into, you may struggle to land deals.
Not advised for people who don’t like to sell.
Can be difficult to establish a price range.
Create a Patreon page, or tap into your Superfans
Crowdfunding or seed funding are great ways to kick off a Podcast off the ground, or take it to the next level while thoroughly engaging the audience during this process.
PROS:
‘Powered by the people’: Platforms such as Patreon give the audience a sense of belonging.
It diversifies the income stream, making the Podcast more sustainable long-term.
Option to add awesome ‘Thank You’ options, including fun swag and merch.
It’s a trustworthy way to gather donations.
CONS:
Most crowdsourcing platforms charge fees.
A lot of Podcasters create give-backs or thank-yous that are overcomplicated, not scalable or sustainable.
PodInbox: Engage your Superfans, while gaining social proof
I met Pat Cheung, founder of PodInbox during Podcast Movement’s conference in Nashville, TN, as he was beta testing the platform in 2021.
Here’s what I love most about how PodInbox is engaging listeners to help you grow your show:
PROS:
Unlike most platforms, it creates a fan page where you can showcase your fans, which increases listener ‘buy-in’
Your superfans can leave you voice messages that you can include on your show, or social media, simplifying how listeners engage with you.
Your account stores all the engagement with your listeners, which reduces overwhelm (for you or your team) and allows them to donate to your show in one location.
You can speak to your fans using the chat feature.
CONS:
Listeners need to create an account in order to leave you a message.
Courses, services or consulting
This option has the highest ROI of all: and it circles back to you through and through!
PROS:
By creating content that shares your expertise and your personality, you’re giving the audience a direct insight to what they’d be buying into! If they support your Podcast, that’s halfway to purchasing your products too!
It’s a sleek sales funnel into your products.
It creates an online footprint of your work and legacy.
It enables you to invite industry experts and widen your net, and potentially close deals with those same guests that you’re talking to!
Ads can be added to talk about discounts that you’re having or you can just let your expertise shine through if you’re not that excited about making an ad for your product or service.
CONS:
You need a product or service to sell (obviously!).
Strategy has to be done right so that it doesn’t sound too salesy or sleazy.