How to Make Money Podcasting

How to Make Money Podcasting

– Podcasting is great,
it gives you a chance to spread your message,
connect with your audience, and interview amazing people. If that’s what you’re into. But how do you make money with a podcast? Well, that’s what this video is all about and I’ll share with you the exact strategy that I use with my
Modern Marketing podcast to add an extra six-figures to my revenue. Let’s get to it. (upbeat rock music) Hey there, my name is Adam Erhart, Modern Marketing Strategist and welcome to The Modern Marketing Show where we help you make
marketing that matters. So if you’re interested in learning about the latest and greatest
marketing strategies, tools, tips, tricks, and tactics, well, you may wanna consider subscribing, hitting that little notification bell. It’s no secret that if you
don’t already have a podcast, you may wanna consider starting one. And if you have one, well,
then these strategies are gonna be that much easier to implement because as great as a podcast is for your brand and for your business, well, it’s its ability to generate revenue that really makes it a
powerful marketing tool. So, let’s get right to it. Here are four strategies that you can use to make money with your podcast including the main one that
I’ve used in my business to add an extra
six-figures to the revenue. Podcast money maker
number one is sponsorship. Now this one is kinda obvious but it’s still worth mentioning, specially as it’s become
more and more popular in our industry and across
podcasting in general. The concept of getting a sponsor
is actually really simple. Basically, someone sponsors your show and in exchange for the money that they’re giving you for the show, well, you’re either give
them some kind of shoutout, or a tribute, or they’ll
get a spot on the show or whatever you decide to negotiate. Now you as a podcast host or as the owner, or creator of the podcast are essentially being rewarded for the fact
that you have a podcast. But the amount of revenue that you’re gonna be able to generate or the amount that a sponsor
is gonna be willing to pay is gonna vary on a number
of different factors, including how many listeners you have, what kind of brand or business you have, what market or niche or
industry that you’re in as well as how long the
podcast has been running and all of those kind of factors. Sponsorship is an absolutely
great and viable way to make money with your podcast. It doesn’t happen to
be the way that I chose ’cause I’m a bit of a control freak and I like to have a little more control over the podcast itself but regardless, I’m certainly not against it and I’m certainly not discouraging it. Alright, so let’s talk about
podcast money maker number two which is paid advertising. Now when it comes to
running paid advertising on your podcast, there’s
a number of similarities and differences compared to sponsorship. First of all, a sponsorship tends to be, it’s kind of a longer term arrangement or a longer term agreement
and there tends to be a higher level of commitment
whereas with paid ads, normally what people are looking for is a transactional relationship, though they can buy space in bulk. Now when it comes to running the paid ad, this can be either
recorded by the business that’s buying the space on your show, or the podcast host can offer
to record the ad for them, or simply make a plug
anytime throughout the show. Common spots are at the beginning, somewhere in the middle, and
at the end, not surprisingly. Now just like with sponsorships, the amount that you’re gonna
get per section of airtime is gonna vary depending on your market, and the industry, and the
niche, and the listenership, and all those other factors
we’ve already discussed. Now when it comes to my podcast, I also don’t run paid ads but again, I’m certainly not against
them and they’re a viable tool if you’re looking to make an
extra few bucks for your show. Moving right along to podcast money maker number three, traffic. Now this one has a little bit of a catch associated with it because essentially what you’re doing is
you’re using your podcast to send traffic to whatever
source that you want, which means you’re gonna probably need somewhere to send it to. Now if you have a good
product, or a good service, and a good offer that’s
already converting well, well, then this is like
adding gasoline to the fire by essentially giving more
attention and more traffic wherever you wanna send it. In fact, even if you don’t
have your own product or service, you can still use this method to drive traffic to affiliate sales or to joint venture
offers or anything else where you’ll get a kick back for some of the sales or
some of the traffic you send. While I don’t make money
directly from the traffic from my podcast, I can attribute a sizeable amount of
my revenue from traffic that is originated from
listening to the podcast. So a great strategy and a very viable one if you already have a functional business. And that brings us to podcast money maker number four, networking. Which is what has really enabled me to build a profitable podcast. Yes, the other three strategies are great, whether we’re running
sponsorships or paid ads or using it for traffic, but
it is this fourth strategy that’s really enabled The
Modern Marketing podcast to become a viable and crucial
part of my business overall. The beauty of this final
strategy is in its simplicity. And essentially, it just
involves being a good person who’s good at your business and is offering value to other people. Basically, the networking strategy involves making new
connections with people that end up turning
into fun, professional, and profitable relationships
for you and your business. Now the key with running
this networking strategy is that your podcast will need to have some element of an interview style show. So if your podcast is based entirely around interviews, that’s fantastic. But if it’s a solo show, where it’s just you giving a monologue, well, you’re going to
need to find some way to incorporate either guests or interviews or experts or something
where you will be able to get outside experts into your show. Now the key with finding these guests is to make sure that they’re professional, and they’re qualified, and they’re essentially well-represented for the market that you’re serving. The last thing that you
want is an irrelevant guest who doesn’t know about your topic or isn’t an expert in their field and is basically just not
providing value to your listeners. Because that’s a quick way to lose them. But the strategy overall is really simple. Be kind, be professional,
know your stuff, listen well, and try to find out where they need help. If you can be the one to
help them, that’s fantastic. And if not, that’s okay
too, you can recommend or refer them to someone
that may be able to. The key here is to try to serve and try to provide as
much value as possible, both to your listeners and to your guest. So this sounds a lot like networking. You might be asking, what makes this such an effective strategy
when it comes to the podcast? Well, let me give you a few reasons. For starters, when you
interview them on your podcast, you’re gonna be having a discussion for about 30 to 60 minutes which builds a tremendous amount of rapport. You’re also giving them
something of tremendous value which is access to your audience and a network to share their message which builds likeability. Lastly, you’re a subject matter expert who really knows your stuff and you’ve got a podcast to
prove it which builds trust. And when you put these all together at the end of the podcast,
you built a tremendous amount of know, like, and trust and if there’s an opportunity
to help the person further, or if they know someone that does, well, that door is
pretty much open for you. There’s no need to be pushy, there’s no need to be salesy,
all you need to do is chat. At the very least, you’ve
built a powerful new connection and maybe even a new friend. All in all, a podcast is
an amazing marketing tool to have in your arsenal. It’s fun, relatively easy to set up, and if you implement the
steps we talked about today, can also add to your
business’ bottom line. I think that’s a mic drop. So thanks so much for watching. I hope you enjoyed the episode. If so, make sure to give it a thumbs up, subscribe to the channel
and leave me a comment in the comment section below. Also, for more great marketing strategies, tools, tips, tricks, and tactics, make sure to head over to which is packed with videos and podcasts and articles and all sorts of resources to really help take your business and your marketing to the next
level and way beyond that. So thanks so much for watching and I’ll catch you next time
on The Modern Marketing Show.

10 thoughts on “How to Make Money Podcasting

  1. Podcasting is great. It gives you a chance to spread your message, connect with your.

  2. So I'm 17 about to be 18 and I want to start my own podcast. I want to target a younger audience with tips for self development at a young age. I'm not exactly sure where to start though. Any advice you can give me? Thanks!

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