If you’re a brand and you’re thinking about starting a podcast, and you’re going to invest all this time and money into starting this thing and creating this platform for your company, hopefully, to better communicate with your customers… Make more sales. You’re probably wondering How are we going to monetize our podcast? This is something that we get asked all the time in meetings, from potential clients, and even current clients who sign on for the strategy phase. How is this going to generate money and increase our bottom line? And it’s a little different. It’s different than direct response marketing. It’s different from us running a Facebook ad campaign where you can track ROI directly. So, I’m going to go over a couple ways on how you can monetize a podcast for your business. The first one, which I don’t typically recommend when starting out, is ads. So, advertising rates on podcasts are about $33 per 1,000 views. And when you start a podcast you may not have a ton of views unless you have a really large following to begin with. Your brand does. And even with those ad dollars coming in, you may be better off advertising your own product since it’s going directly to your audience. So, let’s say you have a podcast. You’re getting 10,000 views. So you can get $333 an ad. Maybe a little more if it’s a specific audience. Maybe you can fit 3 ads into an episode. That comes out to $1,000. You’re probably looking to make more money – a better return per episode than that. So, let’s table that idea unless you already have a big following, and you don’t have an actual business or an actual product to sell. Then ads could be the right way to go. But, I think the real way to make money off podcasts… And this is what we did… Starting our show back in 2016. Using it as a tool that can promote your own products. Using it as a sales tool. And using it as a networking tool to build relationships with community members, potential customers, and really position your brand as a leader in the field or as a community leader. Which is a little difficult to measure the ROI on… But, In our case… We started this show… And I started it because I wanted to highlight community leaders and tell untold stories in Milwaukee. One of the things we were realizing is a lot of the guests we had on were influential people, and they would share this content. And we would tap into their followings. We’d create video clips. They would share video, audio… Got us a strategic partnership with OnMilwaukee. It’s gotten us to speak at all these conferences. So, brand awareness has gone way up. And a lot of these guests who own business or are involved in businesses came back to us and wanted us to build a website or run their social media accounts. And even though we weren’t offering podcasting as a service at the time we made about 6 figures in revenue that first year. Which was a good chunk of money for our business. And we have continued to generate a lot of money just organically off relationships built from the show. So, if you’re a commercial banker. If you’re a financial firm. If you’re a manufacturing company. Even some of these B2B industries where This could plug in nicely to your sales process. You can invite potential customers on. You can interview other CEOs and other leaders, and build relationships with them. Have great content. Tap into their followings. And use it as an engine to build your network and build your business that way. And your transactions are probably going to be worth a lot more than you’re going to make off just straight podcast advertising or sponsorship. So, the way I would monetize a podcast in most cases is to use it as a… Kind of a sales and networking tool indirectly. And then from a brand exposure and outreach play. It’s a great play. And even if you’re a consumer product company, You’re probably going to be better off putting in ads for your own products on the episode since it’s going to be targeted directly at your audience and your customer base. A couple ways to monetize a podcast. You could go the advertising route. You could also go the I’m going to use this as a tool to enhance my sales process… Build my network… Almost consequently. And gain a lot of brand awareness which is always good for the long game.