Podcast Money Making (7 Podcast Monetization Strategies) 2019


– What is up, guys? Welcome back to the channel. If you clicked on this video
chances are you have a podcast or you’re thinking about starting one and you want to make some money from it. So, I’m gonna outline
seven different strategies on how you can monetize
your podcast coming up. Let’s go!
(upbeat music) So, like I said, I’m gonna outline seven different strategies in this video about how you can make
money from podcasting. So, be sure to stick around until the end ’cause I’m very confident
you haven’t even thought of at least a few of these so stick around. So, the first one is
probably the most obvious, I’m sure it was the first
one that came to your mind when you thought about ways to
make money from your podcast and that’s simply
sponsorships within your show. Little advertisements. Typically, podcasters
will set up their shows so they have blocks of time that they allot exclusively
for advertisement. So, either at the beginning,
the middle, or the end and then they sell it to the companies based on the time in
which their in the show and how long the
advertisement actually is. So, although that’s probably the first one that came to your mind, it’s actually one of
the more difficult ones to actually start making money off of because you need a decent sized audience to actually get companies
to be willing to spend a decent amount of money on your show. So even with that being said, that shouldn’t discourage you at all, while it may take you some
time to get to that level, once you do, the
advertisements in a podcast are extremely valuable and because of that you can typically charge more for them than in other mediums. So this is because of two major reasons, the first one, like I
mentioned, is your show is typically gonna be
in some sort of niche. So, what this means is
that you know exactly the type of people that are
gonna be listening to your show or at least what their interests are in. So a company that can align with that, it’s extremely valuable ’cause they know exactly who their talking to. The second thing is the relationship that you build with your audience. The intimate nature of a podcast, you’re literally speaking to your audience for a very long period of
time every single week. So, that creates a very deep bond between you and your audience so that also means that your endorsement goes a very long way. So, you also wanna make sure that if you do throw
ads into your episodes, you wanna make sure that the products are ones that you believe in and that can provide
value to your audience. That’s gonna help keep
that in a good relationship between you and your audience. It’s also gonna make a
lot more of an impression for the actual brands that you do bring on because it’s just gonna make sense. And that’s what matters a lot with this is you wanna make sure that it makes sense
for everybody involved. So, because of those two reasons, you can typically charge higher CPMs than in other marketing mediums. And what a CPM is is how much a company pays per 1,000 impressions, in this case it would be 1,000 listens. So, that is typically the going rate for how much they pay for advertising and the higher rates
typically go to podcasters because of those two previous
things that I mentioned. The second strategy to
monetize off your podcast is selling your own merch. So, in hearing that you probably think that it either costs a lot of
money, takes a lot of time, or is very difficult to implement. And that’s actually not the
case anymore whatsoever. There is a bunch of services online that can make it very easy
for you to sell products to your listeners and to your audience. And it’s very easy to implement, almost no cost upfront to you and you can get products of high quality directly shipped to them. The two platforms that I
would recommend is Teespring. I’m sure a lot of you
are familiar with that but essentially it’s just you
put your own designs on there and then once somebody goes and buys off of your Teespring store, then it’s shipped directly to them. And you don’t ever actually have to deal with any of the inventory. The same is true for
starting a Shopify store, that you can implement
print on-demand services like Printful, there’s a few other ones that will actually, again,
do the same sort of premise, you can build your online store, have exactly the designs that
you want for your tee shirts. So, in podcasting, it could
be the name of your show, something specific to your show, maybe it’s something
you call your audience and you can have those
shirts, mugs, sweaters, basically anything you can
think of that you can print on, you can actually have that
done through Print on Demand, and what that means is that you never have to hold any inventory, it’ll ship directly to your audience. And simply the platform just allows that exchange to go through, so they buy the product, it gets printed once it’s purchased, you don’t ever have to
actually lose any money, and it goes right to them. So, those are two great
ways to sell merch, plus an awesome thing about merch is that it acts as a marketing tool too. If your listeners that
are avid fans of yours start wearing your merchandise, that’s only gonna help with
word-of-mouth advertising, which can help to grow your show. So, second one is to start your own merch, or sell your own merch. So, both of those
platforms that I mentioned, Shopify and TeeSpring, really could have their own complete video
so I’ll bring that to you in the next coming weeks or months. So, be sure to subscribe so
you don’t miss out on that ’cause it’s pretty cool platforms. Next tip. The third one, and this is one that I have taken advantage of big time, and that’s through affiliate marketing. I’m sure almost all of you have
heard of affiliate marketing but for anybody who’s not
aware, essentially what you do is it’s funneling of
traffic to go buy a product and since you funneled that traffic to that product or service,
typically it’s online stores, you then receive a small
kickback from that purchase. The biggest player in the
affiliate marketing space, or at least one of them, is Amazon. So, Amazon has their
own affiliate program, which I’m a part of, and you can actually funnel
traffic from your podcast or wherever you can
funnel your audience too, and if they go buy products
through clicking your link, you receive a small kickback from that. There’s also tons of other major programs from so many other companies, so I would look into this
specific to your niche and if there’s a company that you love, that you know your
audience would take value from buying their products or
services, reach out to them, ask if they have an affiliate program. If they don’t see if they’d
be open to starting one. If you have a big enough audience and you can funnel
traffic from your audience to go purchase their products, it’d be in their best
interest to start one because you can bring them more customers, which then, if they
have a good experience, this trickle down effect from that, the compounding ability to
increase their reach is massive and that could all
start from your audience through the powerful tool
of affiliate marketing. So, essentially all you’re
doing is funneling traffic to go purchase other
things and it’s a win-win because if the person
is gonna buy it anyways, why not get a small kickback to someone that they support anyways? So, the third strategy
is affiliate marketing and if you’re interested
in affiliate marketing and how to maximize the
revenue you generate from that, I’ll be releasing some
videos in the coming weeks. So, again, subscribe, you
don’t wanna miss this stuff. Fourth step. So, the fourth strategy is selling your own products or services. So, this doesn’t have to be that difficult or that complicated. You as a podcast host
have value to provide. There’s a reason why people
come back every single week to listen to your opinions, the guests that you have
on, whatever it may be. You are an authoritative
figure within your space so with that you have value to provide and people want to consume that. So, that can come in the way of an e-book, maybe it’s a course,
it could be consulting, coaching, or maybe even a physical product that would relate to your niche. Any of these things that, again, you can create and sell to your audience because that relationships
that you’ve built and the trust that they have within you, especially within the space
that your podcast is in. So, those are just a few
examples of the things that you could sell, both
products and services. So, you can really get as
creative with this as you want. Think to your specific show. Think your niche. And get creative within that, you can sell really whatever, don’t think anything is too
high ticket, too low ticket. It really depends on
your show and your niche. So, don’t feel limited by this in anyway. Try things out. If you’re intimidated by this, you can try something
small like an e-book. Get that created and
just throw that out there and see if there’s any interest. And then ramp up from there. But it’s a great way to monetize, especially for these things
that you can create once and then push out to your audience. Even if you throw out a low
ticketed price like an e-book, you can still make money from that as you continue to grow in scale. So, these are great ways to monetize is through selling your
own products or services. The previous tip was to
use affiliate marketing, and I think this one’s even better if you can make it happen, because you get to keep
all of the revenue, whereas affiliate marketing you’re just keeping a small percentage. So, if you can provide value in the form of a product or service and you
get to keep all the revenue, that’s a real win-win. So, try for that, think
about it specific to you, your show, your niche, and your interests, and try to come up with
something that will benefit both yourself and your
listeners once they buy it. Sell your own stuff. If you’re enjoying this video so far and you’re coming up with some new ideas to monetize off your podcast, be sure to like the video,
it helps me out a ton. It really helps me to
grow and help more people. So, please drop the video like. Let’s get back into the tips. The fifth one is kind of out of the box and I’m sure a lot of people
haven’t thought about this, but it’s actually approaching businesses to host a podcast for them. It’s a growing trend in
business across the board, that larger companies are
actually having their own podcasts to communicate internally
with all of their employees, as well as to boost morale. So, this is something
that you can approach them with that idea and if they like it, you can be the person who runs it all. Through running your own podcast, you now have experience with interviewing, as well as hosting a
podcast, editing a podcast, all of that good stuff. So, if you approach a company
and they like the concept, they think it’s a good way to
keep their employees engaged, and excited about coming to work. That could be a great service
that you could provide, it may not be from your actual show but it’s a way that you can
make money through podcasting. And because you’ve been
running your own show, you delivered a high quality product, you can then show that
to these businesses, show them that you can
do the same for them. If they like the concept you could then start your
own whole business that way, strictly from podcasting. So, that’s another way to get creative and make money from the platform. Sixth. That’s seven. (laughs) Sixth tip. Sixth tip is to turn
your show from strictly an audio experience to a
video experience as well. The reason I recommend this is because once you have the
video component of your show, you can then post it on video platforms, such as YouTube, where you’re
watching this right now. Why I love YouTube so much is because it is the second largest
search engine in the world and it’s engineered for people
to come across your content. So, by creating the video portion of it, the chances of people finding
it increase exponentially. Another huge pro tip here is start with your whole long form video content and then the best thing you can do is cut that up into little segments that are more consumable
and post those out as individual videos along
with the full long form video. The reason for this is
because YouTube loves when you keep bringing
content to the platform. So, you can post one long one and then a bunch of little videos, YouTube then thinks you’re pumping out new content every single video and then it gives you another opportunity to be found in each one of those videos. Plus, if there’s a specific
topic that you talk about in like a four minute little segment, that deserves to be its own video and that also means that a new audience that may not be interested
in the full long form podcast could find this little
subtopic within that episode, love that and then trickle
down, trickle down, and watch more and more
and eventually become a full-time subscriber and
listener to your podcast. This is a strategy that so
many podcasters have used to really, really grow
their YouTube channels. Joe Rogan probably being the biggest one. I’m sure you’ve watched
numerous small clips of the Joe Rogan Experience that were a specific, click-baity topic that you were like, oh, I’m really interested
in that one topic. You see it’s only five or six minutes, you invest the time to click it. Whereas you wouldn’t have listened to maybe the full two hour show. That’s how you can really
get the ball rolling on growing your YouTube channel, which then in turn you
can then bring traffic back over to your podcast. And they kind of feed of each other. And in each one of these YouTube videos you have another opportunity
to include the affiliate links to make more money that way. Plus, you can actually
monetize your videos on YouTube through Google AdSense. So, that’s why I would
suggest turning your audio to a video experience can
really, really help you out. And it’s something that I hope
to do more so in the future. The seventh and final tip for
the day for you to make money off your podcast is
simply by asking for it. If you have a very good
relationship with your audience, and you’re providing
them tons of free value, it is not out of the
question to simply ask them for donations to help
you to support the show and to continue to bring them content that they take value from. This can be in the form of
literal just PayPal donations, or there are services such as Patreon, which I’ll link down below. Everything that I talked about
I’ll try to link down below. So, Patreon is a service
that you can set up where fans can pay you a
certain amount of money every single month to get
exclusive access to content. Maybe it’s perks, basically
anything that you can think of they can pay to have
exclusive access to that. To be kind of your
super fans, if you will. So, you can choose how
cheap or how expensive this actually is and you can also choose the extra content or
whatever they receive. So, I would encourage
you look into Patreon or simply asking for
donations through PayPal. If you’re providing a lot of value, eventually people are
willing to pay for it because they’ve taken a lot from it. So, don’t be afraid to ask, you’re investing a lot of time
and effort into your show, there’s a lot that goes into it that people don’t think
about between getting guests, editing, recording, getting the equipment, there’s a lot that goes into it. And if people are taking value from it, they’re not gonna be too taken back by you simply asking them to pay. Again, you make it optional,
it’s totally up to them and with the Patreon service you actually give them
something back for that payment. So, it’s definitely not a bad idea. So, those were my seven tips right now in 2019 and going on to 2020 in how you can monetize
off of your podcast. If you enjoyed the video or
you’re interested in podcasting, be sure to subscribe because I bring videos every single week on podcasting,
entrepreneurship, social media, all the things to help you turn
your passion into a business and make money online in
2019, 2020, and beyond. So, thank you guys so much for watching, keep killing it, keep crushing
it, drop the video a like, let me know in the comments
what you took from this video or if there is anything that I missed. And be sure to subscribe
and hit the bell button so you’re notified every
time I post a video. Thank you guys so much for watching, have yourself a great, great week, and I’ll talk to you on Friday. Peace.
(uptempo house music)

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