How to Monetize Your Podcast
Okay, so you’ve got a podcast, right? If so, I want you to know something important: you absolutely CAN make money from it—some even make a very nice full-time living this way! But it’s important to know how to monetize your podcast in the right way.
How do we do it, Chris? I hear you ask..
Check out these steps below to help you monetize your own podcast!
1. Make a list of potential sponsors.
Think of the brands you like and use, and think of the sponsors on shows you currently listen to. Write them all down, and note the similarities and differences between them. I bet you’ll notice that they aren’t all necessarily related to the topic of your show. And that’s OK! Some brands are super specific in their marketing efforts, while others are keen to advertise on a variety of podcasts.
2. Make brand contact.
Step away from the form letter, friends! Please do not ever send a form letter request to a bunch of brands asking them to sponsor your show. It’ll get almost automatically deleted, I can guarantee it. Instead, making contact with a brand is very much a personal (and personalized!) effort. If you can’t get a direct introduction from a friend or network contact, see if you can make a personal connection on social media or over email.
3. Consider your existing network.
If the bigger brands aren’t responding to your outreach efforts, they’re not the only options available to you! Consider your own network of fellow entrepreneurs and business owners. Might they be interested in getting into the advertising space? You can’t possibly know until you ask, and this could be a really great opportunity to strengthen and build some of your existing business relationships.
4. Ask listeners to sponsor you.
The patron model of supporting podcasters is getting more and more popular these days. If you haven’t heard of it, check out Patreon, where avid fans or a creator’s work can sponsor that creator on a one-time or even ongoing basis. Your listeners can contribute directly to your show, and you can build a Patreon community with them right there where you can share exclusive info, connect listeners to each other, and really take your podcasting to the next level.
5. Monetize indirectly.
Does your podcast have to make money all by itself? Maybe, maybe not. I know of some podcasters out there who run the show completely pro-bono but have a killer conversion rate when it comes to getting listeners to sign up for their mailing list. And we all know what happens when someone signs up for your mailing list—you just got a great opportunity to serve that person with even more of your content and solutions, including the paid options.
Monetizating doesn’t have to be overwhelming if you know how to monetize your podcast the right way. Use these tips as you get more serious about leveling up, and let me know how you get on!