There are already over 2 million different, individual podcasts in the world, the majority of which have already figured out how to monetise their awesome content and turn what may have started as a hobby into their main channel of income.
Nowadays, there are so many different methods and opportunities to monetizing your podcast that the possibilities are endless. This is your sign to start making money off the content which your audience loves so much.
If you’re not ready to dive straight into the world of podcast advertising, there are a few methods to monetize your podcast which you can do on your own. Asking for donations can be a great way for your audience to recognize your awesome content, show their gratitude and reward you for entertaining them.
Although it may seem self-explanatory, there are a few tips which will make your donation campaign as successful as possible. First of all, in order to carry out an effective donation campaign you need to have consistent loyal listeners and great content which they are will to pay for.
You need to begin by motivating your audience and outlining your goals by giving them compelling reasons as to why they should donate to your go fund me campaign. Do you need this money for better equipment and therefore offering your listeners better sound quality to enhance the audio experience for your audience? Your audience needs to know what they will get out of the deal and that it will be an equal transaction.
Finally, when you have your audience primed and ready to donate to your campaign, you need to give them the opportunity to do so! You can use as previously mention ‘gofundme’ pages which allow your audience to see your donation campaign with a small description of why you deserve donations.
Then using this page, you will be able to promote your donation campaign through your podcast’s social media, newsletter and cold emails. You will need to provide your audience with a link or donation button in order to give them the opportunity to donate.
As an extra incentive you can send a link with exclusive content to those who have donated which would encourage them to donate again next time. For more detailed information on asking for donation within a podcast, check out our three step guide here.
Crowdfunding is another method for monetizing your podcast if you don’t want to go straight into the world of podcast advertising or sponsorship. For a more in-depth article about crowdfunding click here, but here is short version of everything you need to know.
Crowdfunding if very similar to asking for donations in your podcast, as you can use the same ‘gofundme’ type of platform to collect your funds and you use the same thing step process. Motivate your audience with a backlog of your awesome content, explain why you are doing a crowdfunding campaign, outlining the goals you wish to achieve and finally creating an opportunity for your audience to donate to your crowdfund.
There are so many platforms which can help you with crowdfunding but your first essential step is once again, to have consistent and loyal listeners who are going to be willing to donate to your campaign. This can only be achieved from having a long backlog of free content, so you listeners feel you are deserving of a reward after entertaining them so well.
Then your next step is to outline your goals and specify why you need the money. Do you want to start making more elaborate juicier content and therefore need a budget to keep your audience entertained?
The only difference between a crowdfund and asking for donations is that with asking for donations there isn’t a set time put on the campaign, whereas with crowdfunding there is. When creating a crowdfunding campaign, you will explain to your audience your ideal monetary target ie £200 which you wold like to hit in a certain length of time, i.e. 3 weeks
Be careful not to set the price to high as your audience don’t want to feel like you are taking advantage of them but similarly don’t set your time period too long, as you don’t want to be mentioning the same crowdfund for months on end and having It drag on, this will not be effective.
Finally, you need to give your audience the opportunity to donate to your crowdfunding campaign which can be done once again like asking for donations, with a link or donate button promoted through your social media, newsletter and cold emails. For more details, check out our article.
Podcast advertising is the new, revolutionary marketing method which has already been greatly received in the U.S and is set to top $1 billion in revenue by the end of 2021. It is quickly becoming the most accessible and affective market
With nearly 17 million listeners in the UK alone, podcast advertising is an ad-block resistant platform which allows brands to place host read ads on a market-wide scale, reaching audiences in situations where they would be otherwise unreachable by any other forms of media, marketing or advertising.
Podcast advertising brings a range of unique benefits which are exclusive to the podcast industry and easily accessible to all of its users. Firstly, the main benefit of podcast advertising is that you get a new business partner to collaborate with. Whether that be a podcaster sound influencer who know your target audience like the back of their hand or a brand who’s reach not only will help monetize your podcast but also bring potential new audience members.
The other benefits of podcast advertising are that unlike Google or Facebook ads, podcast ads are delivered directly to a brand’s niche target audience through the voice of someone they trust (podcaster) on a non-saturated platform.
In essence podcast advertising can exist in two ways.
There are many ways to advertise a product in a podcast but the most common are using pre-roll, mid-roll and post-roll ads:
As a podcaster you will offer a certain ad space and time to a brand where you will advertise their product in whatever way you discussed. It is also the podcaster who decided the price of the ad space which can be assessed based on listeners (CPM), download rates, social media metrics and other factors. For a better idea on how to price your ads, check out our other article on podcast advertising!
When recording the ad, the company will either give the podcaster an mp3 file of what they would like you to say, or they will give some specific points to mention and allow the podcaster creative freedom in the ad space.
Sponsoring podcasts and native advertising are other methods for monetizing a podcast through podcast advertising. With the same principals as placing an ad in a podcast, with sponsored campaigns and native advertising podcasters and brand can explore a range of different in podcast methods to promote a product, service or brand.
Here are some of the ways that products or services can be promoted through a podcast:
It is often considered that sponsored campaign can be more engaging and relevant to a brand’s target audience, and the podcaster has their own creative freedom to naturally fit the product or service into conversation. For more information on podcast advertising, go visit our website or check out our recent articles.
Finding sponsors for your podcasts can be super easy thanks to companies such as Podder who do all the hard work for you and match your awesome podcast with the perfect collaborative partner. For more detail, check this out!
When signing up with Podder we will provide you with resources such as guides on how to set a price for your ad space and how to advertise a brand on your podcast, so that when entering a collaboration, you as the podcaster are fully aware of all the fine lines and details. However, if you want to eliminate the third party and dive straight into your brand collaboration process then there are a few tricks on how you can go about this solo.
We are sure that as a podcaster you know the complete ins and outs of your audience, demographic and the world they live in. Therefore, it is already quite possible that when you think about your demographic, there will be a few companies that spring to mind who also share the same target audience.
A quick tip for finding companies who share your target demographic is to research your audience and the industry they are in, and you will find other companies who are also involved in that industry and they are your potential sponsors.
After choosing a couple of companies whose brand aligns with your podcast, you can begin perfecting your elevator pitch which will describe your podcast, your ad spaces, and all the awesome opportunities your podcast can bring to this company. Take your time on your pitch, as it will need to be perfect for when you begin emailing sponsors.
Key elements of a great pitch include:
When you are finishing your email to the sponsor, remember to be grateful and emphasize all the great ways your podcast can benefits their company. If you don’t hear back within a week or so, feel free to send a follow up email, but don’t pester the brand!
Our final monetizing method for this article is how to sell your expertise in forms of caching, teaching and courses in your podcast. For a more in-depth guide, check out this article we’ve previously made for you with all the juicy details!
First of all, you need to demonstrate to your audience your depth of knowledge for the niche subject of which your podcast is based. You will need to provide them with a backlog of episodes which show that you are the expert of all experts in your field and that investing in your podcast would not be a waste of money.
Then in order to gain as many audience members as possible, you can start promoting your content on forums such as Reddit, Slack and other help forums where you podcast could be of benefit. Researching your niche market and seeing what your audience are asking for in terms of coaching and expertise is another way to bring in new audience members but also is a great for generating new content ideas.
Creating resources such as guides, that your audience not only wants but needs, is a great way to monetise your podcast. You can demonstrate your worth in your podcast but then for a small fixed price, perhaps the same as a coffee, your audience can be privy to exclusive resources to help them in the shared industry.
Offering one on one advice can also be a great way to earn some extra money off your podcast as you can offer counsel to your audience for a small fixed rate where you can video call them etc. and give them direct exclusive advice for their problem or query.
In summary there are so many brilliant ways to monetize your podcast which in turn make the podcast industry and podcast advertising one of the fast and most evolved market strategies to date. The inclusivity and accessibility of podcasting means that everyone’s voice can be heard on an equal platform, click here to find out how you can start your audio journey.