To make money off your podcast, you don’t always have to go down the podcast advertising route – however, it has proven to be very effective. There are other methods such as selling your infinite knowledge on your niche subject to your audience for a small price.
If your end goal is to make money off your expertise, then you will need to build an audience who trusts you and trusts that you are the expert of all experts for this particular subject.
Your old podcasts will be a good testament to whether your audience decide to pay for your knowledge therefore it’s necessary to have a backlog of your previous episodes to give your audience a taste and sense of reassurance that their money is going a long way.
Uses tried and tested testimonials from other past clients can be a great way to encourage your audience to trust your podcast.
A great way of reaching your audience is to mention your podcast and your niche subject expertise on chat forums like Reddit, Slack or Facebook groups.
Promoting your podcast on your social media platforms is a great practice but sometimes you will feel like you a preaching to the same people day after day, so mentioning your work on forums can be a great way to meet new clients and get a larger audience. Furthermore, researching your niche market and seeing what people are asking in terms of advice and guidance can be a great way to get your expertise out into the world.
If you are an expert in construction and DIY and someone comments on a forum page on Facebook about how to plaster a wall, you can reply to their query with your advice and then leave a link to your podcast if they want to know more. This will generate more traffic to your podcast, whilst also validating your subject knowledge and it puts you in a better position to start monetizing your podcast.
Creating resources such as guides can be a great way to monetize your podcast. Let’s change our podcast to a mathematician who podcast is about helping people get a greater understanding of the wonderful world of math's.
If your podcast remains free to the world, you can begin to explain to your audience of like-minded mathletes how to carry out a certain equation such as finding the hypotenuse on a triangle. When you have completed this task you could continue by saying to your audience, if they want to learn more about triangular equations then for a tiny fee, click here to download your guide.
Creating resources that your audience feels like they not only want but need, can be a great way to monetise your podcast. You can even go a step further and create a course for your target audience to buy, where they will be offered the promise of being an expert in the field just like you.
Getting people to subscribe to your podcast offers your audience the chance to be part of an exclusive club where for the same price as a cup of coffee a month, they are privy to all your resources and podcasts.
Offering free resources, full length in-depth juicy podcasts and individual advice to your audience in return for a small price a month will not only earn you a lot of money but it will also appeal to your audience as they will feel like they are getting the most out of your deal.
Similarly, you could start your podcast mentioning all the areas that you are going to discuss in the free version of the podcast and also the areas you are going to cover in the podcast which are exclusive to those who have a paid a tiny subscription fee. This, will undoubtedly be followed by a surge of people subscribing to your podcast to hear your expert advice on how to combat a certain mathematical problem.
Let’s change up the podcast subject one more time and say that you have a podcast on the fundamentals of running, how to train, best reflective gear etc. You may find after promoting your expertise on social media and forums and gaining a large audience, that you might be approached by companies wanting to sponsor you.
Companies may send you products such as energy drinks or running shoes to try out and review to your audience, whilst this is verging more on to a campaign there is still money to be made of your expertise – plus you will get loads of free stuff!
The final way to monetize your podcast by your expertise is to offer one on one advice to your audience. Think of it as like a podcast version of school in the exact problem area that you are facing.
Suggest to your audience that you are running a help / tutoring clinic where they can email, message or video call you for a small price and they will be able to have a certain amount of your time to discuss their issue in the subject area in return for your expertise.