In the past, many said that it was impossible to make money with the internet. Today, however, countless people are now earning their living through it. The same was also said about podcasting. Again, there are people whose main source of income is podcasting.
While you can find many reports on this, some podcasters prefer not to publish the reports of their earnings. Making money using a podcast works pretty much like any other internet property. Make content that attracts people then monetize that traffic. More traffic translates to more opportunities for making cash.
Sponsorships is the most common method in podcasting. It is also easier to implement than the others. Basically, it involves getting paid by an advertiser to mention their service or product on their show. Sponsors always look for a podcast with traffic. If the traffic is niche-focused, the better. Advertisers will get in touch with you if you have the numbers. Blubrry and Libsyn offer their clients opportunities for advertising. Others like Midroll also get you in touch with advertisers. Note that podcast hosts get a cut of your revenue.
Advertisers have realized that podcasting is growing fast. You can choose to maximize your profits by cutting out the middleman. This means finding sponsors on your own. What is your niche? What services or products would suit the product? One other good thing about finding advertisers on your own is the fact that you get to negotiate the rate. Instead of diluting your show’s integrity selling other people’s stuff, promote your own work.
There are two main reasons why this is a good idea. First, you will keep most of the profits and not just get a small percentage. Second, you will enjoy free traffic. This money-making method can be quite lucrative. Among the products you can sell include video series, courses, and eBooks. Services include design, writing, and coaching. Once you have decided on a product or service, drive traffic to the sales funnel using your podcast. You can promote yourself as well.
If you believe in your expertise in the niche and promote yourself as a guru, it will be easier to get gigs, sell your books, or get coaching clients. The best way to advertise yourself is by sharing your skills and knowledge with listeners. Your credibility will grow with your audience. Premium content can see your listeners become paying customers. Offer things such as a subscription service, past episodes’ catalog, exclusive episodes, or a paid community.
A good example is recording an episode, playing a portion for free, then having listeners pay for the rest of it. People can be very generous. If your show adds value to listeners, they will have no problem donating just to show appreciation. Ask nicely and be likable. When you decide to do this, make the donation process quick and easy.