Hey there! Now you’re on board, I just want to show you how to make money from podcasts this year. Yeah.
So here’s the thing; there are so many ways you can make money from podcasts this year and I want to show you how you can do it with no stress. Just follow me closely.
So one of the proven ways to make money podcasting is to get your teeming audience to subscribe with a token to gain access to your podcasts.
As we proceed on this journey, I’m going to reel out other proven ways to monetize your podcasts. We’ll get to that in full dose.
So, let’s get in!
What is Podcast?
A podcast is an audio recording of a discussion on a specific topic, like a business, relationship, marriage often provided in MP3 format, that can be listened to and downloaded from the Internet to a computer or mobile device.
So if you are an expert in a certain area; marriage and relationship, business, women’s health, personal development, you can leverage your expertise and turn it into a fierce money-making machine for you by just talking about a number of stuff that you know.
Can you make money doing podcasts?
I’m excited to tell you, YES and it is a big one. The truth is that you can actually make money doing podcasts. There are a number of ways you can monetize your podcasts and earn big from them.
I’ll show you as we proceed.
How much money do you make podcasting?
Sometimes, how much you make from podcasts depends on what you are doing. It appears some monetizing strategies/ventures bring more money than others.
It has been said that sponsorships are the most common way of making money from podcasting.
Now here’s an estimated projection of how much you can possibly make from podcasting. If your podcast has about 10,000 downloads per episode, you can expect to make between $500–$900 per episode through affiliate marketing.
How exactly can I make from podcasts?
There are a few different options available to you through which you can make money from podcasts. You can decide to try all of them out or start them out in bit.
However, I’d advise you choose a few you know you can do very well, focus on it and build it rather than shadow boxing around each and every of the options.
So in this section, I’m going to show some of the proven ways to mine money from podcasting. These are ways that will bring you money as long as you remain in business. Even if you choose to stop any day, you can still be cashing out from it.
List of how to make money from podcasts
· Affiliate marketing
· Sponsorship
· Coaching
· Creating a course
· Selling Products
· E-book marketing
· Providing a Service
· Offering premium Content
· Personal branding
· Crowdfunding & Donations
1. Creating Courses
If you like to teach others the nuts and bolts of your subject matter, then this could be the method for you.
In this you’ll break things down and explain them in a simple way in the form of a full course. This could be in video, audio, or written form, and there are a big range of platforms out there, now, that can help you do it.
Two of my favorites course platforms are Teachable and Thinkific, both of which help you create a course in a super-simple and great-looking way.
2. One on One Coaching
If you’d like to get on Skype calls and talk people through processes, teaching them live, instead of online, then this could work for you.
It’s an easier start than creating a full course, since you don’t have to build anything. All you need is a booking form can take payment, and schedule a time!
For this, I use Book Like a Boss. It lets you set up times in your calendar, tie that to different types of appointments and manage the whole process really easily.
3. Sponsorship
One problem with sponsorship is that many companies are still fixated on numbers rather than interaction and engagement. You and I know that 500 engaged listeners are far more valuable than 5000 casual listeners.
So, if you’d like to get a sponsor for your show, choose someone that fits with your topic and your audience and approach them with real stories of the engagement you’ve generated. Explain how well this can turn into conversions for their sponsorship.
Try smaller or local companies, and talk to them about the ways they can benefit by supporting your podcast.
For much more detail on how to set up sponsorship, check out our full article on how to do podcast sponsorship. And if you want to see if from the other side, take a look at the “sponsor” point of view, here: Should I Sponsor a Podcast?
4. Write an eBook
A popular option, this, because a good eBook can be short and sweet, and pretty easy to create if you know your stuff.
You can self publish an eBook on virtually anything. Find something that’s hot in your topic and write about it, but make sure the benefit for the reader is really, really clear. Can you identify a problem and solve it?
Or, take a lead out of Tim Ferriss’s book (pun intended…) and write a book that simply summarises the ‘best bits’ from your podcast, like Tools of Titans!
5. Sell a Product
Again, think hard about the problems your listeners face. Or better still, set up a survey and ask them. Can you create a product that will make life easier for them?
So you could create a new product to tackle a problem that arises from the need of your audience. You could create a product that can a podcast for your audience and help them save time. You could call it Podbee.
It solves the problem of taking their raw audio and automating a lot of the production process, including publishing the final file to the web.
Because you solve that problem directly for your readers on this site, and listeners of Podhub, many people sign up and use Podbee every month.
6. Sell a Service
This is a step beyond the coaching we talked about earlier. Instead of teaching them how, you can do it for them, and call it a service!
A classic example is our very own Podbee Podcast–it’s a show which teaches people everything they need to know about how to run a podcast.
But, inevitably, there are plenty of people who heard our advice and realize they just don’t have the time or the inclination to do it themselves.
So, instead, who do they ask to do it? The person they’ve just gotten to know on the podcast of course–us! We get a lot of clients podcast production work that way.
7. Premium Content
Here’s a simple one, sell the podcast itself! You can’t sell the whole thing, though, since you need people to listen for free, so they get to like it enough to pay.
To solve that, some podcasters sell their back catalog. For example, keep the most recent 50 episodes free, but to access the older ones, you have to pay.
8. Sell Yourself as a Podcaster
Are there businesses in your niche that don’t have a podcast already? If you have the expertise, offer to make one for them.
If you’re a great host, you can tell a good story, and you have the production chops to make it sound good, then you can generate a really good living that way. In fact, we’ve written on how to get a job in podcasting before.
In this case, your own podcast acts as a portfolio piece, showing the businesses what you can do.
9. Crowdfunding & Donations
This one is well suited to the content creators and hobbyist podcasts. If you’ve built up a loyal listening community, ask them to help support you by pledging a small amount of money to the show on a regular basis. We’re written about how to use Patreon in Podcasting here.
10. Affiliate marketing
Every podcaster talks about the stuff they love, and in a lot of cases, that includes products or services.
On Podcraft, we talk about microphones, hosting services, podcasting tools, and a tonne more. That’s just because we’re interested, and we know our listeners are too.
Now, every time you mention these products, your listeners might be interested in buying them. This is your chance to start earning some affiliate income.
Think of the products or services you love most and see if they have an affiliate programme. If it’s on Amazon, then that makes things easy–you can sign up for their affiliate programme in just a few minutes.
If your beloved brand does sell on there, though, approach the company directly to request becoming an affiliate partner.
You can take this a step further and combine it with the other methods too. There’s no reason not to create a free (or paid!) course or eBook which have affiliate links in them.
Bottom Line
You know money flows in the direction of value. We hope this article adds value to you. You won’t have to just offer so much value for nothing in return anymore. There should be a good return for the value you provide.