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HOW TO MAKE MONEY PODCASTING: 5 SIMPLE STRATEGIES
----------------October 28, 2021----------------
how to make money podcasting
How do podcasts make money? This is a valid question to ask yourself when you’ve been pouring time, effort, and resources into running a podcast. From business owners seeking to grow a client base to hobbyists looking to share interests, podcasts are a great way to supplement your income. Here is further insight into a few innovative podcast monetization strategies.
1. Use Affiliate Marketing
make money podcasting with affiliate marketing
Affiliate marketing is an excellent first step towards earning you money from being a content creator. You can enroll in many affiliate programs for free and without having a large following to start. As a podcast host, you get tasked with recommending a service or a product to your audience.
You will get a commission for every new lead or purchase made through your endorsement. Through affiliate marketing, you also get to share services and products you like effectively.
How to Use Affiliate Marketing to Monetize a Podcast
So how do you start? Pick a product you like and would enjoy recommending to your listeners. Also, since you understand your audience, you should choose a product that best appeals to them. This evaluation essentially helps you find a good match that balances your interests and that of your audience. You thus avoid losing your loyal following by endorsing products that align with the ideals and principles identifying your show.
How to Find Affiliate Programs for Your Podcast
You will find a diverse list of prospective affiliate programs in every possible niche and industry through a quick online search. You can decide to directly contact a company with an affiliate program or sign up for an affiliate network that connects you with several programs.
Once you sign up for an affiliate program, you will obtain a unique referral link to share with your audience. You can add the affiliate link to your:
After picking a product, you can develop different strategies for presenting it to your audience. Affiliate marketing on your podcast can be as easy as adding a simple shout-out during your show to promote the product. If the affiliate link is simple to spell out, you can provide several mentions during the show for your audience to type in and search.
As a podcaster, your website can be an important tool if appropriately used for affiliate marketing. Apart from housing your bio and links to the latest episodes as well as podcast recordings, you can also include affiliate links on your website. By sharing the affiliate link here, your audience can easily access the recommended services or products at the click of a button.
You can choose to develop a unique or catchy link and then add a hyperlink to the affiliate link.
2.Do Sponsorships & Advertisements
make money podcasting with sponsors and ads
Sponsorships and advertising are likely the first strategies you consider when thinking of ways to make money podcasting. Podcast sponsorships and ads are deals you strike with a brand to help increase their brand awareness and sell their products. The amount of money you receive from sponsors and ads is determined using two metrics. These are namely:
CPM (Cost Per Mile)
The CPM model refers to how much your sponsors pay for every 1,000 downloads of your podcast, every 1,000 impressions on your social media posts, or every 1,000 views on your podcast videos. Deals in CPM pricing sound something like, “I’ll pay you $30 for every 1,000 views on your podcast videos.” CPM is the ideal metric for podcast shows with a large following.
CPA (Cost Per Acquisition)
The CPA model measures the number of signups or sales the promoted business gets through podcast advertising. CPA is the right metric for podcast shows with a small following but a highly engaged audience.
You can direct listeners to make purchases through a unique link on your blog or offer an exclusive discount coupon code. These sales conversion routes help track prospective and actual clients interested in the product from listening to your podcast.
When it comes to pricing, there isn’t a standard set for podcasting rates. The pricing depends on your current podcast reach and the type of sponsor. Sponsors that use CPM spend an average of $15 to $25 for every 1,000 downloads. Meanwhile, sponsors that use CPA typically spend $15 to $30 on each person that buys their product or signs up for their services.
Podcast adverts also differ in charges depending on their ad spot placements in your podcast. The three main ad spots are:
Pre-roll ads are usually the cheapest and priced at $18. Despite this being what your audience first hears, it is generally brief (lasting about 15 seconds) and is straightforward. Mid-rolls have slightly higher pricing since they are longer (lasting about 60 seconds). It allows you to provide more detail, like reading out the main talking points provided by your sponsor. You can also improvise to make the advert sound more authentic to your listeners.
How to Get Potential Sponsors for Your Podcast
Just like in affiliate marketing, you can find prospective sponsors by doing a Google search. Online searches can help you find companies seeking help in marketing products that match your listener’s interests. If you aren’t sure which company to partner with, feel free to consult your fellow podcasters, friends, and even your audience.
Once you choose a potential sponsor, you can create a presentation and email a detailed pitch to them. The information contained may include details about your podcast, suggested pricing, and podcast team. You can also include your audience demographics like views, download statistics, tweets, and posts.
Being thorough is an excellent way of ensuring a good first impression. Send your pitch to as many suitable prospects as you can find to improve your chances of getting a deal. You can send a follow-up email one week after the first email and end it with a gracious note.