Some podcasters are happy to run their podcasts as a hobby. But if you’re itching to bring in some money for all the time you’ve put into your podcast, learn these five ways to monetize your podcast.
In a sponsorship, you endorse a company’s product or service on your podcast in exchange for payment. Always make sure the endorsement makes sense for your listeners. For example, don’t endorse a meat delivery service to an audience that is mostly vegetarian. Choose companies that line up with your values and those of your audience, and the experience will be more authentic for everyone.
The current industry standard for traditional sponsorships is for you to record a 15-second pre-roll (where you talk about the company that is sponsoring you before launching into your podcast) and a 60-second midroll (where you talk about the company midway through the podcast).
According to Fire Nation, you can command $18 per 1000 CPMs (listens) for a 15-second pre-roll. A 60-second mid-roll can net you $25 per 1000 CPMs. And some podcast hosting providers will even match you up with advertisers.
When working with affiliates, you’ll refer your listeners to purchase a product or service of another company. Whenever someone uses your referral link to make the purchase, you get a payment.
As in sponsorships, only work with companies that make sense to your audience. And ideally, you should be a consumer of the product or service yourself.
Sell Your Own Product
This is one of the best ways to monetize your podcast because you keep control over the whole process. When you work with sponsorships or affiliates, you’re sending your audience away from you to make a purchase. But if you have a product and you have engaged podcast listeners, you have the perfect situation. Use your podcast to advertise your own product. You can do this in a pre-roll or mid-roll, or you can focus your topics on subjects that naturally lend well to placing your product as the solution.
Sell Your Own Service
Want to offer coaching, consulting, or something similar? Your podcast audience already likes what you have to say. Figure out how to package your message into a service, and use your podcast as a platform to advertise for your service.
Or maybe you already had a service before you began your podcast. The principle is still the same. Use your podcast to build your audience, demonstrate your value, and position your service as the solution to your audience’s problems.
Ask for Donations
This technique is not recommended when you’re just starting out. But if you build a loyal following, and you consistently deliver quality, meaningful content to your audience, you can consider asking for donations. If people like your show, they might throw a few bucks your way. If your audience is big enough and devoted enough, those bucks could add up to a nice profit.
Always remember that your audience comes first. How can you meet their needs in the best way? When you’re helping people solve a problem, they’ll keep coming back for more. And when that happens, you’ll have more opportunities to make more money.
What did we miss – are you using a creative way to monetize your podcast? We’d love to hear about it in the comments below!