So You Want to Monetize Your New Podcast…
Monetizing your podcast could mean making a lot of extra money or very little. Regardless of your overall goals with podcasting, it can be very possible with all the work you are putting into your podcast to get properly paid for all this hard work. Many people say that there is no way to make money through podcasting, but that is because they are usually trying to imitate what other people are doing with their method of monetizing.
Think about this for a moment: Does it sound like a wise idea to base your podcast monetization plan on someone who has 1 million subscribers to their podcast on Youtube?
The answer: No, it is not a wise idea! While this 1 million subscriber podcaster may be an excellent goal for you to strive for, your podcast is likely not at the level that theirs is and the monetization tactics that you will use will be much different.
THEN HOW DO I MONETIZE MY PODCAST?
Monetization for your podcast should be focused on spreading yourself out and raking in money from multiple sources. Podcasters with big audiences are able to specialize and focus on just one area of marketing and monetization. Many large podcasters who podcast through Youtube just focus on Youtube ad revenue and channel memberships. For your podcast, relying on these two monetization methods will not result in much money or advancement for your podcast. Consider these options instead:
Option 1: Affiliate Marketing
Are you mentioning products during your show that you can purchase on Amazon? Linking these products with Amazon affiliate links is a great way to see some return on your investment in your podcast by doing just a little bit of extra work. This is a must-do for small podcasters who want to monetize their podcast.
Option 2: Products and Services
What are you offering for sale? Do you have listeners that are going through the levels of your podcast funnel? Try hosting that virtual event to see just how many people are willing to pay money to access exclusive content for your podcast.
Option 3: Speaking
Offer yourself as a speaker. Public speaking is something that you will now be acquainted with as a podcaster, so consider taking speaking gigs that can help gain visibility for yourself, your podcast, and the products that you are hoping to sell. Some companies are even willing to pay their public speakers more than just exposure. This can be a great way to get your name out there while earning some cash on the side.
Option 4: Asking for Donations
This is an option that you need to be careful with. Oftentimes, people don’t mind donating their own money but they can be wary about doing so if they don’t know where it is going. Try not to use this money for grocery shopping if you can avoid it. Be upfront and use this money on improvements to your show. Perhaps you need the money to upgrade your microphone that is falling apart or maybe you want to invest in a freelancer to spruce up your website.
Option 5: Membership Tiers
Membership tiers are available through Facebook, Patreon, and Youtube. Consider what extra bonuses you might be able to provide for your dedicated listeners who are willing to pay you for your content.
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