So you’re ready to monetize your podcast? What is the next move? Do you simply start reaching out to companies to see if they are interested in your show?
Before we dive into how to monetize your podcast, let’s review a quick checklist to be sure you’re set up for the best success.
- Consistent release schedule
- Quality audio production
- Email marketing
- Robust social media strategy
For more guidance on creating a high quality podcast, check out our courses. Once you’ve implemented what you’ve learned, you’re ready to begin thinking about monetization.
There are numerous ways that you can earn an income from your podcast. Read on to learn about the most popular options.
Patron platforms, like Patreon and Glow.fm, allow you to earn an income by accepting donations from your patrons. These may be one time donations or may be monthly pledges in exchange for exclusive content.
Patron platforms are a good option for those with a small but loyal audience. Using it requires a strong connection with your listeners and can be great for building your community.
Selling merchandise, books, products, or courses is another way to earn an income from your podcast. You can create t-shirts or hats on websites like teespring or cafe press. If you’re an expert in a particular field, creating and selling an online course might be a good fit for you. This could take the form of a PDF or video or something else entirely. No matter what you might be selling, make sure you mention it in your podcast so your audience knows to look for it!
Affiliate marketing is when you earn commission by promoting a product or service. With affiliate marketing, payment is based on how much of the product is sold. Listeners will be given a special code or link to purchase, and then the podcaster will make a small percentage of that sale.
Affiliate marketing can be a good place to start with in terms of podcast monetization. If you are successful, you can use that information to negotiate sponsorships.
In the beginning, you can reach out directly to small companies that might be interested in your podcast niche. If you choose to go this route, spend some time putting together a digital media kit. Your digital media kit can include: a podcast trailer, clips from episodes, stand out reviews, download information, niche breakdown, etc.
Another option is working with a podcast advertising agency. Podcast advertising agencies serve as the middleman between companies and podcasters, and they have the connections necessary to facilitate the process. These ad agencies help negotiate deals, develop copy, and monitor the success of the ad. The StartAPod Team is extremely familiar with this process, because our sister company is a podcast advertising agency! If you are a StartAPod user, make sure you are taking advantage of this connection by filling out the “Interested in Sponsorship Revenue” form on the resources page.
Note: podcast advertising agencies do not take a commision from the podcaster. Instead, they take their commission from the company that is placing the ad. In other words, if you are working with a podcast advertising agency, you will keep 100% of what you earn.
How many downloads do you need in order to take on sponsorships? The truth is, there isn’t a magic number. There is a common misconception that you need 10K+ downloads, but much smaller shows are able to obtain sponsorships if they are the right fit. Rather than focusing on download numbers, focus on building your community. A strong community that values your recommendations is invaluable when it comes to podcast monetization.
It’s up to you whether you choose to pursue monetizing your podcast, but keep in mind that monetization does not define success. You are the only one that can determine your success!
Our Revenue Course is one of our most popular courses. In it we break down CPM, campaign types, exclusivity, and more. Sign up for StartAPod to take a deep dive into how to monetize your podcast and connect with the PodSearchAD team!