Monetization Method #1:
Sell your own products, programs or services.
A study was done a few years back that revealed that 62% of podcasts that were actually monetizing their show, did it through selling their own stuff.
So, if you’ve got an online course, or you’re a coach seeking clients, or an author with a book to sell… make sure your show is attracting your ideal buyers. It’s as simple as that.
Monetization Method #2:
Don’t get me wrong. Sponsorships are a great way to go, but it may not be the road for you.
For starters, most big sponsors won’t even look at your show until you get up to 5,000 or more downloads per episode. And while that may seem like a reasonable feat to a starting podcaster, let me provide a quick dose of reality:
More than 80% of all podcasts don’t even get 1,500 downloads per episode!
Another reason you may want to skip the sponsorship road is that it can dilute your message. In this case, I suggest going back to Method #1 and become your own sponsor.
All of that said, there are always exceptions to the rule…
If you have a small audience, but it is very niched, you may find just the right sponsor with a product or service exactly fitting for your following. Plus, if they offer a high ticket item, you could probably even charge more than the industry standard rate.
All in all, though, my advice is to consider yourself lucky if you get a sponsor, but don’t start a show counting on that as your revenue stream.
Tomorrow, I’ll let you know an easier way to make money with a podcast. Until Then… Keep on Shining!
Monetization Method #4:
The Walled Garden.
This method gets its name from the fact that you’ll want to set up a wall between… well, let’s put it this way –
You podcast exists outside of the wall. It is free material for the world to see and consume. And that’s a good thing – it’s what gives people a chance to get to know you.
Now, behind that wall, though, is the garden. This is where you keep all of the extra goodies that many people would be willing to pay for just to have a look at.
What exactly that is, is up to you.
You could provide a written transcript of your shows; outtakes; additional material; opportunities to meet with you in person. Whatever. The sky is the limit here, and it’s up to you to figure out what your audience wants and more importantly WHAT ARE THEY WILLING TO PAY FOR IT.
This becomes a subscription offer and I’ve seen them range from as low as $0.97 to as high as $97 per month.
Get creative and play with it. Set up a tired structure where people can have options.
A word to the wise, though… it is estimated that only about 2% of your audience will take advantage of any of this, so it requires a rather large following to build this revenue stream to a substantial value.
On a side note… it will require a platform that can handle subscription payments and a way to deliver the goods to make any of this work. Kajabi, and Ontraport are my favorites, but Patreon and Libsyn can handle the load, too.
Tomorrow’s method of monetization will probably surprise you, so don’t miss it!
Until Then… Keep on Shining!