It looks like everybody is making money with podcasting these days. Podcasting is a great way to express your passion about a particular subject and share information with others, but many people are earning handsome money with podcasts. Although podcasting is not a new concept even online, it seems to be hitting the mainstream now. It means now is the best opportunity to start a podcast, build your audience and make money. However, the main question is how to go about making money podcasting?
Tips on getting started with monetization of podcasts
The information economy is growing day by day with the latest technology, and video has a wide appeal. As such, you have a ready audience online to earn money with your podcasts. That being said, the main hurdle is how to start a podcast and subsequently monetize your podcast shows. Below are some points and tips that amateur podcasters can consider while starting their own podcast for a wide reach and better monetization.
Choose a particular topic for your podcast
When choosing a topic for your podcast, you have two options. You can either go with a narrow niche audience or choose a big mass market. Do you have any idea why profitable niche markets such as fly fishing and dog training are tailor made for podcasting? The simple reason is they work to deliver desired results. A solid niche market paves the way to define your targeted audience and the types of sponsors and advertisers for your audience. Additionally, there is much less competition to claim your stake in the given market.
Although a big mass audience can get you a bigger reach, it is less likely that your podcast will receive a big audience for two reasons. First of all, there is stiff competition in the big mass market due to the existence of so many podcasters. Secondly, advertisers are always looking for established podcasters in this market. Still, you can profit from the big mass market if you are able to capture a segment of the market through appealing shows.
Dedicate yourself to making the best podcast
Remember, the better your podcast is, the more the number of followers and listeners you will get. Even if you begin with a small audience, as most podcasters do, try to take advantage of your time to produce good quality content, relevant contexts, superior production and consistent delivery. If you pay attention to these core points, you are more likely to succeed in a lot less time. The simple reason is sponsors and advertisers essentially demand two important things – an attractive product and a big, dedicated audience. While you work on building your targeted audience, hone your hosting, presentation and interviewing skills.
Skills To Develop
Here are certain skills you may want to develop when mastering podcasting.
- Audio production and clean up
- Building a community and keeping it engaged
- Developing a marketing buzz on popular social media
- Creating apps related to your podcasts
- Editing of podcasts for betterment
- Field recording
- Converting calls into taking an action
- Learning how to use any necessary podcasting equipment.
- Voice talent
Remember that you can outsource a lot of these chores at a nominal charge. For instance, you can hire a professional for setting up your podcast and have it synchronized on iTunes. If you are not handy with the artwork, you can outsource this job to have a great looking artwork for your podcast. Be sure you get all these things done smoothly whether you do it on your own or outsource them to professionals.
Create a USP (unique selling proposition) for your sponsors and advertisers
Podcasts, unlike high end events such as the world cup and the super bowl, are not really about numbers. If you could show sponsors that you have 250 to 300 dedicated weekly listeners, who spent a particular number of dollars (say on dog food), then it is a better proposition compared to a blog drawing twenty thousand anonymous readers with no particular interests. In the world of Internet, sponsors and advertises care more about being able to reach a very targeted interest group and demographic instead of a large number of people. The power of targeting a specific niche market can never be underestimated. So, note this point and act accordingly when deciding and marking your targets for your podcast.
Once you have the podcast up and running, you will find numerous ways to earn money even if you are just starting out. In case you have your own products and/services, you can promote them on your podcast. If you don’t have your own products, you can promote the products of other people related to your niche and earn affiliate commission for driving prospects to those products.
You can also go for the CPM (cost per impression) model of advertising where advertisers pay a certain amount for showing their ads to one thousand visitors. Other ways of monetization include product mentions, sponsorship and pay per view. There is actually no limit on the number of ways through which you can make money with a podcast, provided your podcast grows and has a wider reach.
Make money helping others
You will be surprised to know that many talented people try out commercial podcasting for some time and then give up. You can help such people to get back to the business and charge a sum for your expertise. However, you need to prove them that you have the knowledge and experience to grow their podcasts. You could earn money by helping other individuals set up their podcasts, create and edit shows, and market their podcasts online.
Earning money with podcasts is not automatic and easy. Even talented, experienced marketers need at least a year to get things to click and earn money. That being told, starting a podcast is a great way to reach your targeted audience, provide valuable content and even earn money. If you lack info on how to make money with podcasts, just go through the above advice. Over time, you are all set to monetizing your podcasts whether you wish to do it for your own business or help other businesses along the way.