Make Money From Podcasting
If you’re interested in monetizing your podcast, there are two common approaches: cross-media monetization and direct selling. The latter is less direct, but is incredibly effective for creating impactful resources. Cross-media monetization means testing and marketing other people’s products through podcasts, and direct selling means promoting your own products. To test-drive this strategy, podcasters can read parts of other people’s books and discuss those ideas on their shows. The Tribe of Mentors, for example, has a podcast that shares ideas from its book.
Traditional advertising is difficult for new Podcasting, but it’s possible to monetize your content through affiliate marketing. This means working with companies you believe in. Often, these companies have affiliate programs that pay you anywhere from 25% to 50% of the sales generated from your podcast. Signing up for an affiliate program can be easy, but it takes research and good negotiation skills to negotiate a fair deal. In general, however, you can earn money through affiliate marketing.
To start earning money through affiliate marketing, you’ll need a product to offer. Many podcasters already focus on tangible products. But if you’re looking for an income stream with minimal effort, you can offer services as well. Create a service and package it as an add-on. Advertise it on your podcast and you’ll earn more money from it than if you were to sell it yourself. For example, if you’re an artist, you can sell wall decorations through Bonanza or Etsy. You can also sell ready-made products through Etsy and Spreadshop. Selling online can be challenging and requires careful planning.
How to Make Money From Podcasting
As podcasting grows in popularity, there are more podcasts on the market than ever. According to podcasting analytics tool Podcast Insights, there are over 34 million episodes and 1.5 million shows. With so many podcasters, the space is getting crowded, but there are still ways to make money through this medium. For more information, check out Kristen Meinzer’s book So You Want to Start a Podcast
To build a fan base, offer exclusive content for your patrons and give early access to new episodes. If your audience feels connected to you, they will likely pay you a subscription. Moreover, Patreon users can enjoy exclusive content that you can only offer to patrons. This way, you can build a strong audience and generate a steady stream of income. When you’re starting out, you’ll have to build your audience first.
While many podcasters earn money through subscriptions, it is important to note that monetization is difficult and takes time. Even if you’re lucky, you may not make any money at all in the early stages. But once you’ve built an audience, you can begin monetizing your podcast with ads. With time and dedication, you’ll be able to build a large audience, and eventually earn a living.