Podcasts are continuing to rise in popularity with more turning to them as a source of entertainment or information and an increasing number of businesses creating their own. Podcasts give business owners a platform to widen their audience, establish themselves as an expert in their field, connect with industry influencers build brands, and increase brand awareness. However, in addition to using the podcast as a branding or marketing tool, many people are able to take their podcasts to the next level and turn them into another revenue stream for the business. If you would like to follow in their footsteps, here are some ideas to help you get started.
Sponsorships
Incorporating sponsorship in a podcast one of the most popular ways to monetize a show. A third party advertiser will pay you to promote their product or service before, during or after the main content of your show. There are a couple of ways this can work, but often the most effective method is to include the advert as naturally as possible within the show, recommending it to listeners or simply explaining how they have benefitted from it.
Alternatively, the third party can create a ‘radio style’ advert which is played at some point in the show, but this can be less effective. Advertisers will pay more to be featured in the middle of the content (mid-roll) rather than before or after (pre-roll or post-roll). A CPM payment model is often used which means ‘cost per thousand’ listeners and the average rate is around $20 per advert for every 1000 downloads.
Boost Sales
If your podcast is directly related to the products or services you sell, you can use the podcast to convert listeners into paying customers. Assuming that you have established a following of listeners who are engaged with and trust your brand or you as an individual, you can start to weave marketing techniques into your content. You can even include exclusive discounts for your listeners to show your gratitude for their continued support while simultaneously increasing sales. This is, of course, most effective if you ensure you are reaching out to the right audience. For example, if you are looking to reach a niche market, such as manufacturer suppliers, ensure you include content that will appeal to that audience. If you, for instance, are a supplier and need to reach your potential customers, other suppliers, set up ways and means for this to be done through the right podcast content. If you feel you need to improve communications with potential suppliers even further with suitable software, visit weaveability.com to get started today.
Offer Consultancy or Coaching Sessions
Attracting a lot of listeners or downloads is great, but ideally, you want to turn these listeners into subscribers. Some consultants or coaches offer free taster sessions or introductory appointments at a reduced price, so why not do the same via your podcast? In exchange for subscribing to your podcast you offer your listeners a free 30-minute session which, ideally, will convert them into a paying customer.
Turn Your Podcast Into an Audiobook
Your podcast probably contains hours of great content, advice, and professional insight which you give away for free, but that doesn’t mean you can’t turn that same content into a saleable product. By combining all of the content in your podcasts into an audiobook (or even a written book if you have the writing skills) with some additional new parts you have an incredibly valuable resource which people will pay to access.
Crowdfunding
Some businesses can even ask for their listening community to make a contribution or a pledge towards the costs of making the podcast or even to support the expansion of the business in some way. Depending on your type of business, this may not be appropriate, but it is an option to consider.