When I flew to Portland to spend the day with Paul Colligan to learn how to create a podcast, this was one of my top questions.
I was very direct about it. I asked Paul, "What is the point of podcasting? (He took it very well -LOL) I went on to ask, "Is it all vanity - wanting to broadcast your voice out to the world - or is there an actual business model with profit potential to podcasting?"
He assured me that there were plenty of broke podcasters out there, but also that there was indeed a model - and multiple ways to make money with a podcast...
Obviously, your revenue model begins with your business model and how you plan to incorporate podcasting into your business. In other words, you need an objective - not just starting a podcast for the sake of podcasting.
Podcasting can also be a profitable business model on it's own. There are several ways you can monetize a podcast, whether it's integrated into your current business model, or a stand-alone business.
Either way, you need a plan going in. A specific strategy. This is the #1 thing that I took away from my day of learning about podcasts. You need to identify your target market, what they want to hear, and what they should do next.
From that perspective, I found it very much like blogging- in a different format.
How To Make Money Doing A Podcast
Paul explained how to make money doing a podcast by giving me 18 specific strategies, and also taught me about Top of Funnel Strategies and Off Casting Actionizers. He then gave me a blank monetization map to brainstorm my overall monetization & marketing strategy.
For now I'll condense it into 6 ways to make money with a podcast...
- Sponsorships & Paid Advertising
- Affiliate Sales
- Selling Your Own Products/Services
- Paid Podcast Model, or Premium Content Offer
- Repurposing Content for Physical Product Sales
- Related, Revenue Producing Website
Of course, Paul goes into great detail about these methods (and the others) in his podcasting course, which I believe will be available again in the near future. And the video from our live training session in Portland should be ready soon as well.
That's where you'll be able to watch my entire day with Paul Colligan as if you were sitting right there in the studio with us. 😀
In the Podcasting Report that I promised you, I'll go into detail on these 6 revenue-generating models. Including creative ideas and resources that will spark ideas for any podcast on any topic. You might be surprised at just how easy it is to monetize a podcast, and just how profitable it can really be. I know I was!
Next we'll look at the software & hardware needed to create your own podcast, and the technical side of podcasting. Fortunately it wasn't nearly as technical or difficult as I originally thought... *whew* lol
p.s. Subscribe for email notification below so you don’t miss a single post in this Podcasting series – which is also where I’ll send you the free report on how to create a podcast. That report won't be available for free any other way so be sure you are subscribed now if you want to get a copy! 😉