Today we'll look at the biz side of podcasting, and specifically: how to make money doing a podcast.
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
Best,
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! 😉
About Lynn Terry
I like these series so much. I like to learn podcasting a lot more now. Before I didn't even know how Podcasting works and what for until Lynn explained in one of her article the use of this. Thanks again
I am really enjoying this series as well. I've learned SO much about podcasting from Paul Colligan, and it's fun to write this series and share what I've learned so far. Lots more to come! 😉
I make money from my podcast http://www.BusinessTechWeekly.com because it positions me as an expert in my field so businesses and individuals hire me based on the 40+ hours they have to listen to me talk about topics I'm an expert in.
Podcasting builds trust with your potential clients.
Podcasting show who you really are (it's hard to fake it for that long when you're being recorded).
Podcasting has unparalleled reach - Can you say "iPod"? Between those and iTunes there are millions of potential listeners.
Good luck on your journey Lynn. I've worked with The Podcast Answer Man - Cliff Ravenscraft for almost a year now. He's the best.
Awesome, thanks for the recommendation Andy! I've just followed him on Twitter & Facebook and am checking out his discussion forum. Appreciate it!
Lynn, I appreciate the follow and for your time to browse my site. I love this post and look forward to hearing more of your thoughts and insights on the subject.
I started podcasting as a hobby in December of 2005. In January of 2008, I left my career in insurance after 11 years to do podcasting FULL-TIME.
I shared a lot about my story in these two podcast episodes:
http://gspn.tv/passion
http://gspn.tv/passion2
Look forward to seeing you around!
Thanks, Andy! I'm a listener of Business Tech Weekly... and several other GSPN.tv podcasts. As a matter of fact I am a Plus Member.
Cliff is excellent resource and teacher in the area of podcasting. I am very excited to say that I ordered a Heil PR-40 mic from him last week. It arrived Friday and I am about to sit down and record my first episode with it.
Lynn, thanks for the excellent series. I am very happy to have stumbled upon it (thanks to you following me on Twitter!). I've been podcasting for about 4 years now. First as a teacher recording classes for my students, then finally launching my own personal podcast, the Catholic Foodie (which can be found at http://catholicfoodie.com). I launched the Catholic Foodie almost two years ago, and I am amazed at how much it has grown.
To be honest, I am one of those poor podcasters. 🙂 I've been wanting to monetize the podcast for a while now, but found myself stuck. Your article here is great. And I can't wait to see the video. About 3 months ago, I began a project which will eventually yield income for the Catholic Foodie. It's a product. Actually, it's a few products. I am anxious to get that going. I am also looking for sponsors for the show. I would love to hear any suggestions that you have for approaching potential sponsors.
Thanks again for a great series!
Great to meet you Jeff 😀
I have some detailed ideas about the 6 options I mentioned in the post above, which I'll share in the free report. Make sure you're subscribed by email to get your copy (free!). And if you'd like to brainstorm your podcast strategy specifically, feel free to join us over at my discussion forum.
I look forward to getting to know you 😉
Lynn (and everyone else too), you might find this kinda funny.
I was uploading videos of myself experimenting with SEO stuff to blip (.) tv and then later I found out that I had a video podcast of a sort through iTunes - YIKES!
So I freaked out! I stopped uploading my videos to Blip tv until I made some super duper high quality stuff (still waiting for that huh?)... I'm such a chicken sometimes 😛
Gary Anderson II
P.S. Don't forget: Be good and Stay Boosted!
LOL Gary - interesting! There are several sites that submit to iTunes from what I understand, including BlogTalkRadio. I learned why NOT to use them while in Portland, by the way. I'll be sharing the details on that in upcoming posts in this series. 😉
Hi Lynn,
I am really enjoying this series on Podcasting, I have recently started a podcast over at http://hughtalkstech.blogspot.com
Many Thanks
Hugh
Very cool, Hugh! I'm curious why you chose blogger as your web platform for the podcast?
Hi Lynn,
This is timely information since I have been looking into doing a podcast of my own.
Looking forward to this series and I am signing up to get the report you promised.
BTW, did you ever read my report about email marketing without squeeze pages? I tried following up and never heard back.
Thanks
Tommie
Thank you Tommie! I did get the email, but I have to confess - I'm terribly behind on getting replies out. I was traveling quite a bit this last month so still in catch-up mode on some things. 😳 Appreciate your patience with me!
Hey Lynn,
No problem!
I understand you are busy. I was just starting to wonder whether or not you liked what I sent you because if you didn't, I would be OK with that.
Regardless of what happens with that, I still think you are exceptional and I will continue to follow you.
Thanks for the reply!
Tommie
You've hit the best six. There are others (like Andy said you will be seen as an expert). Will look forward to the rest of these posts.
Definitely the best of the 18 Paul taught me. I will go into detail with creative ideas & strategies in the podcasting report. Watch for it! 😉
Haha when I read those monetizing strategies I was like... This sounds like monetizing a blog to me. Very interesting. I think there are alot of people out there that prefer the podcast format over reading a blog post so it definately a great marketing strategy to add to an existing business.
~ Alex
That was the very thought that ran through my mind as I was learning about the biz side of podcasting. Blogging I get, so podcasting should be a breeze! I am really excited to put all of this in action, and teach by example through the new ClickNewz Live podcast. Coming soon!
Very good post Lynn! I look forward to the rest of the podcasting series.
As a podcaster since 2005 ( http://www.concertblast.com ) I will say there is money to be made in podcasting, but everyone needs to understand the work involved in making money on the net.
At first you must not think about the money, but think about how to build an audience. Without an audience there is no money.
In the begining we made money by charging for sponsor's links on our website and have made some money by becoming an affiliate. We also use a bartering system to cut our traveling expenses, but when I wrote a book on our Podcasting/Concert Experiences, had it published, and sold the book through our website and email list, that's when the consistent money started rolling in.
I'm looking forward to seeing the video.
Keep up the great work Lynn!
Mike Arnold
Concert Blast
http://www.concertblast.com
I listen to a lot of podcasts lately most of them are having ads by audible which i think is a great fit.
I am following with anticipation - podcasts sound great but how easy are they to do? And as I'm in a visual niche (crafting), how will a podcast help me?
These are the questions in my mind as I read through your podcast adventures!
Great questions, Michelle! I would start by exploring iTunes and all of the podcast topics currently available. Look at how others are making it work in a variety of niches.
Next, do keyword research, and focus on the informational searches (vs commercial searches). I have no doubt there are plenty of things you can discuss with your market, including: interviews with experts & authors, personal experiences or stories, cover and/or announce industry events, and of course how-to info.
Keep in mind that a podcast doesn't *just* have to be audio. You can do a video podcast as well, which would be great for ongoing instructional videos.
As for how easy they are to do, I was pretty surprised. I expected it to be complex, and avoided hosting one myself all these years for that very reason. Of course, there's Blog Talk Radio which makes it easier, but I discovered why that's not such a great option - and I'll be sharing more on that as we continue this series...
Suffice it to say, if you can blog - you can podcast 😉
Another great article - maybe podcasting isn't dead yet! Thanks for the info!
I liked your observation that it's like blogging, in a different format.
I may never get around to doing my own podcast but I do listen to several podcasts -- including yours with Ed, Paul and MIchell -- and it does make it easy to fairly quickly see who is credible and who is not ... and that's a HUGE factor online when it comes to making purchases from that person later on, whether the purchase is the podcaster's own product creations or affiliate-recommended ones.
When the great unwashed come to know that we can earn by podcasting means sure podcasting will touch a peak in short time...
Venkatesh - Gulfwebstudio.com
Podcasts can probably be much better than writing in many ways not least if its video. I have almost no experience from this and it sure takes more of the publisher to make it okay and professional.
You’ve hit the best six. There are others (like Andy said you will be seen as an expert). Will look forward to the rest of these posts.
podcasts can probably be much better than writing in many ways not least if its done properly. i say thumb up for podcasting!!
Great article ! For me podcasting is really a great way to get more audience and to develop my website.