Podcasting is fun. It’s also hard work. Not surprising that since the dawn of this medium, podcasters have been crafting ways to make the fun pay off. Traditional advertising methods work for a select few - an estimated 0.05% of podcasters monetize their show via direct sponsorship - and finding vertical opportunities by leveraging your own business works for others. But what about those who neither have a large online listenership nor a business directly tied to their podcast?
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Billions of dollars have been spent on the term diamonds are forever, but no one cares about your diamonds any more. Sure, a little bit of bling might get you through that door, but it certainly does not make people remember you, your product, or your services - at least for the long term the way podcasts do.
Podcasts are the new diamonds.
Podcasts are forever.
Well, at least until the internet crashes and burns or a new medium takes over, which hasn't happened yet.
Let Me Explain Why
Take one look at podcasts and you will understand that there's rich and deep history here. You can easily find the very first podcast episode from years ago and still be updated on the latest. How many subscribers do you have? How long have you been podcasting? Do you remember your average downloads per podcast episode? Okay, now look at how many downloads your first podcast has and see the difference in numbers.
People time and time again will go back into your archives and see how it all began. People love being there from the very beginning even if they joined the race late. Podcasts do just that and directories like iTunes makes it so easy to go on a podcast binge on those sleepless nights.
Sure, you can do this with blogs too, but there's something so easy about laying in bed and listening to a voice talk about all the things wrong in the world or an hour-long special about cats. So much more knowledge can be consumed with your eyes closed than ever before, which is why podcasting is unique to video and blog formats; you simply can't consume those with your eyes closed.
What about Radio, you say?
Radio targets mass audiences. It's so broad that it alienates you. You listen to radio when you're stuck in traffic and don't want to think any more. You listen to podcasts when you want to belong to something bigger...while you're stuck in traffic.
Advertisers Love Diamonds
Which gets to my main point of my article, advertisers love the concept of diamonds, but there isn't a medium that capitalizes on 'forever'.
Well, until now that is.
You think it's Hard to get advertisers behind on your podcasts? How about I tell you it's as easy as eating an entire bucket of ice cream by yourself. All you have to do is pitch them the 'forever' business model.
First of all, what kind of advertiser is going to refuse the forever model? Their ads will be on your podcast episode and in the archives for...forever? Yes. Sure, you only have 500 people downloading your episode regularly today, but 5 years from now when you're married with kids, how many downloads would that episode rack up?
People will still find and download your old episodes long after you've stopped podcasting with your advertiser's product or services still imprinted on that episode. They pay a one time fee for a lifetime of exposure. How can they say no? When you're ready to get paid for your hobby and the amount of time you spend working on your podcast, remember to pitch those advertisers the 'forever' model and it will be almost impossible for them to say no.
We're a savvy team of audio engineers that love to produce podcasts for a simple and easy fee. We focus on helping you work more on your podcast and less on the bells and whistles. Not only will we set up your podcast and make it sound incredibly professional, we will also help you with the show notes, postings, and more. Please feel free to contact us via the contact page or message me at Ayn@podfly.net for more information.
Until next time,
To be honest, this is a difficult question to answer, and I'm going to try my best to give you a bit of insight with a no-extra-fluff response. It depends on how passionate you are about your podcasting, it depends if you're willing to put in the needed time, and your money making potential does, sometimes, vary based on the topic of your podcast.
There are already many people who are making an extra income or a second income while they are podcasting, but these people can tell you that it would not be enough to sustain them completely. For the most part, podcasters with serious hobbies are pretty happy they can sustain their hobby while keeping all of their costs covered. For a lot of people, this is enough for them and they stop there. They created a podcast to share their passion, and not necessarily to make money.
But what happens when you want to make a living off strictly podcasting? Is it possible? Yes, but be prepared to sweat a little. Anything is possible with a little determination. How much time are you willing to put into your podcast is the question you want to ask yourself. Are you willing to leave your current job to make that happen? Podcasters who make a nice living off of podcasting do not get it from sponsors alone and they really do have to plan out and be extremely creative with their income strategy.
Keep in mind, with a big enough following you will have an easier time getting advertises to help back your show, but that's definitely not the only way you can make money. If you're talking about a product that you really like, don't forget to include affiliate links in your podcast description. When people click on it and buy the product mentioned in your show, you can get a nice commission and a bit of income is generated that way too. When you already have your brand established, you can begin creating interesting products for your followers to buy. Anything from music made by you to an e-book talking about your life story will help bring in income and sustain you.
Do not just stop at one podcast, create multiple with different themes and work on them equally. This will help you generate a bigger audience in different niches and therefor drive sales to specific brand products and reach out to more sponsors. If you're already a podcast pro, then consider teaching others about how you made it. That is a market all in itself and can generate an income as well.
Be sure to consider all of your options on how to monetize your podcast and write down a business plan on how to attack each one that appeals to you. You can give a couple of your podcasts away for free and then charge for the rest in the series. This is great if you have industry insider information that you'd like to share or provide a full course on something you're knowledgeable about. You can also give your following only 15 minutes of the show for free and then charge them to see the full show.
The success of your podcast all depends greatly on your following and how loyal they are to you. The best way you're ever going to get a loyal following is by giving them great content and having them feel connect to you and your brand. It all boils down to content. Content is key to building a successful podcasting business and fundamental to how you build great relationships with your listeners.
Podfly is a company that takes care of all the grunt work to podcasting. We provide you with a great intro, outro, and professional editing quality like no other. If you'd like to focus just on your podcast, then be sure to ask for Ayn Codina or contact her at firstname.lastname@example.org to have her edit your show on a regular basis.