Podcasts have never been more popular. Not only are more people listening to them, but they are also being launched by more artists. In a statistical study published in Podcast Insights, there are currently over 1,500,000 podcasts and 34,000,000 episodes.
It’s not too late to launch a show or make money while the space is filled and increasing more so every day. However, achieving profitability will take time and effort. But since this industry is booming, now is the best time to start your podcast show.
And in this article, I am going to tell you whatever I have learned from the amazing conversation I had with one of the top podcasters, Bijay Gautam.
Bijay is the creator and host of The Inspiring Talk, where he talks to today’s most successful and inspiring people every Monday and shares his insights to help people achieve their goals every Thursday!
People are touched and inspired by the life experiences he discusses in this podcast, and they are motivated to make great changes in their lives. He’s spoken with multibillionaire businesspeople, #1 bestselling authors, celebs, successful entrepreneurs, and creative thinkers.
He has also co-founded Wyn Studio, a podcast production company that creates interesting, compelling and engaging original podcasts for brands. They worked with some of the top global brands like HP to help them produce their own branded shows.
The Benefits of Doing A Podcast Show
Among the many benefits of podcasting, two are absolute game-changers. If you are a business owner, this is going to help you a lot. And even if you are not, you can later make a profitable business out of podcasting.
Here are those two benefits that I was talking about:
With lots of information available nowadays, it’s simple for your listeners to become distracted. On the web, there is still plenty of written stuff, therefore audio content is a huge change of pace.
It also helps you to present your idea in a much more interactive way, which is not often possible with printed content. That is the main advantage of doing a podcast. Let’s look at some statistics to understand the engagement rate.
According to a survey of 300,000 podcast listeners, 63% of individuals had purchased anything recommended by a host on their show. According to the same survey, 71% indicated they would visit a sponsor’s website, and 63% said they would consider a new product or service offered on a podcast they were listening to.
And this is not magic. There are enough reasons why people engage so much with podcasts. The reason is INTENT.
Yes. You might arbitrarily scroll through your Instagram reels and watch a lot of reels without really having any strong purpose. Hence, naturally, the engagement on reels is lower in comparison to podcasts.
While you are subscribing to a podcast and agreeing to invest at least 30 or 40 minutes of your valuable time, it means you want to learn something from there. So, when people are intentionally subscribing to it, they are going to engage with the show. That’s the reason behind the high engagement of podcasts.
It makes no difference whether you’re the first in your business to launch a podcast or the latest in a long line of companies to do so. You can establish yourself as an authority with podcasts.
When you provide consumers with more opportunities to consume your content and hear from the experts on your team, you become the go-to individuals who listeners want to hear from and chat with.
When you combine your podcasting efforts with audio and video alternatives, as well as a dedicated blog post, you’ve covered all of the bases to establish yourself as the industry leader.
You can engage your listeners in your podcast in a variety of ways. Whether it’s through competitions, social media polls, or any other method, you want to foster a greater connection with your audience.
Most importantly, when people engage with a show for a long time, say more than 30 minutes, trust becomes higher. The more engaged and respected your audience feels, the larger your fan base will become over time.
Anyway, these were just two key benefits, but there are a lot of other advantages, such as:
- It creates a personal connection.
- It is convenient.
- It is simple to get started.
- It is one of the best alternatives to videos.
- It increases traffic generation.
- It improves conversion.
- It has a major impact on brand recognition.
- It can be easily repurposed.
Now comes the most interesting point. Let us look into how we can make money out of it!
Earn Money From Your Podcast Show
When it comes to the question of how you can make money from podcasting, Bijay has two answers:
- You can monetize your podcast and make money from a podcast.
- Otherwise, you can also make money through a podcast.
I know, you probably didn’t get anything. Let’s elaborate on the ideas.
Make Money From A Podcast
There are several ways of monetizing a podcast.
Firstly, you can use sponsorship as an earning source. The most popular way for podcasters to earn money is through sponsorships. During the show, the podcast promotes the sponsor. Every episode of your favourite show is almost certainly peppered with commercials.
The amount of money you make from a sponsor is determined by the number of downloads your episodes receive. Sponsors pay a cost per mille, or CPM (Mille means “thousand” in Latin). The cost per thousand impressions (CPM) ranges from $18 to $50, with very successful podcasts bringing in much more.
Secondly, you can ask for donations or direct support from your audience. When you ask your followers for money to support your show, this is known as “direct support.” There are plenty of people who will gladly give you a little cash so you can continue producing episodes.
Because it’s simple to set up, this is one of the first options we suggest to podcasters wishing to monetize their show. The best way to get money is to set up a Patreon account and develop a page explaining why you deserve support. Paying your audience with premium content is a terrific way to persuade them to support you.
Thirdly, you can use affiliate links on your podcast. Affiliate sales are similar to sponsorships in that you are paid depending on what you sell for another firm rather than by the download. For each sale, the other firm gives you a commission.
Many podcasters and YouTubers make use of Audible’s popular affiliate program. You’ll be given a unique affiliate link to promote from Audible. You get credit for the sale and earn $15 when someone clicks on your link.
If you plan to generate money through affiliate sales, make sure the company provides you with a clear link that you can mention and that your listeners can understand.
Lastly, you can make money by selling related items. Merchandise, courses, consulting services, books, and access to live events are examples.
You don’t have to run your fulfilment centre if you want to sell your products. To send orders to your customers, you can use a drop-shipping service or a print-on-demand service. All you need is a spot for people to order from your website.
Make Money Because Of A Podcast
Even if you do not directly generate revenue from podcasts, you have another option. You can use your podcast as a sales booster for your business.
Because of the podcast’s high engagement nature, you can pursue your audience to become your customer. If you are a B2B business, you can invite other entrepreneurs to your podcast show and start building connections with them. Eventually, you can convert them into one of your high-ticket clients.
When you interview experts and influencers in your industry, you’re providing them with a platform to spread their message. You may use this as an opportunity to not only create a relationship with them but also tap into their network by asking them to share it after the episode is released.
This helps you attract a lot of new visitors to your website every week while also allowing you to explore new business prospects with your visitors.
You can also increase your website traffic, through which more potential customers will discover your business and also probably buy your product or service. Google has just begun indexing podcast episodes not only by episode title but also by the podcast’s spoken content. This implies that consumers will be able to view audio results on Google’s homepage, which will direct them to your website.
You may also include the embedded audio episode of your podcast in a blog post on your website. This will improve your Google ranking, and embedding the player will increase the user’s time spent on your website. This appeals to Google.
Start Your Podcast
This is something that podcasts can help you achieve. By starting a podcast, you get to make your own rules and have the freedom to express yourself. Here are some points to keep in mind while launching your podcast.
- Consider what you most want to share with the world, and then consider how it can add value to someone’s life. As this is the most vital stage, they are two extremely important features. Start by doing a lot of research, taking notes, and making a plan. Create your own story by finding your voice and incorporating it into your narrative.
- Find a niche for your show. It can be anything: fiction, nonfiction, drama, business, education, criminal, humour, motivational, philosophical, and so on. The options are limitless.
- Make a list of potential show titles, give it some thought, and get feedback from family and friends. Be creative and inventive in your approach, and keep in mind that your title reflects the entire performance; it must ring true.
- Determine which format is appropriate for your show. Interviews, instructive, conversational, solo casts, fictitious or non-fictional narratives called podcast theatre, panel discussions, and more are just a few examples.
- Create some artwork for your show by designing and drafting some samples. Make your art unique, relevant, accurate, and amusing because it is the only way people can see what your program looks like.
- Being able to record your episodes in your voice and disseminate your message around the world is the best part. All you need is a good microphone and some editing software. Keep in mind that the audio quality must be excellent.
- Determine your target audience to determine who will be your listeners. To understand and appeal to their interests, you’ll need to know their likes, dislikes, wants, and hopes.
- Podcasts are distributed to various online streaming platforms via media hosting providers. To create your RSS feed link, all you have to do is choose the correct platform and sign up. You’ll be able to upload your show to a variety of sites using this link.
- A lot of people listen to their favourite shows on Spotify, Google Podcasts, Apple Podcasts, iHeartRadio, Stitcher, JioSaavn, Gaana, and more. You can put your show’s first episode or trailer on these platforms and more.
- Spread the word about your podcast via social media networks. To stay in touch with your listeners, provide the artwork, description, design, launch details, links, and updates for your show.
Also, do not forget to focus on the time length of your podcast. When you’re first starting with podcasting, the length of your episodes is largely determined by what you think is appropriate for your format, as well as your ability to record and edit.
When you have so much to study and practice, recording and producing three hour-long episodes numerous times a week will take a lot of energy.
As the popularity of podcasts grows, more people are jumping in headfirst and starting new shows to establish themselves as industry experts, gain an audience, connect with additional influencers, develop their brands, and increase exposure for their businesses.
A lot of people are now using podcasting as a way to make extra money for their businesses and for themselves as people, too.
The podcast industry will remain at its peak in the future as well. Since it gets high engagement, entrepreneurs love this form of media. If you are still not tapping into this industry, you are behind in the race.
You can monetize your podcast in various ways, as well as find ways to increase sales through it. Since it builds high trust, your audience can be converted into your customers indeed.
Therefore, explore it, leverage it, and go one step above the stairway to business growth and success.
We would appreciate any valuable comments you may leave in the comment section and let us know what you think about important tips to start and generate revenue from podcasts.
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