If you live under a rock and don’t know what a podcast is, this post is for you.
Well, to put it in simple words, podcasting can be termed as ‘a talking radio’, and you have read that right. It’s just as cool as it sounds.
Podcasts are a series of audio files that you can download and listen to whenever you want, wherever you want. These audio files are based on a specific topic, a common interest shared among individuals. This interest can vary from sports to weather or even a book review. Anything that you have ever heard about probably has a podcast on it.
A podcast is like a tv show without visuals; it has a sequence of episodes one after the other. Listeners can download each episode and then wait for the next one to release. This requires getting a subscription. Once you are subscribed to the podcast of your choice, you can easily access all the upcoming audios.
The history of podcasts started some time ago when two men, named Adam Curry and Dave Winer created this innovation in 2004. A year later, the first-ever Podshow famous by the name “Quit Your Day Job” was produced by Adam Curry and Ron Bloom. This gave a push-start to the rise of podcasting.
Now that you are familiar with what a podcast is, let’s get you started on starting your podcast and how you can make revenue out of it.
STARTING YOUR PODCAST
If you want to make podcasting your full-time job or even consider it a platform to earn some extra money while you have a job of your own, you need to understand the basics of getting your podcast running.
The first and most important thing is to find podcast editing software. Once you come across good software that will facilitate you in your podcast editing, the rest will follow.
Podcasting requires a lot of editing to make it attractive, and something people would want to listen to.
The second important thing is to know how to record a podcast. Recording a podcast will require you to invest in some essential instruments. Here is a list of them:
- A computer
- Good quality microphone
- Mic stand
- Soundproof material
- Shock mount
- Pop filter
Get your hands on this equipment and start recording your podcast.
EARNING THROUGH YOUR PODCAST
If podcasting is something you enjoy, then earning through it can be a fun and easy process. There are 2 ways you can use podcasting to earn cash.
- Earning money directly from your podcast
- Using podcast as a source to promote your own business
Once you decide, which path you want to adopt, you can get started to address the possible challenges or obstacles you might face and which strategies you would have to make so that your podcast becomes a hit.
Using ads to earn money is probably the most common method in the marketing business. All you have to do is strike a deal with a sponsor you want to work with. Once an agreement is signed, you can agree on what part of the show you will market their business. It can be on the pre-roll, in the middle, or towards the end of your podcast.
Sponsorship gives you leverage in a way that you do not have to create a product of your own; you just have to be smart enough to sell someone’s product while your audience is still engaged.
According to research, advertisers spent around $316 in the year 2017 to promote their ads via podcasts.
On the contrary, 2021 is estimated to witness approximately $1.13 billion worth of money being spent on ad sponsorship.
HOW DOES ADVERTISING WORK IN PODCASTS?
This business depends upon the CPM, i.e., cost per mile or cost per thousand impressions. Nowadays, the market value is $20-50 for every thousand impressions. So, depending on the number of views or downloads you get per episode, you can determine the price of the ads with your sponsorship partner.
CREATING AN AUDIENCE
The most important part of podcasting is to have an audience. In today’s age, with multiple podcasts surrounding you, you need to ask yourself the question, what can I do to attract listeners?
Something ordinary will not get you anywhere. You need to innovate new and creative ways to present your podcast to give people a reason to subscribe to your podcast.
After you have gathered an audience, the next crucial step is to build trust. You need to deliver in the way that people depend on your words, they regard what you say and act on it. For example, if you are trustworthy to your listeners, then selling or sponsoring becomes easy. Whatever you promote will leave an imprint on your audience. This will help you monetize your podcast.
In addition to trust, engaging your audience is another requirement. Tell interesting podcast stories, provide your listeners a comfortable environment to ask you questions, and make sure you reply to them as well. Use your expertise on a particular topic of interest and focus on it, do not beat around the bush.
Once you gain command of these essentials, then focus on promoting your podcast through multiple social media platforms. You can convert your podcast audio into video and upload it on YouTube or Instagram. This will help you gain more audience. You can also ask famous influencers to promote your podcast by doing them a favor in return, such as mentioning them in your podcast and spreading their name.
A great way to generate revenue online is to start affiliate marketing. When you begin a podcast, become an affiliate for a business or an individual willing to use your podcast as a forum to sell their products.
It is effective because, for every sale you make, you earn a percentage of the profit made. To do this, you can mention or link certain sites in your podcast and promote them. So, every time someone gains access to the link and buys a product, you get a profit.
STARTING YOUR MERCH
Once you get a loyal audience that trusts you and engages with you, it is a good time to start merch. Create clothing items, stationery, stickers, mugs, or anything your audience would get attracted to and put your podcasts logo on it. This will be a great way to earn money.
THINGS TO REMEMBER
There is no rule book to follow when it comes to monetizing your product. Just be creative and innovative and allow new ideas to flow. This will open further doors and make this business easy for you.