Episode 03: My Number 1 Secret to Monetising Your Podcast
Today I'm chatting through my number 1 juicy secret to monetising your podcast, and it may be a surprise to you!
I dive into:
Why sponsorship may not be for you
Other ways to monetise your podcast
The importance of strategy
How to share your experience
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Good chat media acknowledges the traditional owners of the land where we work, live and record the Wurundjeri people of the Kulin nation and we pay our respects to elder's past and present always was always will be Aboriginal land. Hey, I'm Cass, the founder podcast production agency, good chat media and welcome to Good chats. Good chat is a podcast with a holistic approach to business and marketing. And with the help of some super special people, I'll be spilling all the secrets about boosting your brand, building credibility and connecting with community through podcasting. Let's get into the episode.
Hi, friends, it is Cass and I am back for another episode of The Good chats podcast. What is up I know you can't talk back to me, but I hope you're good. I am here to spill a juicy freakin episode, I'm sharing with you my number one secret to monetizing your podcast. Now a lot of people come to me with the goal of monetizing their podcast and go straight to sponsorship. Sponsorship is not the be all and end all when it comes to monetizing your podcast. And in this episode, I'm going to teach you some other ways on how to one monetize your podcast, but to my secret, and how to actually make people convert into buying customers. So I totally understand wanting to monetize your podcast because it does take time, it does take energy. And it does take a lot of planning. That sponsorship may not be for you. Sponsorship is usually with ads that you put in in the start the middle or the end of the episode. And they actually go by something called CPM. And that's cost per mille, if I'm pronouncing that wrong, please don't come for me. But it means cost per 1000 downloads. So in that cost per 1000 downloads, you might only get 18 to $30 for an ad at the start of your podcast. And then a mid roll ad is the more expensive one, where it's 30 to $40 CPM. Now, if you have a podcast, and it's doing really well and you're getting 2000 downloads per episode, first of all, congrats. Second of all, to a sponsor, that's going by the CPM, it's not much, I mean, the maximum that you're going to get from that is $60. Or if it's a mineral add, you might get 80. And that's really not enough to cover the cost of producing your podcast. Or it's probably just not worth your time getting that money because it's not a lot.
So here's some other ways to go about monetizing your podcast, you can do affiliate partnerships. So this is where some brands will let you sign up as an affiliate, and then you'll get a kickback. Whenever a listener buys, the products you're promoting, this is a risk, because you may never sell anything. But if you can, you can get huge reward for it. So it's just a risk and reward tactic that you may have to consider with that. Another thing is selling merchandise. So you can do t shirts, earrings, sweatshirts, hats, mugs, stickers, pencils, you name it, you can put your face your logo, your brand on it, you can also do this with a print on demand service. So you don't actually need to have the inventory stacking up in your living room. The other thing is offering premium content. Now, this is like the not as sexy version of only fans. But it is offering premium content into something that you already are giving away. So your podcast will be your entry level to the free content that you're giving away. And then if they want to dive into that subject deeper, they can listen to your paid subscription through Patreon or another platform like that, and offer exclusive content. Now, this can be a really good option if you're delivering high value content to your audience. And you don't want to give it all away in a podcast. A podcast is really good for building your credibility. But if you've already got a really good audience that knows you're credible, that does trust you. If you can upgrade them to a higher offer, then it's worth the try.
There's also live events. A really good way to build community is to have all of your community members or whoever can get together and For an event, and Bond and feel special, you can throw an after work drinks a luncheon, or simply just a networking event for everyone to get together. It doesn't have to be the stale event, like you've been to when you worked in corporate land, or it can be, whatever your vibe is, and the thing that I recommend to people the most. And that is selling your services or selling your own offers. Now, when you have a podcast, you're already positioning yourself as a leader in the industry, that your goal might be a goal. That's my goal. And people are coming to you for advice. And here's where you can convert those listeners to aligned clients.
There's no one right way to make money on a podcast. So whatever suits you and your podcast goals, that's going to be the right thing for you. The second thing that I mentioned before, and the real way that I think, is the way to monetize your podcast, this is my juicy secret. It is just simply storytelling. Now I know what you thinking, the three bears? Are we talking Winnie the Pooh? No, not at all. Were talking about how you've helped your clients. I know that selling can be really tricky and really hard. And it doesn't feel organic. But storytelling is such an amazing way to talk about your experience and how you've helped someone overcome a certain hurdle.
So let's say someone comes to me, and they're like, has, I really want to launch a podcast, but I have no idea what the heck I'm doing. And I'm like, Alright, sit down strap in, let's jump on a launch strategy call. It's an hour. And you can ask me anything you want. And I've got a bit of a structure as well in letting you know, everything you need to know, to launch a podcast. And then afterwards, they were like, You know what, I could have Googled for hours, trying to figure that out. Thank you so much. And they were so freakin grateful that I had that service available. That's how you sell. That's how you sell you talk about a story. So here's another example. I was on a podcast interview a few weeks back, and we were talking about metrics. And I was saying to the host, yeah, when I was in a growth strategy session that I had the other day, I was so impressed with the people that came to me because they had so many downloads per episode. Yet they were coming to me, what could I possibly offer them? And I said that there's so many things that I had written down on the audit of the podcasts that I did that were production, things that I thought could be improved. They were things in their intro, the outro their trailer that needs to be improved their key messaging, why weren't they talking about their services within their episodes? Then we were talking about their reviews. If they get 4000 downloads per week, why aren't they talking about reviews? And she was like, I feel like I need this. And I was like, Yeah, you know, it's just something that if you've DIY your podcast leading up to this, it's just such a great idea to get someone professional to look at it and say, Hey, this is where I think you're slipping. And this is where I think you can do better. And just from that story, she was like, Yeah, I need that.
So it's not about selling. It's just about storytelling. It's just about sharing your experience within your business that makes sense. And that will show that you know, your shake, you know what you're talking about. It's easy. Just talk about it, which then got us on to sponsorship. And I said This podcast was really good because they had 4k downloads every episode. I said to them, Look, it's not gonna get that much money in sponsorship if you go CPM, but you may be able to get someone that's flat rate, but how much is one of your courses or your membership that's coming up? And they said where we'll be putting it out for $5,000. And I said, Okay, so you could get maybe $250 ish from a sponsorship deal if you go CPM. Or if you can convert one person every episode, and get $5,000 or anything like that. would be more worth your while. And they were like, Oh, yeah. So it's not just about sponsorship. Sponsorship is not everything, I'm sure it's great, but it's not everything. And if you're looking at it from a sense of business, you're not trying to be an influencer. If you are, that's, that's great. But if you're a business with a podcast, and you're using it as a marketing tool, then use it as a marketing tool, not trying to be an influencer, trying to make money through brand deals, that don't actually make you that much money or don't align to you. So start storytelling, organically speak to your audience, like you're speaking to a friend, this is exactly how I would chat to one of my friends that were probably my clients, because I'm like, wanting my clients to win so much. This is exactly how I would talk to them. And I would say, you know, we did this, we did X, Y, and Z for this other person, and it went really well. So let's do that for you. Because I want you to succeed. That is how you bring in those conversations. That is how you start monetizing your podcast. I hope that you got value from this episode. I freakin love talking about growth strategies. And there's going to be so many things that I talk about in this podcast with growth strategies.
So stay on board, because it's going to be great. And I'm so excited. Now, if there's anything that you would like me to focus on, jump over to Instagram, I could check media and let us know, because we want to make sure that it is bang in for you. All right, friends. I'll chat to you next week where we have some very special guests on the podcast bye!
We want to say thanks so much for joining us for another good chat. We would love if you would help us with our 2023 goal to get to 100 ratings and reviews, and then send this podcast on to someone who you think will love it just as much. Connect with us on LinkedIn, Instagram, Mike, good chat media, and we'll chat with you next week. Bye. This podcast was produced by good chat media
