PodBeta | 4 Ways to Monetize Your Podcast
When we think of monetizing podcasts, we often think of the Tim Ferriss Show or Dax Shepard’s podcast and their ads for things like Hello Fresh or Third Love. We hear very similar brands on all of the major podcasts we listen to. But for the average creator, advertising with large-scale brands like the big shows do, doesn’t always make sense. In fact, it rarely does.
Often when newer podcasters come to me, they think of monetization as simply ad spots. But there are a few ways you can monetize your show if that’s your overall goal. Below are a few different ways to think about monetization:
Affiliate Links
Do you have a niche podcast? Do you have specific brands that keep coming up in conversation? Do you recommend a lot of different books or movies during your podcast and in your show notes? Affiliate links may be a good option for you to get a kickback when folks click on those recommendations.
Obviously, the big affiliate marketing program is through Amazon, but most services and products have affiliate programs. For example, if you’re recommending services like Canva or Fiverr, there are affiliate links for those. Or, if you’re recommending outdoor gear, you can apply for an affiliate link program through AvantLink.
Crowd Support
A lot of podcasters I know make supplemental income through platforms like Patreon. If you have an audience that keeps asking you how to support the show and what you’re doing, Patreon is a great place to send them. It’s low cost per month and keeps consistent revenue coming in.
It is a bit more work to keep offering extra value to your Patrons, but many have figured out ways to create content that isn’t too laborious or to even repurpose content.
Here are a few Patreon examples I like to share with folks:
You can also simply use Buy Me A Coffee or share your Venmo handle. Folks will happily send you money to support you through whatever channel you choose.
Brand Sponsorships
Even though there are a ton more podcasts now than even a year ago, the podcasting advertising space is still a bit new, and still a bit Wild West. This means that podcasters have the ability to create custom partnerships with brands that align with their mission. If you’re a podcast that has less than 10K listeners per episode, doing custom agreements is the way to go.
If you have more listeners than that, you can do well in an advertising marketplace, looking into dynamic ad insertions, etc. However, if you’re doing dynamic ad insertions, generally, you don’t have control over that copy and the company will usually do their own ads.
Keep in mind, you and your podcast are more than the listener numbers. How are you serving your community? How are you uniquely positioned with your audience? And how are you engaging with your audience beyond the show? Do you have a really active Instagram following or Facebook Group? This is what makes your show super valuable. All of these parts of your creative endeavor should be included in your pricing.
Lead Generation For Your Business
If you are creating a podcast as an extension of your own business, the podcast can be a lead generation tool. Maybe you have someone reach out and want to work with you because of the show. Boom - you’ve monetized the show.
Think about your goals with the podcast and how you’ll look at leads that come in from the show. If your podcast is bringing in consistent interest in services or products you offer, great! It’s a lead generation tool for you. Nurture those leads like you would if they came in through any other marketing avenue.
At the end of the day, not everyone wants to do ads or brand sponsorships. Write down your actual goals and success metrics for your own podcast and decide your monetization strategy from there. The goal, of course, is to make this a viable project for you to continue doing. If you need to feel like the show is bringing in money to continue, that’s totally fine. You have the tools to make that happen.
