It’s exciting to know you can make money in different ways using a podcast. Different monetizing strategies are effective at different stages of your podcast business.
For example, some pod-casters are established, while others are just starting, and they are all in different stages of podcasting. This means some strategies will work for a popular and established pod-caster, while others will work for a beginner.
The podcasting industry has a promising future for both established and beginner pod-casters. Experts predict growth of up to $94.88 billion by 2028. That’s why you can use different strategies like paid podcasts to make money as a pod-caster.
But first, you need to increase the number of your listeners before achieving success. Here are other ways to increase listener-ship and generate income from your paid podcast.
Promote on Social Media
Find out where your audience hangs out and go to them. Social media is one of the best places to share content and increase followers. For example, if most of your audience and prospects are on Facebook, share your content there.
Share the link to your episode and post other interesting content like mini videos to encourage engagement. Don’t just share a podcast episode and leave. Remember to engage with your audience actively and share other fun content.
Start on Podcast Subscription
Podcast subscriptions bring fans and content creators together. Fans have the opportunity to listen to any content they want while content creators increase their fan base.
The more people listen to your content, the more you are likely to earn from paid podcast subscriptions. Add your podcast to subscription platforms like Super-cast. Such podcast subscription platforms provide an easy and quick way to reach thousands of listeners. Pod-casters and publishers subscribe to the platform to provide the best experience for their listeners.
The subscription process is incredibly easy for listeners, who can access other features like a Q&A forum. Listeners get value for the paid podcast. Pod-casters also have control of their business and a wider audience reach.
Invite guests to your shows to share their expertise with your audience. Guests provide newness to a show and make it more interesting. Guests also help build social proof and trust.
Inviting experts in a particular field attracts more people to your show. It extends your brand reach. It gives you access to the audience of your guest speaker, who might have tuned into the show.
Everyone is usually excited to win something. Giveaways create an opportunity to win. That’s why a giveaway contest will quickly go viral and present a great opportunity to market your paid podcast. Many people will want to participate and win.
After a participant joins a contest and wins a giveaway, ensure the prize is related to your brand. For example, if your podcast is about offering relationship advice, a winner can get a free consultation.
A giveaway that matches your brand is part of marketing and creating brand awareness. It can lead to more people who are interested in your service signing up.
Generic giveaways may also lead to more sign-ups, but most people signing up might not be interested in your products or services. Instead, they’ll be more interested in winning.
Influence Marketing and Forming Partnerships
An influence helps market your product or services to a large number of their followers. Work with an influence with a large audience that matches your target audience.
You can also form partnerships with other brands and collaborate. For example, you can have a contest collaboration or co-host some paid podcast episodes to attract new listeners.
After publishing some of your episodes, you can choose to re purpose the same content and market it widely available. For example, you can create blog posts, graphics, info-graphics, or YouTube videos from past paid podcasts. Some people prefer video or info-graphics, and re-purposing content will attract them.
How to Monetize Your Podcast
Companies and brands are willing to pay a premium to advertise to your listeners. Established pod-casters with a large following can easily include advertisements in their podcasts.
If your paid podcast has a smaller following, you need to grow to be attractive to advertisers. After gathering more followers, you can start monetizing your podcast.
Here are some strategies to consider.
Advertise During Shows
Advertising a company’s product or service is a great way of making money with your podcast. The bigger your following, the more money brands are willing to pay for exposure.
During your paid podcast episode, you can mention the name of a company, especially if your audience is more likely to be interested in the product. Other times you can set aside a small segment specifically to advertise.
If you have a large captivated audience on a platform like Super-cast, you can offer them paid membership. This monetization strategy allows you to offer subscribers high-quality, valuable, and exclusive content at a fee.
It makes members feel special for accessing such exclusive content, and you also make money, making it a win-win scenario. Listeners subscribe and pay membership fees for a specific time, and they get exclusive content.
Create an e-Course
An e-course is a great way to monetize your podcast if you produce educational content. An e-course is not difficult to create.
It involves content you already share on your podcast with additional tips and advice. Audiences love courses because they know what to expect.
Affiliate marketing is advertising products that your followers are likely to want. You can mention a product during, after, or before starting an episode.
Share the affiliate link with listeners and let them know you will get a commission if they buy using the link.
Sell Your Repurposed Content
After re-purposing your podcast, you can resell it and get money value. For example, you can transcribe your podcast and write a blog post.
Pitch your blog post to a publication that focuses on a similar niche. They will pay and buy your article if they like it.
Podcasting is a great way to make money. The podcasting industry is growing, and pod-casters make money using different monetization strategies. It takes hard work to gather a large following and attract advertisers who pay for exposure. Pod-casters are free to choose the best strategy to give them a higher return.