I get asked all the time: “How do you make money in podcasting?”
In today’s episode, I’ll be discussing the six most popular ways to make money as a podcaster.
Most of y’all know about sponsorships. But there are so many different ways to generate an income through your show!
Before we get going, I have a hot tip for you: If you haven’t tuned in to my episode about How to Niche your Podcast yet, please go back and give it a listen! This episode is a helpful guide to strategizing your podcast, and it will help you decide how and where to make your money as a podcaster.
1) Listeners
First and foremost, you can generate an income through your community of listeners.
When I launched Adode Media, I strategized The Podcast Trapper as a creative way to reach my audience of potential clients while providing value to podcasters everywhere. People tune in to listen to me talk about niching, using podcast statistics to grow your audience, and what equipment we recommend. But they may end up becoming a client here at Adode - using our consulting services, recording their show here and getting their graphics designed by our team.
If you are a service-based entrepreneur, a podcast can be an excellent way to build a revenue stream in your business. If you want an example of a shining success, check out my interview with River the Realtor on episode [LINK]. River Bonds is a top-producing multi-million-dollar Real Estate Agent here in Atlanta Georgia and a Host of Real Talk Atlanta the podcast. She’s a client at Adode Media, where she grows her brand awareness and gets clients right and left!
Your audience members might be your clients. But there are other ways you can monetize the audience you’ve built.
You can create tiered memberships. The idea here is that when your listeners pay $5, $10 or $20 per month, they receive content and resources from you each month.
Memberships can be excellent. You can generate a real income this way by consistently providing tons of relevant and fresh content. However…
They can also burn you out! When people are paying a membership subscription fee, they expect to be given new and exciting things every week or every month. This can be tiring for some of us, and it may not be sustainable for you.
If you’re overwhelmed by the idea of a membership but you have content to share, you could also consider having a Patreon (or something similar). The idea with this is that you can host evergreen content and an archive of eBooks, webinars or podcast episodes available only to subscribers. Putting your content behind a paywall could make sense for you if you have lots of knowledge to share that will continue to stay relevant for a while.
Talk to your audience. What do they want and need? What value do they receive the most from you? This is where the strategy comes in.
2) Affiliate Marketing
Affiliate marketing is super popular, and I have some pros and cons to share with you.
To break it down, affiliate marketing is when you promote a product or service to your listeners. They get a discount by using your VIP code or link…and you get paid!
For example, let’s say that you have a podcast about sports. You could do affiliate marketing where you mention a brand of athletic gear and tell your listeners to shop with your discount code.
It sounds so easy, and it can be. But the con is, buying decisions can look different for different audiences.
See, the idea of affiliate marketing is simple enough - they hear your code and get out their phone, ready to shop! They go to the website, find the athletic gear they want and type in your code. You get paid!
The actual process of making a buying decision can be very different from this. Sometimes it takes someone hearing the same company name several times before they decide to shop there, and by that time they no longer remember where they heard it. Perhaps they go to the website later and forget to use your code. Either way, there are some issues with this method simply because this isn’t always how people buy.
I don’t do a ton of affiliate marketing, but when I do, it’s highly strategic.
Here at Adode Media, we created some resources for podcasters to buy and use. Our eBooks range from $5-20 and offer topics like How to Launch Your Podcast and How to Write Engaging Podcast Notes. Inside those documents are affiliate links to equipment and services.
How is this different from the process I mentioned above? The people who buy these eBooks are hot, hot leads. They are clearly so interested in these topics that they buy our content. They are invested in the show they’re launching and they’re looking to level up. They are much more likely to use those affiliate links.
If you are going to do affiliate marketing, my advice for you is this: Make sure that you are getting in front of hot leads, not cold or passive listeners.
Make sure you are reaching people who are ready to take the next step and buy, not people who are zoned out listening while doing the dishes. It’s a better use of your energy!
3) Paid Ads
Let’s talk sponsorships! AKA, paid ads.
Pretty much from the moment new podcasters enter our studio, they ask about how to get sponsored. It can feel very validating to get sponsored by a big brand when you launch your show!
But as an experienced show host, I have some ideas for you as you explore what paid ads could mean for your business.
Ask yourself - who is sponsoring podcasts in your niche? What are the most popular ads on similar shows? You might want to get started by working with a company that has experience working with influencers like you.
Lately I’ve been really excited about sponsorships with smaller, more niche businesses.
You are offering valuable content to your community - what products or services does your community need? If your show is concentrated in a specific area, what businesses in that area might need promoting on your show? What small startup product or new exciting service should they know about from you?
It’s cool to be sponsored by the big companies, but I think it’s worth running paid ads for the brands your audience needs - after all, you’re building your brand awareness at the same time!
4) Live events
Audiences love live events.
Especially after years of not gathering in large groups, we are excited to get together and experience the energy of live events again!
If you’re a big personality like me, live events might really appeal to you. It can be fun to engage with your audience, laugh together, cry together and teach them something new.
Just look at your favorite podcasters and their live events for examples. In many cases, ticket sales aren’t the only sources of revenue - they also get paid by getting the event sponsored and partnering with companies that can provide merch, food or services at significant discounts.
Live events are a fantastic way to grow your audience. Your community members will want to bring their friends to experience what you’ve put together, and you’ll see a massive boost in your following when you have a successful event. I recommend this strategy especially if you have a strong team for support and a community full of resources to pull from in your area!
5) Merchandise
Look out for The Podcast Trapper merch, because we need some! Merch is a fun way to connect with your community and bring some dollars in.
Merch can look different depending on what you do. For us, I’m thinking sweatshirts, t-shirts, headphones, headphone cases…you get it!
You can brand merchandise that is related to your show.
If your show is all about mental health support, you could create a custom journal your audience can buy! You could also put together an affirmation deck or branded magnets or pins.
Merch can be useful or funny, or both.
When thinking about merchandise, think of what your audience would wear or carry around for brand awareness. What is a popular expression that you use on the podcast that your listeners would know? What’s a joke that they would find funny?
In the future, your audience members might see each other in public and strike up a conversation about how much they love your show.
Someone could also wear your merch in public and answer questions about where they got it, what your show is about and why people should check it out. It’s brand awareness and builds rapport with your listeners!
6)Digital Products
A digital product is a handout, eBook, workbook, guide, webinar archive, or another evergreen item they can purchase that adds value.
I love digital products. They’re niche-specific, give the audience what they want and need, and what’s more - they also give you a lead on who is a hot lead for your business!
Digital products can bring in significant revenue.
One product downloaded many times can be a great source of income for your business. Perhaps you mention the digital product you created on your podcast and your audience decided to get it. You can create companion materials for the things you talk about on your podcast and use them to your advantage!
I hope this episode has helped you strategize how you can make money as a podcaster.
These are the six most popular ways to get paid - but there are so many more! It all comes down to understanding your audience and their motivations - and at Adode Media, we’re all about that.
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