How To Monetize A Podcast – PTC 507

MONETIZE A PODCAST WITH FOCUS

Focus is the key to monetize a podcast.

[Get info on ThriveCart through my affiliate link - CLICK HERE]

When I started, I struggled until I focused on one offer to one avatar.

As I launched Podcast Talent Coach, I wanted to do everything.

I started with one-on-one coaching. I wrote a book that was to be part of a comprehensive course. There were plans for a membership. I was helping people launch their podcast.

It was everything I could think of to create multiple streams of income to monetize my podcast. But, nothing was working. There was no traction.

Then one day I met my mentor. He taught me the power of creating a signature course.

Through his process, I created my signature course through market research with a single avatar. I focused on coaches trying to grow their business.

He then showed my how to focus all my efforts on that one offer.

My business quickly took off and created my best year yet.

DON'T MONETIZE A PODCAST WITH SPONSORS

Create one stream of income.

Focus is powerful. It is tough to avoid getting distracted.

I know multiple streams of income sounds appealing. But you can't create multiple streams until you create your first. And you can't create your first without focus.

Many podcasters want to start with sponsorships. It's difficult without a real focus. Trying to monetize a podcast with sponsors is a challenge.

Rick was able to get a sponsor in a much different way.

Rick Sizemore is the host of the VR Workforce Studio podcast. It is a podcast focused on Individuals with disabilities and stories of employment including training and education, vocational rehabilitation.

On the show, Rick celebrates the champions of employment who hire people with disabilities as well as vocational rehabilitation professionals and the work they do to create hope and a path forward to employment for people with disabilities so they can work and lead better lives.

The audience for Rick's podcast is very focused and niche. He is totally focused on those in and around vocational rehabilitation.

He connected with an organization who wanted to reach that specific group. Rick showed that group how effective his podcast was in sharing a message with the rehab community.

The group paid Rick a nice sum to be the sponsor of his show. He was able to land the sponsor, because the show was focused on one specific avatar.

NOT ALL LISTENERS ARE THE SAME

Unfortunately, most sponsors don't understand the power of the podcast audience. Most podcasters, sponsors and ad agencies treat ads on podcasts like they are ads on traditional media.

On traditional media, commercials are sold at a rate per thousand listeners. If the rate is $25 per thousand listeners, and you have 2,000 listeners, an ad on your show is worth $50.

But podcast listeners aren't equal to traditional media listeners.

If QuickBooks advertised on a football game, only a fraction of those listeners or viewers would be interested in QuickBooks. Therefore, paying $25 for a thousand listeners doesn't really get them a thousand listeners. It's just a fraction.

On the other hand, if QuickBooks advertised on a small business podcast, nearly every listener needs accounting software. Paying for a thousand listeners will get you nearly a thousand listeners interested in their product.

Podcast listeners are immensely more valuable than traditional listeners. Unfortunately, traditional advertisers treat them the same. You become a commodity with ads and sponsors unless you find that special unicorn of an advertiser that understands the power.

Finding that unicorn takes a lot of time and effort. Time away from your business. Monetize a podcast by focusing on your core offer.

Ads and sponsorships also cap the revenue potential. How many ads can you possibly put on your podcast?

Finally, your listeners don't want ads and sponsors. They are fleeing traditional media to escape ads. How irritated do you get when an ad pops up in the middle of a YouTube video you're watching?

MONETIZE A PODCAST WITH YOUR OFFER

Instead of ads, monetize your podcast by marketing your own stuff. Focus on one offer.

You might think it is easiest to sell a low ticket offer. Something like a $19 book or a $47 course.

The opposite is true.

Price conveys value. If you are offering a $47 course, people think it's worth $47. Few people are clamoring to buy $47 anything.

If it's a $2,000 program, people feel it should be packed full of value greater than $2,000. People save up to buy a $2,000 product.

It isn't uncommon to buy a $47 course and never even start it. When people invest $2,000 in a program, it is much more likely they will consume it.

People value what they invest in.

LOW TICKET TAKES MORE TIME AND EFFORT

It also takes just as much time to sell a $47 product as it does to sell a $2,000 product. A sale is a sale.

Low ticket products also create more headaches. People who purchase low ticket items tend to complain and want refunds.

When I was selling my $497 course, I had multiple people want payment options.

It's a 4-week course for $497. How can I possibly break that into payments.

When I started selling my $20,000 coaching program, coaches would ask how to pay in one lump sum or just simply as how to pay. There were very few issues.

Those who can afford to invest in high-end programs tend to have their business dialed in. They aren't worried how to make a $200 payment. It's more about the results than the price.

I recently stopped offering my free strategy call. It was a struggle to get people to take advantage of the opportunity. People value what they pay for. Then, they would often book and not show up.

Instead of free strategy calls, I began offering an hour of my coaching for $150. You can see it at www.podcasttalentcoach.com/apply.

On the first day I changed from free to the $150 call, I had someone sign up.

People value what they pay for.

MONETIZE A PODCAST WITH PARTNERS

We now have your avatar and offer dialed in. You have offered it and sold it. More importantly, you want to keep selling it.

It is time to market your offer to monetize a podcast.

Instead of buying ads, get partners to promote it.

Joint venture partnerships are a powerful way to market your stuff to your ideal clients. Find partners who are already speaking to your avatar.

When a partner promotes your offer, they are typically paid a commission on those sales. If the offer is digital or a physical product, commission is typically around 50%. When the offer involves your time such as coaching, commission is 10% or 20%.

These sales are tracked through affiliate links. When you have affiliate tracking software, it will create a link specific for each of your partners.

Your JV partners then promote your offer through that link. When their tribe clicks the link to make the purchase, your affiliate software tracks it.

THRIVECART OPPORTUNITY

I currently use ThriveCart. It is a great way to track affiliates and pay commissions. I have been using it for a few years now.

Here is the best thing about ThriveCart. You can currently purchase ThriveCart for a one-time payment rather than a monthly fee like most software.

You can see ThriveCart at www.podcasttalentcoach.com/ThriveCart. That is my affiliate link. When you purchase ThriveCart through that link, I'll make a small commission from your purchase. It doesn't cost you any more. This is just a way ThriveCart markets their software.

Now, I can't tell you how long it will be a flat fee purchase and when they will move to a monthly fee. I can only tell you that as of this recording, it is a flat fee and you own it.

Check it out at www.podcasttalentcoach.com/ThriveCart.

MONETIZE A PODCAST WITH ONE STREAM

Now you have an offer for an avatar and you have partners promoting you. The next step is to do more of the same.

To monetize a podcast, really get your process working. You'll be tempted to focus on other products and additional streams of income. Stay the course.

Get this offer really refined. Make it generate more cash with less work.

It may sound boring, but it's worth it. Avoid the headaches that come with juggling multiple offers. Once your offer is generating over $100k in annual revenue, you can then begin working on offer number two.

Until then, keep refining your primary offer. Sell more to more people.

There are two ways to make more money. First, sell to more customers. Next, make more from each customer by increasing prices or selling more.

Business is a simple process when you focus. To monetize a podcast, focus on your offer.

If you don't have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.