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June 9, 2022

How Generating INCOME from Your PODCAST Works

How Generating INCOME from Your PODCAST Works

How DOES generating income from your podcast actually work? I recently broke this down on Reddit, and so I wanted to make an episode talking about what this can look like.


How DOES generating income from your podcast actually work? I recently broke this down on Reddit, and so I wanted to make an episode talking about what this can look like.


There are lots of different ways to generate revenue from your podcast, but in this episode I wanted to talk specifically on the list building aspect of it.


Reddit post: https://www.reddit.com/r/LeadGeneration/comments/umpnlm/podcast_as_a_lead_gen_tool/


Also, you might find Amber's episode on this topic interesting as well. Listen to it here: https://www.practicalpodcasttips.com/lead-generation-with-podcasting/


Did you find this episode helpful? Leave us a review at www.practicalpodcasttips.com. We'd love to hear how it helped!

Transcript

Eric Beels 0:01
Are you new to podcasting? What's the big picture of generating revenue from your podcast even look like? Find out in this episode, you're listening to Practical Podcast Tips. My name is Eric Beels. And today, I'm going to cover tip number 33. How generating income from your podcast works. So in this episode, I'm gonna get back to the basics, talk about how generating income from a podcast really even works. It might not be what you necessarily think of first thing people tend to think is like ad revenue, like monetization. But there are other ways that I think are more effective, especially if you have a smaller audience. I've heard from a lot of people that they don't fully understand what the value looks like, from a podcast, I'm going to kind of talk about that in this episode, as well. And maybe you've had a podcast for a while, and that you've built a community. And now you're kind of looking for ways to monetize it. Well, the first thing is really to make sure that you have the right mindset around your podcast. I mean, first and foremost, the the most important thing is to make sure that you're always providing value to your audience, right? That is the most important thing, you will start losing subscribers if you're not providing value to them, or it gets seen as just, you're just trying to make money from it. And that's it. That's not the way to go about starting and monetizing your podcast, I actually wrote an article about what having a podcast looks like and what the big picture looks like on Reddit actually check the description, you'll see a link to that post where you can go ahead and read that. And essentially, this episode is like a summary of that post. And so the first thing about a podcast is you want to treat it as a lead generation tool. So you might already have some free offers or Facebook communities that you manage. Or maybe you go to some local networking groups. All of those are lead generation tools. Or they can be networking groups. In particular, it's a tool to generate leads for your business. And a podcast is really no different except that it really can be used in all of those scenarios, if it's utilized and done properly. One of the great things about a podcast is also tends to be one of the cheaper types of media production, right? We're running a podcast that sounds like it could be really expensive, like you got to have all this equipment now and things like that. It's really not it's actually one of the cheaper types of production. I've been in production for 12 years. And without a doubt, podcast production is the cheapest type of professional media production that you can do. Everything else tends to be more expensive animations on YouTube and shooting a ton of videos and things like that. Those are generally take a lot more time and be a lot more expensive. And so the advantage of that because it's cheaper, you can create a lot more episodes, podcasts thrive on having a lot of content. I mean, look at Joe Rogan, he's got like 1800 episodes or something like that now, right he's been had his podcasts for over a decade now. I can't remember when he started his podcast, but he has one of the most successful podcasts in the world. And he's had over 1800 episodes and that's because they're so easy to produce. Now, those are a couple of the benefits but what I wanted to provide is kind of a really quick breakdown of how generating revenue from a podcast works,

right I can talk about the lead generation aspect but I want to kind of break that down a little bit further and I broke this down on the Reddit post as well. So you can read it read it here but I'm going to kind of go through that right here. So generally how it works is you would meet a possible new lead or a prospect either in person or on social media. You provide value to that said person you know you answer their question you help them out with whatever they need help with that sort of thing to answer any questions that they have three then is you provide a link to your podcast or a relevant podcast episode on your topic or on that topic, then that person then subscribes to your podcast to gain additional value on your topic. Five the person listens to your podcast and then places you as the expert in that podcast topic right? So now that they've subscribed to you, they're now seeing you are the go to person and that topic so you become top of mind you become the go to person for that topic in their mind. Okay. And then sick This is you absolutely should have a free offer on your podcast, which then takes your podcast subscriber to a landing page to then collect their email address, with the exception to this is, if you're hyper focused on growing the podcast in particular, your call to action then could be to simply share the podcast with others. This is simply the work on your part or how you can utilize it as a tool for people that you meet either in person or online. So a podcast doesn't replace your landing pages, and it doesn't replace your email marketing or your other forms of marketing, it actually doesn't really replace anything, what it does is it adds an additional value step in marketing towards your audience. And this is really, really important because for one, it'll make you stand out from your competition, because more than likely, your competition does not have a podcast. And you're constantly in front of your audience by continually creating and posting weekly episodes, or at least you should be doing weekly. And one of the reasons to do weekly episodes is I've seen this time and again, that when people do bi weekly episodes, what tends to happen is while it is it can be consistent, it's a little bit too infrequent for most audience members, people, we're kind of built, our whole society is kind of built on a weekly set up, you know, Sunday through Saturday, right? And we're kind of tuned in to a weekly mindset, new episodes on television, that sort of thing. Now, of course, there are other ways to generate revenue, like, you know, monetization, things like that. But that's not for this episode here. But for this episode, I really just wanted to kind of talk about what it looks like having a podcast from a practicality point of view, right? So what is it actually doing? At its core, it's providing a lot of value towards your market and keeping you top of mind. So I hope this helps you understand the overall format and purpose of a podcast and kind of gives you a taste of what that looks like. This doesn't include the fact that people can share the podcast with their friends and family members and things like that. And it can grow organically from that as well. And that's actually where a majority of your growth will come from later down the line as it grows. Okay. If you have any questions about this, leave a comment on our website at WWW dot practical podcast tips.com. And I will absolutely respond and answer a question. If there's something I missed or wasn't quite clear. Yeah, reach out. I'd love to answer that. Yeah. I hope this helped you out. I will see you in the next episode. Hey, thanks for listening. If you liked this episode, feel free to leave us a review. I'd love to hear how it helped. Also, if you know somebody else that could benefit from it. Go ahead and share it with them. Thanks again and see you in the next episode.