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Millions of people tune in to hundreds of thousands of podcasts every single month. And this number is expected to grow year on year. If you want to get your fair share of profits from podcasting, then this short report is for you.
Today, you’re going to learn about the top 5 methods you can follow to generate income from your podcast.
A Quick Disclaimer On Podcasting
Before you start thinking podcasting is a get-rich-quick kind of scheme, stop. The people who make a good amount of income each month with their podcasts did not get there overnight.
The truth is podcasting is hard work. You need to produce valuable content on a consistent basis, and you need to build your audience before you can even start thinking about monetizing your show. If you’re a newcomer and you immediately start selling to people, then you’re going to scare people off. That’s the harsh reality.
If you’re looking for some quick cash, then podcasting isn’t it. There are other ways to make money easily. Blogging, YouTube marketing, freelance writing, etc. are relatively easier and faster ways to make some money.
Many podcasts don’t even get to the point of making a profit. For many podcasters, they do their shows because they love it. They love the idea of building relationships with their audience or networking with like-minded professionals. They use their podcast as a means to grow their knowledge and to engage with people in their industry.
So, how long would it take before your podcast becomes profitable?
Many podcasters were able to realize some profits once their audience grew to a respectable size (around 5,000 to 10,000 subscribers). However, this isn’t a guarantee that you too will make some money when you reach the same number.
The Right Audience Matters
In podcasting, you want the right people tuning in to your show because they’re the ones who are going to be benefiting the most from your recommendations. They’re your “fans.” The more engaged your audience, the higher your conversion rates for whatever product or service you’re going to put in front of them eventually!
But how do you capture the right audience?
The answer to this may surprise you: you need a podcast that talks about a specific niche. The more specific your niche, the more you’re able to target the right kind of people you want to help.
The most successful podcasts are those which cover a specific niche. The hosts of these shows know their niche inside and out. Thus they’re able to provide tons of value to their listeners. Over time, as more and more people tune in to their show, they eventually become known as THE podcast in their niche, or at least one of the popular ones.
Let me give you an example. If you want to make it in the Internet Marketing niche, then you need to create a podcast that talks about this topic. Your podcast is not going to be known as a top Internet Marketing podcast if you also talk about how to take care of animals, how to make pottery, how to become a good parent, and so on, in your shows! In short, you don’t want your podcast to talk about everything and nothing!
Now, Internet Marketing is a very broad subject area. There are many different sub-niches, so you can niche down and talk about these different sub-niches. Just remember, you don’t want to be trapped in a too-small niche where the possibility of running out of things to talk about is high.
The Top 5 Ways To Make Your Podcast Turn A Profit
Alright, so now you’ve arrived at the meat of this article. If you’ve just scanned this report to get to this section, then know that there are two essential components if you want to maximize your conversion rates and your profits. These are (1) choose the right niche, and (2) target the right audience.
With that said, here are the top 5 ways to monetize your podcast:
1. Affiliate marketing
Affiliate marketing isn’t all that complicated at all. If you’ve ever searched for product reviews on the Internet, clicked on a link and found yourself on Amazon, then chances are you clicked on an affiliate link. This means that if you bought anything on Amazon, then the website which published that product review got a commission from your purchase!
So, how does affiliate marketing work?
In a nutshell, you simply need to sign up as an affiliate for the product you want to promote. If you want to promote Amazon products, then you need to sign up for Amazon Associates.
If you want to sell Udemy courses, then you can sign up to be a Udemy affiliate. There are thousands, if not millions, of affiliate products and programs you can join.
Now that you know affiliate marketing is relatively easy, it’s important not to be trigger-happy and sign up for every affiliate network you can think of. Put yourself in your audience’s shoes.
How would you feel if you were listening to a bass fishing podcast and the host suddenly recommends you check out a toy for toddlers? You’d probably scratch your head and think, “What on earth did he just say?”