Podcasts have grown exponentially in the past couple of years.
Every niche and interest seems to have a place in the podcast universe—whether it’s true crime, folk music, or marketing tips–you’re sure to find a podcast that fits the bill. The real question most podcasters have long after launching their first episode is, “How do I make money podcasting?”.
Our team put some tips together to get your podcast on the charts and make money faster.
Get In On Affiliate Marketing
This option is straightforward. In affiliate marketing, you partner with a company to promote their product or service, typically through a unique link or promo code. Then, the company pays you when someone uses your link or code to purchase.
Affiliate marketing has endless possibilities and is relatively easy to get started. It can be tempting to cast a wide net and opt-in to any affiliate program that will accept you. However, we recommend approaching affiliate marketing with a strategy like any other marketing technique. Here are a few pointers before you begin the affiliate marketing application process.
Do ✅
- Choose products/services relevant to your audience
- Include your affiliate link in your podcast show notes
- Apply for more affiliate programs as your audience grows
- Watch listener stats to gauge if your affiliate partnerships are targeted and paying off
Don’t ❎
- Overwhelm your audience with too many offers
- Make promises to affiliates you cannot keep
- Expect affiliate partnerships to work on autopilot
- Neglect the quality of your content in exchange for the sales pitch
Premium Paid Content
Incentivize listeners with exclusive, premium paid content. Granting special access to paid subscribers is a great way to boost listenership and ROI. Potential paid advertisers may also cash in on the exclusivity of your premium podcast episodes.
Subflow’s compliance-ready, secure content delivery platform is the perfect way to host premium paid podcast episodes. This lets you share exclusive episodes and engage 1:1 with your paid subscribers.
Here are just a few examples of how to monetize your podcast with Subflow:
- Create various paid tiers for subscribers to choose from; accept secure payment right in our platform
- Deliver targeted content straight to your listener to build on your podcast (exclusive videos, PDFs, and polls)
- Engage with your paid members 1:1 with Q&As, get listener feedback faster, create in-person events and more.
Sponsorship Sweet Spot
You likely listen to at least one podcast that has sponsored ads. Companies want more bang for their buck, so paid advertisements are easier to obtain once your show has gained consistent listenership and favorable ratings.
How much can sponsorship pay?
It depends, but the average payout spans between $10-$50 CPM (CPM stands for "cost per mille”). CPM represents a flat standard rate advertisers pay for every 1,000 impressions.
Remember to approach sponsorship opportunities with the following in mind:
- Be selective. Choose companies whose products, services, and values align with your audience demographics.
- Create various sponsorship tiers. Increase the likelihood of sponsorship by giving potential advertisers options to advertise.
- Have data on hand. Create a one-sheet with your podcast details, demographics, and listenership stats for potential sponsors to review.
- Keep ads relevant. Develop an advertising strategy by cycling advertisements regularly. Keep listeners engaged with new offers and advertisers seeing the benefit of partnering with your show.
Collaborate with Other Podcasters
Joining a community of other podcast hosts is a great way to build relationships and learn about opportunities within the niche organically. Collaboration can look different for everyone, but here are a few perks of joining a podcasting network.
- Grow your listenership by being a guest on someone else’s podcast and vice versa
- Create exclusive content with guest appearances for paid subscribers
- Advertise your show on a podcast on the same hosting platform
- Curate events with other hosts, such as a live Q+A or giveaways
Refresh Your Strategy Often
Keep an eye on the data to gauge your audience’s interest in the topics you’re covering, the ads you’re running, and the guests you’re hosting. Besides looking at the numbers, one of the most effective ways to check the pulse of your current podcast strategy is to ask your audience. Be interactive and ask for feedback often.
Some of our top recommendations are:
- 1:1 engagement through a content delivery platform (Subflow)
- Frequent polls via SMS or your content platform
- Creating exclusive content from audience suggestions for paid subscribers
- Host “Listener Appreciation” perks like giveaways and other creative incentives
Before You Go
Getting more from your podcasting efforts relies heavily on sponsorships, affiliate programs, and paid ads. Even more vital is the connection you create with listeners. Delivering high-value episodes themselves is just the surface of the community-building power your podcast can foster.
Around here, we say, “Make content your currency.” Get more out of the content you’re creating by securely hosting and sending your content to the right followers at the right time using paid and free subscription tiers you control.
Subflow makes it possible. See for yourself! Try Subflow for free.