9 Ways to Monetize a Podcast

Key Takeaways

Here are the key takeaways from this episode:

  1. Creating a podcast helps us find our ideal customers and develop a relationship with them so they want to buy from us without being convinced to.
  2. We can create a membership site that has exclusive content for our customers that pay a monthly fee.
  3. We can sell information products or use them as lead magnets for our other products and services.
  4. We should only do affiliate programs with businesses we actually like.
  5. Generally, once your subscribers grow to at least 5,000 per episode, then you can start charging for advertising space.
  6. We can put our logo or key phrases on merchandise like shirts, mugs, socks, hats, etc.
  7. We can charge guests to come on our show.
  8. We can repurpose content to generate revenue from other mediums.
  9. Through Patreon or Buy Me a Coffee we can get crowdfunding and donations from our listeners.

The Growing Popularity of Podcasts

Not only are thousands of people consuming podcasts, they are also launching their own podcasts to grow their businesses. And, there are people who have been very successful at monetizing their podcasts. For example, John Lee Dumas from Entrepreneurs on Fire generated $217,000 in December of 2021 from his podcast.

1. Products and Services

The first way we can monetize our podcast is to sell our own products and services. Often, when I have a product or service and I want to sell it to someone, I do a cold outreach. I contact that person and try to make a sale as a salesperson. However, nobody likes salespeople. Consumers don’t like to be sold to.

2. Memberships and Subscriptions

The second strategy for monetizing our show is memberships and subscriptions. We can create a membership site that has exclusive content for people that pay monthly. Here are a few ideas of what you could include in your membership site:

  • 30 minutes of extra free content
  • Behind the scenes content
  • Early access to episodes
  • Live Q&A sessions
  • An ad free version
  • Other bonus content

3. Information Products

The third strategy for monetizing our podcast is through information products. This can include ebooks, online courses, guides, worksheets, etc. An information product is simply any way we can take information and productize them and sell them digitally to our customers. According to ImprovePodcast, e-courses surpassed $200 billion in revenue and are on the path to reach $325 billion by 2025.

4. Affiliate Marketing

A fourth strategy for monetizing our podcast is through affiliate marketing. This isn’t my favorite strategy because it is hard to make a ton of money from affiliates, but it is still used by many podcasters.

5. Sponsorships and Advertising

The fifth strategy for monetizing a podcast is sponsorships and advertising. This is a strategy that doesn’t really work at the beginning when you’re small and have very few listeners. It’s very hard to sell sponsorships and advertising when you don’t have a lot of reach. This is a strategy that works much better once you’ve grown and achieved a sizable amount of reach and traffic.

6. Merchandise

The sixth way to monetize your podcast is by selling merchandise. We can put up an e-commerce store or a marketplace. With a marketplace, you can allow other vendors in your industry to sell products in your store that you don’t have to inventory and then generate revenue by taking a percentage of their sales.

7. Charge Guests

The seventh strategy for monetizing your podcast is to charge guests. Again, this is a strategy that doesn’t work well unless you have generated a lot of listeners. However, once you have, it can be a huge opportunity.

8. Repurpose Content

The eighth strategy for monetizing your podcast is repurposing your content. This may not seem like a direct monetization strategy, but it can be relatively effective.

9. Crowdfunding and Donations

The ninth and final opportunity that we’re going to talk about today is crowdfunding and donations.

Next Steps

  1. Get a free ebook about passion marketing, and learn how to become a top priority of your ideal customers at PassionMarketing.com.
  2. Subscribe to Monetization Nation on YouTube, Instagram, Twitter, our Facebook Group, and on your favorite podcast platform.

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Monetization Nation | with Nathan Gwilliam

Monetization Nation | with Nathan Gwilliam

Nathan Gwilliam helps entrepreneurs and digital marketers transform into better digital monetizers with revolutionary marketing and monetization strategies.