7 Simple Ways to Monetize Your Podcast - Mobe Training Review - Matt Lloyd MOBE - Review 2016 | Business Education, Ratings, Products & Affiliate Program

Before you assess the most suitable method in which you can raise some capital using your podcast, you must ensure that you’re producing a quality podcast to begin with.

After you’ve weighed up the pros and cons of monetizing your service and subsequently decided to start earning some money from it, you can choose from the following ways to make that happen:

1. Sponsors

Sponsorships are one of the simplest ways to earn money from your podcasts. All you have to do is request a certain amount of payment in exchange for promoting the sponsor’s brand. Sports franchises operate in the same manner. For example, a sports team may be backed by a major company in exchange for sponsorship money and advertising. Think LA Lakers’ “Staples Center”—the office-supply company, Staples Inc., paid for the naming rights to the arena.

Ask local businesses or your contacts to consider sponsoring your podcasts and, in return, use your series to help advertise their brand.

It may be tempting to gain as many sponsors as possible, but you should check first if they are relevant to your content and that you never sacrifice the quality of your podcasts for financial gain.

Your listeners are extremely important to your company’s success as they are your potential customers; and if you fill half of your audio time with naming sponsors, you run the risk of losing your listeners.

2. Affiliates

You can leverage your podcast platform by building relationships with individuals or firms that can become valuable partners. If an associate company has no affiliate program but is selling products or services, you can negotiate a coupon code system with them which can then act as a great incentive for you.

The company can give you a particular set of letters, words or numbers that you can give listeners, for them to use when purchasing from your partner company.

Doing this allows you to get commissions for all, or a fraction, of completed orders which made use of that particular promo code.

3. Create Products

The most successful podcasters are those who maximize their products or service so they could gain a substantial income.

Use your podcast as a platform to sell your products. Create podcasts that talk about your goods and services in an engaging and effective manner.

Tell listeners about the benefits of buying from you and how it is the must-have item on the market right now.

You could use your podcasts to showcase:

Your book (read excerpts on your podcasts as a means of a preview)
Masterminds (“sell” your personal expertise in your niche)
Coaching (your podcast should be indicative of your coaching ability)

Become a “mini-shopping channel” without being over-bearing; your listeners need to learn something from your podcasts, so don’t bombard them with marketing. Be tactful.

If you’ve done your marketing correctly, you’ll soon see a hike in your product sales!

4. Sell Premium Content

Premium selling was a popular choice for podcasters during its infant years and it is still being used by many today. You can provide exclusive content, such as special episodes and access to a library of materials, to those that pay a subscription.

Offering a subscription service needs to be worthwhile for the listeners as they should feel like they are purchasing something worth paying for. When you get a few signups and subscribers, you can then reinvest the subscription money back into your podcast series to expand your premium content.

5. Donations

Once you gain a loyal and enthusiastic following, you can solicit donations in case your listeners would be eager to help you should they feel happy that you’re helping them.

Make sure that you offer something in return. Even if you’re just mentioning their name on your podcast or offering some sort of exclusive merchandise, express your appreciation to the donator to make them feel you value them and their help.

6. Generate Leads

Podcasting can be a powerful platform in gaining new leads. Create valuable and informative content that engages listeners and encourages action or response from them. Once they are satisfied with all that you have to say, they’ll want to act and may just follow through to your website or contact you for more information about a specific product or service.

Unlike other mediums, podcasting is a great channel to personally bond with customers. It’s a platform where you can communicate all your experiences and ask for suggestions from listeners. It creates a sense of direct connection with your listeners which will make it easier for them to invest their money and time in your service.

7. Create an Iphone App

Create an iPhone app for your podcast using a company such as Wizzard Media. They’ll build the app, handle the payments and make the iTunes submissions. The app will be sold for approximately $1.99, and you’ll receive a share of the sales.

An app is a useful and accessible channel through which listeners can connect with you easier and gain more details about your podcasts.

Recap

The decision to monetize your podcast should not be taken lightly. Although podcasts present an effective way to gain some extra income, be sure that its quality is up to par to generate profit.

In fact, a helpful test to determine your podcast’s quality would be to ask for sponsors and allow donations. You’ll find that companies won’t be ready to part with their money if your podcast does not attract and maintain a significant number of listeners. Likewise, you’ll struggle to get donations if the listeners aren’t getting the quality and “take-away” they expect from your content.

Whichever avenue you choose to monetize your podcast, always keep the listeners in mind. They’re not only your audience, but they’re also your customers.