Podcasts for Profit with Morgan Franklin

#001: How to Make Money with Your Podcast

March 04, 2024 Morgan Franklin Season 1 Episode 1
#001: How to Make Money with Your Podcast
Podcasts for Profit with Morgan Franklin
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Podcasts for Profit with Morgan Franklin
#001: How to Make Money with Your Podcast
Mar 04, 2024 Season 1 Episode 1
Morgan Franklin

Whether you're trying to monetize directly via sponsorships or affiliate programs or indirectly by using your podcast as a part of your digital marketing strategy, every podcaster needs to know how they're going to turn their show into money.

If you're in the process of starting a podcast take this as your sign to make podcast monetization a part of your launch strategy. If you already have a podcast I hope this reminds you there's endless ways you can generate revenue with your podcast and you deserve to make money podcasting.

In this episode :
(0:00): Monetizing your podcast for business growth and success from the beginning.
(1:11): Properly using your podcast for your business strategy.
(5:08): Monetizing podcasts through direct sponsorships.
(9:18): Podcast advertising strategies and monetization options.
(14:32) Utilizing podcast analytics, guests, and content repurposing.

If you enjoy the show and you want to help more business owners and podcasters make money with their podcast will you give me a 5-star review? It helps the show rankings and gives more listeners an opportunity to find the show. Thank you!

Follow Morgan on Instagram: https://www.instagram.com/morganfranklinmedia/
Episode Show Notes: https://morganfranklin.media/how-to-make-money-with-your-podcast/

Show Notes Transcript

Whether you're trying to monetize directly via sponsorships or affiliate programs or indirectly by using your podcast as a part of your digital marketing strategy, every podcaster needs to know how they're going to turn their show into money.

If you're in the process of starting a podcast take this as your sign to make podcast monetization a part of your launch strategy. If you already have a podcast I hope this reminds you there's endless ways you can generate revenue with your podcast and you deserve to make money podcasting.

In this episode :
(0:00): Monetizing your podcast for business growth and success from the beginning.
(1:11): Properly using your podcast for your business strategy.
(5:08): Monetizing podcasts through direct sponsorships.
(9:18): Podcast advertising strategies and monetization options.
(14:32) Utilizing podcast analytics, guests, and content repurposing.

If you enjoy the show and you want to help more business owners and podcasters make money with their podcast will you give me a 5-star review? It helps the show rankings and gives more listeners an opportunity to find the show. Thank you!

Follow Morgan on Instagram: https://www.instagram.com/morganfranklinmedia/
Episode Show Notes: https://morganfranklin.media/how-to-make-money-with-your-podcast/

Morgan Franklin:

When you start a podcast for your business, you want it to make money, right? Whether it's bringing in money directly through sponsorships or advertisers, or your podcast is serving as a marketing tool for new or existing clients. Our podcast isn't just to hear ourselves talk every week. In this episode, we're breaking down how to make money with your podcast, and why it's important to have monetization goals and strategies from the beginning. Hello, and welcome to Podcasts for Profit. My name is Morgan Franklin. I'm a podcast producer, strategist, and educator. This podcast will help you create and grow a podcast that cuts through the noise of social media and speaks directly to your target audience. If you're ready to create a podcast that will align you with the experts in your industry, position yourself as a trusted leader and create another source of revenue for your business, you're in the right place. So even if you are starting with no listeners, and you're thinking Morgan, it really doesn't matter. I am not going to have any advertisers for a very long time, I want you to listen to this episode. And I want you to start thinking about how you are going to implement these things into your podcast, because the longer that you wait, and the longer that you put these things on the back burner, the harder it will be to turn your podcast from something that you're using as a part of your digital marketing strategy to something that you were actually making money off of. And I just want to tell you, and remind you because I honestly think that you already know, these processes need to be implemented from the beginning, the longer that you wait, the further away you will be getting from these goals and the harder that it will be to implement them when the time comes. So first and foremost, hear me when I say the most valuable use of your podcast is creating a platform where you can grow an audience, okay, where you can educate your customers and provide value to your listeners. We want to buy from people that we know like and trust. And that goes for any business owner that goes for any consumer that goes for everybody ever. Think about the gaps that you have in your business, think about the things that you want to learn. And now think about anything that you have been waiting to buy or you've been saving up for or that you've even been thinking about purchasing. Now think about who you are most likely to purchase it from, especially if it is some kind of service, if it is some kind of education, who are you going to be buying it from? I promise you it is going to be from someone that you have grown to know like or trust, or a company that you have grown to know like or trust. And when you're publishing a podcast every week, where you're positioning yourself as the go to resource for your niche or industry, and you're consistently showing up and providing value for your listeners, why wouldn't they buy from you? Why wouldn't they, I want you to use your podcast as your top of funnel. And if you aren't familiar with that, it is basically your customer journey. So I want you to think about an upside down pyramid, okay, for just a second or an upside down triangle. And the flat big part is at the top and the little tiny point is at the bottom. Okay. So at the very top, when we're thinking about this upside down triangle, that is everybody that is every single person in the world that could possibly buying from you as a business owner, okay. And at the very, very bottom, those are the people that are actually going to be buying from you. So how do we get them all the way through the funnel to the very bottom where they're actually spending money? Well, number one very question. But number two, what we're worried about right now is even getting people through the funnel. And so I want you to be using your podcast as not only the top of the funnel of how people are finding you, but also taking them through that customer journey answering their questions using your podcast as a way to figure out what their pain points are using your podcast as an opportunity to provide resources to them to help empower them as your future customer and then eventually that will be the customer that is purchasing from you. So if you have ever wanted to sell an online course you ever wanted to be a coach you ever wanted to sell any kind of digital product or physical product. If you've ever wanted to be an industry leader and you want to position yourself with other leaders in your industry, using your podcast is the easiest way to help grow your business. And when people think about how they're going to make money with their podcast, I think that it is so important that you understand building the community and building the future customer base that you have through Your podcast is the most valuable thing that you could possibly create in your digital marketing plan. I've worked in digital marketing for the past decade. And I'm going to tell you right now, when I go on Facebook, tick tock Instagram, it is the coldest, it is the coldest night, it is the coldest it has ever felt in there. Okay. And I know you know exactly what I'm talking about. I know there is nothing new under the sun. But it has gotten to the point where I am just seeing content that has been regurgitated from 10 other people, and I'm thinking to myself, Oh, social media is not feeling social anymore. And you know, maybe that's just me, maybe that's me as a millennial, maybe it's another generations time. But I think that a lot of business owners would agree. And I think that you're probably listening to this right now thinking, Yeah, I have this exact same experience. And also, maybe I'm providing the same experience for my customers. And how do I start making something that feels a little bit warmer, that feels a little bit more attractive to my potential customer. And that is why it is so important, from the very start to know how you are going to use your podcast, to sell your brand to sell your offerings. And even if it isn't, right now, how can you create the trust? How can you create those resources that people look forward to hearing look forward to learning so that when the time comes, and you have something that will uplevel their business, you have something that will improve their life, it is the easiest sale in the world. So let's talk about how you can more directly monetize your podcast. And typically, this will be through sponsorships and advertising podcasters charge for ads based on the number of downloads per episode. So when we're talking about this, we're going to use a little bit of math. And I'm sorry, I will try to make this as straightforward as possible. But pretty much what you have to understand is that most industry professionals are going to be using something called Cost Per 1000 impressions, or CPM, which can range anywhere from $20. CPM to about 100. And this is just typically calculated on 1000 downloads or listeners. Okay, so usually 4000 downloads or listeners anywhere from $20 to$100. And if you are new to podcasting, or you do not have a podcast, I just want to say 1000 listeners, I mean, it's a lot like I mean, I'm not trying to discourage anyone in any kind of way, I just want you to know, and I want to be the person that tells you that you will not likely and I pray for you that you do have 1000 listeners overnight. So even for that 20 to $100 because you're probably thinking, oh without you know, because I think so many of us are caught in that tick tock and Instagram, you know, we can see all the listens, we can see all of the plays, and you think, Oh 1000 downloads, easy, easy. And I'm not saying it isn't easy, but I'm saying it will take work, I still have many shows that I consider quite successful that do not get 1000 downloads per episode. And we're going to talk about that in a second. But for example, if your podcast has 100,000 downloads per episode, which again, that is a crap ton of downloads. I don't want to understate that at all, and you're paid $25, which is on the lower end. But still for this example, let's just say $25. That's $2,500 In episode, okay, so 100,000 downloads $25 CPM is going to be $2,500 per episode, what you have to understand is this is the standard average rate for a premade ad on a nonspecific podcast. So you know, when you're going to listen to a podcast and you hear the little thing, and then you are getting some generic ad that's either been produced by the company that is putting on the ad or is some clearly pre written script that the podcast host is reading. That is the kind of ad that I'm talking about right now. There is really nothing creative about it. This is very likely not a partnership deal, but more just that this company is using your podcast like a radio ad. And like I said, there's not a lot of creativity to this. But on the other side of this coin, I want to talk about the personal experiences that I have had with podcasts that get well well under 100,000 downloads, but they are making at least $2,500 per episode. And that is because we have a very clear target audience and we have communicated that to our potential advertisers. We have not waited around For people to come to us, we have made an extensive and comprehensive media packet that we send out to our preferred advertisers. And we say, Hey, this is our podcast. This is who is listening to our podcast. This is how we have grown our audience, this is what you can expect out of our audience. This is why this host is qualified to speak on your product. I think when you think about these ads that are more generic where they're only paying people $100 For 1000 downloads, this is someone using your podcast as a radio slot, which there is nothing wrong with that. But I just want you to hear me when I say that you have options. And this might be a circumstance where you have to take things into your own hands, if you have a smaller audience, and you want to make money off this podcast, because to me, there is no reason that you are not making$2,500 In episode, even if you have 1000 dedicated downloads every episode, because if you have put a community together, that is motivated, that is highly targeted, that you have cultivated over a period of time that knows you that likes you that trusts you, that is so incredibly valuable to an advertiser. And all you have to do from this point is find the right advertiser and tell them why they need to be advertising with you. I know that it's scary when you hear okay, well, typically 1000 downloads is only going to get you $100. But I want you to realize how generic that number is, and the power that you have as a podcaster. Knowing your audience, and knowing how your audience converts. And the last monetization strategy for your podcast that we're going to talk about in this episode is affiliate marketing and commission sales. I know so many podcasters that make more money off affiliate marketing than they ever have at sponsorships. And I really feel like this is because something that a lot of sponsors don't understand on podcast is the value of the host. Because a lot of times people are coming for the topic, they're coming for a guest. They're coming for another reason. But they subscribe and they stay for the host. And if you do not have a personal recommendation from the host, why even buy an ad from podcast. And I know that might make some people really annoyed with me to say, but think about it, think about it. And just as myself as a podcast listener, I skip through those ads that are pre recorded from the big box name stores, because I don't care. I hardly care when I'm hearing an ad from somebody that I actually like. So why would I be listening to a radio style ad on a podcast and not skip through it? Do you know what I'm saying? All in all, I feel like affiliate marketing and commission sales is some of the most effective podcast advertising and can lead to some of the most lucrative results, especially for new podcasters. Because a lot of times these larger advertisers, they want to see your numbers. And if your numbers aren't at a certain point, of course, they do not want to advertise with you. Whereas I know a lot of the smaller affiliate marketers will come on with any podcast, because it's no sweat for them, it's no overhead for them, you are giving them free marketing. And in turn, they will give you a cut if you sell anything. So it really lowers the barrier of entry for newer podcasters. And so I really want to encourage you if you're hearing this and you have a smaller audience, or if you're newer podcast, or if you haven't even started your podcast yet, but you want to have an advertising opportunity from day one, start reaching out to those brands that are doing affiliate marketing that are brands that you already use that you know that you can speak on that you are competent to sell because it empowers your audience because it will actually bring value to your audience's life. Because at the end of the day, I think that is the most impactful and the most effective marketing. And it can help you make money on your podcast from day one. And before we go, I just want to talk about a few of the other benefits that aren't necessarily monetary but will help to improve your bottom line if you're paying attention to your numbers. And if you're using your podcasts in a way to grow your business. Pay attention to your analytics. Look at your podcasts that are downloading more than others and the ones that just absolutely flop because if you're doing any kind of content creation, which I know you are, you need to be using these numbers as a gauge to what people are actually interested in for your business. So let's say that you have two different podcasts two different weeks one is just popping off. Every one is listening to it, and the other one has 100 downloads and you just cannot get anyone to care. How did those two episodes? Which do you think you should be making more content about repurposing, making a blog post about sending out an email about, you know what I'm saying like, this is the podcast you need to be pushing. This is the information that you need to be making more of. So do not let these analytics pass you by and don't think just because something isn't performing very well, but you just need to keep pushing it so that people will care. I think that there's a really big misconception sometimes around things that don't perform very well. And people think, Well, I just it wasn't at the right time, or I need to just do more, there's some way that I can make people care. No, no, no, that is not your job. So I just want you to know that the analytics do matter. Like Jay Z said, numbers, don't lie, check the scoreboard because you need to know what your audience is actually listening to and what they care about. The next one is guests. Oh, my gosh, if you are not utilizing your guests, if you are not bringing on people in your industry or industry adjacent or anyone that your audience wants to hear, you are doing yourself such a huge disservice. Because guess, and getting to know guests and making connections through your guests is one of the easiest ways that you can grow your business. And I usually say something like this, imagine you ask someone out to dinner and you say, or coffee or whatever it may be in a professional sense. And you say, hey, you know, I'd love to talk to you about this over coffee. That's never gonna happen. Unless they see some value in you, that is never going to happen. But you know what is going to happen? You're going to send them an email that says, hey, I would love you to be a guest on my podcast. And does that not change everything that changes everything. So I want you to start seeing your podcast as a resource, and start seeing what you can also do for other people in your industry? Versus how am I going to make money off this? How am I going to book another client off this? There are different ways to make money through your podcast. And I promise you getting the right guests and finding high quality guests are going to grow your business more than any sponsorship ever could. The next one is using your content to create more content, getting your content out there in every single channel. I went to a podcast conference a couple years ago, and the girl said, Are you guys only posting your podcast once a week? And I thought in my head yeah. And she said, you know, only 10% of the people that follow you see what you post. So if you post it once a week, only 10% of the people who follow you saw it. And honestly most of them probably didn't even care, you know, and that completely changed my perspective on how I was marketing my podcasts how I was sending it out into the world how often because honestly, if I'm being honest, I was only posting it once a week. So even if you were only making one Instagram post, but you were sharing that to your stories multiple times, then maybe you're making a Facebook post out of that same Instagram post. And then from there, you're sending it out to your email list. And then from there, you're reaching out to a few contacts and saying, Hey, I thought of you when I recorded this podcast, I think this might help you. There you go. And there's 10 More opportunities you've used to repurpose your content. Do not let your podcast just sit there. That is the worst possible thing that you could do. And as far as making money on your podcast, and getting more downloads, and getting more eyes on it, that is how you're going to make it happen. Hey, thank you so much for joining me on this episode. If you enjoyed the podcast and you'd like to hear more episodes like this one, go ahead and subscribe to the show new episodes every Monday morning and if you found this episode valuable and you want to help other business owners and podcasters we leave me a five star review. It helps the show rank higher in the charts and brings more entrepreneurs the information they need to start making money on their podcast.

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