Make no mistake about it, podcasting can be an amazing tool in your business to connect with your audience by delivering FREE regular content.
However, there are also opportunities to earn additional income from this powerful platform. In this article, I’m going to reveal 4 ways that you can make money in your business with a podcast.
1. External Adverts
This is probably the most obvious income-boosting option, but arguably the most polarising too! Some listeners will say that external ads can be quite annoying, but in reality, most major podcasts do tend to include these in their production.
Hosting external adverts on your podcast can not only be a great form of extra revenue, but it could also result in the development of key relationships and collaborations with similar brands in your niche.
So - it is worth having a think about products, tools, or services you love and use on a regular basis, that would align with your brand values and be of interest to your audience. Then… reach out to them and ask the question (as scary as that may seem to start with)!
Think about the benefits - if you find that your brands are super aligned, they may even be willing to sponsor your podcast, which would create so much more opportunities for your business too.
Important: Just bear in mind that this option is more appropriate for podcasts with higher numbers of downloads because typically the earning potential from external ads will be linked to numbers.
The expected thresholds will vary depending on the brand you are working with, but if your stats are impressive it’s worth mentioning your weekly and monthly listeners/downloads when you have the conversation prior to collaboration.
2. Internal Ads
Internal adverts are a really great way to promote your very own products and services via your own curated advert and can be very impactful at grabbing your listener’s attention.
Think... your latest irresistible offer or you could even play real-life testimonials during intervals for proof of how amazing it is to work with you (Denise Duffield-Thomas does this very well on her Chill and Prosper podcast).
Your internal ad does not necessarily need to showcase a paid product or service though, you can simply use it as a tool to grow your e-mail list, for example, by sharing your freebie and directing listeners to the link in the show notes.
Alternatively, this method would be ideal for any upcoming events you are hosting, such as a masterclass that you can play during every episode as a reminder for your listeners to sign up!
Feel free to get creative and play around with what works for you.
3. Affiliate marketing
Have a product you just love using and happen to be an affiliate for? Why not spread the love, creating a podcast episode around its features and benefits, along with oodles of story-telling around your experience as a user and SUPER fan.
Then, simply place your affiliate link in the show notes (alongside an affiliate disclaimer of course) so curious listeners can go and check it out for themselves.
Affiliate marketing in a podcast is actually really powerful because it’s a great way to convey your excitement around the product and show authenticity with a personal perspective, rather than just promoting a product for the sake of it (which, let’s be honest, a lot of people do).
You could even go a step further to create a video version of the podcast and showcase a demo / sneak peek episode on YouTube to deep dive even further into the product and user experience!
Creating a whole podcast episode around your super-fan status for a product cements that all-important know, like, and trust factor essential to building a connected audience.
4. Organically Mentioning Your Offers (As and When)
Not a fan of ads but still want to promote your new coaching program? You need not record any if you don’t want to. You can just as easily mention your products and services as an organic bi-product of the problem you are solving in that episode - it is the next step for your listener after all!
For example, if your episode is called “3 reasons why you should eat more protein in your diet” and you have a nutrition coaching program, then this is the perfect time to mention it.
The great thing about this approach is that you can include the mention at any point in the podcast episode, without having to place it within a timely break halfway through.
I hope that this article has given you some food for thought about how to make money in your business with a podcast. It is completely not against the rules to integrate podcasting into your marketing strategy and benefit financially from the hard work you’re putting into every episode release. Whichever route you decide to go down, you are serving your audience well and giving them those all-important “next steps”.
To summarise, this can be offered in two distinct approaches - first by going down the ads route, choosing to work externally with aligned brands, or by recommending a product you love through an affiliate link.
The second approach is by integrating your very own products/services into the mix, whether that be through pre-recorded ads or organically mentioning relevant offers to each episode’s topic area.
Both options have many benefits, however, will perhaps look different for each business depending on who you serve and what stage you are currently in.
Need some extra help with your podcast strategy or getting it up and running?
I’m excited to announce that I’ll soon be offering bespoke podcasting workshops/coaching and done-for-you services as part of my new venture, Your Creative Podcast!
Whilst our new website is not yet up and running, drop me an e-mail at Charlotte@creativegoddessclub.com and I’ll be able to provide some extra details on the service most aligned with your needs.
From 30th May - 1st June I'll be running a free challenge to help you take action and go from planning your podcast to pressing publish in 3 days. No frills, no overcomplicating, just simple steps to put your podcast out into the world!
To join the "Let's Podcast" Challenge, click here and I'll send out more details in the next few days.