How to Make Money Podcasting

How to Make Money Podcasting. Jonathan Knowles/The Image Bank/Getty Images

Some people say that traditional podcasting (i.e. audio-only podcasting) is going the way of the dodo bird, soon to be supplanted by the likes of YouTube, Netflix, and other specialty video channels. At best, podcasting a good way to express your passion about a hobby and share some information with friends, right?

Well, the information economy is getting more and more crowded with the latest technology, and video certainly has its appeal.

However, at least for now, podcasting retains some advantages over video. For example, people cannot watch video while driving, working out at the gym or outdoors (note: if they are, they are not working out!), and a number of other important activities.

That being said, are there still realistic means for people to make money from the humble podcast industry?  Below, we’ll go through some options that beginning podcaster’s may consider may consider if they are prepared to put in the time and effort:

1. Select a Specific Topic

Why are profitable niche markets like dog training and fly fishing tailor-made for podcasting?  Simple, because they work! A solid niche makes it easier for you to define your ideal audience as well as the types of sponsors and advertisers to target. 

See Also: How to Make Money with Information Marketing

2. Devote Yourself to Making the Best Podcast Possible

Even if you start out with a minimal audience, as most podcasters do, take advantage of this time to produce quality content, relevant context, a consistent delivery and superior production.

Advertisers and sponsors essentially demand two things: an attractive product and a large, dedicated audience.  As you work on building your audience, hone your hosting, interviewing and presentation skills.

Here are some of the important skills you’ll want to develop when mastering podcasting for yourself, or possibly as podcasting consultant (see below):

  • Audio clean-up and production
  • Building and engaging a community
  • Creating a marketing buzz
  • Creating apps alongside your podcasts
  • Converting calls to action
  • Editing
  • Field recording
  • Voice talent

3. Develop a Unique Selling Proposition (USP) for Potential Advertisers

Podcasts, unlike high-end events like the Super Bowl and the World Cup are not strictly about the numbers.

See Also: What Can Online Marketer's Learn from Super Bowl Advertising?

Quite frankly, if you can show advertisers that you have 250 dedicated weekly listeners (i.e. community members) who spend X dollars monthly on dog food, that’s a better proposition than some blog drawing fifteen thousand anonymous and unengaged readers.

See Also: 3 Simple Ways to Make Money Blogging

4. Make Money Helping Other Business Owners and Entrepreneurs with Podcasting

You’d be amazed at all the talented people who try commercial podcasting for one year or two and then give up completely. Little do they realize that along the way, they have developed skills that are in high demand.

Your advantage is having devoted the time and energy to becoming a podcasting expert. 99% of people are not as skilled as you but need your expertise – provided you can prove it to them.

  Sell your services as a consultant or podcast producer if your own podcasts are not immediate money makers.

Podcasting is usually lumped along with other online activities like social media marketing, getting website traffic, and search engine optimization as if it predominantly about the technology. In reality, it is still one of the most relationship-based media in existence, and any success a podcaster enjoys is mostly based on the hosts/experts’ personalities and host-audience interaction.

Final Thoughts on Making Money with Podcasting

Making money from podcasting is not automatic, and even experienced, talented marketers need at least a year to really get things to click.

That being said, making that first breakthrough should open a lot of doors for you, since not only are you financially viable, but you have the credibility to produce and consult with major players in your niche.