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How To Monetize A Podcast – PTC 507
- 2024/08/24
- 再生時間： 36 分
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あらすじ・解説
MONETIZE A PODCAST WITH FOCUS Focus is the key to monetize a podcast. [Get info on ThriveCart through my affiliate link - CLICK HERE] When I started, I struggled until I focused on one offer to one avatar. As I launched Podcast Talent Coach, I wanted to do everything. I started with one-on-one coaching. I wrote a book that was to be part of a comprehensive course. There were plans for a membership. I was helping people launch their podcast. It was everything I could think of to create multiple streams of income to monetize my podcast. But, nothing was working. There was no traction. Then one day I met my mentor. He taught me the power of creating a signature course. Through his process, I created my signature course through market research with a single avatar. I focused on coaches trying to grow their business. He then showed my how to focus all my efforts on that one offer. My business quickly took off and created my best year yet. DON'T MONETIZE A PODCAST WITH SPONSORS Create one stream of income. Focus is powerful. It is tough to avoid getting distracted. I know multiple streams of income sounds appealing. But you can't create multiple streams until you create your first. And you can't create your first without focus. Many podcasters want to start with sponsorships. It's difficult without a real focus. Trying to monetize a podcast with sponsors is a challenge. Rick was able to get a sponsor in a much different way. Rick Sizemore is the host of the VR Workforce Studio podcast. It is a podcast focused on Individuals with disabilities and stories of employment including training and education, vocational rehabilitation. On the show, Rick celebrates the champions of employment who hire people with disabilities as well as vocational rehabilitation professionals and the work they do to create hope and a path forward to employment for people with disabilities so they can work and lead better lives. The audience for Rick's podcast is very focused and niche. He is totally focused on those in and around vocational rehabilitation. He connected with an organization who wanted to reach that specific group. Rick showed that group how effective his podcast was in sharing a message with the rehab community. The group paid Rick a nice sum to be the sponsor of his show. He was able to land the sponsor, because the show was focused on one specific avatar. NOT ALL LISTENERS ARE THE SAME Unfortunately, most sponsors don't understand the power of the podcast audience. Most podcasters, sponsors and ad agencies treat ads on podcasts like they are ads on traditional media. On traditional media, commercials are sold at a rate per thousand listeners. If the rate is $25 per thousand listeners, and you have 2,000 listeners, an ad on your show is worth $50. But podcast listeners aren't equal to traditional media listeners. If QuickBooks advertised on a football game, only a fraction of those listeners or viewers would be interested in QuickBooks. Therefore, paying $25 for a thousand listeners doesn't really get them a thousand listeners. It's just a fraction. On the other hand, if QuickBooks advertised on a small business podcast, nearly every listener needs accounting software. Paying for a thousand listeners will get you nearly a thousand listeners interested in their product. Podcast listeners are immensely more valuable than traditional listeners. Unfortunately, traditional advertisers treat them the same. You become a commodity with ads and sponsors unless you find that special unicorn of an advertiser that understands the power. Finding that unicorn takes a lot of time and effort. Time away from your business. Monetize a podcast by focusing on your core offer. Ads and sponsorships also cap the revenue potential. How many ads can you possibly put on your podcast? Finally, your listeners don't want ads and sponsors. They are fleeing traditional media to escape ads. How irritated do you get when an ad pops up in the middle of a YouTube video you're watching? MONETIZE A PODCAST WITH YOUR OFFER Instead of ads, monetize your podcast by marketing your own stuff. Focus on one offer. You might think it is easiest to sell a low ticket offer. Something like a $19 book or a $47 course. The opposite is true. Price conveys value. If you are offering a $47 course, people think it's worth $47. Few people are clamoring to buy $47 anything. If it's a $2,000 program, people feel it should be packed full of value greater than $2,000. People save up to buy a $2,000 product. It isn't uncommon to buy a $47 course and never even start it. When people invest $2,000 in a program, it is much more likely they will consume it. People value what they invest in. LOW TICKET TAKES MORE TIME AND EFFORT It also takes just as much time to sell a $47 product as it does to sell a $2,000 product. A sale is a sale. Low ticket products also create more headaches. People who purchase low ticket items tend to complain and want refunds. When I was selling my $497 ...