Two experts explain how to turn your podcast into a business
Anna Lundberg, founder of One Step Outside (https://onestepoutside.com/) – “Most people would think first of sponsorship and advertising revenue when it comes to monetising a podcast. But the truth is you need a whole lot of listeners to see any significant money while most ads are irrelevant and annoying to your listeners. Far better to build your own business and effectively sponsor your own podcast.
“If you’ve started a podcast as a hobby and a standalone project, here’s how you can build it into something more. We’re taking it for granted that you have a great podcast that brings lots of value to begin with, that you’re following a consistent publishing schedule and that you understand who your listeners are and what they want and need. If so, then here are some ideas for taking it further:
Consider how you can build a community for your listeners around your topic. For example, you can create a Facebook group where you position yourself as the expert and then you can use that group for market research and above all to create a community of avid fans eager to hear more from you. You can direct people to join your group at the end of your episodes.
Explore the ‘next step’. Once someone has subscribed and is listening regularly to your podcast, what do you think they might want to, or need to, do next? Can you create a downloadable PDF or a mini video series where you answer questions they might have and add more value above and behind the podcast content? Again, you can tell people to message you or register on a simple ‘opt-in’ page to get the extra content and then you can continue the conversation from there.
Choose how you want to show up. To monetise your expertise and interest, consider providing a service, coaching or consulting or teaching what you know. Decide which of these formats is most suitable for your audience, the topic of your podcast and how you want to run a business.
Use the podcast as a platform. Having your own podcast demonstrates that you know what you’re talking about and that you’re a confident and articulate speaker. Use this to position yourself as a guest expert on other people’s podcasts that are connected to your topic and to get speaking engagements.
Write a book. Okay, so a book on its own doesn’t make a business but it is a natural extension of your podcast. Again, it allows you to further expand your influence and credibility. And if you write a series of books, then you can start earning a nice amount of money.
With this approach, your podcast becomes a marketing channel for your business and that’s how you’ll make money, rather than getting paid specifically and solely for the podcast itself.”
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Description automatically generated with medium confidenceSheila Knowles, founding director at BBE Podcast Agency (https://www.bbeldn.co.uk/) – “Surprisingly, your podcast may already be a business because if you’re making money from podcasting, your show will already look like a business. However, if you’re thinking of turning your podcast into a business (whether full-time or part-time), here’s how you do it:
Research your competition, listen to their work and find out how you can emulate how they present their podcast vs what you have to do to get to that level.
You must ensure you are consistent and are producing good content. This includes making sure the formatting of your show, your speaking tone and editing style represent the impression or vibe you want to give to listeners.
Don’t be shy to invest in your podcast too by either outsourcing professional help or learning how to produce your show to a professional standard. Alternatively, recording at a podcast studio-like BBE Studio is a great way to ensure you have quality audio and video content without breaking the bank.
Start (or re-brand) with a clear vision and centre your show on your area(s) of expertise. That also means making sure the guests you invite on your show are representative of what you’re trying to achieve. This will help to further implement the branding of your podcast towards a more business-centred approach.
If you’re a consultant/therapist (or offering a service that can be administered via conversation), display your expertise on air. This will allow people to view your podcast as an extension of your brand/business if you already have one or are looking to start one.
Advertise your service(s) on your podcast mentioning your website/social media channels so that people and your listeners can access your work with ease.
Utilise LinkedIn to promote your episodes as the platform is used as an online networking tool for people in business (whether corporate or self-employed).
Focus on the content you’re creating and get to know your audience before you start pitching to sponsors who fit your audience’s interests/needs.
Ultimately, whether you started/are starting your podcast for fun or as an extension to your brand/business, you need to plan the long-term prospects of where this medium will lead you and work towards achieving those goals.”
