That depends! You could start making money in six to 12 months. But you’ll need to dig in and work hard. Here’s how:
- Deliver consistent, quality content (to become the go-to authority)
- Market yourself in online channels (to increase your audience)
- Choose an appropriate monetizing plan (to make the best possible income)
However, less than a fifth of podcasts survive six months let alone a year and make money. So, sleeves rolled up and ready to dig in? Let’s make money!
Build Your Success With Quality Content and Audio!
You need a decent strategy to build towards financial success. And that strategy’s based on your expertise, passion and quality control. They become the “funnel” that starts collecting your income. So –
Firstly, write out your content plan
You need many quality episodes to last until you make money – and beyond. So, list everything your target audience will want to hear – talks, strategies, guest stories. You can make money within the first year if your listeners get content
- that’s consistently top quality,
- answers their interests and/or pain points, and
- builds an interactive community around your broadcasts.
And also, it goes without saying, but if you plan on using content from other sources like books, make sure you have the right to do so.
Secondly, listen carefully to what your podcasts sound like
We’re talking quality transmission here. Choose equipment that helps, not hinders, your mission. You don’t want your audience slinking away during those crucial months when you’re building up to an income stream! We said to dig in, remember? And that involves making it easy for everyone in your niche to discover your podcast a.s.a.p. So let’s move on to marketing.
Do Marketing and SEO Work For Podcasts?
Yes! But while businesses have only just added podcasting to their marketing channels, you’re going to organize some targeted marketing to shorten the time to monetizing your podcast.
How will you market yourself?
To make money, you need to push yourself out there as a must-have podcaster. Audience size isn’t everything, but word of mouth is. And if you can bring in some search engine interest too, that’s even better. Who doesn’t want to come up on the first page of google once in a lifetime? So here’s what to do:
- Use all your social channels from LinkedIn to TikTok to put out regular visual teasers about your upcoming episodes. If your co-host is into graphic design, animation or video, that’s a bonus to help you go viral. Otherwise ask around among friends, art students or on fiverr.
- Set up a basic website where your audience can read relevant content and contribute to discussions. Check you have metadata and other SEO on each page to lure the google bot in – it reads podcasts and feeds on quality content and a clear topic focus. You can also post transcriptions of your podcasts. Your website’s job is to move you towards making money from your podcasting as soon as possible. It’s at this stage, too – with these time-consuming tasks staring at you from your to-do list – that you must resist losing your passion and joining those non-surviving podcasters. Why? Because you’re about to make money!
Your Podcast Monetizing Choices
With quality content, consistency, a website and an engaged audience, you can now choose how to make sure your podcast brings in that income you want. You’re maybe 6 months or so down the line and the choices are these:
- If your audience is large, you’ll be able to do some affiliate advertising – an option to look at if you can do so without alienating your audience. Be subtle in your choices. Be relevant. You’ll earn something each time your audience uses your affiliate code.
- On the other hand, you may be able to find a sponsor in your niche to offset your costs because of the publicity and kudos you bring them. This is nice but not as profitable as your third option.
- Your best option is to provide tangible extras on your website that your audience will want to buy because you’re the authority on your subject and they love your style. These might include (according to what your topic is)
- a webinar series
- an e-course
- a white paper
- personal coaching
- an actual product
- an offer to podcast for someone else’s business.
Why is this your best option? It’s under your control. With six to 12 months of consistent dedication, you’re taking charge of making money. Which is what you were asking about, wasn’t it? Oh, and you get to keep your co-host to help with the tasks!
You Can Do It!
- Go for quality and consistency of both content and audio.
- Market yourself in all channels and build a community on your website.
- Produce value add-ons related to your podcast.