How to Monetize Your Podcast
Hi! I’m Lij Shaw with PodcastProfessors.com. Welcome to our free series, where we answer the most frequently asked questions about podcasting. People are often exciting about starting their podcast, and getting their message out to an eager audience. They may even be truly passionate about their podcast niche. But most people still come back to the basic, real-world question, “How do I monetize my podcast?”
Did you know that podcasting is one of the fastest growing media and businesses out there today?
There are successful podcasters like Pat Flynn and John Lee Dumas that are generating incomes of $1-2 million per year, in as short as 2-5 years of podcasting. This is not to say that anyone who starts a podcast will see super huge success like these rock stars of podcasting, but there is definitely a massive opportunity to build a successful business through podcasting.
There are many ways to monetize your podcast, at different stages of building your audience. As you demonstrate expertise in your niche, you can begin offering consulting service to help people in your niche community with solutions to their unique problems. Later, as you build your audience and generate consistent downloads for your podcast, you can bring on sponsors and generate advertising income for each show that you create.
As you grow a dialogue with your audience through social media, you can discover what their struggles are. When you know this, you will have an opportunity to create products that solve these problems, and provide value directly where it is needed the most.
You can provide online solutions to their problems through a variety of resources like e-books, training video courses, or membership sites. You can then move to webinars and other forms of community building like seminars, or hosting special events for your audience.
Fortunately, the limit for how you monetize your podcast is only up to your imagination. Whatever you believe would suit your audience well is a potential candidate for consideration, though you may have to try several things before you find the right methods or products for monetizing your podcast.
Be prepared for a long journey. Podcasting is a marathon, not a sprint, and it takes a lot of work and dedication to do it right. But rest easy in the comfort of knowing that most successful podcasters had to fail numerous times before they could finally succeed. Furthermore, with the right guidance, you can avoid many of the pitfalls along the way.
At PodcastProfessors.com, we have created the tools you need to monetize your podcast. If you can bring your enthusiasm for podcasting, Podcast Professors can provide you with the wisdom and knowledge you need to build a successful business out of your podcast, so that you can begin to build the lifestyle that you want to create.
We dive into this and much more in our podcast professors "Podcast PHD (Podcast Home Degree)" online course. We look forward to meeting you soon. You can click on the link below to learn more about the wonderful world of podcasting!
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