If you want to build your brand then doing it via podcasting is very good. It can align itself with the philosophies of business and deliver the message. It offers a great opportunity to make a connection with the audience. It can also help you in making money. There are two ways to earn money through it: Direct and indirect podcast monetization. When you earn money by show itself then it is called direct podcast monetization. On the other hand, when the promotion of a product is done with its help then it is called indirect podcast monetization.
Now I will describe about 7 creative ways to monetize your podcast.
1.By doing advertisements on your podcast– There are some advertisers who want to promote their items to the audience who is listening to your podcast. You will earn money through these advertisers for running their ads in it. Let us assume that average CPM is $30. So, if your CPM is $50 then the show must be very popular. Then you should be getting some downloads also regularly. Now let us assume that the average of downloads for 3 months is 5 million and suppose you publish one in a week. You have to divide that number by 4 so that you get 1250000 downloads for one episode. Now if you have ad blocks that are 4 in number and you get an average CPM of $50 then you will earn
1250 * $50 * 4 = $250000 per episode
If you will do 3 episodes in a month then you will earn $750000 per month and $9 million per annum simply by putting ads in the show.
2.By hosting an IRL event in your podcast– Let us assume that you are going to host a seminar for the whole day and charge $300 per ticket. Now if the people who listen to it regularly are 15000 in number and the audience who came to attend the event is only 1% of this then you are going to get $45000.
3.Give VIP experience by hosting an event– By running an event that is live and doing its advertisement to the listeners of your podcast you can earn money without even charging for it. For example, in the same event a private dinner can be hosted by you for about 30 persons and you can sell all the 30 seats at $2000 per seat. So, in spite of not charging for the tickets you can still earn a good amount of money by the dinner hosted by you and that will be $60000.
4.You should charge a fee for subscription– Mostly we do not charge any price for running our podcast. But we can charge a certain amount of money which can be $5 or $8 per month. For example, there are 200000 listens to it for marketing school in one month. By putting a content that is of premium quality we can charge $7 every month for accessing it. This will make you earn $1400000 per month and so $16800000 per annum.
5.Promote information products to your audience– The audience of the podcast listens to the audio content regularly so you should start selling them the info products like some courses and e-books by directing them to the landing pages containing all these info items. But you must create info products before selling them to the audience and for that you need some resources and some time also. By knowing what type of products your audience is interested in, you can make arrangements for selling these products to them. In this way it can be monetized.
6.Use your podcast to sell affiliate products– Sometimes some people want the resources which have been created by them must be promoted via your podcast. They will give you a commission if you sell their resources. This can be done through an affiliate agreement and this agreement says that a link will be provided to you. When the audience will click on that link for making a purchase, you will be given a definite amount of commission.
7.Use your podcast for selling physical products– You can not only sell digital products on the podcast but physical products can also be sold via it. By having a remarkable brand of it you can sell physical items like clothes of a particular brand and some of the other items of that particular brand.
If you want to reach your customers in an effective manner then you can take the help of digital marketing experts.