This transcript was generated from the episode audio and may contain minor errors.
[Music]
How can you grow a listener base for a podcast? And how can you monetize that podcast? We've got two questions in one here. We'll look today at effective strategies to do both of them, grow that loyal listener base while monetizing the podcast. Or you could say, how do you monetize a podcast while growing the listener base?
For anybody out there who has a podcast, or even if you don't, but you're interested in podcasting, or if you're interested in doing something in another medium, it's really not that different, the same general principles apply. And then you think tactically, okay, how do I do it for this medium, for this account and so on? But big picture, same kind of idea. So today let's hear from Kevin in Philadelphia, recently started a podcast and is enjoying the content creation process, but is thinking a little bit long-term and wondering, okay, where do I go from here? I know how do I actually monetize?
How do I grow the listener base? Which again, these are connected issues. So let's talk about it and try to give Kevin a helpful answer that is hopefully not just helpful to him, but to many other listeners as well. How do you grow the listener base, monetize the podcast, all in a few short action-packed minutes, that question from him and my answer coming up in just 30 seconds. [Music]
Hey there, Kevin from Philadelphia.
I recently started a podcast and I'm having a blast creating content. However, I'm struggling to monetize it and grow my listener base. What are some effective strategies to make money from a podcast? Additionally, like what tips do you have for attracting more listeners and building a loyal audience? Your podcast has been a huge inspiration for me and I'd love to hear your thoughts on this.
Thanks for any advice or ideas. [Music]
So in the early years of producing this show, when I was trying to figure out, okay, what are we doing here? You know, how does it work with the ad sales and the monetization and all that? I got some really good advice from, I forget who it was, somebody from the first network that I worked with. And they said, you know, if you grow the listener base, if you have an audience, if you have downloads, then everything else is easier.
Like you can figure out the monetization if you have an audience. If you don't have an audience, then you're kind of approaching it from the wrong perspective. It's pretty difficult, you know, to sell ads or otherwise monetize without a listener base. So focus on the listener base first, and then it doesn't mean you can't learn to make smart decisions and have strategy on the other side of it. But first things first, grow the audience.
So what do you do for that? Well, you release episodes on a regular schedule, like every day, perhaps. But just to be clear, it doesn't have to be every day. Most podcasts are not every day. Whatever it is, be regular, be consistent, so your listeners know when to expect content.
It kind of keeps people coming back for more. Engagement is really important as well, which is difficult for podcasts 'cause they don't have comments or likes, you know, in the same way that other short form media does. But whatever you can do to encourage engagement, that's definitely good. Collaborations can help you grow. Being a guest on other podcasts, trading shout outs or house ads, where you're kind of promoting other shows and then they do the same for you, that is definitely a key growth strategy for podcasts, just because discoverability can be difficult in this medium.
So basically anything you can do to increase the audience is going to help you when it comes to monetization. So now let's talk about that. Well, of course, with podcasts, one of the most common ways is through sponsorships and ads. And so once you have built a consistent listener base, you can start either reaching out to companies directly or reaching out to agencies or networks that sell ads. That's often a lot easier than trying to do it yourself.
If you try to do it yourself, then you're gonna keep more of the money, but it's a lot more work. You know, personally for me, I'm very happy for a network and a distribution team to handle that. So I don't focus too much on that myself. I focus on the content, serving listeners, and then working with the networks for the ad sales. Another great way to monetize could be affiliate marketing.
Of course, we talk about affiliate stuff here all the time. You can promote products or services that are relevant to your listeners, earn a commission for every sale made through your affiliate link. And there, of course, you just want to promote those links and make them easy to remember. That's why the advertisers on podcasts typically choose a keyword or something simple that is then used for tracking. What else could you do?
Listener donations, setting up a Patreon account, just having a membership of some kind, selling merch, another popular avenue. I personally think that's not a great way to make money unless you have a really huge audience. And then if you have a huge audience, you already have other ways to make money. Merch is cool, but not a great way to profit. So you have to figure out what are your priorities?
What are you trying to do? Hopefully, Kevin, you got a few ideas there. A lot of work to be done, no doubt. But there is a path. And as I always say, if you know the path, you just need to complete the steps.
It's so much easier than if you don't know what to do at all. So focus on building that audience. And then once you've got a solid listener base, then you think about sponsorships, ads, working with networks, and so on. Listeners, I'm always cheering you on, wishing you well, rooting for your success. If you have a question or a comment, sidehustleschool.com, notes page for every episode, some free resources, and much more is on the way.
That's all for now, though. My name's Chris Guillebeau. This is Side Hustle School. [Music]
From the Onward Project.
