Did you know that you can start making money from your podcasts? Are sponsorships really worth it? What about affiliate links?
In this episode, Anne shares a few different ways creators can take the next step to start building income from their show!
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Let’s talk affiliate links
Affiliate links are a good way to start making some money from your podcast. If you don’t have a large audience, but they are very engaged, this can be a great option for you. However, you won’t be making the big bucks from this unless you are a product influencer. Affiliate links won’t substitute your income right now, but it could be a great way to start making some money.
Ask for donations
Many big podcasters ask for donations as a way to supplement their income. It’s just asking for money, but you don’t give anything in return because they listen to your podcast for free. That makes it difficult to raise a lot of money this way.
It is worth offering memberships in place of donations or creating a Patreon, to give listeners some premium features. If you create a membership that charges a certain amount of money per month they can opt into those extra features. The only downside is that it can be a lot of work. You will have to come up with more content or you will have to create a whole platform to do this.
Sell your own products or services
You can make money pretty fast by selling your products or services. For example, you use your podcast to sell your online course or use your podcast to fill up your coaching programs. Selling your products is the way to make your brand bigger and as profitable as you want.
When you sell your product, you are in charge and you can set the price. You create a listener’s journey/customer’s journey where they can go from listening to your podcast to following your course to enrolling in your group coaching, and so on.
ROI’s on sponsorships
Sponsors typically look at downloads. On average, some sponsors pay about $25 per THOUSAND downloads. If you have a strong brand and already have thousands of downloads, this is another way to make money. However, it’s a lot of work put into a low return on investment.
Putting things into action
There are many different ways to monetize your podcast. Picking the best option for you should be based on your audience as well as your time. If you are looking for specific strategies, book a strategy session!