What Is The Best Way To Monetize Your Podcast? - Podcast

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Monetize your podcast

What Is The Best Way To Monetize Your Podcast?

March 2, 2021

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I don’t know anything about you or your podcast, but I know you can start monetizing your podcast right now. While you probably won’t make a full-time income immediately, you can start generating some cash flow to offset the production expenses starting with your first episode. 

In yesterday’s episode, Claire Gosteli shared with us multiple methods she is using to monetize her podcast, Guavabean. In this episode, I’m going to discuss even more ways to bring in revenue, whether you’re a newbie or a seasoned pro. Let’s get to it!

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Monetization for established businesses

The best way to monetize your podcast will depend on your situation. Do you have a business associated with your podcast? What type of product does your business sell? What is your audience size? 

Most of my clients are coaches. The best way for coaches to monetize their podcast is to offer a freebie, like an ebook or a mini course. Direct people to your freebie during your episode, demonstrate your knowledge with a value-heavy freebie, and then convert them into paying coaching clients. That is where the big bucks are. 

Once your coaching program is full, then you can boost your monetization even more through a scalable product. An online course, group coaching, or membership program are all great ways to do this. Whatever method you choose, it all starts with that freebie you are promoting on your podcast to direct people into your sales funnel. 

Monetization for newbies

What if you don’t have a business or a large audience yet? What are your options for monetization then? Even if you have only 10 listeners, you can start monetizing your podcast from the first episode with affiliate links.

Affiliate links are provided by a company that are unique to you so that when someone clicks your link and purchases that product, you’ll get a commission. Amazon is well known for their affiliate links, but their commission rates aren’t too great. Instead, I recommend finding companies that you would like to promote that are aligned with your brand and then contact the company directly. You’ll get far better commission rates this way and it’ll be better for your audience, as well.

To really get the most out of affiliate links, make sure you are promoting things that your audience is interested in. If you are doing an episode about local coffee houses, including an affiliate link to their specialty blend in your show notes is a great pairing. You can include links that relate to your brand or specific to the topic of an individual episode. The great thing about affiliate links is that they live in your show notes and if it flows naturally in your episode to mention the product during the episode, great. If not, then you don’t have to say anything. 

The one thing you don’t want to do when you’re starting out is make your podcast one big ad. When you have to interrupt your show to plug a sponsor, it can rub people the wrong way. Or possibly even undermine the trust you’re trying to build if the product doesn’t resonate with your listeners. When you’re starting out, I strongly encourage you to avoid sponsors and stick with affiliate links. 

Ready to take your monetization to the next level?  

Whether you are a fresh-faced newbie or a seasoned podcaster, there is always a way to increase the revenue from your podcast. 

If you are ready to see more cash flow, I have something just for you. In my brand new ebook, I’ll break down 5 ways to monetize your podcast, including which one is the easiest to start with and which one will be most profitable in the long run. Download it here.

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