When you monetize a podcast, you basically have 3 options:
- You can monetize yourself and your content
- You can monetize your guest
- You can monetize your listeners
If you are playing the numbers game, you have better odds of monetizing your listeners, because there are probably thousands of them. If you try to monetize your guests, you probably have a total addressable market of less than a hundred. And, if you try to monetize yourself and your content, then you really are putting all your eggs in the one basket that is YOU!
So today, I’m focusing on the method of monetization that we talk about the least and that is monetizing yourself and your content.
If you’ve ever just wanted to create content and be paid for your work as a podcaster, then this method is for you.
This method relies heavily on your skills as a podcaster and an interviewer.
So let me paint a picture of what this method of monetization actually looks like.
I like to call this method of monetization the Podcast Webinar.
Now, with this type of monetization:
- You’ll still bring on guests that you want to interview
- You’ll still talk about topics that will provide value to your listeners
- However, you will be more focused on the results you can get for your guests.
- You’ll be spending more time ahead of the interview figuring out how you will use your platform to shine a light on the guests’ offer, and you’ll want to get as many of your listeners to convert on their offer as possible.
- Your success would be measured in how many sales the guest gets after the podcast airs.
Many guests actually may actually need this service that you will be providing with this monetization method.
Remember, you’ve already done the work building your audience for a specific niche or topic, so that’s a highly desirable audience for lots of other businesses in your niche to get in front of.
But, let’s also not forget that you have been creating value since the outset of your podcast, so you deserve to be paid for your hard work.
This type of monetization could be worked out in a couple of ways:
- You could charge a flat rate for this service and then do everything in your power to make sure the guest makes anywhere from 3x to 10x what they paid you.
- You could handle it like a joint venture and not charge anything up front and then do a 50/50 revenue split of the sales made because of your podcast webinar.
Let me give you an idea of how you could carry out this type of a monetization strategy:
- Focus on building your skill set as an amazing podcast host where your only goal is to provide enough value to the audience that you make them extremely thirsty for the solution that your guest will provide.
- Find guests that have amazing offers that will benefit your audience and who already have a track record of success in getting the transformation your audience wants.
- As a host, your pre interview time should be spent becoming familiar with the guest’s offer. You should go through and read the testimonials you can find for the offer and the transformation it promises.
- You would want to guide the guest through this process unlike any podcast interview they have ever prepared for.
- Make sure you have a unique url just for this event that is completely trackable by you.
- Go through their “funnel” and see what the guest experience is and make sure they do a good job of selling the product. If not, make them fix any deficiencies.
- Understand the target audience, the problems they currently have and how the guest can solve them.
- Become completely invested in their success pitching their product on your podcast. Remember, their success is directly proportional to the value you provide.
- Set up an exclusive discount, offer or package that ONLY your audience can get when they respond to the offer through ONLY the url that you are giving out. Make sure you have something exclusive. This is a deal breaker if they won’t do this. Why? Because if they can get the same deal on their website or anywhere else, you aren’t going to get credit for all the traffic you are creating.
- Utilize your team, your social media ads, your email list and any other channels at your disposal to set the guest up for success and to push their products.
- Know the exact angles you are going to cover before your Podcast Webinar begins – you map it out – don’t leave it up to the guest.
Think about how Oprah did this for many of her guests. She could bring anyone on her show and turn their book or business into a smashing success.
Now, before you begin poo-pooing this monetization method because of all your head trash, let me remind you of something.
You can tell yourself all day long that your audience doesn’t want to be sold. You can tell yourself that they won’t respond to marketing messages, and all the while you are forgetting something incredibly powerful…
There are websites like AppSumo, Groupon, Woot, One Sale a Day and many many others that were built specifically to sell products, and they get people to buy because they give you a deal you cannot find anywhere else.
It isn’t that your audience doesn’t want to buy, it’s that your audience wants to get a good deal. Give them that and this monetization method will work for you and your guest week after week.