How To Make Money Podcasting In 2020?

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What is the best way to make money with podcasting? You will find the simplest way to make money podcasting in this guide with actionable tips.
How To Make Money From Podcast

Podcasting And Making Money

Podcast is a growing trend in 2020. For starters, it is really easy to start a podcast—you don't need expensive equipment or prior knowledge to launch a podcast. But you know that most podcasts die off after the 30 - 50 episodes?

One of the biggest reasons is because podcasters are not able to generate revenue from podcasting.

So, what actually went wrong? More importantly, how do you make money from podcast?

Carry on reading below to learn more.

Make Money With Podcast

Making The Podcast Stands Out Is Hard

I'm not going to sugar-coat this but starting a podcast and making money from podcast are two different things. Hundreds of podcasts are launched every day and that makes it really hard for you to stand out from the crowd.

How To Make Podcast Stands Out From The Crowd

New podcasts are struggling to generate MORE traffic and listeners because the industry is so saturated.

However, podcasting is certainly easier for you to standout compared to like video (YouTube-ing).

Those podcasts that grind long enough will see an influx and growth in podcast listeners and subscribers.

Build A Podcast Audience

The most important step is to build a podcast audience. From day one (and even before launching your podcast), you need to focus in building an online visibility for your podcast.

This can be done by simply telling your blog readers, friends, peers and colleagues about the podcast show.

Yes, you are right. The first step is to hit 50 or 100 listeners and there is no easier way than getting your friends to get involved.

Grow Your Podcast Audience

The goal is to have more than 1,000 (bare minimum) podcast listeners for every episode you'd published. Of course, the more number is definitely merrier.

Once you have the number of listeners rolling, you need to focus on building even more listeners and grow your audience. The more audience and listeners you have, the more money you can make from podcasting.

Reach Out To Smaller Brands

One of the biggest mistakes in making money from podcasting is to look for big brands. While big brands have the budget, most of them are not willing to work with new podcasters because:

  • Low reach (number of listeners)
  • Lower conversion rates
  • Takes a long time to reach the ultimate goals

However, smaller brands such as brick and mortar businesses, new businesses and startups are more likely to collaborate because they have smaller budget and they are more keen to work with new podcasters.

Don't get me wrong. But it is always easier to convince a small business to collaborate with your new podcast instead of big brands.

Integrate Sales Funnels Into Podcast

Podcast is an audio version of content marketing and you can't just install advertisement banners to your podcast. Instead, focus on creating powerful cal-to-actions to get your listenerss to take action.

Sales Funnels For Podcast

The right ways to have a high conversion rate are:

  • Use a short URL strong for listeners to take action (example https://masterclass.incomestreamexperts.com/)
  • avoid long dashes such as example.com/my-best-podcast-show-for-you/
  • Giving specific perks such as free downloads, cheat sheets and other forms of bonus downloadables
  • Having the exact URL for sign up in the show notes
  • Track your sign up behaviors to ensure that you are able to convert cold leads (leads that don't take action) with sales funnels

Two of the best sales funnel builders for podcasters are Click Funnels and GetResponse.

CPM Model for Podcast

Once you are able to generate a strong and stable listeners throughout your shows, you can start working on the CPM models. For example, you can charge $10 for every 1,000 listeners per show. While the charges varies across the board, there are many considerations you can consider before putting a price.

Since you are starting new and from the bottom, consider going on a cheap rate before moving up the scale.

Are you Monetizing Your Podcast?

I am interested to know how you make money from your podcast. Leave a comment and tell me more about your experience!

Reginald Chan

Reginald Chan

A meticulous entrepreneur by nature, Reginald is a sought-after success coach, digital marketing consultant and TEDx speaker from Asia. Currently, he teaches others how to make money online for free.

Grow With Confidence

Copyright © Reginald Chan | All rights reserved

How To Make Money Podcasting In 2020?