Making money with your podcast. It can be done! But it requires a hefty dose of entrepreneurship, knowledge and time. Because starting a podcast is easy, but committing to it and keeping going? That's another matter. Did you know that many podcasters quit after only seven episodes?
If you want to make a success of your podcast and make money with it, there is really only one thing important: keep going. Because if you consistently create valuable content that inspires your listeners, the rest will follow. Provided you dare to take action.
Start a podcast from scratch
The podcast Leaders in Finance by Jeroen Broekema is a great example of how to use your podcast as a source of income. Even though that wasn't the goal at all. "I just found it incredibly fun to do," Broekema tells us in the sixth episode of our podcast Masters Of Podcasting. "That's the number one reason why I started doing it and why I'm still doing it."
Broekema had been running with the idea of starting a podcast for a while. But his busy job in the financial sector meant he lacked time. The first episode of Leaders in Finance live. Meanwhile, a Leaders in Finance Group with three business branches and lies a book, with highlights of the first 100 conversations. Because those 100 episode have long since passed 😉
We hear you thinking: how did he do that? And can I get in on it? Read on, because Broekema gives five tips on how to turn your podcast into a money maker.
Tip #1 Be motivated
“Start a podcast from the full conviction that this is what you want. Because if you're doing this because everyone else is doing it... fine, but I don't think that's a good motivation."
For Broekema, there were three reasons to start his podcast:
- The desire had been there for some time
- An ideal way to keep in touch with the industry
- More openness about money and the people who work with it
Tip #2 Know your target audience
You want your podcast to add value. This is why you need to be clear about who you are making your podcast for. Who is going to listen to your show? How can you convince your target audience that they should listen to your podcast? When you know that, you can target your podcast.
Tip #3 Hire professionals
More and more organisations and entrepreneurs are embracing the podcast as a marketing tool. But many organisations do not have the in-house knowledge to create a podcast. Therefore, hook professionals who know what they are doing. For example, podcast studios or creators. At Springcast, we have an extensive partner network who can help you or your organisation in this regard.
Tip #4 Be patient
Of course, it is nice to know immediately what a podcast brings you. But often - especially in the beginning - this cannot be measured directly. Start anyway:
- Build your brand by creating awareness. You do this by making a podcast with stories about your industry. Or interviewing people in your industry, as in Leaders in Finance.
- As an organisation, show that you are socially engaged by bringing personal stories that are close to society or support a good cause.
Bringing these kinds of stories builds your image and makes your listener feel more connected to you. This makes him or her more willing to buy a product or service, for example, or support you as a sponsor. But more on that in a moment 😉
Tip #5 Whatever you do: don't stop
The podcast is here to stay. But as we said earlier, many podcasts stop after only seven episodes. Do you want to make money with your podcast? Directly or indirectly? Then by all means go ahead.
Be consistent and publish your podcast in a fixed frequency. This does not have to be every week, but can be once every fortnight or once a month. That way, your listener will get used to you and keep coming back.
Earnings models of a podcast
There are several ways to make money with your podcast. In our article 'How can you make money with your podcast?' we list these for you, but for convenience we also list the revenue models for you in this article ;D
Ask companies to sponsor your podcast by asking for a monthly or annual fee, for example. In return, mention these companies. For example, "This podcast is made possible by..."
Do you have a regular group of listeners? Ask for a voluntary contribution. Or ask them to become donors for a fixed amount per month. This can be as high and as low as they want.
Make use of ads in your podcast. You can do this by promoting a product or service as a host. But you can also place ads at the beginning, middle and/or end of your show. At Springcast, we will very soon offer the ability to automate this.
Offer episodes against payment
Get your listener to subscribe to your podcast. For example, you can offer bonus material, but you can also make your podcast exclusive by offering it only for a fee because your content is valuable. With a subscription, your listener will receive the episodes in the mail, for example.
Organise events around your podcast
Is your podcast a (reasonably) well-known name or are you in a niche? Organise an event with speakers from your podcast, for example. Offer extra content during such an event. For instance, valuable info that your listener can use to build his or her own level of knowledge of the industry or sector.
The podcast Leaders in Finance uses three models: sponsorship, fee-based episodes and events. Broekema: "Thanks to contributions from four companies, we can continue to invest in the podcast." In addition, Leaders in Finance offers an Academy. These are fee-based educational podcast series for professionals in the financial sector. Leaders in Finance also organises events for the sector with speakers from the world of finance.
Other sources of income
Besides the revenue models above, there are other effective ways to make money with your podcast. And of course, we list these for you as well!
Promote your podcast to other podcasts
As a podcast guest, you often receive remuneration for speaking in a podcast, especially if you are an expert in your field.
Interview other podcast creators in your podcast
Engage with fellow podcasters in your own podcast and let them promote their own podcast for a small fee.
Apply for subsidy
Grants are mostly cost-recovery, but it is always worthwhile to see if you can get them. If grants are given, it is mainly for social podcasts, or about art and culture.
Hiring yourself out as a podcast host or chairman of the podcast
Many podcasts where multiple speakers are guests are led by a podcast host. Similar to a daytime chairman at an event. Offering yourself as a daytime chairman can also be a source of income.
About Jeroen Broekema and Leaders in Finance
Jeroen Broekema started his career in the financial sector; seven years at a major bank and the remaining five at a fintech. A fintech is a company that combines financial services and products with innovative technology.
After those 12 years, Broekema thought enough was enough. Time for a break. An 'interim retirement', as he calls it. But nothing came of it.
Because on February 13, 2020, the first episode of the podcast came out Leaders in Finance Online: candid conversations with leaders in the financial sector, designed to create more openness in this world.
The podcast became a success. So successful, in fact, that Leaders in Finance has since become the Leaders in Finance Group, with three branches:
- Leaders in Finance Podcast: each week Broekema interviews leaders in the financial sector
- Leaders in Finance Academy: educational podcast series for finance professionals
- Leaders in Finance Events: organising events for and in the finance sector.
About Masters Of Podcasting
Masters Of Podcasting is Springcast's brand new podcast. In this show, we engage with experts in the field of podcasting. These can be professionals who guide organisations through the podcasting process, as well as entrepreneurs and organisations who have started successful podcasts themselves in recent years.
The first season of Masters Of Podcasting is a series of ten episodes. A new episode will be published every Tuesday. You can watch these here find. Want to know more about this podcast? Then keep an eye on our socials or subscribe to the show in your favourite podcast app.