Podcasting has become a popular way to make money in recent years. There are a number of different ways to make money podcasting, and the best way for you will depend on your particular show and skills. However, some of the most common ways to make money podcasting include sponsorships, affiliate marketing, crowdfunding, merchandise sales, and consultation and coaching services. If you're looking for ways to make money from your podcast, try out one or more of these methods and see what works best for you.
1. Sponsorships and Advertising
One of the most common ways that podcasts make money is through sponsorships and advertising. This can be in the form of traditional ads that play during the podcast, or it can be more subtle, like product placement or endorsements.
If you're looking to attract sponsors, it's important to have a large and engaged audience. The bigger your reach, the more attractive you'll be to potential sponsors. And, of course, you'll need to produce high-quality content that aligns with the values of your potential sponsors.
Once you've secured a sponsor or two, it's just a matter of working out the details of how they'll be incorporated into your podcast. Will they provide you with pre-recorded ads, or will you read them live? How often will they be played?
And so on.
We have a guide in our membership that teaches how to get started with sponsorship. Aside from the answers to the above questions, we teach how to price your show without using “industry standard prices” which can be very low. Instead, you can price based on your complete social reach, your level of influence, your niche specifications, or a combination of all three. Learn more about the She Podcasts Membership here.
2. Affiliate Marketing
Affiliate marketing is another common way for podcasts to make money. Basically, this involves promoting products or services on your podcast and then earning a commission on any sales that result from your promotion.
To be successful with affiliate marketing, you need to carefully choose products that are relevant to your podcast audience and that you genuinely believe in. If you're just promoting products for the sake of making a quick buck, your listeners will likely see right through it and tune out.
It's also important to disclose any relationships you have with the companies whose products you're promoting. This can be done by simply reading out a disclosure statement at the beginning of each podcast episode in which you promote a product.
You can also include affiliate marketing in your social media, on your podcast posts, in your show notes, on your website in the sidebar, and in emails. Lots of places for you to recommend the things that you love to your listeners and readers!
Crowdfunding is a great way to fund your podcast and make money at the same time. There are a number of platforms out there that allow you to set up a crowdfunding campaign for your podcast.
Basically, you set a financial goal or levels of donation and then ask your listeners to donate money to help you reach it. In return, you can offer rewards like access to exclusive podcast content, shoutouts on the show, or even products or services related to your podcast.
Crowdfunding can be a great way to engage with your audience and give them a way to support your podcast financially. And, of course, it can also give you the boost you need to keep producing high-quality episodes.
We recommend Patreon for this.
Selling merchandise is another great way to make money from your podcast. This can be anything from t-shirts and hoodies to coffee mugs and stickers. Basically, anything that your audience would be interested in and that represents your podcast in some way.
The key to selling merchandise is to keep your designs simple and your prices reasonable. And, of course, you'll need to promote your merch on your podcast and through social media to get the word out.
If done right, selling merchandise can be a great way to make some extra money and show your listeners that you appreciate their support.
There are so many great ways to sell your merchandise, but we are very careful to make sure that when we sell merch, it's size inclusive. We really like Customized Girl.
5. Consultation and Coaching
If you have expertise in a particular area, you can offer consultation and coaching services to your podcast listeners. This is a great way to make money while also helping people who are looking to improve their lives in some way.
To get started, simply offer a free consultation call to anyone who's interested. During the call, you can find out what they're looking for help with and then give them some tips and advice. If they're happy with the call, you can then offer to continue working with them on a more formal basis.
Of course, you'll need to promote your consultation and coaching services on your podcast and through social media to attract clients. But once you get started, this can be a great way to earn some extra income.
Podcasting is a great way to make money. There are a number of different ways to do it, and the best way for you will depend on your particular situation. However, some of the most common ways to make money podcasting include sponsorships, affiliate marketing, crowdfunding, merchandise sales, and consultation and coaching services. If you're looking for ways to make money from your podcast, try out one or more of these methods and see what works best for you.