If you are thinking of starting a podcast or if you already have one and wondering what are the best ways to monetize a podcast, then look no further. Here at Unblogg we will gonna throw some light on 8 best ways to monetize a podcast.
So without further ado, let’s directly jump onto the list.
1) Advertising & Sponsorship
Advertising and Sponsorship ways of monetization are the first thing which comes to mind if we talk about making money online, whether it’s a podcast, YouTube, blog, etc.
It is literally the easiest and well-known way to make money from podcasts. You just have to partner with a brand or company that is willing to advertise their product or service on your podcast and you will get paid for mentioning their names or explaining their product or service.
No doubt Advertising/Sponsorship is the great way to monetize a podcast, but it’s not the only way to go for, also it is not the best way coz if, it doesn’t come naturally to your audience it can result in skipping that part of the podcast or halt in listening completely.
So what you do? What are the other best ways to monetize a podcast?
2) Selling Physical Products
Selling products of your own can be the best way to make money, you don’t have to rely on others to sponsor your podcast or have not to face issues related to listeners backing off from your podcast.
Many well-known podcasters sell their merchandise through their podcast and making a good chunk of money.
With so many pros, it got some cons too. Although selling physical products is better than advertising but it involves a good about of investment in the product itself, keeping the inventory up involves a good spend of money.
This type of monetization way is better recommended if you got some amount to spend on manufacturing the products.
If you don’t have that much amount or can’t spend much then this next monetization way is for you.
3) Selling Digital Products
From the name itself ‘Digital products’, it is pretty clear, the product which can be digitally distributed and consumed comes under this category. Very well examples of these are the e-book, software, online courses, etc. It cost very less in manufacturing a digital product than a physical product and distribution is also pretty easy.
As you are promoting your own, there is a high chance of conversion with very few chances of your listeners dropping from your podcast.
The only downside to selling digital products is it does consume a good amount of your time in creating it.
If you don’t wanna make your hands dirty in creating your own digital products, then the next monetization scheme can be yours.
4) Selling Affiliate Products
In this method, you just promote the products which are already available in the market, after doing an affiliate partnership with the brand. It doesn’t involve any cost to join any genuine affiliate program and their payment process is also very direct. You will get a direct commission for every sale that you make. Some program also offers a recurring commission which allows you to make money every month or year based on subscription, just for the first sale you make, sounds cool, isn’t it.
This method is great to make money online if you are just starting out or don’t have or want to spend the money on products.
Bonus tip, if possible invite the founder or owner of that affiliate product to your podcast as your guest and you will definitely see a bump in your affiliate sales.
If you love helping people with what all you know and want to make a difference in their life, starting your own coaching program and promoting it on your podcast is a great way to make money through podcasts.
Through podcasts, one is able to build a deep connection with its listeners and in that case, there are a lot of chances that your audience will join your coaching, to be able to better intact with you or learn from you.
Somehow if you don’t want to start out coaching and the things involved with it but still want to help out your audience and make money from that, then this next method is for you.
Consulting is really the best way to help out someone, making their life easier from your knowledge and earning money in return for that. Again as your audience is in close proximity with you, they are more likely to avail of your consulting service if they need it.
What if you have a wide range of services to offer, hence here is the next way to take benefit from your podcast to make money.
7) Offering Your Services
Having your podcast allows you to offer a wide range of services to your audience. As we discussed for consulting, you can offer many more services without making your audience sketchy about you.
Let’s take an example, you provide interior designing services to your clients, in that case, your podcast can be the best medium to promote your interior designing services business and podcast can bring a good amount of leads for you.
Hence we can do consider ‘offering your services’ as a good monetization option for your podcast.
8) Selling Books
Selling Books can be one of the best ways to make money from your podcast, as you got much more flexibility with podcast. Podcast audiences love to listen to the host thoughts and mindset, in that case, promoting your books on podcasts comes very naturally and thus this leads to the best way to promote your book online too.
It does coincide with selling e-books, but here we are talking about actual full-length physical books, which I think is the better way to consume books than an e-book.
That’s all with our list of 8 best ways to monetize a podcast, hope you found it valuable.
Let us know your feedback in the comments below.
Have a nice day…
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