Fact: No matter which podcasting conference you attend, the most exciting session is always the one on monetization. The room is often standing room only. Why? Because nearly every podcaster wants to do more than just impact their audience and spread their message in a bigger way—they want to be able to generate income at the same time.
That’s exactly what I’ll be covering in this post.
Podcasting has made such a dramatic difference in my life and in my business. I’ve been fortunate to have built a business (The Inner Changemaker) over the last couple of years that allows me to travel while still being able to work and podcast. I’ve gained freedom of time and freedom of money. I’ve also been able to share the stage with some of the best in the industry, whether it’s speaking at Podcast Movement in Chicago or PodFest in Florida.
These monetization methods are presented in no particular order, but all of them offer incredible opportunities to create impact and build income at the same time. Ready? Let’s begin!
(Oh, and in case you don’t want to READ the blog, I made a video specifically for you below.)
Top 5 Ways To Monetize Your Podcast in 2018
1. Coaching and Mentoring
One of the biggest benefits of podcasting is that it sets you up as an authority with your audience. My podcast, The Inner Changemaker, has been broadcast in over 100 countries and been downloaded all over the world. This was the first stream of income I built when I started out. Members of my audience began reaching out to me, sometimes for life coaching, sometimes for more technical training.
So how does this relate to monetization? When people start viewing you as an authority, coaching and mentoring tend to flow naturally. When you’re starting out, it can be a challenge to determine your specific niche and who you are trying to serve. Coaching and mentoring is an extremely effective way to determine your ideal audience and build a stream of supplementary income.
Affiliates are businesses that offer outside products and services to your audience. As an affiliate, you agree to promote these products or services to your audience, and then receive a percentage of any sales. Affiliates get some promotional time on your podcast, and hopefully, new customers.
An example of an affiliate I set up in the beginning was Audible.com. We were interviewing influential game-changing entrepreneurs and often they would talk about books that made a big difference in their lives. Creating an affiliate deal with Audible was a no-brainer.
There are plenty of companies out there willing to become an affiliate if the audience if right for them. It’s an especially useful income generation method when you’re still developing your audience.
“Mastermind” is one of those terms that gets thrown around a lot, and as a result, many people aren’t really sure what it means. If you read about people like Napoleon Hill, Ben Franklin, and other successful people, they all have something in common: access to a group of individuals with whom they share their pains and successes, their strengths and vulnerabilities, and of course, their ideas. I realized that there are a lot of moving parts in internet marketing, some of which were pain points for my audience. I created a mastermind called the Inner Circle. Within this small group, we take deep dives into each other’s lives, businesses, and dreams. There’s a saying in the mastermind community: “People come for the content, but stay for the community.”
As a podcast host, you’re building a tribe around your message. You’re building a community around your ethos and brand. This community can be leveraged into a membership site, a private Facebook group, or whatever you wish. It establishes you as a leader and an authority which leads to extra revenue flow.
4. Public Speaking
You’ve heard the joke, “Public speaking is the number one fear among people. That means most people would rather be in the coffin than do the eulogy!” The fact is, there is NO more powerful way to share your message with the world than through public speaking. Because of connections made on my podcast, I’ve had the opportunity to speak to large groups—not just at podcast events, but also at corporate events, startup gatherings, and events I’ve sponsored myself.
While podcasts are effective at connecting with an audience on an auditory level, being on a stage creates a far more powerful connection with your audience. It’s also quite lucrative. When I was first starting out, I was charging basically nothing. I then got to the point where I was charging $200-300, and now I’m charging $1,000 or more for speaking engagements. It’s an amazing flow of supplementary income because conference organizers (and audiences) view you as an authority and someone who already has a community built up.
5. Create your OWN products
This is the most challenging method of monetization, but it’s also the most lucrative. As I mentioned before, I’m the founder of Inner Changemaker. But I also founded Podcast Your Brand, an online training platform designed to help entrepreneurs launch their top-rated podcasts and get their message out in a bigger way. The benefit of having your own products is that you have full control over how those products are marketed. Of course, It takes longer to set up your own products, but once you do, I promise your business will explode.
As a podcaster, you should build your own products that address your audience’s pain points. This cements your connection to listeners, who eventually become advocates for your products and brand.
So there you have it—the top 5 methods for monetizing your podcast in 2018. Whether you’re speaking publicly, creating your own courses and products, building a mastermind, or partnering with businesses and coaches, these methods will help you generate supplementary income as you spread your message and make an impact with your audience.
P.S. Have you ever tried launching a podcast? What has been your experience? Submit your questions and comments below!
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