7 Marketing Strategies to Help You Make Money from Podcasts
MTV VJ Adam Curry and software developer Dave Winer published the first podcast in 2004 via an RSS feed. The popularity of podcasts has sky-rocketed since then; it is now a thriving industry worth $9.28 billion as of 2019. Researchers predict an annual growth rate of 27.5% between 2020 and 2027.
Effective marketing plays a crucial role in expanding your podcast’s potential reach and profitability. Your marketing approach should begin at the planning stage, so start by setting clear goals and priorities. We share seven marketing strategies for those of you venturing into podcasting to help you turn your passion into a profitable business.
1. Affiliate Marketing
Affiliate marketing involves promoting third-party products or services through your podcasts and receiving a commission on the sales. To monetize your podcast, you can affiliate products and services related to its subject. Amazon and ShareASale are famous examples of successful affiliate marketing programs.
2. Advertising and sponsorships
Once you have built a substantial audience base, companies will reach out to you with sponsorship to promote their products via your podcast. Sponsorship deals can range from $100 to $1,000 per episode based on your expertise and how well you can negotiate. According to IAB and PwC, advertisers spent $678 million on podcast advertising in 2019. The number is expected to reach $1 billion this year.
3. Online courses
Share your podcasting knowledge by offering online courses on your website. Use webinars and live events to promote your courses. Subscription money from these courses is an excellent source of revenue.
4. Membership programs
Convert your regular listeners into paid subscribers by creating membership programs. These programs curate the listening experience and offer easy access to premium content for a monthly subscription fee.
Leverage the power of crowdfunding to generate additional revenue for your podcast. Community platforms like Patreon allow you to receive direct contributions from your listeners. You can also use social media platforms for marketing your crowdfunding campaigns.
6. Selling merchandise
Custom merchandise is a prominent revenue source for big brands such as Marvel, Harry Potter, and Disney. You can boost your revenue by selling customized merchandise as it’s loved and cherished by both fans and collectors.
7. Email marketing
For every $1 you spend on an email, you can receive returns of up to $42. Actively encourage your listeners to become email subscribers. Doing so will create more opportunities for you to develop a deeper connection with your regular audience. Keep them updated with information about the latest episodes, affiliate links, and upcoming content to earn their loyalty.
8. About Voxonic Studio
We aim to help you create exceptional podcasts that break barriers to reach a larger audience. We have consistently been delivering excellent results for our partners since 2012. We operate out of our state-of-the-art studio facility in Galway, Ireland, where our team of experienced sound engineering professionals strives tirelessly to ensure your podcast achieves its highest potential. You can reach us by filling out our online contact form.