by Danielle Desir
To celebrate Financial Literacy Month, I attended the Anchor Presents “Monetizing Your Podcast” workshop in New York City. During the workshop, I mingled with other podcasters, sat in on a panel discussion about monetization and chatted with the Anchor team about their app.
The panel, who all used Anchor to produce their shows, were on point. Although they served different audiences they all found creative ways to monetize their podcasts.
The panel was diverse and openly shared how they were making money podcasting. I walked away feeling inspired and ready to take action.
Monetizing Your Podcast workshop panel: Jeff Staple is the host of Business of HYPE, a weekly interview series that features well-known creatives, brand-builders, and entrepreneurs from various corners of youth culture. Amber Khan is the host of Revolution Ramblings a stream of consciousness podcast and Cafe con Victor is a technology podcast about digital culture, creativity and even video games hosted by Victor Abarca in Spanish.
Here are my biggest takeaways from the Anchor Presents: Monetizing Your Podcast workshop.
Let’s Talk Monetizing Your Podcast
When is the right time to monetize your podcast?
Podcasting is very involved and it’s a lot of work.
Not only do you have to create content, record, edit and host your podcast but you also have to manage your expenses.
While Anchor allows you to distribute, host, and monetize your podcast for free, podcasters who aren’t on the app have a pile of bills to tend to every month. I know I do.
Since it costs money to have a podcast, it’s no surprise that many podcasters want to make money doing what they love.
Jeff Staple stressed that it’s always the right time to monetize your podcast. Every engine needs fuel and to sustain your show, you need gas in the tank.
With that being said, lead with value.
Lead with Value
You want your audience to feel like they owe you – like you have given them so much for free that they need to pay you back in some way.
Content is currency. I repeat content is currency!
Ways to monetize your podcast:
- Podcast ads
- Work with brands directly on campaigns
- Ticket sales for events
- Patreon subscriptions and more
While there are lots of ways to monetize your show, don’t forget that your podcast can be a jump-off point for several unexpected streams of income. Think freelancing, consulting, coaching, getting paid to host other podcasts, landing speaking gigs and more.
I can personally speak to this – I recently landed a new freelancing client through my podcast. This new income stream was unexpected and a direct result of producing my show.
Should you negotiate?
When you have the numbers and/or great content, stand behind your rates.
Your rates are based on the value you provide to your audience and brands who want to work with you will honor that.
Also, stay away from using affiliates as a way of monetizing your podcast.
Affiliate partnerships rely on sales – is your audience for sale?
If you love a brand, that’s a different story, however, don’t be afraid to turn down affiliate opportunities that don’t serve you or your audience.
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Danielle Desir is a podcast marketing coach, founder of WOC Podcasters and the host of The Thought Card Podcast an award-winning affordable luxury travel and personal finance blog and podcast empowering financially savvy travelers to travel more, pay off debt, and build wealth.