6 Ways to Monetize Your Podcast

1. Get High-Profile Guests

Having influential guests on your podcast not only builds your credibility and gets you access to their audience, it also opens up monetization opportunities. Big names will likely expect some form of compensation for their time, but it’s an investment that can pay off in the following ways:

• Guests can promote the episode to their followers, which can expand your audience exponentially very quickly depending on the guest's reach. Even a single episode going "viral" can drastically increase downloads and listenership.
• Over time as you build more audience and downloads from these guest appearances, your show becomes more attractive for sponsors and advertisers so you can increase your monetization.
• Big names and influencers want to protect their personal brand carefully. Having them appear on your show signals to the world that you are a respected equal credible enough for them to associate with, further building your standing and authority.

When seeking out guests, think strategically about ones who can deliver on these benefits. Avoid desperation and expect some guests will want compensation, but make sure to provide immense value to those who do appear for free encouraging them in return through promotion and positive brand associations.

2. Find Relevant Sponsors

Instead of finding random sponsors, try to find sponsors tightly aligned with your niche and content focus. That way your endorsements of them feel natural rather than forced. Sponsors also appreciate personalized introductions to niche-relevant guests. Gordon was able to land sponsors by pitching how he would facilitate warm introductions to great guests in their target customer profile.

Strategies like this work because they provide tangible value to potential advertisers beyond just audio ads. Give them a platform to organically connect with potential customers and business partners without cold outreach. Some additional advantages include:

• When sponsors are tightly integrated content-wise, any endorsements feel authentic rather than annoying to your audience.
• Warm introductions convert to sales at much higher rates than impersonal marketing outreach.
• Providing this level of value builds goodwill and trust between you and your sponsors beyond a simple transactional relationship.

To identify and vet potential sponsors, examine who currently serves your niche and assess if they would welcome introductions that provide clients and exposure. Craft a compelling value proposition addressing how you will expand their business, not just offer ad placements. This level of partnership promises greater sustainability.

3. Create Sponsored Series

Offer brands the option to sponsor a short series of episodes rather than just a one-off. This allows sustained exposure of their brand, especially if done through a "limited edition series" released in a short time span for more impact. Gordon had a sponsor pay for a 5-episode limited series on fashion influencers, with each episode released daily during London Fashion Week which became a very successful ad campaign for himself and his sponsor.

The key advantages of a sponsored series versus a one-off episode include:

• Repeated brand impressions across multiple pieces of content, multiplying effectiveness.
• Ongoing exposure over days, weeks, or months depending on the release schedule.
• Limited edition series intensify exposure if released in a compressed timeframe tied to an external event/industry happening.
• More flexibility around connecting relevant topics across a range of episodes.

Here are some ideas you can use to offer sponsors within a paid series:

• Custom intros/outros mentioning their brand
• Inclusion of discount codes or special offers in show notes  
• Link in show notes driving traffic to sponsor webpage
• Branding on episode cover art or other show collateral

When pitching, have pricing models ready for standard sponsorships plus series options - the bundle should incentivize sponsors to go with multiple episodes. Limited edition bundles can charge a further premium given their visibility and exclusivity during unique events or hooks. And if you have them, provide past examples of successful activations and quantify the branding impressions and engagement generated.

4. Join/Create a Podcast Network 

Band together with other shows through a network. This allows for cross-promotion between shows and combining listenership stats and demographics to attract bigger advertisers. Gordon's marketing podcast network has over 75 shows now, and group ads and promotions have become a notable monetization stream for members.

Advantages that come from joining or even founding a podcast network include:

• A combined audience reach makes the network more attractive to large advertisers who are only interested in big numbers.
• Crossover promotion exposes each show to new audiences from other shows.
• Shared standards around advertising formats and platforms.
• Comradery and idea sharing between hosts to get feedback and experiment together.
• The ability to benchmark performance against other shows.
• Group clout to potentially negotiate better network-wide distribution deals.

If you can’t find a podcast network, you should try to start one yourself. To start your own network, identify just a handful of shows (5-10) in your broad niche or topic category. Align on standards around content, advertising, etc. Collaborate on finding shared advertisers. Over time the network can scale to add more shows with the combined value growing in tandem. 

5. Repurpose Your Content  

Take segments from episodes and repurpose them through platforms like YouTube, TikTok, and Instagram. The short videos can drive traffic back to full episodes. Gordon notes this is vital in today's "attention economy" - short snippets have more stopping power than long-form content for initial outreach.

Given shrinking attention spans digitally, episodic content should have a dual-use strategy:

Full episodes cater to diehard fans wanting to go deep on a topic.

Short segments attract new audiences through social platforms and different formats.

Here are some ways to repackage podcast content with this strategy:

• Post 1-2 minute clips on TikTok linking back to the full episode.
• Turn the 5 best moments/quotes into Instagram photo posts.
• Extract 5 key lessons from episodes into a YouTube video.

The podcast itself focuses on long-form value. Social media provides a gateway through powerful snippets optimized for engagement. This maximizes the surface area to entice new listeners from various platforms, which then expands your monetization potential through downloads, merchandising, live shows, and more.

6. Offer Memberships

Consider offering exclusive or early-access content through a paid membership or subscription offering. Bonus episodes, talks, workshops, or courses are enticing to devoted fans who are happy to pay. Just be sure the extra content truly provides added value worthy of a membership. Also, build in community aspects where possible by connecting membership holders together. 

While ads and sponsorships scale reach through exposure, memberships double down on nurturing your true fans willing to pay. Some benefits may include:

• Ad-free podcast content
• Back catalog of all episodes
• Virtual meet & greets  
• Forums to connect with hosts and other fans
• Bonus interviews or segments
• Discounts on live events
• Early access to episodes
• Polls to vote on show decisions
• Merch & swag 

The most lucrative creator businesses convert a portion of fans into paying subscribers. The key is crafting exclusive experiences that offer significant value rather than locking away what used to be freely available. True fans want to support something they are passionate about, not just transactionally purchase content. Special access and community are ways you can foster that emotional buy-in.

Monetizing a passion-driven endeavor like a podcast allows creators to keep producing great content. But financial pressures can also risk burning out that initial passion that made the show appealing in the first place. 

As the strategies here illustrate, there are plenty of creative avenues for generating revenue through sponsors, advertisers, networks, and memberships. Just be wary of over-commercialization. 

With the right balance, you can build sustainability in a way where no one loses - sponsors get ROI, audiences get great content, and you fuel your ability to keep creating. 

The world needs devoted creators willing to produce content from the heart rather than just for financial motivations. Stick to your vision, take care of your community, and the monetization will follow.

I want to thank Gordon Glenister for joining me on this week’s episode of Podcasting Secrets. To learn more about Gordon and the projects he is currently working on please visit GordonGlenister.com. Gordon is also the host of two podcasts: Influencer Global Podcast and Membership World Podcast and is the author of the book Influencer Marketing Strategy.

Key Takeaways From the Episode:

1. Becoming a podcast host allows you to build relationships and credibility with high-profile guests, which can help you leapfrog to the top of your industry.

2. Writing a book in your niche also establishes your authority and opens doors, like getting translated for foreign markets hungry for that knowledge. 

3. Educating, inspiring, and entertaining are three ways to build an engaged audience. A book and podcast can tick those boxes.

4. Sponsor a niche podcast series to gain targeted brand exposure, leads through host introductions, and affiliate marketing opportunities.

5. Create exclusive, high-value content that listeners will pay for access to via a membership model.

6. Join or create a podcast network to cross-promote shows, combine advertiser deals, and collectively improve rankings. 

7. Provide massive value first without expecting anything in return. The good karma pays off down the road.

8. Consistent self-promotion across platforms like YouTube, TikTok, and Instagram drives podcast traffic and monetization.

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Thanks for joining us for this episode. I wish you success in monetizing your podcast!