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Knowing Your Territory: Can You Make a Living Podcasting?

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StrategyDriven Entrepreneurship Article | Knowing Your Territory: Can You Make a Living Podcasting?Podcasts continue to grow in popularity. As a result, there are many people who want to join the individuals who are already taking advantage of this new form of expression. From individual hobbyists who want to share an interest they have while supplementing their income to business owners who want to grow a new customer base and build their authority in an industry, podcasting offers a huge appeal.

While finding a Podcast publishing platform is an important step in this process, it is not the only step that must be taken. If someone wants to find success with a podcast, there are few other things to consider, as well.

How Can Podcasts Make Money?

One of the most effective ways for podcasts to make money is through advertisements. While it may take time to build an audience that will attract the attention of a potential advertiser, it is the best way to earn a profit.

Typically, advertisements are sold by CPM, or cost per mille. This is the fee for every 1,000 listeners. The average rates for podcast advertising are about $18 for a 30-second CBM and $25 for a 60-second CPM.

Usually, advertisement sales will occur directly between the podcast and brand or by using a marketplace or agency. The commission from an affiliated product or program is another common type of income stream for today’s podcasters. With this, hosts will mention products on their show and then give their listeners a custom discount link. After this, the podcast is going to receive a percentage of every sale that is made with a unique URL.

Instead of including advertisements, there are some podcasts that sell subscriptions to their show. This is done by keeping content behind a paywall. For example, there are some crowdfunding platforms that allow subscribers to select a donation tier to get different perks, such as access to episodes early or exclusive content.

Expanding a Podcast Audience to Attract More Advertisers

Today, podcasts are a sought-out way to advertise for brands. Even with the pandemic in 2020, podcast advertising revenue grew by 14.7%. With this in mind, it is clear that this is a great way to generate a new stream of income.

Even though advertisers are going to look at other factors, beyond engagement, interest group, demographics, and more, the size of the audience is still an important consideration. When someone is new to podcasting, they should focus on appealing to and expanding their audience, which is going to help attract more advertisers.

There are a few key components that need to be focused on to build an audience and establish a successful podcast.

Target Audience Considerations

It is necessary for a podcaster to determine who their audience is and keep them in mind during the process. Each time an episode is released, there needs to be a plan to market it. By knowing the target audience, it is possible to create content that will resonate with them.

When it comes to creating a podcast, there are more than a few factors to consider. Be sure to keep the information and tips here in mind to achieve the desired results with the podcast that is created, regardless of the subject matter or the industry that it is being created for.

8 Reasons Your Business Should Have a Podcast

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StrategyDriven Marketing and Sales ArticlePodcasts have become incredibly popular in recent years. Consumers can access files they want via the internet, whether downloading them (like downloading videos) or streaming them and listening to the podcasts on their chosen device. Podcasts are not just a way to entertain the public – they are an invaluable tool for small business. Here are eight reasons your business should be considering podcasting as a marketing solution.

It Is the Best Alternative to Video Marketing

Video marketing has a high return on investment because it is so engaging. However, not everyone wants to shoot a video.

They may not have the right equipment. They may think the output won’t meet customer standards. They may not be comfortable in front of a camera, or they know they aren’t experienced dealing with lighting, sound, and backgrounds and know that mistakes here could ruin the shoot. The solution then is to go with a podcast, essentially the audio portion of a presentation.

Podcasts don’t have to be a lot of work. You could work with a company like AudioFile Solutions; they offer transcription services but specialize in podcast production. You could give your narration over the phone or in their studio, and they’ll do all the work from recording to editing, sound effects, and music.

It Gives You the Ability to Reach New Audiences

Podcasts are readily shared among those with similar interests or demographics. If you create an engaging podcast on a topic, it will get shared widely. People who haven’t seen your advertisements may hear your podcast as it plays on someone else’s speakers or see others mentioning it on social media. This can lead to increased traffic to your website.

You Generate Qualified Lead

A podcast is one of the most effective ways to get high-quality and organic leads. Podcasts that demonstrate your professional expertise or knowledge about a given area will generate far more qualified prospects. You’re essentially having a one on one consultation with a thousand potential customers, and a modest share of them could come to you for a paid consultation. The prospects that do arrive need less time to onboard. Those who are already customers remain loyal to you because of the podcast and are less likely to leave, so you don’t have to work to replace them.

It Is Affordable

Starting a podcast doesn’t take a lot of work. You’ll need a good quality microphone, though the one in your phone could be enough if you’re working with a third-party service. Editing software is cheap and generally easy to use, but you can also work with services that will edit, polish and package the final podcast into something you can upload to your website. If you don’t want to host the podcast files on your website, there are plenty of services that will allow you to host your podcast and promote it to your subscribers. And there’s always the possibility of your podcast getting sponsorships, making it not only affordable but turning it into another revenue source for your business as well.

You’re Adding Depth to the Relationship

Listeners often subscribe to a podcast series. They’ll regularly listen to new content, and they may peruse older podcasts. As long as you keep offering good content, your audience will probably keep listening.

Every session builds familiarity with the speaker and the brand. Because they’re listening, they feel like they’re part of the conversation. This helps build trust with your audience and increases the odds they’ll convert to a paying customer. They’re more likely to buy something from a friend, and after listening to your content for hours, they feel like you’re more a friend than a stranger. This explains why nearly two-thirds of respondents on a survey of podcast listeners said they’d bought something the host promoted.

You’ll Improve Your Public Speaking Skills

One of the benefits of doing a podcast is that you’re practicing your public speaking skills. You’ll develop a natural, easy going flow while speaking. You don’t need to be afraid of mistakes since they can be edited out, though you can also re-record the session. This practice will allow you to do much better in public speaking opportunities such as sharing a sales presentation.

No can Go Much more in Depth then Text

The average length for a blog post is around 700 words. That doesn’t seem a lot to go in-depth on any subject, but shorter blogs reflect the short attention span of most people when reading online posts.

On the other hand, the average podcast will have over 4,550 words of content. And if you asked a lot of people, most would probably answer that they would rather listen to a podcast then sift through 4,550 words of text. And that’s one of the reasons podcasts can be so powerful. They allow you to dig a lot deeper and cover every aspect of your topic while delivering it in an easily digestible way. This also allows you to showcase your knowledge better by speaking about various aspects related to the main topic as well.

Awesome Tool for B2B Businesses

According to a recent survey by Bredin, over one-third of small business owners listened to podcasts. And among that percentage, over half said that they listen to at least one podcast per week.
But this isn’t limited to small business owners. As a matter of fact, the percentage was even higher for bigger companies. The study found that over 70% of all business owners with 100 to 500 employees also listened to podcasts.

If you’re in a sector with high consumer value, podcasts are a sure bet. Podcasts seem to be especially effective in the legal, business, and financial field. It can also work in sectors like real estate as well, especially when showcasing a particular area or promoting high-end services, for instance.

Conclusion

Podcasts are an excellent marketing tool accessible to businesses of any size. Anybody can afford to start a podcast, but no one can afford to ignore their potential.