Tips on How Podcasts Can Make Money
By Stephanie Mojica
When entrepreneurs think of getting into the media, they often think of magazines, newspapers, TV, and radio.
But podcasts are a growing, and still often-overlooked, form of media that can dramatically benefit all types of entrepreneurs and experts.
According to Buzzsprout, only 22 percent of American adults in the early 2000s knew the term podcast. Currently, the estimated number is 78 percent.
For those who don’t know, a podcast is generally a series of audio-only episodes surrounding a central theme. It’s sort of a mix of blogging and radio, though there are some distinct differences.
For example, podcast interviews are evergreen. Meaning, they last forever. Podcast hosts tend to publish their episodes on multiple websites and apps dedicated to this medium, including Apple Podcasts, Spotify, Audible, Google Podcasts, Blog Talk Radio, and many more.
I’ve been on podcasts where the hosts also livestream the interview (including the video) to YouTube, Facebook, and Instagram.
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Examples of Making Money Through Podcast Interviews
While many people produce podcasts or do podcast interviews as a hobby, there are ways to monetize both ends of the spectrum.
For example, I had an interview with the Yeukai Business Show (a podcast based out of the United Kingdom that is in the top three percent of globally ranked podcasts). The host, Yeukai Kajidori, immediately introduced me to someone he had recently interviewed who was hoping to write a book. She and I had a conversation and she enrolled in my 90-day intensive. She finished her book during our time together and is having it published.
My company had another client, I’ll call her Anne, who sold 400 books from a single podcast interview. Since her royalties through Kindle Direct Publishing are $9.72 per book sold, she made $3,888 from a single interview!
Yet another client, I’ll call him Don, sold an $8,000 consulting package to someone who heard him on a podcast.
The list goes on and on. Podcasts, when used well, are an amazing tool to gain more sales…and you don’t even need a book to do it (though a book always helps you get interviews and have something to offer listeners right away)
Tips for Monetizing Podcast Interviews
While we’ll go deeper into the process of getting these opportunities in a future article, it’s fairly easy to get started with podcast interviews. Facebook groups and Clubhouse rooms dedicated to find a guest, be a guest abound.
While you should do more careful targeting later on, it’s fine to do a few interviews with any show related to your expertise just to get started and become known. Many of my recent podcast interviews came from referrals from other podcast hosts, so getting in the game so to speak is key.
Each podcast interview takes about 30 to 75 minutes of your time. Depending on your schedule and goals, you should aim to do at least one a month. Many folks, including myself, try for one a week. If you’re launching a book or a course, the more interviews the better.
When pitching yourself to a podcast or speaking on a podcast, avoid hard sales pitches. I think you know what I’m talking about. Do not basically order people to buy your product or service. I’ve heard of podcast hosts not publishing episodes where all the guest does is try to sell to the audience.
Podcast listeners want value. They are dedicating their time to listen to you. While they’re aware that you’re in business, they don’t want to hear sales pitches the entire time.
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Tell Stories About Your Clients
Answer questions about yourself honestly and in an engaging manner.
Weave in ways they can get in touch with you. For example, I’ll say something like, “I go deeper into this in my free eBook” and mention the title and website.
Always say any web addresses twice and speak slowly when giving them.
Use headphones and a good microphone to avoid background noises that can render your episode unusable.
Most podcast hosts will let you put links in what they call show notes. Some have limits; others don’t. If you’re limited, I recommend a link to a free offer where listeners can leave their email address (aka they opt in), your LinkedIn profile, and your most popular social media profile or your Facebook group. I still wouldn’t give 50 links; as one of my mentors, Ali Brown, once said in a virtual training class, “A confused mind says no.”
Keep in Touch with Your Hosts
Not everyone will mesh well, and that’s okay. But most of the time, you’ve started a relationship that’s worth continuing — and you need to nurture it.
Keep in touch with the podcast host. Most are happy to accept your friend request on social media. See if there are ways you can bring them more value.
In October 2021, I hosted a 30-plus speaker summit called The Visible Authority Virtual Event — Be Seen. Get Heard. Get Paid. Alex Villacis, host of Do I Need School to… invited me to do an Instagram Live with her to help drive members of her audience to my summit. This was only possible because we kept in touch after my interview with her about the book editing side of my business.
Another host, Heather Zeitzwolfe from the Get the Balance Right podcast, invited me to be a speaker on her Zoom networking event. People signed up for my free Business Book Blueprint five-day challenge as a result. I’ve also introduced potential virtual assistants and mentors to her.
I’ve referred multiple clients and business associates of mine to these podcasts as well as other podcasts. The key is to treat every host you meet with respect, bring plenty of value to their audiences, keep in touch, believe in the power of your message, and just get started.
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