Running a podcast is one thing, but making it profitable? That’s what we all dream of.
Kate Erickson, one-half of the Entrepreneurs on Fire podcast, had just quit her job when she was looking for a career that was both fulfilling and profitable. While there were plenty of steps along the way, before long she was working alongside John Lee Dumas on Entrepreneurs on Fire, a highly-successful podcast that teaches fledgling business owners what they need to do to succeed.
Making it work, she said in her speech at We Are Podcast 2017, came down to a few key principles. Here’s what she said were the top things you needed to do to make your podcast profitable.
Create valuable content
Valuable content, in essence, creates a bridge from where you are now to where you want to be. The first thing you need to do to create top-of-the-line content is to identify your avatar. Your avatar is the ideal listener, the person that personifies your audience completely. You’re never going to find this person until you start creating, so don’t get too wrapped up on who they are.
The second thing is to identify your niche. Sure, you have a podcast that’s about business. But what about your podcast separates it from the thousands of other business podcasts out there?
Then, go find those ideal listeners. Scour message boards and online communities to track down the people that will love what you do. Some tenacious googling and networking is what you need here. Once you’ve found them, ask what they want to see in a podcast. Pay close attention to the issues that your community is facing and think about how you can solve them.
Finally, be a good listener. Take feedback from your audience and use it to shape your program into something great.
Create consistent content
A big problem with new podcast hosts is that they put out programs sporadically. They do it when they feel like it, or only when they’re inspired, or when things fall into place. Don’t succumb to this trap. Make a schedule — whether it’s weekly, every fortnight or something else — and stick to it. Kate has real data that shows how her own podcast lost viewers when it stopped being consistent
A great tip she had was to make use of your calendar. This may seem obvious, but when you physically schedule things on your calendar, you are much more likely to actually see them through.
Create purposeful content
This is where podcast monetisation comes into play. You need to put systems into place that are going to create income and make your podcast worthwhile.
For example, you may have three parts of your sales funnel. The first might be a free newsletter, the second might be a cheaper online group and the third might be a more pricey masterclass. You need to make sure that your podcast is pushing people along this funnel without being overbearing.
Purposeful content leads your listeners to where you want them to go. This is, in essence, how you turn a podcast from a fun side hobby into a profitable venture. After that, the sky's the limit.
Listen to the entire podcast episode here.
If you want to be proud of the voice you’re sending out into the stratosphere, download the comprehensive 81 Point Checklist here and get ready to launch your audio marketing machine.
Author: Ronsley Vaz
Ronsley is the founder & chief day dreamer at AMPLIFY. He is an author, speaker & serial entrepreneur.
He has a Masters’ degree in Software Engineering and an MBA in Psychology and Leadership. He is known as the creator of We Are Podcast – the first Podcasting Conference in the Southern Hemisphere, and the host of The Bond Appetit Podcast and Should I Start a Podcast. He has an audience of over 3 million in 133 countries.