I'm glad you asked that question!
If you don't approach podcasting with an idea of how you are going to make money from it you just might end up podcasting for peanuts! I'm not saying you should aspire to make millions from podcasting (though I won't discourage you if you want to try) but you need to have a plan.
Podcasting should be an important part of your online marketing strategy.
You don't have to straight sell goods through your podcast to make money with it. There are many indirect methods to build your business, expertise and income with this medium.
Here are some marketing models you'll want to consider as you plan out your program, episodes and guests:
Sell Products - Let's say you sell air conditioners. If you want to host a podcast you're going to have to get creative because nobody wants to download your commercial for air conditioners every time you've got a new show. Instead, you could host a monthly podcast about possible health benefits, tips on how to install air conditioners, interviews from experts and other interesting information potential customers of your air conditioners would be interested in. Then at the end of every episode or during the episode you can remind listeners that the show was sponsored by your company and let them know where they can buy an air conditioner from you.
Sell Services - If you run a service based business a podcast would be a good way to showcase yourself as an expert in your field. Answer all the questions your potential clients might ask by telling them how things are done. For example, a virtual assistant who specializes in audio editing might host shows about podcasting, editing audios, interviewing styles and more. This would be an educational show that gives potential clients everything they need to make an informed decision on who to hire to help them with their audio needs.
Affiliate Marketing - You know how Oprah has her Book of The Month club and every book she recommends gets snapped up in a heartbeat the minute it's on the list? Well you can build your own following with a podcast and make your own recommendations. Then through the technology of affiliate marketing you can earn nice commissions on your recommendations. This is the business model I employ in my own podcast as well as on my blog and throughout a large portion of my business. In order to maintain ethics and reputation it is very important that you are diligent in your research of programs and products that you promote. I myself have a strict rule that I will only promote products I've either a) used myself or b) developed a deep respect for the owner of.
Sell Advertising - You can also make money by developing a successful podcast and then selling advertising. I say the podcast should be successful first because most people won't pay anything for advertising to an audience of none.
So there are a few ways you can make money with a podcast. Of course you won't be making money without listeners so you'll also need to put effort into promotions.
How Do You Promote a Podcast and Get More Listeners? Is a Podcast Difficult to Produce? School and College Radio Internet Marketing - Using Podcasts
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