Many aspiring podcast hosts wonder how they will make money from their show. Here are 3 ways you can make money from a podcast:
1. Affiliate marketing
If you recommend specific products or services on your show, a simple method for profiting from that recommendation is to establish an affiliate relationship with that product or service’s seller.
For example, if you recommend a book on your show, you can sign up for Amazon’s affiliate program and obtain a unique link to that book. Include the link to that book on a Recommended Resource page on your website, or on the page of the specific podcast episode it was mentioned on. At the end of each episode, remind your listeners to visit that page if they are interested in the book. If they purchase the book using the link on your website, Amazon will pay you a commission for that referral.
If your show’s download numbers are high enough, you may begin to attract the attention of potential sponsors. A sponsor is a company that pays you to recommend their products or services to your audience. The higher the number of downloads your show receives, they more they are willing to pay you.
Research shows that podcast listeners don’t mind when the host takes a moment to acknowledge a sponsor for the show or episode. Many listeners even look forward to it, interpreting it as a helpful recommendation from a friend rather than “commercial interruption.” Just make sure that every company you enter into a sponsorship agreement with offers products or services that are relevant and helpful to your audience. If they’re not, you could lose your audience’s trust, causing your show’s download numbers to decline.
3. Promote your own products or services
One of the most efficient ways to make money from your podcast is to promote your own products or services on your show. When you consistently provide value to someone for free, they eventually feel inclined to reciprocate in some way. A podcast is an effective way to attract potential customers who may eventually be ready and willing to buy your products or services, such as books, courses, continuity programs, masterminds, and coaching or consulting.
A life coach, for example, could launch a podcast and use her show as a way to share valuable advice on a variety of topics including health, productivity, relationships, money management, and so on. At the end of each episode, she could invite her listeners to visit her website to request a coaching session with her. Let’s say 1% of her listeners take her up on that offer. In this scenario, she would book one new coaching session for every 100 listeners. Imagine if she increased her conversion rate, or attracted thousands of listeners to her show, or both! This simple strategy could dramatically grow her business.