IT TAKE A STRATEGY TO MAKE MONEY
Don’t feel alone. Many coaches struggle to make money with their podcast. They simply don’t have a strategy.
I know it can be frustrating. You work so hard to create your episode each week. It is a lot of time and energy devoted to your podcast with very little to show for it.
The lack of success has less to do with you and more to do with your process.
WHERE TO MAKE MONEY
There is one thing I want you to understand before we start down this path.
Your podcast isn’t your revenue engine. It is part of your marketing plan to have more sales conversations.
Your podcast doesn’t generate revenue. It promotes and markets the thing you sell.
Podcasting is a long-term game. This isn’t a “get rich quick” opportunity.
If you use podcasting correctly, the momentum of the fly wheel will continue to help you generate revenue in your business for years to come.
Unfortunately, many coaches give up before the fly wheel gets spinning fast enough.
FADE AWAY
Many podcasts fade away before the 10th episode is published.
When a podcast publishes less and less frequently until it completely ends is known as podfading.
I thought this stat was crazy until one day when I was helping a client find other podcasts that could interview her.
We opened Apple Podcasts to search for her niche. We were looking for other podcasts that were speaking to her ideal client.
As part of that process, we want to find podcasts that interview guests, speak to our ideal client, and are actively publishing new episodes.
I just searched that same keyword in Apple Podcasts. 3 of the 8 recommended podcasts haven’t published a new episode in the last 90 days.
THREE REASONS
Podcasters quit publishing new episodes for 3 primary reasons.
First, podcasting is more work than they thought it would be. They simply don’t have a process and team in place that will allow them to produce an episode consistently each week without eating all their time.
Next, the show doesn’t grow as fast as they thought it would. Sometimes, these podcasters believe if you build it they will come. The don’t have a system in place to effective grow their audience in a methodical way.
Finally, podcasters give up because the show doesn’t monetize as fast as they thought it would. They don’t have a strategy in place to make money.
To help you succeed, I am building a Podcast Profits Summit. 24 experts will help you build your strategy to make money with your show.
The Podcast Profits Summit will happen Thursday, November 2nd through Saturday, November 4th. I’ve invited some of the smartest and most successful experts in podcasting to give you their best.
More details will come later this week. I hope you can join us.
HOW TO MAKE MONEY
To make money with your podcast, you need a strategy. Every strategy will be a little different. It depends where you are starting.
You can make money with your podcast using six steps.
First, determine what you are selling. Since your podcast doesn’t generate revenue, what will you sell to make money?
Second, determine where that sales conversation happens. This could be a one-on-one sales call, webinar, sales video or a variety of other venues.
Now figure out how to get listeners to that sales conversation. This sometimes involves giving them a lead magnet and nurturing the relationship.
Other times, you could simply invite listeners to a webinar or video. It depends on the size of your offer.
The fourth step is creating content that describes the need for that lead magnet or next step. Inspire your audience and get them to take that step.
Step five is building the audience. Now that you have content that will get people to your sales conversation, grow the audience, and put that offer in front of them.
Finally, use your podcast to build powerful relationships with your listeners. Let them get to know you through your stories. Encourage them to go deeper with you.
WHERE TO START
To answer how long does it take to make money with a podcast, you need to determine where you are in that six-step process.
Your time to monetization will depend on your position along that timeline.
If you are on step one and just figuring out what to sell, it will take you much longer to make money than if you are on step five and simply trying to get your highly converting offer in front of more people.
Your time to monetization will also depend on the amount of time you can spend developing and refining the process.
Enjoy the journey. You’ll experience much more success. As the saying goes, he who enjoys walking will walk much farther than he who enjoys the destination.
MAKE MONEY QUESTIONS
Here are eight questions to ask that will help you make money with your podcast. These questions will help you get clarity on your process.
THE SIZE
How big is your following?
The bigger your following when you start, the closer you are to your goal. This following could be an email list, social media following, or anywhere you have the attention of your audience.
RELATIONSHIP
How strong is your relationship with that following?
There are those that are intrigued, those that are interested, and those that are invested.
Some people came into your world through a giveaway or some other 3rd party introduction. These people may not be fully committed to what you do. They were simply intrigued by what you offered.
There are others who love everything you do. Those people are invested. These contacts are much stronger candidates to help you make money with your podcast.
How strong are your relationships? That will determine how fast you can make money with your podcast.
IDEAL CLIENT
Is your ideal client perfectly clear? [Get the worksheet here.]
You can’t hit a target you can’t see. When it comes to finding your ideal client and getting them to buy your stuff, you need to know where to find them. You also need to know how to communicate with them.
If you haven’t defined your ideal client, you cannot effectively get your message in front of them. You will be spread too thin, and your message will be watered down.
Identify your ideal client so clear that you can see one person in your mind. Then, filter everything you do through that individual.
THE PROBLEM
Do you clearly understand the real problem she is trying to solve?
Her problem cannot simply be she wants to make money. Determine the “why” behind the problem.
Why does she want to make money? How will that change her life? What will that make possible?
Go a few levels deep to define the real problem she is trying to solve. Your marketing will be so much stronger and more effective.
URGENCY
How urgent is that problem?
The last thing you want to do is try to convince somebody they have a problem.
If I have to convince you that your website is inefficient, it will be very difficult for me to sell you web services. You’re not actively looking for that solution.
When I started Podcast Talent Coach in 2013, I created the ultimate podcast course. It had everything in it.
The course began with your niche and show focus. We discussed show prep and topic creation.
I taught interviewing and content creation. We talked about editing and publishing. You learned how to promote and grow.
There was a section on monetization.
Everything I had developed over my decades in radio was is in this course.
Then, I discovered nobody wanted everything. Podcasters weren’t trying to solve their “everything” problem.
Most podcasters that came to me were either trying to grow their audience or make money with their show.
These podcasters weren’t looking for a show prep solution or a show clock. They were searching for a solution to their most pressing problem.
That course was never published. Instead, I created focused courses on the three most pressing problems coaches were facing with their podcasts.
That’s when my business took off. I got clear on the urgent problem.
WHAT YOU SELL TO MAKE MONEY
Do you have something to sell?
To make money with your podcast, you need to have something to sell.
This could be your product or service. It could be an affiliate product. Maybe it’s a membership.
It doesn’t matter what it is. The only thing that matters is that you have something to sell.
AUDIENCE STRATEGY
Next, do you have a strategy to build your audience?
Once you have something to sell and a place to sell it, you need to get that offer in front of more people strategically.
Audience growth doesn’t need to eat your entire week. It just needs to be a strategy that you can effectively execute a few minutes each day.
THE SYSTEM
Finally, do you have a system to turn listeners into clients?
This is a system that puts it all together. All six steps we discussed earlier.
Don’t let the process eat your entire week. Create a system where each step feeds the next and helps you make money with your podcast.
MAKE MONEY SUMMIT
The Podcast Profits Summit will happen Thursday, November 2nd through Saturday, November 4th.
I am bringing 24 of the smartest and most successful experts in podcasting together to help you build your strategy to make money with your show.
More details will come later this week. I hope you can join us.
If you don’t have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.
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