How to Monetize Your Podcast This Year

Photo by Austin Distel on Unsplash

This post contains affiliate links.

I’ve been podcasting for over four years now.

When I first got started, I believed I could use a podcast to help rescue my husband from his toxic job!

I’m a big podcast consumer! I was listening to an episode back in 2016 where this lady had launched a podcast and built it into a million dollar business in a year!

Where do I sign up!?!

I did some research. It seemed like it was easy enough to do. Just get a podcast host, and start publishing.

I published, and I floundered. But, I grew my audience and obtained over 30,000 downloads to date.

Well, four years in, and I still don’t have a million dollars for reasons I am not prepared to share yet.

The reality is, you won’t make a million bucks with a podcast unless you are already on track to get there, or you have razor-sharp focus!

However, I have learned a ton along this journey, and I will be on my way to that goal very soon!

Here is an outline of some of the things that I have learned can bring in some revenue either directly or indirectly from your podcast.

1. Sponsorships. When you have at least 500 downloads per episode, you can start asking businesses to sponsor your show! This is the least lucrative way to monetize your podcast unless you have a huge audience. I’m sharing tips for how to grow your podcast inside my Facebook group that will help you get on the right track.
   You can try going to sites like Advertisecast and set up an account.
   You can also look at your podcast stats and reach out to local areas where you have a high population of downloads. Ask for a six-month advance on your advertising depending on the number of downloads in their area. So if I get 1000 downloads per month around Salt Lake City, Utah and I ask a business-owner there to sponsor my show for $500 for every 1000 downloads in their area per month, I’d make $3,000 with a six-month advance (results NOT guaranteed).
2. Affiliate marketing. Affiliate marketing is a little like direct marketing. Someone else has created the business and the products and all you have to do is promote it. Choose a company that fits your market, and treat it like it’s your own business. Promote it on your show, your website, and on social media. Create tutorials and information products around it and offer those as bonuses for people who purchase the main product. I prefer a company like, ClickFunnels because they pay a 40% commission monthly for every sale you make (yup, that’s my affiliate link). Build a community around your offers and infuse it with value and make offers.
3. Joint Ventures. When you host an interview podcast, you can work with your guests and other complimentary influencers to help promote each others’ offers. You allow them to come onto your platforms and pitch their offers, and you make a commission off of the sales. Then, you go into their platforms and pitch your offers and they make commissions off of your sales. It’s an arrangement you both must agree on, and agree on the terms.
4. Patrons and Memberships. As you build your audience, you will get fans. To get patrons, genuinely ask your audience for donations and add a donation button to the bottom of your show notes. Add additional value for patrons by sending them bonus content and merchandise. Patrons who pay on a continuity plan can be considered members. Or, just go ahead and create a legitimate membership for your community with additional value. This value could include things like membership tiers with added value on each level; premium episodes; or access to a gated back catalog of older episodes. A membership could also include exclusive trainings or workshops. Clickfunnels is a good platform for hosting your patron subscriptions and membership areas, or just host them inside a group on social media where only members are aloud in.
5. Courses and Information products. Create e-courses, downloadable workbooks, resources, guides, and exclusive materials and sell them to your audience. You can publish your course inside of pay-to-play platforms if you’d like. I host my courses inside of Clickfunnels, created landing pages to offer information products and lead magnets, and built a landing page for all of my offers.
6. Merchandise. Physical products create status and loyalty to your platform and a great way to spread your message. Again (you guessed it), you can host your e-store on Clickfunnels once you integrate it with your Shopify or Etsy store.
7. Service Sales to your guests. If you have an agency or other service-oriented business, your podcast becomes a marketing tool for your business. Bring on guests who would benefit from your services and show them that you have the ability to help them reach their goals and would like to help. Your interview helps you build rapport with them, and it becomes easier to offer them your services. I offer podcast production and coaching, social media marketing, funnel design, and graphic design to my guests if I feel that we’re a good fit after the interview.
8. Author books from the transcriptions of your podcast. When you have several episodes under your belt, you can group them by category and get them transcribed. Send those transcripts to an editor and create your very own ebook or physical book. I’ve used sites like temi.com where it is $0.25 per minute of transcription. Host your book funnel on Clickfunnels and start raking in sales!
9. Coaching and Consulting. Having a podcast builds credibility and authority with your audience. Offer them opportunities to work with you by mentioning your offers in your episodes, talk about successes of your clients on the show, and even have clients on the show to talk about their progress.
10. Summits and Live events. A summit is really just a compilation of podcast interviews on a particular subject. Compile a bunch of interviews on your topic and schedule them to publish on a certain platform on a certain timeline. Offer bonuses and unlimited access behind a paywall. Live events are similar. Invite guests to show up for a virtual or physical event and offer tickets for your audience to attend. Give you guests an opportunity to get a commission off the audience they bring into the summit or event. You can check out my summit at www.ourmodernheritage.com/register.

If you found value in this content, I hope I can help you on your journey. You’ve probably read other articles about how to monetize or build an online business, but the author is untouchable or their offers unattainable. The problem I’ve had with building my million-dollar podcast business is that I’ve had little guidance along the way. I don’t want you to have to experience that. It’s frustrating and lonely! If I can help you reach your goals, I’d like you to reach out to me!

Join the conversation. I’ll be going live on my Facebook profile to talk about the day’s list. I’m @jodichaffee there and everywhere else you want to follow me.