Marc Mawhinney – The JV Partnership – PTC 487

What Is The Best Way To Monetize A Podcast? – PTC 494

One of the biggest struggles podcasters face is how to monetize a podcast. They simply rush to the monetization phase without doing the foundational work first.

MONETIZE A PODAST WITH AUTHORITY

Before you can monetize your podcast, you need to have authority and influence in your niche.

In this episode, I will share nine ways to monetize a podcast. But none of these ideas will work without authority.

If you can't influence a room and move the crowd toward action, no monetization strategy will be effective.

To have influence and authority, you need to become well known in your niche. You will become well known by becoming known well. And you become known well by telling your story and building a relationship with your audience.

The rapport you build with your audience feeds that authority. When they are ready to solve their problems, your audience will start with those with whom they have a relationship.

Relationships start with familiarity and grow into trust. It is the foundation of authority and influence.

Once you have influence over an audience, you can motivate them to take action.

This is where all monetization begins. If you aren't monetizing your podcast, you probably haven't spent enough time building relationships, authority and influence.

If you would like help building that strategy, take advantage of my podcast strategy call. You can find details and apply for a call with me online at www.PodcastTalentCoach.com/apply.

Let's talk about why coaches struggle to monetize a podcast.

PODFADE

I was working with a client creating a strategy to get her interviewed on other podcasts. It's a solid way to grow your audience.

The term podfade has been around for years. A podcast podfades when the host just stops publishing new episodes and the show fades away.

It has often been said that the big hurdle is around 7 episodes. I always thought it was an old wives' tale.

Then she and I opened Apple podcasts and started searching for podcasts that fit the criteria.

To find shows that will interview you, the podcast needs to meet 3 important criteria.

First, the show needs to fit your niche. It should appear that the podcast is talking to your ideal target listener. Not necessarily your topic, but indeed your listener.

Next, the prospective podcast needs to actually interview guests. There is no need to reach out to a show that doesn't do interviews.

My podcast was solo for the first 275 episodes. It didn't stop people from reaching out telling me they would make the perfect guest.

Finally, the podcast needs to be actively publishing new episodes.

FRESH EPISODES

So we searched caregiving in Apple podcasts. Here is what I find today.

12 Step Guide to Caregiving – 1 episode published in May 2018

Twenty-Four Seven: A Podcast About Caregiving – 19 episodes, last in December 2022

Caregiving Coach – 19 episodes, but last was July 2023

The Caregiving Secrets Show – 7 episodes, last published June 2021

Caregiver Storyteller – 18 episodes, last show November 2023

Caffeinated Caregivers – 9 episodes, but only 3 in the first 5 months of this year

Caregiver Conversations – 19 episodes, last published July 2023

Caring for the Caregiver – 4 episodes, last published September 2020

Eye on the Caregiver – 22 episodes, last published May 2023

Caregivers Share – 9 episodes, last published December 2023

The Senior Caregiver Podcast – 8 episodes, last published November 2019

The Purposeful Caregiver – 14 episodes, last published December 2023

Now there are many others that have hundreds of episodes. But these dozen have fewer than 24 episodes. They didn't even make it half a year.

Whether it's 7 episodes or 14 episodes, many podcasts fade away early for 3 reasons.

First, the podcaster realizes that podcasting is more work than they thought it would be. They don't have a system to consistently produce a weekly episode without eating their entire week.

Next, the podcaster discovers the audience doesn't grow as fast as they thought it would. They haven't built a system to quickly and easily build their audience.

Finally, the podcaster gets frustrated that the podcast isn't generating revenue like they thought it would. This typically happens because they haven't created a strategy to leverage the audience attention to generate sales.

We've talked a lot about producing and growing your show. Let me give you 9 ways to monetize a podcast.

The first two I really dislike. The other seven are solid.

MONETIZE A PODCAST WITH ADS

The first way to monetize your show is advertising on your show, just like radio.

Unfortunately, this won't work for you. And it's bad for business.

Most advertising agencies and large advertisers want podcasts with 5,000 downloads per episode. Only 7 percent of all podcasts reach this level.

If you're not nailing 5,000 downloads per episode, you most likely won't be landing any advertisers either.

Advertising is bad for business, because it clutters your show. People are fleeing traditional media to get away from ads.

We would do research with our radio listeners. Time and time again, listeners would tell us the one thing they hated most was all the commercials.

It didn't matter how many commercials we played, it was too much.

I once programmed a radio station where we promised to never play more than 3 minutes of commercials. In comparison, many stations play 8 or 10 minutes of commercials today.

We quickly went to #1 in the ratings with that station. But the top complaint was still too many commercials. People simply don't want commercials in their content.

It takes a lot of time to sell advertising. And you're always trying to sell the next one. On top of that, your show can only hold a limited number of ads. Your revenue will have a ceiling.

COMMODITY

But the worst part of advertising is that it turns your podcast into a commodity. Advertisers treat your audience the same as every other audience. They will pay a set amount of money per 1,000 listeners.

That assumes the thousands of listeners to Joe Rogan's podcast are the same as the thousands of listeners to Gary Vaynerchuk's podcast. And that simply isn't true.

If you advertised Quickbooks on Gary's show, how many listeners need Quickbooks? Probably a good proportion, because many of Gary's listeners are entrepreneur's or have a side hustle.

If we advertised Quickbooks on the Joe Rogan podcast, how many listeners need it? We don't know. The audience is too broad. Only a fraction of the listeners are entrepreneurs. Some work retail. Others work blue collar jobs. Some sit at a desk. Others are managers.

Advertising Quickbooks on Gary's show would be much more effective than ads on Joe's show, because a greater percentage of the audience are qualified buyers.

However, agencies treat all audiences the same. Your show becomes a commodity. Salt is salt regardless of the brand. That's unfortunate for your show.

There just isn't enough benefit to attempt to monetize with ads. Skip it.

SPONSORSHIPS

Sponsorships are similar but a bit different than ads.

Most of the same negatives you get with ads also come with sponsorships. There is a ceiling on your revenue, it takes a long time to sell, and your listeners don't want it.

The difference is the relationship. Sponsors typically support the show and are tied in with the podcast more than an ad on the show.

An ad says, "Buy Blue Apron". It rarely has anything to do with the podcast. The advertiser simply wants access to the audience.

A sponsor supports the show and is usually a good fit.

Smart Passive Income with Pat Flynn is sponsored by Circle, ClickFunnels, Interact and other tools that online entrepreneurs use. Pat can talk about how he uses these tools in his own business. It's more than just an ad.

Daniel J. Lewis and Make Your Podcast Discoverable – PTC 493

FIRST, GET NOTICED

Before you can grow relationships with your audience and become an authority and influencer in your niche, you need to get discovered. Making your podcast discoverable is one of the first critical steps.

So many podcasters struggle to grow their audience. However, they are doing very little to be visible and become discoverable.

You cannot expect people to just show up to your podcast. It takes diligent, deliberate action on your part to get in front of those listeners.

As you build the relationships, many will become fans for life.

CHICAGO GETS NOTICED

I just saw the band Chicago perform Wednesday night. It was a full house even though only 2 of the 10 guys on stage were original members of the band.

Jimmy Pankow on trombone and Lee Loughnane on trumpet were the only two original members on stage. Robert Lamm is still listed as a member, but for some reason he wasn't there.

Even the lead singer is the third replacement after Peter Cetera left the band in 1985.

Chicago has been touring for over 55 years. Over those years, they have been building relationships. They have toured relentlessly for years gaining more and more fans at each show.

In 1971, Chicago performed a week of sold out shows at Carnegie Hall in New York City. They were the first rock band to do it and turned the shows into a 4-disc box set as their fourth album.

Six years later in 1977, Chicago became one of the first acts to receive the Gold Ticket Award from Madison Square Garden in New York City. It was a new award given to performers who sold over 100,000 tickets to performances at the venue. Chicago drew over 180,000 people to the venue in nine sold-out appearances there over the years.

On Wednesday night, a full house at the 5,000-seat outdoor amphitheater sang, danced and partied with a band that was a shell of its former self. And the fans couldn't have cared less.

It was legacy.

The music holds a special place in the hearts of fans even though the original guys aren't there performing it.

It's all about relationships.

DISCOVERABLE THROUGH PODCASTS

Relationships begin by getting discovered.

There are many ways to get discoverable. Some work better than others.

In studies that have been done, most people discover new podcasts through word of mouth. They hear somebody else mention the show.

Therefore, my favorite way to get discoverable is to get interviewed on other podcasts.

Podcast listeners listen to podcasts. Give them options.

SUMMITS

I find summits a good way to become discoverable. Though all summits are not created equal.

I've been on summits that have 15 people at the session. However, I was on an AI summit a few weeks ago where 350 people were there.

A summit is like a virtual conference. A group of experts give presentations centered around a the theme of the summit.

Summits typically last anywhere from one to five days. The session are usually interviews or presentations.

During the presentation, the presenter will usually offer a free lead magnet to get people on their email list.

When I was on the summit with 350 people in the room, I was able to add 125 people to my email list. Just ensure your presentation and gift match the audience the summit is attracting.

OTHER WAYS TO GET DISCOVERABLE

There are a variety of other ways to get discoverable.

You can get on stage at conferences in your niche.

Find ways to get mentioned in articles.

Do Facebook lives in groups with group owners. Just connect with the owner of the group and see if you can add some value to their group.

I've have huge success speaking to masterminds. These are typically small groups, but they've invested to be there.

You can also create your own virtual events that partners can promote.

DANIEL J. LEWIS

Today, I want to share an interview I did with Daniel J. Lewis. He is a master at getting your podcast discoverable.

As a multiple-award-winning podcaster, Daniel J. Lewis gives you the guts and teaches you the tools to launch and improve your own podcast for sharing your passions and P.R.O.F.I.T!

Daniel created the Podgagement software to help you engage your audience and grow your podcast, and he teaches podcasting techniques through consulting and online courses.

He hosts his own podcast about podcasting called The Audacity to Podcast along with a few other podcasts. Daniel has also been nominated for multiple awards.

Enjoy.

FREE GIFTS

You can get Daniels free gifts at www.PodcastTalentCoach.com/daniel. It is an email-based course called "How to Make Your Podcast Stand Out".

Be diligent and deliberate to grow your audience, get noticed, and start building powerful relationships. It's your first step to becoming an authority and influencer in your niche.

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.

Building Your Virtual Events With Janelle Anderson – PTC 492

To make your impact on the world, you need attention, authority and influence. A great way to create that rapport is through virtual events.

PROMOTE THE EVENTS

You can promote your virtual events with your podcast. At the virtual event, you can get closer to your audience, build stronger relationships, and demonstrate your expertise.

To be an influencer, increase your visibility.

Virtual events are any online gathering that allows you to present to a crowd and move a room.

Some of the most common virtual events include webinars and summits. You can also create workshops, VIP days, masterclasses, networking events, 3-day events, meet-ups, online conferences, and a variety of other gatherings.

On your podcast, you can discuss the transformation people will experience at your event. Then, make the invite.

At the event, deliver value, help people get results, and make an offer to them.

BEST EVENTS STRUCTURE

There are three things your participants should receive at your events.

First, they need to receive your training. Teach them something that will help them solve a problem.

Next, they need to do something. This could be homework during a 3-day event or simply generating ideas during a webinar. Get your participants to take a step forward.

Finally, participants of the events need to share. They could share the ideas they just generated in the chat during a webinar. During 3-day events you can put them into breakout rooms to share with each other.

Sharing makes the doing real. This is similar to sharing goals. Studies show that when you share goals, you are more likely to achieve those goals.

Learn, do and share is an effective structure of all great events.

POWER OF EVENTS

There are many benefits to doing live events.

Events give you more face time with your prospects. You can build stronger relationships and rapport as part of the sales process. They get to know you better.

These events let you learn more about your prospect and their challenges. The more they do and share during the events, the more you discover how you can help them. It is powerful market research.

Events allow you to make more offers to your prospects. These people are spending good time with you. If you've built your structure properly, you are providing great value. Now you can offer them the next step with you.

Finally, events give you more visibility. You gain by the visibility of promoting the event. There is benefit by the visibility you get during the event. And then you can benefit by continuing the discussion online with participants after the events.

MY EVENTS

When it comes to building my events, I learned by watching those already conducting successful events.

By participating in and helping with their events, I learned what worked and what didn't. I discovered what I should do and what I should avoid.

To make my events successful, I tried to find those who already had authority and influence in their niche. Then, I offered to help them with their events for free. I just wanted to be close enough to learn.

Today I conduct a variety of events including summits, workshops, 3-day events, masterminds and more. It has been a powerful way to build my authority and influence. It can help you as well.

EVENTS WITH JANELLE ANDERSON

Today, I've invited events expert Janelle Anderson on the show to help us learn how to create our own powerful event.

Janelle Anderson is known as the Speaking Confidence Coach for coaches. She is a Certified Professional Coach, author, and renowned speaker.

Janelle is on a mission to empower coaches to launch on a strong foundation of clear messaging aimed at the audience most aligned with their passions and strengths.

She helps coaches grow their business through masterful speaking and storytelling with her business, Emerging Life Coaching.

Her latest event is the Art of Influence Summit where I'm proud to be a speaker. Enjoy my conversation with Janelle Anderson.

GET STARTED

Get started with your events today. Join us for the free training coming up May 21^st at 6pm ET/3p PT. It will show you how to create, host and run simple, profitable and virtual events.

You can get registered at www.PodcastTalentCoach.com/virtualevents.

Build your virtual events to grow your authority and influence in your niche.

Janelle and I look forward to seeing you there.

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.

How to Book Big Guests and Other Answers – PTC 491

INTERVIEW GUESTS AND MORE

Podcasters have been hitting me up with great questions looking for answers. Today we talk about booking big name guests and demonstrating your expertise during interviews without talking the spotlight from your guests.

We will also answer questions about bringing energy to your podcast, podcasting 2.0, and the pros and cons of joining a podcast network.

If you have a question you'd like me to answer, email me at [email protected].

PASSION AND ENERGY

I remember you always said to be authentic. And I’m doing just that. However, I feel that I lack energy. I certainly don’t feel like I’m boring. And the stats are showing it. Something inside of me keeps telling me that I shouldn't decide how exciting I sound, it’s my audience that will decide that. How do I overcome the need to feel that I need to bring the energy like John Lee Dumas but I’m afraid I will sound like a rodeo cowboy? I just want to be me.

-Edwin Soler – Closing the 18 Inch Gap

TWO DIFFERENT THINGS

Passion and energy are two different things. You don’t need to be JLD wild to have passion.

When I hear you talking about the people you help or the struggles you’ve encountered at your last job, you get passionate. That doesn’t mean you are overly energetic.

You definitely do NOT want to sound like a bad wedding DJ or some horrible car lot commercial.

People can easily identify fake energy. It's like a fake smile. Faking it will blow any trust you've developed with your audience.

But being authentic will endear you to your audience.

Authenticity is being real and revealing things about yourself. Being authentic is about stirring emotion.

Think of a suspense thriller you've seen. These movies aren't over the top enthusiastic. However, I would argue they have a lot of energy.

Suspense thrillers have you sitting on the edge of your seat with a knot in your stomach wondering what will happen next.

Don't confuse sounding exciting with being exciting.

BRING YOUR PASSION

As you approach your podcast, be passionate about the topics you select. Smile a bit, and let the audience feel your enthusiasm for the content.

It is similar to reading a story to your audience versus telling them a story. Reading the story to the audience doesn't have the same excitement and connection.

When you deliver your content, vary your inflection a little. Stir different emotions throughout the content. Make them smile a bit. Get them choked up. Surprise them. Get under their skin and annoy them a little.

Above all, let your audience get to know you.

When you stir emotion and you talk about content that is interesting to you, I have no doubt you’ll be authentic, energetic, and enthusiastic.

CONNECTING WITH GUESTS

What are some good strategies to attract and connect with celebrities to appear as guests on my podcast? My podcast is "Cancer and Comedy: Healing Through Hope and Humor" and can be found at cancerandcomedy.com. I'm looking to have guests who are entertainers and other public figures who have faced cancer and have a story to tell of how they overcame their circumstances to have success. Two examples of dream guests would be Michael J. Fox and his Parkinson's Foundation and SNL performer Vanessa Bayer who overcame Leukemia.

-Brad Miller – Cancer and Comedy

WHO DO YOU KNOW

For really big stars, reach out to their publicist. I Googled Michael J. Fox publicist and found Sharron Elkabas and her phone number. A quick search of the publicists for stars will help you get started.

You might also consider a subscription to IMDb Premium. The cost is $12.50/month when you buy an annual subscription. That membership will give you contact info to most representatives.

When you are reaching out to people to appear on your show, lead with what's in it for them. How will the guest benefit by being on your show?

You might start with people who have something to promote, like a book or new movie. They have a bigger incentive to make appearances.

PAMPER THE AGENT OF THE GUESTS

Next, take great care of their handler. That might be their manager, agent, publicist or assistant. Make sure you give amazing service to the person who serves as your contact. Make it super easy for them to get their client on your show.

Finally, ask for referrals. Tell the guest and their agent that you are always looking for great guests who have a story to tell. Then ask who they know.

Asking for referrals is tricky. You don't want to ask "Do you know anyone?" It is too easy to say "no".

You want to ask, "Who do you know?" This requires an answer.

You can also ask for referrals from people in your network. Tell everyone you know that you are looking for guests. Be clear exactly who you'd like. Then ask, "Who do you know?"

At the end of the day, you might not start with Michael J. Fox. But you can sure work up to that interview. We are in a connected world that has reduced the six degrees of separation to just a few.

Each time you ask for a referral, follow with, "I appreciate that. My ultimate goal is to interview Michael J. Fox and Vanessa Bayer. Do you know anyone who might know either of these two?"

You never know who has the connection.

PODCASTING 2.0

1. When do you think podcast 2.0 will become the standard?

2. What are the pros and cons to joining a podcast network?

-Craig McManus – The Garden Question Podcast

IT'S COMING

Podcasting 2.0 isn't one thing. It is many things. Therefore, I don't believe there will be a single moment in time when it becomes the standard. I believe it will be implemented slowly over time.

According to podcast hosting service Libsyn VP of Podcast Relations Rob Walch, "Less than 1% of all downloads happen with apps that support podcast 2.0 features."

Adoption of Podcast 2.0 will be determined by Apple. It will come down to when and what Apple wants to incorporate. Because, most podcast downloads are still consumed via Apple.

According to Podcasting2.org, "Podcasting 2.0 extends the RSS standard - the core technology that makes podcasting possible - to add new features. None of these features break any existing podcast feeds or podcast players, but, where supported, they enable podcasters to do more things, and enhance the experience for the audience."

It can get very technical. In real people speak, Podcasting 2.0 will add some additional features that podcasters can use. The recent implementation of transcription is an example of 2.0. You hear a lot about it, because Apple has adopted it.

You don't hear much about the other feature, because Apple isn't making a big deal of it.

PODCASTING 2.0 FEATURES

Some of the other Podcasting 2.0 features include:

• Soundbite

• TXT

• Location

• Value 4 Value

• Chapters

• Lock/Unlock

• Author/Credits

• Live Item

• Trailer

• License

The lock feature is an example of the rough implementation. Hosts like Libsyn allow you to lock your feed, so it cannot be imported into other players without your consent. However, not all players play by the rules. They say they don't “recognize” the tag.

Adoption of Podcasting 2.0 will be slow and piecemeal. I believe Apple will slowly implement parts of it such as author, chapter and license. But it may be slower to implement things like Value 4 Value unless Apple gets a cut.

PODCAST NETWORK

Whether or not to join a podcast network should be decided on benefits versus costs.

What will you get by joining a podcast network? The biggest benefit is typically promotion on other shows across the network.

You'll need to determine if those shows are speaking to your ideal listener. Will listeners of those other shows also listen to your show? If so, it may be a benefit.

H

Jill Lublin on Guerrilla Publicity – PTC 490

USING PUBLICITY TO GROW YOUR AUDIENCE

To grow your audience, you need to consistently attract new listeners. Marketing your podcast requires publicity and public relations.

YOUR PUBLICITY

Publicity is defined as notice or attention given to someone or something by the media.

Getting on other podcasts could be considered publicity. You're leveraging media to draw attention to you and your show.

The average podcast listeners consumes around 8 different podcasts each week. To draw attention to your show, get on other podcasts.

But you can also use other media as well.

My client Greg Payne hosts the Cool Grandpa podcast where he helps grandfathers connect to their grandchildren in more powerful ways.

Greg was featured in an article in the New York Times. His monthly downloads doubled overnight.

That New York Times article led to another article in the Atlanta Journal-Constitution newspaper.

Get outside of your insulated circle and find other media who can highlight you.

THE ART OF PUBLIC RELATIONS

Public relations is defined as the state of the relationship between the public and a company or other organization or a famous person.

Use publicity to improve your public relations.

You know I'm big on relationships. The rapport you're building is the foundation of all sales.

There are a variety of ways to let people get to know you and build those relationships.

Getting interviewed on other podcasts is my favorite way. But you can also share your story in newspaper interviews, magazine articles, blog features, Facebook lives, YouTube video interviews, and any other opportunity you can find to get in front of your ideal target listeners.

MAKE IT EASY

To get others to interview you, make it easy. Post your speaker sheet on your website for easy access. You can see my speaker sheet on my website at www.PodcastTalentCoach.com/speaker.

When people are interested in interviewing you, direct them to your speaker sheet. This will contain how they will benefit by interviewing you. It also lists the best ways to contact you.

A speaker sheet helps you appear professional and organized. It will make it easier for people to contact you for publicity.

I'm always looking for opportunities to be interviewed. If you would like to have me on your show, let's see if we can find a time to make that work.

Email me at [email protected] and let's make it happen.

JILL LUBLIN

To help you with your publicity and public relations, I'd like to share this interview I did with Jill Lublin.

Jill is an international speaker on the topics of Publicity, Networking, Kindness and Referrals. She is the host of the "Jill Lublin Show" and author of 4 Best Selling books. Her latest book, Profit of Kindness went #1 in four categories.

Jill is a master strategist on how to position your business for more profitability and more visibility in the marketplace. She is CEO of a strategic consulting firm and has over 25 years experience working with over 100,000 people plus national and international media.

To make an even bigger impact, Jill also leads a conscious kindness community.

Enjoy my conversation with Jill Lublin.

Such a great conversation with Jill Lublin. You can grab her free publicity action guide at www.PodcastTalentCoach.com/jill.

Grow your audience by getting in front of new listeners. Find new people you can invite into your audience. Get started this week.

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.