Monetizing a podcast is a common goal for many podcasters, but it’s important to approach it with realistic expectations. Making money from a podcast is not easy and requires a significant investment of time, energy, and dedication.
My name is Niall Mackay, The Podcast Guy. I’m the host of the Seven Million Bikes podcast, which I started as a hobby and has now become one of the top 10% podcasts in the world. I now help people around the world with their podcasts.
In this article, we will explore seven strategies to monetize your podcast, but it’s important to remember that success will not happen overnight and that the focus should always be on creating quality content.
Number one, the most common way, is advertising.
Podcast advertising involves incorporating promotional messages, often in the form of audio ads, into your podcast episodes. Advertisers pay podcasters to promote their products or services to the podcast’s audience.
Advertisers are interested in podcasts with a sizable and engaged audience. Focus on creating quality content to attract and retain listeners. So the first step is to focus on your podcast and attract your listeners.
Podcast ad placements
- Pre-Roll Ads
Ads are placed at the beginning of the podcast episode before the main content starts. Typically, pre-roll ads are around 15 to 30 seconds long.
Being the first thing listeners hear, pre-roll ads capture immediate attention. Moreover, listeners are less likely to skip pre-roll ads compared to mid-roll or post-roll ads.
- Mid-Roll Ads
Ads are inserted in the middle of the podcast episode, often between segments or natural breaks. Mid-roll ads are typically longer, ranging from 30 seconds to a minute.
For mid-roll, ensure a smooth transition between your main content and the mid-roll ad to maintain listener engagement.
- Post-Roll Ads
The placement is at the end of the podcast episode after the main content concludes. Post-roll ads are generally shorter, around 15 to 30 seconds.
Ensure the post-roll content doesn’t feel disconnected from the main episode. Then encourage listeners to take action after hearing the ad, such as visiting a website or using a discount code.
Podcast advertising networks bring together podcasters and advertisers, streamlining the process of ad placements. These networks often have a pool of advertisers looking for suitable podcasts and offer podcasters an opportunity to monetize their content.
Where to Join Podcast Advertising Networks:
- Podbean Advertising Marketplace
- Memberships and Gifts
Podcast memberships involve offering exclusive content, perks, or access to a community in exchange for a subscription fee. It’s a way for podcasters to monetize their content directly from their audience.
You should clearly outline the benefits, and emphasize exclusive perks for your listeners. Don’t just create one tire, create different membership tiers with varying benefits to cater to different audience preferences.
Here are some benefits that memberships offer:
- Steady Revenue: Memberships provide a consistent income stream, often on a monthly basis.
- Exclusive Content: Members get access to premium content, such as bonus episodes, behind-the-scenes footage, or early releases.
- Community Building: Creating a community around your podcast fosters a sense of belonging among your audience.
Patreon: Membership Platform
I recommend Patreon.
Patreon is a popular membership platform that enables creators, including podcasters, to earn money from their audience on a recurring basis. It’s a membership-based platform where fans can support their favorite creators by becoming patrons.
“Thousands of dollars per month, depending on the benefits that you’re going to give them. The key here is to create tiers that give value to your listeners, but also to you.”
- Create an Account: Start by setting up a Patreon account for your podcast.
- Tiered Memberships: Design different membership tiers with varying benefits. This could include early access, exclusive episodes, or behind-the-scenes content.
- Promote Your Patreon Page: Actively promote your Patreon page on your podcast, social media, and other channels to encourage listener participation.
- Engage with Patrons: Interact with your patrons by responding to comments, providing updates, and making them feel valued.
Some content that you can offer for your subscribers:
- Early Access
- Exclusive Episodes
- Behind-the-Scenes Content
- Exclusive Interviews or Collaborations
- Polls and Voting Rights
If you’re using Spotify for Podcasters, read my blog about how to make money on Spotify. This platform has many features about Membership and Donations for podcast creators.
Another way to earn money as well as to connect with your audience is asking for donations. Asking for one-off gifts like “buy me a coffee” donations can create a more immediate and personal connection with your audience.
Be transparent about why you are seeking donations. Clearly communicate how the funds will be used to improve the podcast, whether it’s for better equipment, hosting fees, or other operational costs.
I remember there was a listener who sent me money to buy beer. So I bought myself a beer, took a picture, and shared it with him. When you receive their support, express genuine gratitude for your listeners’ support, emphasizing that their contributions, no matter the size, make a meaningful impact on the sustainability of the podcast.
- Affiliate Marketing
Affiliate marketing involves partnering with brands and sharing a unique tracking link. When your audience uses this link to make a purchase, you earn a commission. It’s a performance-based marketing model.
Take the time to understand your audience’s interests, preferences, and needs. This insight allows you to select products that genuinely resonate with your listeners, increasing the likelihood of engagement and conversions.
Here is a step-by-step guide:
- Choose Affiliate Programs
Identify affiliate programs that align with your podcast’s theme and content. Look for products or services that would genuinely interest and benefit your audience.
Once you’ve located the affiliate program, you’ll likely need to complete an application. This may involve providing details about your podcast, audience size, and content.
After submitting your application, the affiliate program will review it. Approval times vary, but you’ll typically receive an email notification regarding the status of your application. Once approved, you gain access to your affiliate dashboard.
- Generate Affiliate Links
Look for an option to generate affiliate links within your dashboard. This is where you’ll create unique URLs that track clicks and conversions. Some programs allow you to customize your affiliate link for easier integration into your podcast content.
- Integrate Links into Your Content
Once you’ve generated your affiliate links, incorporate them naturally into your podcast episodes. You can mention the products during relevant discussions, share personal experiences, or create dedicated segments for promotions.
- Selling Merchandise
This method, I haven’t done before. There are some advantages:
- Audience Connection: It fosters a sense of community among your listeners who become part of a shared identity.
- Promotional Tool: Merchandise can be used strategically as a promotional tool, offering it as giveaways or prizes to boost engagement.
But I wouldn’t recommend it because it takes you a lot of time, and costs as well:
- Upfront Costs: Creating, stocking, and shipping merchandise requires an initial investment, which may not be feasible for everyone.
- Logistical Challenges: Managing inventory, shipping, and handling returns can be time-consuming and may require additional resources.
- Limited Profit Margins: The markup on merchandise may not be as high as other monetization methods, impacting overall profitability.
- Market Saturation: Depending on your niche, there might be a saturated market for podcast merchandise, making it harder to stand out.
- Selling Your Own Products
Have you ever thought about creating and selling your own products related to your podcast content?
Although I don’t highly recommend selling merchandise, selling your own products is still a good choice. It aligns with your existing business model and audience. It’s like an extended avenue for your products to reach your audience, and your podcast becomes a valuable marketing tool in that regard.
“If you already have a product, then you can use your podcast to sell that because it means you already have the systems in place to do that.”
Your products need to align with your podcast’s niche. If there’s a disconnect, your audience might not see the value, and the strategy may not yield the desired results.
Here are some benefits:
- Higher Profit Margins
Unlike merchandise, where the markup may be lower, selling your own products allows for more significant profit margins. You have control over pricing and can set it at a point that ensures profitability.
- Direct Relationship with Customers
Selling your products fosters a direct relationship with your audience. Your podcast becomes a platform not just for content but for exclusive access to your offerings, creating a sense of community.
Creating an Online Course or Offering Consulting Services
One of the best ways, which I’m doing right now, is selling your courses or consulting services. I do both.
“People are now learning online more than ever and paying to do so.”
How To Start A Podcast: Get Your Voice Out & Share Your Story is my podcast course. What you’ll get:
- Content: Podcast Topic Ideas, Audio Production, Podcast Insights, Production and Editing
- Course Materials: Transcripts, PDFs, Quizzes
- Free Resources: Guest Prep Form, Podcast Workbook, Template: show notes, intro, podcast script; Checklist: Workflow, Equipment, Software; Glossary, AI Tools For Podcasting
Now let me show you how to create your own course.
Identify Your Expertise and Niche
Start by conducting a self-reflection on your skills, experiences, and passions. Identify areas where you have in-depth knowledge and can provide valuable insights. Your podcast is an extension of your expertise, so align it with what you know best.
I’m a podcaster but I’m an English teacher as well so I’m confident about my teaching skills. My podcast is about tips, and experiences for beginner podcasters, so my course is about How to start a Podcast.
Ask yourself what are your strengths, expertise, and skills, what you’re confident about.
Break down the course into modules or sections, each addressing a specific aspect of the topic. This structure provides a clear roadmap for your learners, enhancing the overall learning experience.
Incorporate a variety of teaching methods to cater to different learning preferences. Videos are potent tools for conveying complex concepts, allowing learners to visualize and comprehend ideas more effectively.
Integrate engaging worksheets that reinforce theoretical knowledge through practical application. Additionally, incorporate quizzes to assess comprehension and reinforce key takeaways. This multifaceted approach ensures that your course remains dynamic and caters to diverse learning styles.
Explore user-friendly interfaces that simplify the learning process for both you and your audience. Platforms like Teachable, Udemy, or even hosting the course on your own website offer intuitive interfaces that facilitate easy navigation. A user-friendly interface enhances accessibility, allowing learners to focus on the content without grappling with a complex system.
When making your decision, factor in the level of support and resources provided by the platform. Look for platforms that offer educational resources, customer support, and a community where you can connect with other course creators.
7 Ways to Monetize your Podcast- Summary
Monetizing a podcast requires time, effort, and a strategic approach. While there are various strategies to generate income from a podcast, it’s important to focus on creating quality content and building a loyal audience. By implementing the strategies discussed in this article, podcasters can increase their chances of monetizing their podcast successfully.
However, it’s important to remember that success will not happen overnight and that dedication and perseverance are key to achieving long-term financial success in podcasting. Stay persistent with your podcast, your passion and the audience will support your dream.
Niall Mackay: [00:00:00] Thanks for joining me today. My name is Niall Mackay the podcast guy from Seven Million Bikes podcast. I created a Vietnam podcast in 2019 as a hobby, and it’s now grown into being one of the top 10% podcasts in the world, which I’m still absolutely amazed at. From then I created Seven Million Bikes podcasts and we now, we now produce, edit, and host podcasts in diverse fields such as beer, pharmaceutical marketing, tourism design, and even it as well.
Niall Mackay: So I recently launched a comprehensive online course, which will take you step-by-step to become a podcast expert from podcast beginner. In just one week, podcasting changed my life, and so it’s now my mission to help other people change their life and join me on this podcasting journey. So let me know in the chat box.
Niall Mackay: Uh, I want to speak to who’s here right now. Let me know in the chat box. Where are you on your [00:01:00] podcasting generally? Have you started one already? Are you thinking about it or you already have one? So say hello.
Niall Mackay: Can let me know as well what time it is, where you are, where you’re watching this from. I’m in, I’m based in Vietnam, so this is right now for me, six in the morning. So if I do seem I’m a bit sleepy, that might, that might be why.
Niall Mackay: Oh, maybe took a minute to come up. Hello Marge, how are you? 4:00 PM in the US Mountain time. Whereabouts are you? Where, what mountain are you on? And we got Ella Beth Music on New York City Time and she is hosting a podcast that’s not her own, but looking to begin one. That’s awesome. And then we got, I’m gonna butcher your name.
Niall Mackay: Aino Aino ao. Tell me how to say that. Maybe I’m, I’m probably making it, I just won’t say it. It’s probably better. But they’re in South Carolina. You’ve had a podcast for over three years. Awesome. Same as me as well. What’s your podcast about? You wanna tell us in the chat box? And then eth music? [00:02:00] I’m assuming news is about, about music.
Niall Mackay: And then Marge, what about you? Are you starting a podcast soon or you already have one? Um, so how to make money from podcasting is one of the most common questions that I see being asked, often from people that haven’t even started a podcast yet. first of all, right off the bat, before we even go any further, if your number one goal from podcasting is to make money, then you’re probably in the wrong place right now.
Niall Mackay: you can make money from your podcast, but it isn’t easy. Like anything, it’s unlikely to happen overnight. and it’s not gonna happen without a lot of upfront investment time and energy. One of my biggest pet peeves, one of the biggest things that annoys me the most, and I’ve seen this and I’m sure you have as well, when you watch a YouTube video or a live stream or you read a blog and it tells you, oh, the number one side hustle, you’re gonna make money on this side.
Niall Mackay: Start a blog, start a YouTube channel, or. [00:03:00] Start a podcast and they’ll dedicate one or two lines to it and then send you off on your way as if that you can magically go off. Just start one of these and suddenly the money’s gonna start flying in. It doesn’t matter what one of these channels you choose, it’s gonna take an northern amount of time, energy, and dedication, and a lot of new skills to ever be able to make any money off of any of these.
Niall Mackay: So you can do it, but it’s gonna take a lot of passion. And if you aren’t already passionate about podcasting and you only want to do it as a way to make money, then feel free to log off right now, jump off the call and maybe go and rethink about what it is you want to do. Because if your number one goal is money, I wouldn’t recommend podcasting as the best way to do it.
Niall Mackay: And let’s be honest, if that is your number one goal that’s gonna come through in your podcast, people are gonna be able to tell that and it’s gonna make it even less likely that your podcast is gonna succeed. So I can see that, that people are still here. We’ve got people that are curious about starting a podcast, Marge.
Niall Mackay: Awesome. [00:04:00] Then we got a podcast about, um, History, culture, and politics. Awesome. So I’m gonna go through seven strategies that you can use to monetize your podcast. So let’s find out if you’re gonna be able to quit your job anytime soon.
So the number one way that most people talk about, I even got asked about the, uh, asked about this yesterday, is advertising.
Niall Mackay: So advertising on your, to monetize your podcast. And this is a popular way. the way this works is ads are normally sold on a CPM basis, which is cost per thousand. Basis. So you can charge for advertising based on how many listeners that you have, which made complete sense. Um, the most valuable spots are gonna be the pre-roll, which would you, you can imagine is the beginning of your podcast.
Niall Mackay: Then the mid-roll in the middle of your podcast, and then the post-roll at the end of your podcast, which let’s be honest, the post-roll you can imagine why that’s at least valuable, because by that point, As you’re a podcast listener like me, you’re probably already skipping on to the next, the next podcast [00:05:00] for an average 30-second ad at the beginning of your show.
Niall Mackay: Um, you’re gonna get about $18 for every thousand listens, uh, for a 60-second ad about $25. So really depends where it’s placed. I’m gonna read off some numbers for you. You can probably see me reading this right now, but 32nd pre-roll ad spot at the beginning of your show. $18, like I mentioned, 60 seconds, mid row, about $30.
Niall Mackay: This is per thousand, remember, thousand listeners. A 25 second post ad is the cheapest at about $10. So if you just do some math, a weekly show with about a thousand listeners could generate about $43 per episode if you place those three ads. So if you do one episode every week, it’s about $172 a month.
Niall Mackay: Now that’s a good amount of money, and that will cover your basic cost for your editing tools in the software that you use. But it’s not something you’re about to quit your full-time job over for $172 a month. [00:06:00] And this is the big one. This is the most important thing. A thousand listeners maybe doesn’t sound much.
Niall Mackay: Maybe the people who have already got a podcast can tell you they, they might already have tens of thousands of listeners because people do. But to get to a thousand listeners would put you in about the top 5% of podcasts in the world. So I’m not saying it can’t be done. But
it isn’t easy, unlike anything, the key to monetizing is volume.
Niall Mackay: So no matter which one of these strategies you use that I’m gonna talk about today, you need to figure out, you need to worry about volume, you need to get the number of listeners, and how do you get more listeners?
How do you make a successful podcast is number one, quality content.
Niall Mackay: This comes above everything.
Niall Mackay: So when I see people asking in Facebook groups, how do I monetize my podcast? I’ve not even started one. You’re totally coming at it from the wrong way.
You need to focus on making a quality product that people enjoy and listen to. And then you can worry about monetization. So number one, [00:07:00] quality content. Number two, promotion.
You have to then promote your con, your podcast in the right way. Like anything you have to do promotion. So focus on this and then you’re gonna get success in whatever form that means for you.
Niall Mackay: So moving on. Number two. Another way to monetize your podcast is with memberships and gifts. So you’ve probably heard of Patreon before.
Niall Mackay: Anyone wanna add in the chat box? If you have or you haven’t heard of Patreon before, let me know. Um, and there’s other similar membership platforms too. These are where you ask your followers, your listeners to donate to, to to support your show, and, and you can give them different options as well. So it can be anywhere from as little as a dollar a month, up to hundreds, if not.
Niall Mackay: Thousands of dollars per month, depending on the benefits that you’re going to give them. The key here is to create tiers that give value to your listeners, but also to you. So don’t create a tier. Where they’re gonna donate five, $10 a month, but it’s then gonna take you hours and hours to fulfill that [00:08:00] tier, send them stuff, make new bonus episodes.
Niall Mackay: Suddenly you’re making yourself do all this extra work for just an extra few bucks. And then the same, on the same flip side. Make sure as well, you’re not offering tiers that don’t really give any benefit to the listeners, so they’re less likely to join. One of the biggest surprises that I learned when I started my Patreon was that you can offer a tier with zero benefits, and this will be your cheapest tier, maybe just a dollar or two, and maybe the benefit, and you can actually just put the benefit, is you’re supporting the show.
Niall Mackay: You don’t actually have to give anything extra. And this is one of my most popular tiers as well. So one of my favorite content creators, Julie Noki. I don’t know, does anyone know Julie Noki? You can say yes if you do in the chat box. Um, she used the, the Canadian actress and comedian who created that video during, well, she created many videos, but the one that went viral was during the pandemic when she was talking to herself.
Niall Mackay: Excuse me. Um, when she was talking to herself and [00:09:00] there was explaining the pandemic to her past self and this went massively viral. Um, she has a five tiers on her Patreon, which for just $2 a month gives you early access to her videos. It goes all the way up to a hundred dollars a month, and that would give you access to all of the benefits, and then you get blooper reels and all this.
Niall Mackay: Crazy con cool content sent to you. You even get signed postcards. Now, when I last looked at her Patreon, um, she had 617 patrons, that’s what they call them, Patreon patrons. So even if we just do some quick maths, we average it out that the average Patreon average patron patron was giving $5 a month. That would mean she’s making $3,000 a month from these 617 Patreons.
Niall Mackay: That’s incredible. But like I said, it takes hard work, dedication, and energy. $3,000 a month is amazing, but it doesn’t include all the time, energy, and hard work that she put in. And I’ve, I’ve talked, watched her talk about this for years with almost no, no benefits at all. Not making any [00:10:00] money doing it because she loved it and she had fun and eventually she went viral and now suddenly she’s making thousands just from Patreons.
Niall Mackay: Then obviously more from YouTube advertising as well. So my, my Patreon follows a similar strategy. I have a really low starting point, as I said, $1 a month with no benefits, and people enjoy that just because they wanna support you. And then it kinda tiers up from there. I advise creating at least five tiers So you wanna do one at the bottom really low, then create a really high one, almost one that nobody’s really gonna do. Um, I’ve seen one, some, some, uh, if you know this show, the Best Ever Food Review show, one of the biggest YouTube channels on Facebook, uh, sorry, on, on YouTube. Their top tier, I think is like $1000 and you get like all these crazy benefits for me, um, it’s, I think it’s like 40, $50 a month, not really expecting anyone to do that.
Niall Mackay: Then you have three tiers in between the offer, staggered benefits that people are more likely to do. So I’d recommend five tiers, one really low, one [00:11:00] ridiculously high, and then three more attainable in the beginning. My other big recommendation when talking about a podcast and I say people ask before they’ve started it, should they monetize?
Niall Mackay: Whether you’ve started or not set up your Patreon immediately. I, my biggest regret was taking too long. I was like, oh, I’m gonna wait until I’m a certain size. I’m gonna wait till this time. I should have just started it right from the beginning. Um, even if you only have a couple of people join, It doesn’t cost you anything, and you’re gonna start to build that community, which is another really important part that I don’t touch on today.
Niall Mackay: But building a community is a huge part of building a successful podcast. So if you create that Patreon right away, you’re already starting to build your community and whatever people give you, obviously it, it makes a big difference and it, feels really good. It feels awesome when people actually wanna support your podcast.
Niall Mackay: So another strategy. So that’s doing, asking for monthly, um, donations. The other way is to ask for one-off gifts, and you can do that with several platforms you’ve probably heard of the one called coffee.com. [00:12:00] Uh, I use another one called Kofi.Com but it’s spelled K o F I COM They’re all really similar.
Niall Mackay: The the reason I chose the. Ko-fi.com was, they didn’t take any, um, fees. And so, but they all, they all do pretty similar. From there, you will get paid out into PayPal, um, and if you’re familiar with PayPal, you’re probably gonna get charged a fee if you withdraw that. So again, I think there’s always fees, but just be aware of that as well.
Niall Mackay: They’re all really similar though. Um, the, the concept is buy me a coffee. Um, you can send me a few bucks and I’m gonna take that and go and buy a coffee. They obviously don’t expect you that you need to buy a coffee. You can do anything you want. You can even change the word thing as well to things like, buy me a beer.
Niall Mackay: Um, and I just tell my my listeners, you know, if you want, prefer beer. I do like my coffee. But if you prefer beer. If you wanna buy me a beer, send me a few bucks. And. You know, one of the, again, the best feeling in the world is when I wake up in the morning, check my emails, and then there’s an email from Tan in Germany, one of my listeners, and he sends me a few bucks and he’s like, Hey, go buy yourself a [00:13:00] beer.
Niall Mackay: And uh, I remember last Christmas, he sent me one. So I went out to a German beer home. He’s from German, Germany. Bought myself a beer, took a picture of it, posted on social media, tagged them, sent it to him, and I was like, Hey, thanks. So I did directly take his money and then buy a beer with it. And you start to build this relationship with your fans, which is amazing.
Niall Mackay: moving on to number four. Uh, another way to monetize your podcast is affiliate marketing. Um, let me know in the chat box if anyone’s familiar with affiliate marketing, something I’ve just learned in the last year or so. Affiliate marketing is where you partner up with different brands and you get a tracking link and you share this link on your blog, on your emails in your podcast.
Niall Mackay: And then if one of your listeners followers clicks that link and then buys the purchase, you will get a small commission. So if you look at any of my materials as my, my website, my emails, um, the partners that I have are NordVPN uh, BestBuy descript, [00:14:00] Canva, and Fiverr Now, there’s so many different affiliate platforms out there.
Niall Mackay: Go out and you can just Google and find them. Um, I’m part of one called Impact. There’s another one called ClickBank, which is one of the biggest ones. Uh, I believe this one’s only available for US customers. I think Impact is only available for US customers as well, but I somehow managed to slip in there, so I’m, I’m able to use that.
Niall Mackay: Um, And you can also apply directly to in individual brands as well, which I have done. So if you’re ever using a product and you wanna know, oh, can I be an affiliate partner for this? Just go to their website. Or just Google like for example, NordVPN Affiliate partner, and it’ll take you not to the main homepage, but to the affiliate website, affiliate partner website.
Niall Mackay: And then you can put in an application. Your application will be approved. Depends if you, um, Depends on the traffic of your website or your email list or how big your podcast is, whether you’ll get approved or not. But if you do, then you can start to share that link. And then, as I said, when people click that link and if they make a [00:15:00] purchase, then you will get, uh, a commission from that as well.
Niall Mackay: So try and make sure that you find brands that match your podcast, they recommend. So don’t be false or fake. Promote the products that you use. Uh, and the best thing, about 60% of podcast listeners have bought something from a podcast ad. So instead of inserting ads into your podcast, like I mentioned and You get maybe $18 for every thousand listeners, you could actually put in an an ad that you create yourself, because people like to listen to ads from the podcast host, and then if people click that link by the product, you’re gonna get a commission. So in my mind, affiliate marketing could potentially be more lucrative than putting in paid ads, because as I mentioned, for 1000 listens, you’re gonna get maybe $18.
Niall Mackay: You put an ad that you’ve created on your podcast for a thousand listeners uh, with a link to, to buy it, and then someone purchases that you can get a commission of up to 40 of $50. [00:16:00] Rather than just 18 for an ad. So it could be more lucrative. And then some of the, um, some of the affiliates, like Descript for example, which is the podcast editing software, if they sign up for a monthly plan, you’ll actually get a 15% commission every month for the first 12 months.
Niall Mackay: You’ll get an ongoing commission for the rest of the year. So, um, The biggest thing is make sure that you work with partners that you believe in, that you’ve used and, and that you can vouch for as well, and that fit into your niche as well. On my podcast, a Vietnam podcast, the one I promote the most is NordVPN because.
Niall Mackay: Most of my listeners are in Vietnam, and many people in Vietnam use A VPN if I was to promote Descript, which is a podcast editing software, as I mentioned on a Vietnam podcast. It’s not really the audience for that, so it’s gonna be less likely to be successful. So whatever your podcast is about, make sure that you promote those kind of affiliate links.
Niall Mackay: And once you’re, once you’re on these platforms, you can find so many [00:17:00] different. Um, brands that you can partner with, you know, I mean, if you’re like a travel podcast, tourism get on. Um, one of the highest paid commissions are hotels and airlines. You can partner with airlines. You share that link and you’ll get a commission from people’s flights.
Niall Mackay: So look into that as well. So fifth strategy is sell merchandise on your podcast. Now, this is one of the strategies that I haven’t done and I would not recommend. Okay? It’s really low on the Monet monetization strategies. Primarily because the markup on merchandise, uh, can be quite low, especially compared to like a $40 affiliate commission.
Niall Mackay: You know, to make $40 off of merchandise, you’re maybe gonna have to sell something that’s worth $80 or more to make that $40. But the biggest thing as well is it takes a lot of time to fulfill that. If you are selling merchandise, it means, first of all, you have to go purchase the merchandise ahead of time.
Niall Mackay: Get it printed, get it made, have it stocked in your house, then you’re gonna have to take the orders and then fulfill them. So then you’re gonna have to take more [00:18:00] time sending them, packaging them, getting, getting them to the people. So that means, uh, it takes you a lot of time and energy to do that, leaving you with little time and energy.
Niall Mackay: And the main thing we wanna do here is be efficient and see how we can make money the easiest, you know? So I wouldn’t sell, I wouldn’t recommend selling merchandise. It, I think it takes a lot of time and energy to do that. Now. Number six though, is if you already have a product, then you can use your podcast to sell that because it means you already have the systems in place to do that.
Niall Mackay: So again, you need to make sure it fits your niche or it’s generic enough that it’s gonna apply to your listeners. So, as I said, I promote NordVPN but I don’t promote Descript But if you already sell beer and you have a podcast about beer, then you should absolutely use your podcast to sell. Fashion Pro.
Niall Mackay: No, I’m kidding on not fashion products to sell beer. Alright, so make sure that, um, you can sell products, but I would’ve, I would only recommend it if you already [00:19:00] sell them. You have the systems in place and then you can use your podcast to do that. But again, make sure your podcast fits that. If you have a knitting store, a knitting podcast, then and you have a knitting store, then that’s perfect.
Niall Mackay: Then you can sell those products. I would absolutely do that. And then last one, number seven is, um, monetize Your Podcast by either creating an online course or offering your consulting services. And this is probably one of the best ways to monetize your podcast. Um, since long before the pandemic, but obviously greatly accelerated.
Niall Mackay: People are learning more and more online, um, and and they’re, they’re really used to it. You’ve probably heard of the, the platforms like Coursera or Udemi, and people are now learning online more than ever. and paying to do so. So if you have a skill at all, you can create your own online course and sell that, and also sell your consultancy services online as well.
Niall Mackay: We know that, we know now we have the technology. Everything can be done online. We don’t need to do it. Um, we don’t need to go and meet people. [00:20:00] So if you’re a singer, I know Lizabeth is a singer, you can create a course, teach someone how to sing, you can offer your consultancy services. You could meet with them online on Zoom and teach them how to become a better singer as long again, I’ve mentioned it a few times, as long as it meets the, as it matches the niche of your podcast.
Niall Mackay: Okay? But again, It’s not a quick and easy process, and this is something again I see all the time. Oh, start a YouTube channel. Start a podcast, start a blog, create an online course. All the money’s gonna come flying in. It’s so easy. It’s not easy. It takes time and energy. Um, but you can do it. And then it makes a perfect match for your podcast.
Niall Mackay: Um, I’m looking to start, I’m about to start a podcast with a new client about the restaurant business. She’s an expert in Restauranting in the, the food and beverage industry, and she’s gonna be using it to sell her consultancy services, which she already does. It’s just another vehicle to market what she does.
Niall Mackay: Um, So I would recommend this is the biggest one, selling, uh, [00:21:00] creating an online course and selling consultancy services for what you’ve done. So it has, uh, like, um, uh, you may know already, so I’ve just launched my first ever online podcast course, so I’m gonna be teaching, um, taking people from the beginning to expert in just one week, showing them how to create their podcast.
Niall Mackay: It wasn’t easy. It’s taken me. About a year. I remember it was January 29th last year, and I did kinda get suckered in, I’m gonna start a course, it’s gonna take me a couple of weeks. I started it and then I shared it with someone and they were like, no, this is, this is garbage. You. You’ll be able to sell this for about a dollar.
Niall Mackay: I was like, oh my goodness. So being a perfectionist that I am, I went away and redid it, redid it, redid it, been working on it, and it’s been now a year and I’m only now ready to launch it. So, I would recommend doing a course. You don’t need to take a year to do it. Um, you can get it started quickly.
Niall Mackay: Consultancy services obviously can be done a lot quicker, but if done right is the best way to monetize your podcast. So I will share the link in the, in the chat box. [00:22:00] Uh, I’ll email it out to you if you haven’t seen it already. Check out my new podcast course If you haven’t started yet, then, um, I really think it will be able to help you create your podcast.
Niall Mackay: I’ve already had a few people do it already. Um, I’m a hundred percent success rate so far. Of all the people who have started and finished my course, they’ve all started their own podcast already, which is, uh, makes me really, really proud as well. So just to summarize, these are, these are some of the monetization strategies that you can use that are more, um, and if you think of anything else as well, then please let me know.
Niall Mackay: Send me an email. Other strategies include things like selling premium episodes that nobody else can get, selling premium subscriptions. I’ve seen people sell access to the back catalog, so not, it’s not open to the public only, um, only paying members can get that or offering content upgrades. But as you can kinda guess, everything involves selling something.
Niall Mackay: The money doesn’t just fly in. It means you have to put yourself out there, promote it, sell it. So, Some people are uncomfortable with that. Um, and that’s completely normal. Something that you will have to get over that a little bit. You will have to [00:23:00] promote your product, um, to be able to get some, to make money from it as well.
Niall Mackay: So just to finish, my top tips to finish would be, first of all, set up a subscription website like Patreon and set up Ko-Fi.com Have those links on your website, on your email. Promote it gently on your podcast every time. Start to create that community as well. I wouldn’t worry about running ads. As I said, you’re really not gonna make much money from ads until you start to get bigger and bigger, over a thousand downloads per episode.
Niall Mackay: Um, and once you do get that big, the ads are gonna start coming to you as well. So I would look into getting associated with affiliate brands, um, and start to promote them. So make sure those, those affiliate brands are in your niche. Um, if you can earn enough in the beginning to cover your cost, I said you’ll be, I think you’ll be doing pretty good.
Niall Mackay: And then hopefully eventually you’ll be able to start to quit your day job, which is. What a lot of us want to do, right? But the biggest focus is, and I said it in the beginning, focus on making great quality content. Okay? Nowadays, um, [00:24:00] you’re competing in the content arena with so many different people.
Niall Mackay: Used to be you could just whack up a podcast and people would maybe come and listen. Now you’re competing against some of the big, big celebrities that have podcasts a few years ago. Billy, any celebrities have a podcast? You wanna make sure that you’re making quality content. Get a good microphone, get good headphones, use descript as your software.
Niall Mackay: Use good editing tools. Don’t just make it like even yesterday I was talking to him. One of my potential new clients and she went, well, can I just put my phone between us and I’ll just record it? I was like, no, no, this is, we can, you can’t do this anymore. You can’t just record it on your phone, do no editing, put it up there and expect it to be good.
Niall Mackay: Nobody’s going to want to for sure pay for content like that. So follow focus on making the best quality content that you can, follow these strategies and you will be able to be successful. So thank you so much for joining me today. This has been my first ever live webinar, so I hope you’ve enjoyed it.
Niall Mackay: We’re gonna be doing more of these regularly. [00:25:00] Um, I’ll email out. You’ll still be able to access the webinar once we’re finished. So I’ll email out, um, a copy of it. Please make sure you check out Sevenmillionbikes.com Uh, I’ll also share with you the link to my course if you’re interested in doing the course.
Niall Mackay: Um, Yeah, I really think it will help you. Thank you very much. Uh, again, I’m gonna butcher your name so I’m not gonna say it, but, uh, thank you. I’m glad you enjoyed this information. Um, good luck with your podcast, sharing the name of your podcast. You’re in South Carolina, um, podcast for over three years.
Niall Mackay: What is that about? And then yeah, gimme some feedback as well. Oh, and so sorry, before I, before I just brutally go any questions, any other questions, and please put them in the chat box. Thank you very much, Ella. And as I mentioned before, it’s now six 30 in the morning here, so I, I do have my coffee. It’s not, the sun hasn’t even risen here right now.
Niall Mackay: Banter with Tracy. And is that a typo, elica, [00:26:00] or am I just butchering some? Is that your name? And I’m butchering it again, or I’m gonna look up your podcast shortly. Yeah, check out my, the link there. So I, I, I have basically, uh, or is elca, how do I pronounce that? I’m butchering it as well. I’m sorry about Look forward.
Niall Mackay: I’m gonna check that. Awesome. Being a black woman isn’t for the faint of heart. Join Traci in Elica has issue of facts and their opinions about race and America politics, current events in life in general. Awesome. I love your artwork as well. It’s great. I’m definitely gonna be checking that out and then lemme Yeah.
Niall Mackay: Lemme know if that link works as well. Um, you can check it out. Uh, I’ve got consultant services on there as well. Um, you can check out my course for right now as well, which I’m doing on a discount for the launch. So the full price is gonna be $147. It’s 97 right now. So if you want to check that out. All right, well, if I’ve got no questions then, um, thank you so, so much for joining me today.
Niall Mackay: As I said, my first ever live webinar, so I really appreciate you being here. Gonna do these more regularly if [00:27:00] you’re not already follow, follow me on social media. So it’s Seven Million Bikes podcasts. Um, if anyone knows anything about Vietnam, you’ll know where the name comes from. I’m based in Vietnam, Saigon, Seven, Million Bikes.
Niall Mackay: There are over 7 million motorbikes here in Saigon, and that, that’s where the name came from. Um, but yeah, I really hope that I’m excited to meet other people that are on this podcasting generally. I don’t know about for you, but I, I can’t imagine, I would never have imagined how much my life would’ve changed from starting the podcast.
Niall Mackay: The skills that I’ve learned, the people that I’ve met. Um, it’s been incredible. All right. Alright. Well guys, thank you so, so much again. Um, look over this. I’ll send you an email with the link if you’re on the email list. If you’re not, sign up. And, uh, have an amazing day wherever you are in the world.
Niall Mackay: Cheers.