Hi Reader,

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You CAN monetise a small podcast. In fact, you SHOULD.

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That was my #1 takeaway from the London Podcast Show 2024. Yes, the event is geared towards big names from established media companies, but there's still a lot for indie and up-and-coming podcasters.

In fact, I saw several speakers (including Hala Taha of YAP Media and Kane Baron of Progressive Media) talking about the power of niche podcasting.

So, if you have a podcast that you want to monetise, even if it's not yet launched, here's how to start:

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🦘 Be specific about your podcast and audience

Unless you're super famous, no-one's going to sponsor you to do a podcast interviewing inspirational people about their challenging moments. But they might sponsor your brand-new podcast about opening an independent dental practice in an urban area. What's the difference? You know who you're talking to. The potential audience isn't as large but they're more likely to be engaged.

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🦘 Ask your audience how they want to support you

The truth is that most podcast audiences don't mind listening to advertisements, even if they report that they do. We know this because advertising on podcasts is effective - and if you're selling products that your audience wants to buy, what's the complaint?

However, if you have doubts about accepting sponsorship for your podcast, ask your audience how they want to support you. They might be fine with adverts, or they might be willing to move to a membership model. You can also introduce merch and events, but bear in mind the extra work that comes with both of those options.

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🦘 Champion your guests

Appearing on podcasts can be nerve-wracking, so be your guest's support system. Prep them before the interview and as soon as the recording stops, be the listening ear and reassuring voice they need to hear. Fostering these relationships gives you intimate access to your guests and their network. How you use this is up to you. That guest could become your client or they could give you access to their email list or help you land a paid speaking gig. Whatever you do, treasure the time your guests give you and the opportunities that come from that connection.

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🦘 Ask for fixed prices, upfront

If you want to go down the sponsorship route, don't get sucked into a CPM (cost per 1000 listens) payment model. Ask for a fixed price or you'll get sucked into a debate about downloads vs listens. CPM pricing could be more advantageous later on but not when you're new to sponsorship. And if you secure one sponsor for your podcast, ask them to bump the price up to be your podcast's sole sponsor. It saves you the time you'd spend looking for another sponsor. Just a thought...

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That's all from me today. Look out for next week's email where I'll share everything I learnt at the LPS 2024 about AI and podcasting.

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Have a great day!

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~Sarah at CopyHop~

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