But this is far from the truth. In reality, the demand for the audio only content is increasing and it is a becoming a popular ways for pod-casters to express their passions, hobbies and share information. The reason for this is that even though videos have more appeal, it is difficult to watch a video while driving, working out at the gym or outdoors. Hence, the podcast market it here to stay despite the new technologies coming up.
There are still realistic ways in which we can make money from the booming podcast industry. Here we look at how beginners can start their own money-making podcast. If you are interested in making your own podcast just to share your passions or make money, here are some simple steps to get you started.
1. Choose a Specific Topic for Your Podcast
When you are selecting a topic of your podcast, you can either aim for a mass-market audience or go for a niche market. I would advice you to go for a niche market because that is the one that works better. Big audiences have a lot of completion and it is difficult to attract customer. A niche market will make it easier for you define your target audience and then base your content on that. If you start a niche market-based podcast, you can always grow the scope of the podcast to reach a larger audience than to start off with a larger audience.
2. Try to make the Best Podcast Possible
This is a no brainier. The better your podcast, the more followers you will get. Even if you start out with a minimal audience, make sure to produce quality content, relevant context, a consistent delivery, and superior production. Advertisers and sponsors want an attractive product and a large, dedicated audience.
The initial setup and investment will be the hardest part of getting started, but once you’ve done a few podcasts you’ll have a system in place that makes creating and distributing a podcast very easy and streamlined.
3. Make the Podcast Unique
Find a unique product or topic and talk about that. In the online world advertisers and sponsors care more about being able to reach a very specific, targeted group rather than just large numbers of people.That’s why earlier on we recommended targeting a smaller niche market for your podcast.If your podcast is too broad and doesn’t appeal to a specific audience you may have a harder time finding sponsors.
4. Make Money with Your Podcast
Once you have your podcast up and running you’ll find there are several ways you can make money with it, even if you’re just getting started.
- If you already have your own products and services than certainly, you can mention those on your podcast.
- If you don’t have your own products or services you can promote other peoples product and services as an affiliate and earn a commission for doing so.
- Once your podcast grows you can receive income in the form of sponsorship and product mentions.
While the three ways mentioned above are the most common ways of making money with a podcast, you can use your own imagination and creativity in the ways you can earn money from your podcast.