9 Amazing ways to Make Money Podcasting : PODCAST MONETIZATION 2020 (Full guide)

So you're thinking of starting a podcast or maybe you already have one. 
Great, well how do you make money from that podcast? Well a very popular way to make money from your podcast it through advertising, but it's not the only way to do it.  So here is 9 amazing ways to monetize your podcast and start making money..

Now advertising is great. You have an audience and you have advertisers. You marry the two and you can get paid for that and that's fantastic. There's a lot of people out there who are doing podcasts and making a lot of great money in that way.

The Model Health Show is an example, who's doing advertising right, making it sound very organic in his shows, because he also uses those same products and because of that, I trust him in his recommendations and I get those products too. It works.

Advertising is not always a great strategy, because for one, maybe they'd heard those ads enough and they're gonna scroll through, hitting that 15-second button just to get through that part. Or perhaps those products don't even align with your audience, in which case they might not even listen to your show anymore. So what do you do?
How many other ways are there to make money from your podcasts other than advertising and sponsorship?
Well in this article, I'm going to share nine different examples with you, with real-life examples from real-life podcasters. Stick around

podcast monetization 2020

1.Digital products.

 Digital products are products that are electronic and they can be distributed in a very, very scalable way online, which is the benefit. There are a lot of examples of this, for example eBooks or music, software, online courses, those kinds of things. One example is The Fantasy Footballers Podcast hosted by Andy, Jason, and Mike. They sell a digital product called the Ultimate Draft Kit, which they offer to their listeners and it allows a person to download all the best projections and stats and top players for their upcoming football draft.
I probably should have got that this year, because I didn't do so well. You buy it, it gets delivered to you via email, which is really cool, so hands-off. But also, what's really cool is, they have to do one of these every year, which allows for even more purchases down the road.
 Another example is from my good friend Rick Mulready from RickMulready. com and the host of The Art of Paid Traffic Podcast. He tells a number of courses related to how to do Facebook advertising. So if you have a business you want to scale or get in front of a new audience, he has courses to help you do that, which are digital products.

2. Physical products.

For example, the physical products from the Jocko podcast. It's hosted by Jocko Willink who is a retired Navy SEAL and through his podcast he actually sells a number of things, such as merchandise with his podcast name on it, like t-shirts. But in addition to that, other things that help improve a person physically, such as omega-threes and teas and those sorts of things. Now another example in this category is the Bad Dice Podcast with Ben Curry. On this podcast, which is geared toward Warhammer and the Warhammer gaming community, he sells a product that is called Scenery Dice. I have no idea what that is, but it sounds a little dicey. Sorry.

3.Affiliate products. 

What are affiliate products? Well instead of selling your own products that you spend the time and money to create, you can actually sell other people's products. And through those recommendations, you can earn a commission.
 Affiliate marketing has been one most profitable ways that I've been able to generate an income online and it's great especially when you're just starting out, because you don't need to spend the time to create those products and a lot of the stuff is already there in the market that you can sell and recommend to your audience.
 Now there's a lot of rules and things that kind of go into that. Now what's really cool, is as a podcaster, you can do a few things, for example, if you are selling and recommending another person's product. Invite that person on your show, have them talk about how they built that product, have them build a relationship with your listeners. That way, the sell is not even going to feel like a sell at all, it just becomes a natural progression after listening to the episode. A good example of this is when I interviewed the founder and creator of ConvertKit, an email service provider that I use and recommend and full disclosure, I'm also an advisor for the company now, but I interviewed Nathan, I talked about his origin story about how he created this product, and I did see a noticeable bump in affiliate sales for ConvertKit after that episode came out and I still reference it today.



Now the beauty of a podcast is that through your voice you're able to build a relationship with those who are listening on the other end and if you offer coaching services, you're more likely to convert that person, because they kind of already know you. They know what kinds of things you have to offer, what your vibe is like, and if you offer any coaching services and they like you, well it's gonna be a good fit.
 For example, Ben Greenfield from the Ben Greenfield Fitness Podcast. On this podcast where Ben talks about things like digestion, biohacking, lifestyle, nutrition, recovery, all kinds of things related to our health, he also shares that he has a fitness and coaching program. And because you get to know Ben on his show and you like what he has to say, well if you need the coaching, you're more likely to actually work with him. Fitness coaches, lifestyle coaches, financial coaches, coaches of all kinds can benefit from having a podcast and if you actually just offer your services on your show, you can actually see some conversions.

5. similar,

 because it's kind of a service, let's talk about consulting. So instead of coaching a person and helping them through some tough times or you know, helping them wrap their brain around something, perhaps you're actually offering a service to accomplish something.

For example, Rob and Kerri from the Disney Travel Secrets Podcast. Rob and Kerri are actually two students of mine in my Power-Up Podcasting course and their podcast is great, because it allows them to, again, build a relationship with their listeners, but also it helps their listeners want to work with them to help fulfill their Disney dreams with building their dream vacation.

6. Selling your own books.

 Now yes, this does crossover with a lot of what we've already talked about. books can be digital, obviously, books can lead to consulting gigs and coaching gigs, but more importantly, the sale of the book itself can happen as a result of your podcast.
 What's cool too, is you could actually, as you are writing your book, use your podcast to help people understand that this book is coming out to create buzz for it, to show people the progress as you then build buzz to that launch date.
There are a lot of examples of authors utilizing podcasts to help sell their books, there's also a lot of examples of people being a guest on other people's shows to sell their books. But one person I want to highlight is Hal Elrod, who wrote The Miracle Morning and his podcast, Achieve Your Goals. For one, it helps people discover his book, who discovered his podcast first, and it also helps people who discover his book first, find his podcast and build an even deeper relationship with him too. There are no hard sales in his podcast, which is great. It just becomes a natural part of the conversation, because that's what he's known for, his book Miracle Morning, and the tens of thousands of lives that he's changed.
money podcasting

7, Public speaking. 

A podcast is an amazing digital stage that allows you to launch yourself into a potential physical stage. I've actually been recruited myself to speak on stage as a result of my podcast, which is really cool too. I've personally seen Marc on stage before at different events I've been at and he's awesome, he's so funny and what's really cool is he's super down-to-earth too. Now I don't know how much he makes from these speaking opportunities, again as a result of his podcast, but I would care to guess that it's in the five-figure range somewhere maybe and that's a pretty lucrative day. So if you want to start public speaking and you already have a podcast, well mention that you do that every once in a while. Maybe you do an episode related to some events that you've been to.
 And the fact that yeah, this is something you want to do, that alone can help plant that seed for people to come to you and say, "Hey, you want to speak at my stage? "

8. putting on your own events. 

When you build your tribe with your podcast, which can and will happen if you give it enough time, they will want to meet each other and you as well. And you can create some amazing events as a result of the tribe that you build. The way a person consumes a podcast is very much like how a person consumes a show. They become a fan of the show and they want to get more involved with that show. And one particular show that actually had a podcast to go along with it is The Walker Stalker Podcast, a fan show that was dedicated to the show Walking Dead on AMC.
 celebrities onto their podcast. And as a result of that, they were able to start putting on conventions. Not just little events with, you know, a few hundred people, but literally tens of thousands of people come out now and they have multiple events every single year.
 podcasting can be a great way to build a community, bring them together in an event-like fashion, just like Eric and James did with The Walker Stalker Con.

9. Patreon

. Patreon is a service, tool, application? This thing that exists that's pretty awesome, because what it does is it allows your fans to pledge to yes, they want to support you for the work that you do. So just imagine you have a podcast and you say, "Hey guys, if you want to support the show, "just pledge $1 per episode. "We come out with one episode a week, "that's all you got to do. " So think about that. One episode per week, four episodes a month, $4. Times 1,000, times 10,000, times however many listeners you have who are a fan of what you do. You can see this can scale and be quite profitable too.
Take, for example, the hosts of the Daily Tech News Show, a podcast hosted by Tom Merritt, which has nearly 5,000 backers, which total $20,000-plus a month, just through his fans.
 Now if you choose to set up an account with Patreon, you know, there's gonna be some people in your audience already, likely, who will be huge fans who will just support you anyway without any further incentive needed. Now it's best practice to have some other bonuses and other items that are unlocked when a person becomes a Patreon. So just think about what those things might be before you get involved with setting up an account. So those are nine ways to generate an income in addition to advertising and sponsorship. So if you feel you're stuck in the advertising and sponsorship wheel, or perhaps you want to get involved with making money on your podcast, but just don't want to go down that route or maybe even don't have enough people who are following you or big enough audience, well guess what? You have a great opportunity to potentially make even more money through these other methods.

  I'd love to know what podcasts you're listening to. So leave a comment below,

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