Succeeding in Business Podcasting
Photo by Chris Lynch on Unsplash
Podcasting is a business opportunity. It’s also challenging to succeed with it for many. Some people do well. It may not be the norm. Yet, profitability and creating business opportunities isn’t impossible. There are steps that can be taken to greatly and simply increase the odds of developing traction.
Todd Cochrane, the CEO of Blubrry Podcasting and Matt Halloran, the chief relationship officer at ProudMouth and PodRocket Academy instructor, have insights and recommendations that could prove helpful.
“Podcasters that build actionable or informative value into their content help themselves greatly in the march to monetization,” says Cochrane, adding, “whether it's Value 4 Value or any of the other advertising models that exist today. Building audience size is always critical, but the more narrowly focused show that reaches a valuable audience will monetize more easily without building a massive audience.”
It’s also important, he says, to precisely identify and understand the objectives for any podcast.
“Is it for lead generation? Brand awareness? All shows should have a clear goal and work hard to achieve it, even if they're not necessarily just in it for the money. Some do it for fun, as a form of therapy, to build authority, and for many other reasons.”
Halloran says growth is the usual, primary goal.
“Our clients use their podcasts to grow their businesses. They’re business owners who want to build relationships with prospects and clients through on-demand marketing. The principles for creating business opportunities also apply to podcasters who are running a show for fun or as a passion project,” he says.
He provides examples from what research has shown to help people and their businesses grow the popularity of their show.
You have to organically market your podcast to everyone all the time. This means you have to tell everyone you know about your show: friends, family, and cashiers at the store. Post it on social media all the time. Be proud of your show and others will be, too.
Get on other people's podcasts; we call it OPP. That exposes you and your show to a whole new audience. Podcasters are a tight community and want to help others be successful. Getting on a show that is in your genre or niche can help catapult your show by exposing you to their audience. This leads to new people hearing about your show.
Have guests that have some visibility. We recommend that you look for people in your niche or community who are local celebrities. It amazes me how many people say ‘yes’ to being on a podcast.
You need to have a clearly defined niche. No matter why you are podcasting, the more defined that niche is, the better off you will be to gain raving fans. People want to connect with others who are fiercely interested in the same things they are. When you focus on a specific niche, the listener will return to your podcast again and again because they know what they’re going to get out of every episode.
Todd Cochrane, CEO of Blubrry Podcasting
Profit and podcasting are not known to go together for the masses. It’s a hard road to financial success. Yet direct financial compensation is not always the objective, Cochrane says.
“Fifty percent of the podcasts in production today do not have the goal of earning income. The remaining fifty percent have forty-percent monetization at a level that brings in some money, but not enough to be profitable. Approximately ten percent of shows are earning car payment money, house payment money, or life-changing ‘quit your day job’ money.”
Matt Halloran, chief relationship officer at ProudMouth and PodRocket Academy instructor
Halloran speaks to the question differently.
“Since our clients are business owners, all of our clients make money from their shows, without selling advertising,” he says.
He says there are, “five returns on investment that need to be calculated when looking at how your podcast can make you money.”
The content itself. You are making art; art is valuable.
It is an amazing client retention tool. Business owners can use their podcasts to help educate their clients and customers, which makes them feel special, listened to, and communicated with.
Selling new products to existing clients-customers. It is easier and less expensive to sell a new product to an existing client-customer than it is to get a new one. If this is done with care and with an educational focus, the business comes to you.
It is easier to refer your friends and family to listen to a podcast than it is to say, ‘call my guy.’ That kind of referral does not happen like it used to, people don’t want to call someone they don’t know. Podcasts also demonstrate social proof that you are legitimate and consistently giving back to the community.
New business. If you podcast for your business, or if you have a product to sell, you will gain new clients-customers or prospects.
Podcasting is a very intimate medium. You are building a relationship with them on their time, in their private space.
When was the last time you were invited into your prospect's private time? This is opt-in marketing; prospects want to know what you know.
The more you give — and demonstrate how you can help change their lives — the more likely they are to want to work together.
Blubrry Podcasting recently partnered with PodRocket Academy (ProudMouth) to provide Blubrry-hosting customers with a free membership to the PodRocket Academy’s podcast instruction where podcasters learn how to grow a loyal audience, launch a show or network or revitalize their podcast.
