Godfathered by the radio, podcasts are a relatively new digital medium that focuses solely on the audio. The term was coined back in 2004 by a journalist of The Guardian, and it didn’t take long for it to become a pretty popular term. Podcasting is a great way to combine fun and profit for those who see themselves as content presenters or writers, but the best thing about it is its affordability.
It’s quite easy to get the wheels rolling on a podcasting project if you have the funds to buy a microphone, software, and hosting services, which require a small budget that almost anyone can afford. It is quite normal to feel overwhelmed when creating a business strategy and choosing the type of content that you want to podcast. That’s why we’ve created a brief guide that should help you start off on the right track.
Determine the Goal of the Podcast
Unless you want the podcast to be a random mix of anything that comes to your mind, which is not practical for a business, you need to put a goal in focus. If you’re already a business owner, using the podcast platform to promote your existing business is a pretty good idea. If you’re looking to turn the podcast itself into your main and only business, don’t treat it as a complementary dish on the side. Your decisions along the way will be mainly dictated by the route to the goal you’ve set.
Choose the Show’s Length and Format
Deciding how long you want your podcasts’ episodes to be is important. It often depends on how frequently you will be posting content. Daily podcasts are relatively on the shorter side of the spectrum, usually ranging between 20-25 minutes. Weekly and monthly podcasts, on the other hand, are often longer. As mentioned by the podcasting gurus of Wired Clip, you’ll need structure to market the podcast on a reliable hosting platform. You also need to think about the different segments that you’ll be including in your show. For example, Q&A sessions with the audience can help increase your engagement rates. A solid and organized plan is integral to the success of your show.
Understand How Podcasts Generate Income
One of the most popular ways to make money off of a podcast is by using advertisements. Naturally, the bigger the audience you have, the more money you can make through promotions. In the beginning, you won’t really have a wide audience, so you’ll need to be patient as you implement advertisements. An affiliate program is another effective way to earn passive income through podcasts. To enroll in an affiliate program, the host of the podcast would simply mention a product and provide a discount link for the audience to check it out. Every sale made through this link will provide you with a commission. It’s advisable to only mention products that are at least slightly relevant to the content you provide. It goes without saying that they should also be good-quality products that you can confidently recommend.
Identify Your Target Audience
The big bucks in podcasting come when you have a good number of listeners. Expanding your audience is an essential step in any podcaster’s strategy, whether they’re doing it for the fun, profit, or both. Knowing the persona or interests of your target audience will help you craft content that they can relate to and enjoy. The strategy that you use for marketing your podcast show will be heavily influenced by the target audience you’re trying to reach out to. Invest enough time to figure out who you’d like to reach and how you can reach them with your content.
Like any business in the world, networking can be a serious game-changer. Even though some people may think that they don’t need business relationships to get their podcasts off the ground, it’s still a very profitable and strong element in garnering a big audience.
Networking includes interviewing guests on your show and collaborating with other podcasters to get your name out there. The more developed your business relationship becomes, the easier it will be to introduce your podcasts to new listeners who may have not heard about you until you’ve worked with someone they are interested in.
Name the Podcast
The name of your podcast shouldn’t be an afterthought that you can conveniently decide on in the later stages. Coming up with a good name is a very important step in creating a podcast. Similar to a business, the name can define it and make it more memorable for the audience. Interesting names can intrigue listeners and make them interested in what you have to offer. It should be descriptive of the show’s nature and easy to say.
Starting a podcast can be a fun experience, but if you’re interested in turning it into a profitable endeavor, you need to be committed and dedicated to reaching your business goals. Figuring out a plan as early as possible is key to building a strong foundation for a successful podcast, so don’t shy away from investing effort into planning accordingly.