6 Podcast Strategies That Will Make You a Profit

So you have a podcast. Maybe your getting some downloads, maybe your still hearing crickets.

Either way, I can’t help but asking how much time you’ve invested into your strategy?

The ready, fire, arm approach may be your tried and true method of learning, but I’m of the opinion but if you want this to be a part of your business a.k.a not a hobby, It’s essential to treat it like one.

Would you start a business on a whim without knowing who you were gonna sell to? Not knowing your product?

Of course you wouldn’t. But I see podcasters do this all the time with their show. They have a thriving business (or none at all), launch their podcast, and expect to be the next industry authority.

How much time was put into their strategy? Zilch. Zero. Nada.

It’s the mistake I had to learn the hard way back in 2013 and I’ve vowed to never go down that path again. By the time I launched my second show I had figured out a thing or two.

It’s a ongoing process as with anything in life, but you can take the shortcut by using one or all seven of these strategies so you don’t have to face the same struggles I did.

1. Name Your Podcast Using Niche Keywords

I was chatting with Matt Theriault from EPIC Real Estate Investing the other day. One thing he said stuck with me after the call,

“You have to decide if you want to be a podcast celebrity or drive leads to your business.”

I see so many people making the this mistake. They want to build a personal brand or business, but they haven’t taken the time to do their due diligence.

What are your potential customers searching for? Generic and boring keywords beat trendy and cool every time.

The eCommerce Marketing Podcast isn’t sexy, but listeners know you know exactly what they’re gonna get.

2. Create Content That Solves a Specific Problem

When people search the Internet they’re trying to find the answers to their problems. Your podcast must to be the answer!

The classic problem, agitate, solution model guarantees that your content will be customer facing and drive listeners back to your sales funnel.

You must think like a marketer. 80% of your time should be spent on marketing and promoting your podcast, while 20% should be spent on creating the actual content.

Get intentional with the naming of your podcast titles.

For example:

• How to Win More Business in 90 Days or Less
• Why Content Marketing Beats Paid Ads 5 to 1
• 7 Ways To Improve Your Profits This Week

These are all examples of headlines that stir up emotion and create a sense of urgency. Use the Headline Analyzer tool by CoSchedule to dial in your episode titles.

3. Start Networking with the Top 5% In Your Industry

The “podcast gurus” will tell you interviews shows are dying, but this is the best way to grow your rolodex of contacts and build authority.

You can literally go from being a no-name event planner and become an industry authority in 18 to 24 months (i.e. people will know your name and more opportunities will show up)

That’s exactly what happened to me back in 2014 with my second show. I built relationships with people I had no business hanging out with because my podcast give me leverage.

Find the top three conferences in your industry. Who are the speakers and presenters? Even better, who are the organizers? Those are the people you should be interviewing.

4. If Your Small, Ditch The CPM Mindset

The traditional CPM model that has been carried over from radio is great for advertisers, but you could be potential underselling your show. Not to mention that it’s not always practical for the little guys.

Imagine owning a billboard on a one lane road that has the potential to become a super highway in three to five years. I can pay you “X” now and keep my Ad on the sign along your highway forever (assuming your show lives on in perpetuity).

That’s kind of a big deal. I don’t see Outfront Media or Clear Channel Outdoor making those kind of deals.

You need to sell your own products and services indirectly. And do it in a way that does’t make it feel sleazy.

No one likes to be sold too, but everyone likes to buy. If you do decide to go the sponsorship route, consider ways to get creative beyond the traditional pre and post roll Ad placement.

Think of sponsorship in terms of a partnership and natively integrate your partners branding into content beyond your podcast.

5. Invest Time in Building a Community

If you’re reading this, you already know the power of podcasting, but you may not be fully engaging with your audience.

Driving listeners to an open Facebook group, Twitter or Slack Chat and keeping the conversation going is essential.

Donald Kelly, host of The Sales Evangelist, is a text book example of someone who’s doing this to a T.

Guess where he goes when he wants to know what his listeners are struggling with? Exactly. His Facebook group.

Does it take work? Absolutely.

Will it pay divides? No question.

The closer you can get to your listeners, the stronger the bond.

6. Joint Venture Opportunities

If you’re doing interviews, make sure you’re not overlooking opportunities to work with past guests or to create joint venture opportunities.

Often times we’re in such a hurry to get the interview that we forget these people have products and services that could benefit our customers.

Dr. Krister Lowe, host of The Team Coaching Zone, built his business using this exact model.

His past guests called upon Dr. Krister to fill roles for organizations they either didn’t have the expertise or time to allocate, and vice versa.

Always be thinking of ways you can help your guests to further their business and it will surely come back your way.

These six strategies are being put into practice by the some the top business podcasters in the industry and you can easily use them too.

All it takes is looking beyond the obvious, getting clear on how your podcast will serve your audience and business, and taking massive action.

Don’t expect to hit a home run out of the park when you’re stepping up to the plate for the first time.

Podcasting takes patience and dedication to your vision. Things will change. You’ll have to teak and adjust.

Continue to hone your strategy and be open to trying new things. Most importantly, remember to treat it like a business.

P.S. Twice a week I open my schedule to do free 15-minute strategy calls. I’m all about adding value. Feel free to book a slot HERE NOW to get feedback or help with your podcast strategy.

About The Author

Vernon “The Podcast King” Foster II is a highly sought after podcast consultant and educator. His work has be featured on Entrepreneur, EOFire with John Lee Dumas, Podcast Movement, and The Good Men Project. He founded Pod Parrot in late 2013 to help entrepreneurs and founders after struggling with the technical and production aspects of then popular show, Event Supremacy. Vernon continually seeks out new ways to innovate and strategically leverage podcasting as a viable platform for small business, startups, speakers and consultants.

Got a question? Feel free to connect with me to evaluate and discuss your podcast business strategy at http://podparrot.com/contact