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7 Reasons a Podcast Will Multiply Your Revenue

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7 Reasons a Podcast Will Multiply Your Revenue

Haven’t started own podcast yet? Here are 7 reasons to begin a podcast and increase your revenue.

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Are you ready to establish yourself as an industry leader, empower your current customer base, reach new audiences, and ultimately, multiply your revenue? If you answered “yes,” then it’s time to consider starting a podcast for your business.

Podcasts are a newly popular and rather affordable form of marketing. And once you get the hang of it, you’ll find the amount of work to produce a podcast is nothing in comparison to the rapid increase of business you’ll gain from it.

Creating a podcast for your business will have a monumental impact on your overall growth.

Here are 7 simple ways that a podcast will multiply your revenue alone.

1. Establishing You as a Thought Leader

What is a thought leader? A thought leader is an innovative expert of an industry.

A respected and trusted source, thought leaders are the ones people look to for advice on an industry-specific topic. Thought leaders make a meaningful impact on the world while implementing revolutionary advancements in their industry. They invite others to open their mind on a topic, and then take action to turn ideas into reality.

But the most significant attribute of a thought leader is their creation of a roadmap that teaches others how to replicate their success.

photo cred: Mark Bowden

A podcast gives you an opportunity to display your expertise on a platform where your audience can digest your content over and over again.

As your episodes grow, new and old audience members can dive deep into your podcast database. This will give listeners extensive opportunities to absorb your expert knowledge and gain trust in you as a thought leader for your industry.

More importantly, a podcast creates a well organized and dated outline of your growth in business. In your first few episodes, listeners can learn from your experiences before starting the podcast.

And as your podcast grows, so will your success. Your listeners will attach themselves to that growth and make moves to emulate your success.

As your listeners grow their own businesses, guess who they are going to turn to for help doing the things you know best? YOU! You’ve set yourself up as the expert. They’ve seen your growth and they aren’t going to want anything less.

Keep your contact info readily available, because when your listeners are ready for serious growth, your revenue is going to rise right along with them.

2. Relationship Building

Podcasts are intimate. They’re vulnerable. In fact, there is a chunk of time in every podcast where it’s just the host and the microphone.

[Recommended: 12 Marketing Podcasts That Will Uplift Your Business ]

A podcast host has the full responsibility to bare all and keeps the audience engaged.

Think about your favorite podcast. Do you feel like you know the host personally? Each time you listen to a new episode, you learn something new about the host. And the more you listen, the more you understand, respect, and even defend the host.

photo cred: dolgachov

As a host, while your audience gets to know you, they’ll form a bond with you. You never have to meet them, yet they’ll start to feel like they’ve known you for years. And the closer they feel, the more they will trust you.

People do business with people they can trust. Establish that host/listener relationship, and you’ll not only grow your following, but you’ll also grow your revenue.

3. Supraliminal Messaging

Similar to subliminal messaging, with supraliminal messaging, an audience is conscious that the message is there, but they don’t realize it is influencing their behavior.

For example, researchers studied the effects of music in a liquor store and found:

  • On days when German music was played, more German wine sold.
  • On days when French music was played, more French wine sold.

As you interview other thought leaders in your industry, talk about your own business practices, and share stories of how your business has changed lives, your audience will receive supraliminal stimulation. This information will register with listeners in a way they are not even realizing.

Then, on the day your listener finds himself in a similar situation to a story you’ve shared, or thinking about acquiring the services that your business offers, guess who will be the first one on their mind?

That’s right, it’ll be you! By slowly and casually explaining all of the ways you serve others, people will supraliminally turn to you when they need that service.

4. Word of Mouth

Think about how many times you’ve told someone about a show, documentary, book, or podcast that you love. When we like something, we talk about it!

That’s good news for your business! As your audience falls in love with you, they won’t be able to help themselves – they’ll talk about you. The more they talk, the more your listenership will grow. And the more listeners you have, the more potential customers you have right in front of you, digesting your content, eager to learn more about why they need your services.

5. You Will Educate Yourself on Your Business

You may think you already know all that you need to know about your business. Wasn’t it your expertise, after all, that caused you to create a podcast in the first place?

While you are most likely an expert in your field, we can all learn new things, even about that which we are closest to.  

With a weekly podcast, you’ll become more fluent in the things you say about your business.

You will learn how readers perceive the way you present your business. You’ll gain a relevant understanding of what works and what doesn’t. And because you are consistently communicating with industry leaders and consumers alike, your industry knowledge will stay current, equipping your business for adaptation. Plus, as you invite guests on your show, they will bring their own experiences to share with you and your listeners.

A podcast submerges you deep into your industry. It’s guaranteed to give you insight on aspects of your business that you haven’t yet considered.

And let’s face it. The deeper you understand your business, the better it is for business.

6. Sponsorship

Even though you start a podcast as a form of marketing, that’s not how your audience will see it. If done right, your podcast will be your audience’s entertainment.

As a whole, mass media consumers are used to digesting commercials. So, your podcast wouldn’t be complete without them.

photo cred: William Iven

The great thing about podcast sponsorship ads is that you maintain control over how they run. You get to choose the who, when, and how:

  • WHO: You can be choosy with what businesses you are willing to advertise. If a sponsor’s business model doesn’t align well with yours, you can decline the sponsorship. Similarly, if you know a business that will compliment your own services and help increase sales, you can reach out to that business and request sponsorship.
  • WHEN: Some sponsors pay more depending on when in the episode their ad is played. But ultimately, you get to decide where you want sponsorship ads to play. Do you want to get them out of the way in the beginning? Or, do you have a cliffhanger mid-episode where you know the audience is paying the most attention and will soak up an ad? Wherever the ad is placed, it is up to you!
  • HOW: You are the voice of the ad. It’s your appreciation for the product, or influence on the industry, that causes sponsors to select you to spread their message. Because you get to deliver the ad, you can do it in whatever way you think is best for your audience and your podcast’s sound.

The beauty of paid sponsorships is… they’re paid! The extra income from paid sponsorship is just icing on the cake of your already increasing revenue from the podcast.

7. Actual Advertising   

With your own podcast, you make the rules. If you want paid sponsorships, have at it. But keep in mind, those sponsorship slots are open for your own products as well.

If you have a new product launch or are starting a new service, what more perfect avenue to get that information to your target audience than your very own podcast? Your target audience is already listening! And, because it’s your podcast, the ad slot is free.

Taking a 30-second ad slot to inform your audience about something upcoming with your business is a perfect way to generate more revenue. And again, you get to choose the when and how.

So that cliffhanger moment we talked about earlier… Yeah, that is when you should be posting your ad. Especially if you are already discussing the topic of your ad. It’ll be a perfect storm!

The listener is holding on to every word you say. Then all of sudden, you flip to an ad. They are confused for a moment, but soon realize, you are telling them the resolution to the topic you just had them on the edge of their seats about! They pause your podcast, order your product or service, and once again...

Your podcast comes through on the revenue increase. It doesn’t get much better that.

Conclusion:

A podcast is advertising in the form of entertainment. Whether you are serving your customers a deliberate ad, or just sharing a conversation and a story, your customers are soaking in everything there is to know about your business. And they are loving it!

If you are looking for ways to expand your reach and resonance with customers, try a podcast. Your customers will see it as a free service to them. Meanwhile, your revenue will keep on rising.

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