Over the past decade, the percentage of people who listen to podcasts all around the globe has doubled. Apart from the increase in audience size, advertisers have now flocked to infuse funds into this platform, so it makes a lot of sense if you want to profit from that with your unique audio file.
With over two million podcasts registered on Google and available with a flick of your finger, can you still start your own podcast, find your niche, build your audience, and earn money? The answer is yes, but the results will all depend on how much work you want to put in.
This includes buying quality equipment, analyzing the market, crafting quality content, and targeting the right audience. So now is the time to strike and start a popular podcast that you’ve been dreaming of making.Take a look below to help you get started.
Powerful Podcast Statistics You Must Tune Into
You must tune in and pay close attention to these statistics so you can realize what you are up against, and you can manage your expectations. According to a study by Reuters, almost 40% of people across the world have listened to a podcast.
The biggest top five podcast enthusiasts when measuring the medium’s popularity are located in South Korea (53%), followed by Spain (39%), Ireland (37%), and Sweden sharing the spot with the US (both at 35%).
On top of that, there are over 29 million podcast episodes that are available in more than 100 different languages. These figures are not surprising with the rise of gadget owners in this techie world.
However, despite these astounding figures, there are still more blog sites and Youtube videos than podcasts. For now, there are 750 blogs and 29 Youtube channels for every single podcast. Get acquainted with other people’s podcast experiences to overcome common mistakes.
As you can see, there is still room for you in this industry. You must leverage this to gain your lion’s share of the market. Remember, to date, there are almost 4 billion smartphone users, and through this device, your audience can readily access your podcast with WiFi or an LTE connection. No matter where they are located, even if they’re on-the-go, they can just pop their earphones on and listen to you.
How to Start Your Own Podcast
You must figure out your niche, and find out what can set you apart from so many existing competitors out there. If you have the penchant for connecting with an audience, but your blog post is not sufficient enough, you can expand your reach even more while using this platforms for hosting your podcast to engage with your followers.
The long-form content of a podcast allows you to express yourself and build more connections that make a difference. Here’s how what you can do:
1. Craft a unique concept
No one wants to listen to the same boring thing over and over again. You can make your podcast as vibrant as your personality. The power rests in your hands. You can focus on history, cardiology, sports, and more.
Your concept will hinge on your knowledge and skills. You must factor these into the picture in your beginning stages. Ask yourself what this podcast is for and why you are doing it. Focusing on these key questions will help you craft your unique concept.
2. Identify your goals
As with anything in your life, you must come up with a plan that outlines your goals. Every endeavor starts with a purpose, so you will have a guiding hand to help you reach success. And we all know about the famous quote, if you fail to plan, you plan to fail.
3. Choose a topic
Your chosen topic can make or break your podcast, so think about this critically. It can be broad relating to pop-cultural phenomena, or it can be detailed, such as featuring the benefits of organic living. The only real requirement here is you must be passionate about your topic, so going the extra mile to gather information isn’t a hassle for you.
4. Research the market
You must examine the market to see what offerings have been released. It is vital to figure out what other topics there are in the genre you are interested in pursuing. This way, you can gauge who are your fierce competitors for your podcast.
5. Pick your format
Pick a format that suits your podcast’s theme. You could be the sole host, have a partner, or do in-depth interviews. Even audio dramas are an acceptable format with their fan base.
You can also do educational shows, news clips, science fiction, etc. Sky’s the limit with your imagination. Whatever you pick, it must be able to tackle what you want to say, so the length will also vary based on your script.
6. Give your podcast a name
Finally, the most important thing is the name. It must be interesting enough to hook your audience. The name must be short and succinct, but it must also be able to encapsulate what your show is all about. Failure to think of a unique, catchy name can equate to getting ignored.
Equipment and Technology
Your chosen equipment and tech matters more than you think. If you don’t invest in an excellent noise-canceling mic, then chances are your audience will be able to hear annoying background noise. Who wants to listen to an amateurish podcast that has horns honking or people talking behind the scenes? No one wants to listen to loads of white noise, either.
Make sure you also invest in a good amplifier or mixer because they make all the difference when it comes to your recording. For best results, use editing software, so you can tweak your final record before you release it in the market. The most popular software are the following:
- Audacity-This is a free open source editor, allowing you to customize where necessary. If you want more features, there is a pro-level that you can pay for.
- Garage Band-This comes installed in most Apple computers, but it is not available in Windows or Android.
- Hindenburg-This is a professional level software for radio and podcasts. It has many features that you need to pay to avail of.
How to Make Money with Your Podcast
Among other digital marketing trends podcasts are becoming an inseparable part of the digital world. You can use podcasts to create an additional revenue stream. It is a great side-hustle which can earn you passive income. There are several ways to get this done. Take a look at several out-of-the-box podcast money-making ideas below:
- Advertisements-Podcasts that have a vast following are highly sought by advertisers. They give you money to air the clips before, during, or after your podcast. For best results, don’t overdo the ads. Your audience will get annoyed if you bombard them with too many commercials.
- Rely on sponsorships-You can generate thousands of dollars a month if you can find sponsors. This can even cover your podcasting costs.
- Establish relationships-When you are able to establish good relationships; you make your podcasts more profitable. Hosts that interview A-listers get more downloads, ads, and listeners. Who you collaborate with spells a huge difference.
- Boost sales of products and services-If you already have an existing business that offers goods and services, you can use your episodes to promote them. You can do unique promos and provide discounts for your loyal audience.
- Coaching-Many podcasts host can make additional money by offering coaching services to their most loyal subscribers.
- Leverage affiliate marketing-You can generate affiliate commissions by promoting other people’s products and services. You can actually create a pretty decent income with your podcasts as your show grows.
- Consider crowdfunding-Optimize the power of technology by putting up a crowdfunding site to ask your community to give you support. A website like Patreon allows people to pledge if they enjoy your show.
- Virtual summits-You can organize a virtual summit that will bring together other like-minded individuals. Charge a small entrance fee to cover the event cost. If you don’t want to organize, you can attend as a guest speaker and make money with your honorarium.
If you are looking for a way to express yourself, podcasting is a great way to be heard. You can be as informative, entertaining, or persuasive as you want to be. As the host, you’ll get the chance to build an audience of loyal subscribers, establish relationships, and make money through creative means.
Should you be an existing entrepreneur, creating your own podcast will allow you to promote your goods and services. Remember, everything hinges on quality content. The best podcast storytellers are passionate about their work. When you stay true to yourself, the opportunities to make money from your podcast will readily appear.
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