Various Monetization Methods
I’ve listened and read quite a bit about the variety of methods out there for monetizing a podcast. Do I want to monetize mine? Eventually, yes. Did I start it to get rich? Absolutely not. I love everything about podcasts. From listening to creating and everything in between, podcasts are the best. So I started mine out of a desire to share truly valuable career stories. But I’m a business guy, so monetizing it down the road only makes sense… right?
Podcast Monetizing Methods Include:
- Donations (through something like Patreon)
- Affiliate marketing (referring people to other products, and receiving a commission)
- Selling your own products (informational products or physical goods)
- Selling ads and sponsorships
- Selling exclusive premium content
This list does not cover everything, but it highlights some of the big ones. Multiple sources that I have listened to recommend affiliate marketing as the best route to monetization. Other sources say otherwise. You can find pros and cons with most options. With affiliate marketing, essentially you provide your audience with a customized link to purchase an item on a different website. If someone clicks your link, then makes a purchase, you would receive a percentage of the sale as compensation for your efforts referring that buyer. Commission percentages and agreements with companies vary widely, but you can at least get the gist of it.
Where to Start Monetizing?
With all this being said, I’ve thought… well maybe affiliate marketing is the best route. But where would I start? Maybe you know or maybe you don’t, but Amazon actually has their own affiliate program. Essentially anyone can sign up, and you can refer others to Amazon product pages using your link. And if they buy, you get paid. Just search and you can find helpful videos and articles on how to do it exactly.
So I figured… why not? I’ll sign up, and post links when it makes sense. Long story short…
I made my first affiliate commission yesterday!
I can’t wait to spend the $0.47 burning a hole in my pocket! My lesson to myself in all this? Affiliate marketing is a real thing that people use to sell their products, and others use to make commission money for themselves or their business. Crazy stuff right?
Using Facebook Groups
My first monetized affiliate link was a post that I made in a podcasting related Facebook Group. I’m listening to a book about podcasting right now, thought it’d be helpful to post about it, did so, got engagement from the group, and I guess someone ended up buying the Kindle version. Crazy.
Trying New Things to See What Works
Will this $0.47 be what I need to retire in 12 months on some Caribbean Island? Probably not, it seems a bit lower than what I would need to do that. But until recently, affiliate marketing was a foreign concept to me. Now I understand the basic theory behind it, and getting a real transaction (though it really wasn’t connected to my actual podcast) under my belt seems like a neat milestone that hopefully sets the stage for me to monetize my podcast in the future. I’ve learned a lot in the last few months. I’ve engaged with Facebook Groups for the first time, I’ve put myself out there in asking people to be on my show, I’ve posted affiliate links for the first time. I’ve tried new things. And so far I’m glad I have!