Show Me The Money! (Topic starts at 00:03:44)
There are times when I feel like Jerry Maguire in this scene from the movie (WARNING: Strong language in clip). Okay, so this is a bit of an exaggeration. The fact is that I have made it a point to not yet enter into a relationship where clients are expecting me to “show them the money.”
I’ve stopped counting the number of times that folks have come to me, expecting me to teach them how to turn their podcast into their full-time career or how to create a podcast that will begin providing them a significant income. The common theme among all these requests has been that these individuals see their podcast as “a product” or “a service” and that they can turn their podcast into a lucrative business.
One person sent me an email asking, “Does a well-done, interesting daily financial podcast have the potential to generate perhaps $3k per month of income within 12 to 24 months if I hammer it and work my butt off on it?”
Another person, who was thinking about signing up for my Podcasting A to Z course, asked “What the payback period is for the investment in your course? On average, how long does it take for your students to earn their investment back?”
Yet another person wrote to tell me, “I’ve lost my job. So naturally, I want to figure out a way to make the podcast and my youtube channel more lucrative and make it my occupation.”
Please understand that I do believe that it is possible to generate income directly from your podcasting efforts. In fact, I did a lengthy blog post back in August 2011 where I shared some very personal details about how much income I was generating from my own podcasting efforts. You can read that post by clicking here.
I also gave a one hour presentation at BlogWorld LA 2011 (Now known as New Media Expo), titled “Proven Strategies For Generating Serious Income From Your Podcasting Efforts. I’ll post it below.
As you can see, I do not shy away from the topic of monetization and I have no issues with folks generating income directly from their podcasts. However, in this episode, I share some pretty strong feelings on putting too much pressure on your podcast to directly generate income.
I do not believe that a podcast should be looked at as a business or a career. Are there exceptions to this? Yep! However, I have found it easier to succeed when you actually develop a genuine business where you offer products and/or services that provide value to your target audience. As people come to know, like and trust you, they can then make a decision to purchase your products and/or services, or the products and services of those you recommend.
I do directly generate a few thousand dollars a month from sponsorship of a few podcasts and from affiliate commissions that I earn from recommending products and services in my podcast. Only a very small percentage of my income, however, is generated in this way. I want to point out that I’ve been podcasting since 2005 and have produced more than 3,100 podcast episodes and have a following that is in the hundreds of thousands of people at this point in my journey. This is not something I built within 12 to 18 months.
Even today, I do not see any of my podcasts as my “business.” Instead, I have a business model that is made of of many different streams of income from many different products and services that I offer. Here are a few things that I do that generate income for my actual business.
- Coaching & Consulting, Including Podcasting A to Z.
- Facilitating The Podcast Mastermind which I founded in March 2012.
- Equipment sales made at http://PodcastAnswerMan.com/equipment.
- Video Training Tutorial Sales made at http://PodcastAnswerMan.com/products.
- A referral network where I earn commission on referring clients for podcast artwork, one-on-one consulting, etc.
- Public Speaking. I started out speaking for free. However, I am now paid well to speak at events.
- Joint venture projects where I partner with friends on one off projects.
- Affiliate sales – Where I recommend products and services that I trust and earn a commission.
- Webinars – High value online training events that meet the needs of my community.
- And very soon, I plan to start doing my own live events and conferences.
I am extremely blessed to have a business that does provide me with a rather nice six figure income each year. There is no question that my podcast is responsible for generating a majority of the sales in my business. However, it’s not the the only thing that generates sales. I do a significant amount of marketing and relationship building through social networks, face to face networking at conferences, speaking a conferences, etc.
Also, I want to point out that I still work approximately 10 to 12 hours a day, a minimum of five days a week, this includes several hours each week spent studying on how to improve my sales and marketing efforts. If I am preparing to go out of town or just returning from a trip, you will often find me working 12 to 14 hours a day all seven days of the week. However, When you love what you do, it’s really not that bad to work from 5am to 5pm (or 8pm) every day.
So if you ask me to “show you the money” in podcasting, I’ll simply point you back to this post and ask you to listen to this episode to hear my thoughts on this subject.
Other Topics Covered In This Episode
- New Media Expo Promo (00:36:25)
- Does replacing a file on Libsyn create a duplicate episode in iTunes? (00:41:13)
- How can I keep track of my stats if I use a single Libsyn account for more than one show? (00:49:08)
- What software do you recommend for recording Skype Calls? (00:54:09)
Links mentioned In This Episode
- Download The New Media Expo Promo
- Audio Branding from Music Radio Creative
- Check out the Veronica Mars Fan Podcast
- Episode 241 about more than one podcast with Libsyn
- Pamela For Recording Skype on Windows
- Call Record For Recording Skype on a Mac
Podcasting A to Z
Do you want to learn how to podcast but don’t know where to start? Podcasting A to Z is a four week online training course that walks you through each step in the process of setting up a podcast. You not only get step-by-step tutorials, but you also have the ability to get answers to all your questions during the four week session.
If you have been thinking about starting a podcast, this is the course for you. Just head over to http://PodcastingAtoZ.com for full details. I look forward to potentially working with you.
The Podcast Mastermind
Are you a podcaster?
Are you self-employed or desire to be?
Are you willing to invest in your future success?
Have you heard about The Podcast Mastermind organization?
The Podcast Mastermind is focused on the personal and professional growth of it’s members. Find out more at PodcastMastermind.com!
Upcoming Event Schedule
One of my favorite things about traveling to, and speaking at conferences, is meeting members of my community. I always make it a point to host a community meetup wherever I travel.
Below is a list of events that you might be interested in. If you can make it to any of these events, I’d love to have the opportunity to meet you. If you are not able to attend the event, but are in that area, I’d still love for you to come to the personal community meetup that I will host in that town.
November 3-5 – Dallas, TX
Conference Link – http://PlatformConference.tv
Affiliate Info: Use promo code “Cliff” to save $100 on registration!
New Media Expo
January 4-6, 2014 – Las Vegas, NV
Conference Link – http://NewMediaExpo.com
Exclusive Audio Branding Package Opportunity
I want to remind you that I have an exclusive audio branding package through Music Radio Creative that is only available to the Podcast Answer Man community. For only $449, you will get the following:
- A one hour 1-to-1 web meeting with Mike and/or Izabella to discuss your podcast’s exact audio needs and help design your audio brand.
- An amazing podcast intro with an introduction to your podcast and music bed.
- An exciting podcast outro with music and a call to action of your choice.
- Three jingles/bumpers that you can use to transition between segments, mention your website address, introduce interviews, features and more.
- Complete script writing service for all of your audio products.
I encourage you to check out the commercial below and then click here to schedule your audio branding consultation today.
Shop With B&H Photo & Support Podcast Answer Man
I am thrilled about the relationship that I have formed with the folks at B&H Photo, Video, & Pro Audio. They have amazing prices on podcast equipment and so much more. Best of all, their customer service is almost as good as my own.
When placing an order through my affiliate link, you end up paying the same low price and I earn a generous commission. If you have used my affiliate link to make a purchase with B&H, please leave me a comment with your name and a link to your website in the comments section below.
Blue Host Affiliate Signup
I want to send out a special word of thanks to the folks behind the following domains that were used to create a new hosting account with BlueHost with my Blue Host affiliate link recently. As you know, I earn a commission each time someone clicks through my link to sign up with Blue Host. So thank you!
Accounts that were created recently:
Note: The fact that I have linked to these accounts is only to acknowledge that these folks have used my affiliate link to create a hosting account with BlueHost. These links are not an endorsement of any content that may be posted to these sites. If you ever recognize content blatantly offensive at any of these links, please let me know and I will be sure to evaluate and consider if the link should be removed from this post. These accounts are all brand new and may not be active yet. Also, it is possible that some of these domains were previously owned and may not have been transferred to BlueHost just yet.
Free Month of Media Hosting With Libsyn!
Because of all the years of sending clients to sign up for accounts with Libsyn, they have created an affilate program only given to a hand selected group of podcasting experts. I’m delighted that I am now able to offer your ONE MONTH FREE when you sign up for a new account with Libsyn. Simply use promo code GSPN when you sign up! For my complete thoughts on podcast hosting, click here.
Podcast Video Tutorials:
I have a growing list of video tutorials that I have created based up on the the top things my clients have hired me to help them with. See the full list of tutorials by clicking here.
I Appreciate Your iTunes Reviews!
If you have ever read my blog post about how iTunes podcast ratings work, then you know just how valuable leaving a 5 star rating and/or a written review can be to a content producer.
I am so incredibly thankful to those who have recently gone into my listing in iTunes to provide a five star rating and a written review of Podcast Answer Man.