366 How Much Should I Charge My Sponsor?

cashsnHow Much Should I Charge My Sponsor?
Some recently posted this question… “I've been approached by an ad agency about advertising in my podcast. They have a client that's very targeted for my audience. So they're asking me for rate information. I have no idea what to quote them, as I've yet to have a sponsor for my show. Any idea what's fair based on downloads or other metrics? Thanks!”

I've devoted this episode to providing my thoughts on this topic. I hope you enjoy.

 
 
Video Recording of this episode
The following video is an UNEDITED version of the Behind The Scenes Recording of this episode of Podcast Answer Man. Join me for a future live broadcast of Podcast Answer Man. Click here for details.

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360 Does Listening Via Stitcher Really Support Content Producers?

Why I Found Stitcher's Last Email To Be Misleading! (00:34:32)
stitcher-radioRecently, the CEO of Sticher Radio, Noah Shanok, sent an email, to those who use their app, to apologize for “instances where their ad system performed in unexpected and sometimes suboptimal ways, for example by delivering ads at less than ideal times, serving repetitive ads, and other issues.”

There were two statements in this email that seemed to be a bit misleading. The first statement said “We want to make you aware that we share our revenue with our content partners – and to our knowledge, we are the only service doing so.” I would have had a problem with this first statement, but he did follow it up by saying… “We recently expanded the program to include more of our content partners.” For this reason, I would have been willing to allow this first statement to slide. At least here, they do infer that “not all” of their content partners are included in this (expanded program of revenue sharing?).

When I read the second statement, I simply could not just ignore this and move on. Instead, I wanted to make sure that everyone that I know is clear about the truth related to this next statement.

You see, Noah wrote… “You should know that by listening on Stitcher you're also supporting the content producers themselves.

I am a “content partner” with Stitcher Radio. This email was 100% focused on their advertising implementation. This paragraph was all about how they are sharing advertising revenue with content providers. With that being said, it's very easy to see how those who read the second statement that I am pointing out could be interpreted as… You should know that by listening (to Podcast Answer Man) on Stitcher you're also supporting (Cliff Ravenscraft, himself).

However, THIS IS NOT TRUE! Even though my podcast has thousands of subscribers, I do not have the minimum of 5,000 active monthly listens on Stitcher Radio to qualify for their revenue sharing plan. For this reason, I want to make sure that everyone is clear about the fact that listening to my podcast on Stitcher Radio does not generate any income for me at all.

I do like Stitcher Radio as a company and what they are doing for podcasting as an industry. I don't even mind that they run advertisements on my podcast. I know that it is my decision whether or not to syndicate my show there and I did so knowing that this was how they were going to monetize their business.

I do not desire for those who love the Stitcher Radio app experience to make any changes to their consumption of my podcast on that platform. I just wanted to make sure that if you hear an advertisement on my show, in Stitcher Radio's app, it is not supporting me, financially, in any way. The same is true for the vast majority of the podcasts that you may subscribe to from independent content creators.

 
 
Three Other Topics
Also in this episode, I covered three other topics.

1) I talk about my thought process on judging the quality of the episodes that I've been putting out recently.

2) I answer John's question about using the royalty free music from Audio Jungle.

3) I answer Charity's question about the day in the life of a podcaster.

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325 Seven Things Podcasters Need To Know About Affiliate Marketing

sksLet's Talk Affiiliate Marketing
In this week's episode I am joined by my great friend, Mark Mason, from the Late Night Internet Marketing Podcast. A majority of this week's show is focused on things that podcasters should know when it comes to affiliate marketing. (This Topic Starts at 00:12:34)

The seven things we cover in our discussion:
1. What is affiliate marketing?
2. Why is affiliate marketing great for podcasters?
3. What products should I promote?
4. There are products that match your niche.
5. You must disclose.
6. Beautify and simplify (redirect) your links.
7. Affiliate marketing is a math problem.

 
 
Personal Plug of The Week
This week's personal plug of the week goes out to Jeff Brown of the Read To Lead Podcast. Jeff believes that intentional and consistent reading is key to success in business and in life. Each episode features a conversation with a successful and inspiring nonfiction author. Authors discuss their latest book and their unique perspectives on Leadership, Personal Development, Business, Marketing, Career and Entrepreneurship. If you check out his show and like it, please be sure to tell him that you heard about him from The Podcast Answer Man.

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324 Podcasting As An Occupation? How Long Before My Podcast Will Start Generating Income? My Thoughts On This And More!

cashsnShow 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

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312 Do You Take Advertisers On Your Podcast And So Much More!

Do You Take Ads On Your Site Or Podcast?takeads
In this week's episode, I focus a great amount of time answering many questions that have come in on the voice mail feedback hotline.

One of the questions that seemed to get the most time was whether or not I take on advertising on my website or in my podcast episodes. I share my thoughts as to why I've turned down offers of $1,000 per episode for sponsorship offers of Podcast Answer Man. I also share just how important relationships are to me when it comes to deciding what I choose to promote to my audience.

Here's a list of questions that I answered in the episode. I've also provided you the time stamp of where each question can be found in the episode.

00:04:48 What sound board app do you recommend?
00:13:53 Why do I have missing episodes in iTunes?
00:20:02 Do you take advertising on your site or podcast?
00:35:00 How can I remove some of these background noises?
00:38:35 Do you sound proof your studio space?
00:48:19 I heard Feedburner may go away, what should I do?
00:54:33 How can I set up password protected feeds?

Links mentioned in this episode:
Sound Byte Desktop Application
Sound Byte iOS Application
Interview With Mike & Izabela Russell
Audio Branding With Music Radio Creative
Nanacast
Blog Post On Web Hosting
Podcasting A to Z

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