- So you're thinking of starting a podcast or maybe you already have one. Great, well how do you make
money from that podcast? Well a very popular way to
make money from your podcast it through advertising, but
it's not the only way to do it. Now advertising is great. You have an audience and
you have advertisers. You marry the two and
you can get paid for that and that's fantastic. There's a lot of people out
there who are doing podcasts and making a lot of
great money in that way. A great friend of mine, Shawn Stevenson, from The Model Health Show is an example, who's doing advertising right, making it sound very organic in his shows, because he also uses those same products and because of that, I trust
him in his recommendations and I get those products too. It works. Advertising is not
always a great strategy, because for one, maybe
they'd heard those ads enough and they're gonna scroll through, hitting that 15-second button
just to get through that part. Or perhaps those products don't even align with your audience, in which case they might not even listen
to your show anymore. So what do you do? How many other ways
are there to make money from your podcasts other than
advertising and sponsorship? Well in this video, I'm going to share nine different examples with you, with real-life examples
from real-life podcasters. Stick around. Number one, digital products. Digital products are
products that are electronic and they can be distributed in a very, very scalable way online,
which is the benefit. There are a lot of examples of this, for example eBooks or music, software, online courses, those kinds of things. One example is The Fantasy
Footballers Podcast hosted by Andy, Jason, and Mike. They sell a digital product
called the Ultimate Draft Kit, which they offer to their listeners and it allows a person to download all the best projections
and stats and top players for their upcoming football draft. I probably should have got that this year, because I didn't do so well. You buy it, it gets
delivered to you via email, which is really cool, so hands-off. But also, what's really cool is, they have to do one of these every year, which allows for even more
purchases down the road. Another example is from my good friend Rick Mulready from RickMulready.com and the host of The Art
of Paid Traffic Podcast. He tells a number of courses related to how to do Facebook advertising. So if you have a business
you want to scale or get in front of a new audience, he has courses to help you do that, which are digital products. Number two, physical products. For example, the physical
products from the Jocko podcast. It's hosted by Jocko Willink
who is a retired Navy SEAL and through his podcast he actually sells a number of things, such as merchandise with
his podcast name on it, like t-shirts. But in addition to that, other things that help
improve a person physically, such as omega-threes and teas
and those sorts of things. Now another example in this category is the Bad Dice Podcast with Ben Curry. On this podcast, which is
geared toward Warhammer and the Warhammer gaming community, he sells a product that
is called Scenery Dice. I have no idea what that is,
but it sounds a little dicey. Sorry. Number three, affiliate products. What are affiliate products? Well instead of selling your own products that you spend the time
and money to create, you can actually sell
other people's products. And through those recommendations, you can earn a commission. Affiliate marketing has been
one most profitable ways that I've been able to
generate an income online and it's great especially
when you're just starting out, because you don't need to spend the time to create those products and a lot of the stuff is
already there in the market that you can sell and
recommend to your audience. Now there's a lot of rules and things that kind of go into that, so make sure to check out the links below in the description, which relate to some other
content that can help you, related to affiliate marketing, if you want to learn more about that. Now what's really cool, is as a podcaster, you can do a few things, for
example, if you are selling and recommending another person's product. Invite that person on your show, have them talk about how
they built that product, have them build a relationship
with your listeners. That way, the sell is not even going to feel like a sell at all, it just becomes a natural progression after listening to the episode. A good example of this
is when I interviewed the founder and creator of ConvertKit, an email service provider
that I use and recommend and full disclosure, I'm also an advisor for the company now, but I interviewed Nathan, I
talked about his origin story about how he created this product, and I did see a noticeable
bump in affiliate sales for ConvertKit after that episode came out and I still reference it today. Number four, coaching. Now the beauty of a podcast
is that through your voice you're able to build a relationship with those who are
listening on the other end and if you offer coaching services, you're more likely to convert that person, because they kind of already know you. They know what kinds of
things you have to offer, what your vibe is like, and if you offer any coaching services and they like you, well it's gonna be a good fit. For example, Ben Greenfield from the Ben Greenfield Fitness Podcast. On this podcast where Ben
talks about things like digestion, biohacking,
lifestyle, nutrition, recovery, all kinds of things related to our health, he also shares that he has a
fitness and coaching program. And because you get to
know Ben on his show and you like what he has to say, well if you need the coaching, you're more likely to
actually work with him. Fitness coaches, lifestyle
coaches, financial coaches, coaches of all kinds can
benefit from having a podcast and if you actually just offer
your services on your show, you can actually see some conversions. Number five, similar, because
it's kind of a service, let's talk about consulting. So instead of coaching a person and helping them through some tough times or you know, helping them wrap
their brain around something, perhaps you're actually offering a service to accomplish something. For example, Rob and Kerri from the Disney Travel Secrets Podcast. Rob and Kerri are actually
two students of mine in my Power-Up Podcasting course and their podcast is great,
because it allows them to, again, build a relationship
with their listeners, but also it helps their
listeners want to work with them to help fulfill their Disney dreams with building their dream vacation. And seriously, if you
want to know the secrets related to Disney and how
to have a great vacation, definitely check out Disney Travel Secrets with Rob and Kerri. Number six, selling your own books. Now yes, this does crossover with a lot of what we've
already talked about. books can be digital, obviously, books can lead to consulting
gigs and coaching gigs, but more importantly, the
sale of the book itself can happen as a result of your podcast. What's cool too, is you could actually, as you are writing your book, use your podcast to help people understand that this book is coming
out to create buzz for it, to show people the progress as you then build buzz
to that launch date. There are a lot of examples of authors utilizing podcasts to
help sell their books, there's also a lot of examples
of people being a guest on other people's shows
to sell their books. But one person I want to
highlight is Hal Elrod, who wrote The Miracle Morning and his podcast, Achieve Your Goals. For one, it helps people
discover his book, who discovered his podcast first, and it also helps people
who discover his book first, find his podcast and build an even deeper relationship with him too. There are no hard sales in
his podcast, which is great. It just becomes a natural
part of the conversation, because that's what he's known for, his book Miracle Morning, and the tens of thousands
of lives that he's changed. Number seven, public speaking. A podcast is an amazing digital stage that allows you to launch yourself into a potential physical stage. I've actually been recruited
myself to speak on stage as a result of my podcast,
which is really cool too. And it becomes a part of your offering, the fact that you mention,
"Hey guys, you can actually "have me on stage too if you want," well you can be like Marc
Maron from the WTF Podcast. I've personally seen Marc on stage before at different events I've been at and he's awesome, he's so funny and what's really cool is
he's super down-to-earth too. Now I don't know how much he makes from these speaking opportunities, again as a result of his podcast, but I would care to guess that it's in the five-figure range somewhere maybe and that's a pretty lucrative day. So if you want to start public speaking and you already have a podcast, well mention that you do
that every once in a while. Maybe you do an episode
related to some events that you've been to. And the fact that yeah, this
is something you want to do, that alone can help plant that seed for people to come to you and say, "Hey, you want to speak at my stage?" Number eight, putting on your own events. When you build your
tribe with your podcast, which can and will happen
if you give it enough time, they will want to meet
each other and you as well. And you can create some amazing events as a result of the tribe that you build. The way a person consumes a podcast is very much like how a
person consumes a show. They become a fan of the show and they want to get more
involved with that show. And one particular show
that actually had a podcast to go along with it is The
Walker Stalker Podcast, a fan show that was dedicated to the show Walking Dead on AMC. I actually featured the two hosts of The Walker Stalker Podcast on my show in episode 247 of the Smart
Passive Income Podcast and their story is amazing. As a result of starting their podcast, again just a fan podcast between two guys who love The Walking Dead, they were able to get some of the celebrities onto their podcast. And as a result of that, they were able to start
putting on conventions. Not just little events with,
you know, a few hundred people, but literally tens of thousands
of people come out now and they have multiple
events every single year. Their big event is in Atlanta, where the film is, where
the show is filmed, and tens of thousands of people show up. All the celebrities come out, people line up to get autographs. I know, because guess what? I've been to these events
before too with my wife. Here's a picture of me with a couple of the stars from the show. This is the characters Daryl and Negan from The Walking Dead. And it was just such a cool experience to go and hang out with the crew there. But anyway, to go back to the story here, podcasting can be a great
way to build a community, bring them together in
an event-like fashion, just like Eric and James did
with The Walker Stalker Con. Number nine, Patreon. Patreon is a service, tool, application? This thing that exists
that's pretty awesome, because what it does is it
allows your fans to pledge to yes, they want to support
you for the work that you do. So just imagine you have
a podcast and you say, "Hey guys, if you want
to support the show, "just pledge $1 per episode. "We come out with one episode a week, "that's all you got to do." So think about that. One episode per week,
four episodes a month, $4. Times 1,000, times 10,000,
times however many listeners you have who are a fan of what you do. You can see this can scale
and be quite profitable too. Take, for example, the hosts
of the Daily Tech News Show, a podcast hosted by Tom Merritt, which has nearly 5,000 backers, which total $20,000-plus a
month, just through his fans. I also interview both
Jack Conte and Tom Merritt on episode 188 of the Smart
Passive Income Podcast, link's below. Now if you choose to set
up an account with Patreon, you know, there's gonna be some people in your audience already,
likely, who will be huge fans who will just support you anyway without any further incentive needed. Now it's best practice to
have some other bonuses and other items that are unlocked when a person becomes a Patreon. So just think about what
those things might be before you get involved
with setting up an account. So those are nine ways
to generate an income in addition to advertising
and sponsorship. So if you feel you're stuck in the advertising and sponsorship wheel, or perhaps you want to get involved with making money on your podcast, but just don't want to go down that route or maybe even don't have enough
people who are following you or big enough audience, well guess what? You have a great opportunity
to potentially make even more money through
these other methods. And hey, if you liked this video, thank you so much, I appreciate it. Click on the like button
and also share this. I think a lot of people
would also love to know how to generate an income
through their podcast too. And by the way, if you haven't yet gotten
started with a podcast, make sure to check out
howtostartapodcast.com, that's my free How to Start a Podcast
in Three Days mini course. It'll just walk you through
the process in just three days, howtostartapodcast.com. Again, thank you so much
for watching this video and before you go, leave
a comment really quick. I'd love to know what
podcasts you're listening to. So leave a comment below,
I'm interested to find out. Thanks so much and we'll
see you the next video.
