How Do I Make an Income From My Podcast: Podcasting Q&A [173]

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Hey everybody.

Welcome to Podcast Coaching for Kingdom Entrepreneurs.

I am your podcast coach, Kristen Chadwick.

I am so glad you're here today.

For those of you that are new here Thursdays, I like to upload a question from you podcasters and I call it Podcasting Q and A Thursday.

And you can ask your own question at Podcast Coaching for Kingdom Entrepreneurs with our voicemail little button in the bottom right hand, Cor.

And you can submit your own podcast question about launching, growing, monetizing, any of those things.

I would love to answer it here on the podcast.

Feel free to self promote your podcast too if you would like.

Um, okay, so we're gonna jump into today's question because it came up a lot over the holiday break and a little bit prior to that, I worked with a couple of clients to help come up with a strategy on how to make money with your podcast.

Now, I've done lots of episodes in detail on the best way to monetize your podcast.

I'll plug those inside of the show notes.

Um, so make sure you go back and listen to that.

By far.

Right now, the best way to make money is to promote your own product or coaching or membership, product service, something like that inside of your your podcast.

Now here is what I want to talk about today and it is called what I'm keying as or token phrasing.

I don't even a naming y'all could help me name this something else creative, but I'm gonna call it collaborative sponsorship.

What that means is you look at your circle right now in your community, in your neighborhood, in your business network marketing, in your Facebook groups, in your business, business bestie communities.

Who are the people that would love to have an ad on your show?

Now this is just looking to your right and to your left.

Who do you already know?

And they could benefit from having a spot on your show.

Now, for instance, you could have a podcast about health and wellness and you look around in your community and you may know somebody who has a network marketing business or they sell a product that could be helpful for your audience in particular.

This is a win win situation because you've now got a very specific target market, market audience for your friend and they are excited about that.

They have narrowed down their specific niche of who they have worked with and you have somebody that you know it would serve them and serve your audience.

And also you would be paid and compensated for the time that you're allotting for their ad to be on your show.

Now what does this look like?

It could look like say this example is say this health and wellness coach who has a podcast called Fitness for Life and Fitness for Life podcast host.

She is going to reach out to her friend, call her Rebecca who has a network marketing business.

Now, depending on what the relationship is like, this could be an email, a text, a phone call.

If it's an email, you can say, hey Rebecca, I'd love to collaborate with you.

You sell a product that I know my people need and it would help them.

I'd love to spotlight you and feature you on my podcast for the month of April.

If you're interested in investing in a sponsorship, let me know.

And then if they say yes, if Rebecca replies back and she says yes, I would love to be about that, I would love to hear more information.

Then you can either hop on a zoom, do an email of already prepared package sheet of different tiers that you could do or just get on the phone with them and talk about like what would work best for you and for them.

So what that could look like is say this multi level, multi level marketing guys, I'm so sorry, network marketing or social selling coach has this product she wants to promote on this health and wellness and it's a yes.

Now you could do like three different levels where it's one one time a week on every episode you have a 30 second ad promoting her thing.

She could record it for you or, or you can record it for her or just bake it into your conversation, but it's a guaranteed mention at every episode.

On top of that you could do another next level tier where it would be add on of mention in a social media post or newsletter.

And then the third level, you could also have them on your show if it fits nicely with what you're talking about.

This is a great way to start to bring in investments.

And you guys, it could be as little as like a hundred dollars a month.

That's $25 per episode that they are paying you to have their product on your show.

And obviously you want to align with whoever you're looking around and you're saying hey, that would be a really good fit or hey, they have a journal or a planner that would go so well.

Like for instance, I had Sarah Light, the creator of Soul Planner for my podcast and she is, I'm already affiliate with her because I already love her planner.

But what I could do is I could send her a promotion or a, a collaborative sponsorship idea and have her invest in a, you know, a weekly investment to have her promoted on my podcast.

So not only Is there a baseline of, say, it's $25 per episode, so it's $100 a month.

Also, if people sign up, there's now an affiliate as well.

So the baseline is your advertisement fee or your collaborative sponsor fee, and then on top of that, you would have your affiliate fee as well.

So the beauty of podcasting, you guys, is that you can create whatever you want.

You can get creative.

And I think this is our sweet spot as indie podcasters, that our numbers, they don't have to be in the millions and millions.

It can be in the thousands.

It could be possibly in the hundreds.

If it's a very specific niche that your collaborative sponsor is in that realm, it would be a beautiful fit.

So that is my idea.

I'm excited about it because I know that there are so many of us out there who are just wanting to bring in some income to help support, maybe podcast management, or even just your time and your energy and how much you put into the podcast.

And this is a great idea if you are looking for another way of bringing an income for your podcast.

All right, that's it for today.

I can't wait to hear more of your questions in 2025.

Take care and happy podcast.