The number one goal of the P.A.L.M podcasting strategy is to turn your followers into customers with your podcast and make more as a music artist.
But how exactly do you do this?
In this post, I’m going to talk about 7 of the best ways to monetize your podcast and make some money as a result.
1. Start a Patreon or Premium Fan club
A great way to make money with your podcast is to start a membership site and charge your followers a monthly fee for it.
In return, those who pay will get access to some goodies or freebies like discounts, the opportunity to spend extra time with you, premium content, giveaways, and so on.
You could use a platform like Patreon.com for this or create your own membership site on your website.
What I like the most about this method of making money is that you’re guaranteed a consistent amount of money every month, as long as members keep paying for the service.
2. Sell affiliate products
Affiliate marketing is another great way to monetize your podcast.
This is where you promote other people’s products or services to your followers through your podcast and receive a commission whenever someone buys from your link.
One thing I love about this method is that it’s the quickest way to start making money with your show – you can pitching products right after launch.
Also, it’s the least stressful method as you don’t have to do the difficult job of creating your own products or services.
3. Sell sponsorship packages
Selling sponsorship packages to brands and small businesses is one of my favorite ways of making money with a podcast.
This is because some of these brands tend to have a lot of money to spend on marketing and you can charge a good amount if your show is doing some serious numbers.
How sponsorships typically work is that you charge brands a fee for a mention or shoutout on your show, either before it begins (pre-roll), or somewhere in the middle (mid-roll).
However, you don’t have to do it this way.
You can get really creative with the sponsorship packages you offer and come up with something unique that is more valuable to the brands you work with.
For example, you could do a special episode where you interview someone from the brand about their products, this could be the CEO or head of marketing, and promote that episode on all your social media channels and/or send out special emails to your mailing list.
The possibilities are endless when you think outside the box, and you could charge more money for these types of offers too.
4. Sell your Merchandise
Selling merchandise is another great way to make money with your show and a podcast is an excellent medium for doing this.
And with platforms like Teespring, the process is super simple and straightforward.
These platforms offer what is known as print-on-demand services that allow you to design your merch, display it on your website or social media, and only pay for the product when you sell it to a fan.
This way, you don’t have to spend any money buying and storing goods, which can be pretty expensive.
They’ll even handle all the shipping and processing as well. Which saves you a lot of headaches.
5. Make money from Advertising
The money you get from advertising is another way to make money with your podcast.
platforms like Youtube and Spotify offer podcasters the opportunity to share Ad revenue with them. However, you need to meet their requirements to qualify.
While you can make a lot of money from advertising, you’ll need a LOT of views to make it worth your while.
So for me, this is more of a long-term play for when your show becomes bigger and more popular.
6. Charge for interviews.
This method of monetizing your podcast is not as popular as the rest but can be very profitable when do be right.
Music artists are always looking for opportunities to promote their music and they are willing to spend money to do so.
So as your show grows and you gain a decent amount of views, music artists will want to come on your show and promote their music to your fans.
Why not charge them a fee for doing so?
7. Sell your services to other artists
Another way you could leverage your podcast to make a really good amount of money is to offer music-related services to other artists.
By this, I mean services like songwriting, features, hook singing stuff like that.
You could charge artists a fee for these services and include the option to promote the finished song as part of the package.
This way, you make the deal more attractive and valuable to these other artists.
So those are seven ways music artists can use their podcasts to turn their followers into customers and make some serious amount of money in the process.
When deciding what method to go with, you could choose one of these or combine a couple and figure out which best fits your brand.
it all comes down to implementation at the end of the day.
If you’ve got any questions about any of these methods, let me know in the comments below.