Have you ever had an idea that may help the general public or a group of people but didn't know how to communicate it? Well, starting a podcast is one of the best ways to sell your ideas and opinions to people.
The idea can be inspirational, educative, or informative
depending on the kind of niche you want to address.
Statistics show that podcasts have gained popularity across
the world in recent years. Forbes report that 36 per cent of people around the
globe listen to a podcast every month.
The medium growth is attributed to the increase in the
number of smartphone users across the world –meaning users often tune in at any
time, from anywhere.
According to Forbes, 65 percent of podcast listeners across
the world prefer to use their mobile phones to tune in to their favorite
podcast.
These statistics show that you have the right medium to
impart your ideas to the target market.
Perhaps you have heard of the term podcast and much of the
information going around about the medium.
In this article, we will look at what a podcast means and
how to start one. We will also look at how you can make money by selling ideas
through podcasts; how you can monetize podcasts.
What is a Podcast?
From the internet definitions, a podcast is an audio
recording of a discussion about a specific topic or idea. It can feature one,
two, or more people sharing their opinions about the topic.
A podcast can be channeled via a different medium like
iTunes, Spotify, Websites, or Radio stations.
Podcasts in Kenya are gaining popularity
following Spotify –world leading audio stream – recent launch into the country.
In August 2021, during the release of the top 10
podcasts Kenyans listen to, the audio streaming and media service provider
said podcast listeners in Kenya are keen to support local content – especially
comedy and empowering content.
The top leading Kenyan podcasts include ‘The Mics are open’,
‘Legally Clueless’, ‘The Sandwich Podcast’ among others.
Well, you do not need to worry about starting your podcast
today. Starting one is just as simple as ABC… no technicalities or large
amounts of money required. Continue reading to get a step-by-step understanding
of how to start a podcast.
How to Start a Podcast
From the start of this article, you probably have asked
yourself this question; how you can start a podcast? What are the requirement
–capital, equipment? The best ideas to pass across or the topic, which channel
will you use, and the marketing strategies you will take to push your podcast
to the target audience.
If you have such questions, then you are reading the right
article.
To start and run a successful podcast, you will need;
1. The Idea/Topic
The topic you choose will give you direction on what you
want to discuss on the podcast. For example, you may want to share a business
idea or a travel idea.
Choose a topic that you feel passionate about or you are an
expert in for easy flow of ideas from episode to episode. Make sure your topic
has enough to discuss and split into 8-10 episodes.
You should also set the right format for your podcast. For
example, your intro – if you wish to start with a special guest or a recurring
section/phrase like “top trends”.
You should set the frequency at which you want your podcast
to be published – can be weekly, the length of each episode e.g. 20 minutes,
and the best day to publish.
2. Identify Your Niche
After you have set your topic, the format, and the frequency
of releasing your podcast, you need an audience.
Think about your target audience in relation to the topic
you want to discuss and work towards their attention.
3. Choose the Best Type of Podcast
There are three types of podcasts;
- Interview
podcast – here, one or two hosts interview different guests on each
episode.
- The
solo podcast – run by one individual (host) –can be you relaying an
opinion, a news segment, Q&A, etc.
- The
multi-host podcast – hosted by two, three, or more people talking about a
given topic. It is ideal for opinion sharing, debates, and entertainment
topics.
Knowing which kind of podcast will best suit your idea or
topic, will make your journey to podcasting easier and simple.
Things You Need
Before you start recording your podcast, you’ll need to
prepare a podcast artwork; an attractive cover that will compel
your listeners.
Set a podcast name to show the potential
listeners what you are talking about. For example, “Surviving Nairobi”. You
should include your topic in the podcast name to increase search engine
optimization using that keyword.
Come up with a host name. It can be your name or
business name. Also, utilize the keyword search metric here.
Include a podcast description with phrases
and keywords that best describe your podcast. This will also help in search
engine optimization (your content becomes visible to the target audience).
Select the best category for your podcast. This depends on
your topic – can be political, business, or beauty and fashion.
1. Record and Edit Your Podcast
Recording podcasts will require you to have a computer, a
microphone, an audio recording software like Audacity which is free or Adobe
audition. Make sure you have this equipment as podcast listeners value audio
quality.
After you have recorded your audio, go through it and cut
out disturbances, like noise, long pause, and adjust volume among others. Save
your file in Mp3 format with a 44.1 Mhz sample rate and 128 kbps bitrate.
Remember to save it with the name of the artist/host and the
podcast name and episode number.
2. Select a Hosting Server
For the start-up, you will need free servers like
SoundCloud. After you have gained more audience and start earning you can move
to competitive paid options. You can as well use Podbean, Podomatic, Amazon S3,
and Fireside to host your podcasts.
If you have a website you can host your podcast on the same
server as the website, but this may not serve you to the best of your
expectations.
Once you have a server, you can now distribute your podcast
to podcasting directories like iTunes and Spotify.
Cool, you now have your first podcast up and running. You go
in for the second one, the third, fourth and more.
The next step is to make your podcast known. Share it with
your friends on social media, on your website, and other mediums to increase
your audience coverage.
Making Money Out of Your Podcast
You have shared your podcasts and increased your niche. Now
it is time to start marking money out of the idea – monetizing your podcast.
To make money from your podcast, you need to set up these
strategies;
- Sponsorship
deals
- Premium
content
- Affiliate
partnership
- Join
podcast adverting network
- Host a
live event
- Sell
your products
- Ask
for donations
Sponsorship Deals
Your podcast can earn money if you incorporate sponsor
content. For instance, you start your podcast by mentioning the name of a
company like “This episode is brought to you by [Money254].
This is the most paying strategy podcasters use, but it
depends on the number of listeners to your show. The more listeners you have,
the more revenue you earn.
You can increase your pay by charging for “pre-roll” and
“mid-roll” mentions across the episode.
To get the right sponsor, make sure your topic aligns with
the company or brand objectives as well as your audience expectations.
Premium Content
You have your audience clinging to your content – every day,
every week they want to listen to something different – that coming episode.
This is a good chance for you to create premium content. You come up with
special episodes that are available on purchase.
This will your listeners the urge to listen to more of your
content and they will be willing to pay for premium episodes and become premium
listeners.
Use Q&As with special guests, ad-free episodes and
live-streamed or video recorded episodes to create premium content.
Affiliate Partnership
Here, you can promote a product or service in your episodes
using a special code or link, and when listeners buy you get a commission.
This is one of the best paying strategies for podcasters.
All you need is to carry out market research about products or services that
may entice your listeners and apply for affiliate marketing with the providers.
You can apply for affiliate programs from companies like
Amazon and Skillshare.
Join Podcast Advertising Network
These are third-party platforms that connect podcasters with
sponsors. The network runs ads on your episodes and pays per 1000 impressions
(CPM) of the ad. They include AdvertiseCast, Midroll, PodGrid, and Podcorn.
If your podcast is receiving more than 1000 listeners per
day, you can be sure to make more money with these networks. All you need to do
is make sure you produce content that will attract more listeners to increase
your revenue.
Host a Live Event
This can be a great catch for your audience who would like
to hear firsthand information. It can be a Q&A event, a special guest
interview, or a video podcast. You can earn money by selling tickets to your
live event audience.
Sell Your Products/Services
You can make money from your podcast by selling products or
services. For example, if you have a boutique, you can use a podcast to sell
clothes or if you are a freelance writer, you tell your listeners more about
your skills.
You can brand the product with a podcast name to catch the
attention of your listeners. Direct your listeners to the product website for
more information on ordering and delivery.
Ask for Donation
You can as well make money from your podcast by asking for a
donation from your listeners. Here, make sure that the call for action clearly
defines the need for the money, like to be able to produce more episodes, to
buy more podcasting tools, etc.
Being transparent while using this strategy will make your
audience more willing to support your show and this can increase your revenue,
especially for start-ups.
Wrapping Up
Starting a podcast is one of the ways you can grow your
personal finance. As you draft your new year resolutions, make sure to include
podcasting and follow up the process of creating one and start monetizing it.
As you monetize your podcast, make sure you are using
strategies that are not intrusive or may scare away your audience. Try out
several methods to monetize your podcast rather than sticking to one and end up
suppressing your goals.
All monetization methods are good to earn money from your podcast. But all you need is to grow your audience. This can be achieved through frequent engagement, creating high-quality episodes, and sharing all valuable content to your community to stand out.