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Friday, October 23, 2020

3 Lucrative Hidden Benefits Of Podcasting

You may think of podcasting as just another platform to share content with your audience, but in reality, it is so much more than that. Podcasts are an authority platform. Unlike popular social media channels, you aren’t simply writing a caption or sharing a picture. With a podcast, you’re broadcasting your thought leadership from a far more prestigious vantage point than Instagram or Facebook.

Many creators jump into podcasting hoping to book paid sponsorships or convert listeners to clients. This is just the beginning of what podcasting has to offer. Jaclyn Mellone, a podcasting expert, and host of Go-To Gal, a top podcast for female entrepreneurs, outlines the podcast benefits many hosts aren’t taking advantage of—but should. 

1. Relationship Building

“Podcasting is the new networking. With this authority platform, you now have a compelling reason to reach out to any leader in your industry,” notes Mellone. “Your podcast has the power to open the virtual door to experts, authors, influencers and thought leaders in your industry who may otherwise seem out of reach. 

“In the past five years that I’ve been a podcaster, I’ve developed countless relationships with guests that have gone on to become lasting friendships, collaborators, affiliates partners, and even paying clients! I’ve also had guests invite me to speak at their conferences and to be a guest on their podcasts.

“In addition to expanding your network, podcasting also helps you nurture relationships. All of the amazing people you met through a course, convention, or community can become deeper connections when you invite them on your podcast,” says Mellone.

“I always add in some buffer time to my interviews so that the guest and I have some time to connect ‘off air.’ But it’s not just the time together that is helping to build these relationships. When you invite a guest on your podcast, you are showing that you admire them and their work enough to share them with your audience.” 

2. Infinitely Recurring Revenue

Whether you have a small loyal following or thousands of downloads per episode, promoting an offer that brings in recurring revenue is a smart way to create passive income. The key to this is to share a subscription-based product or service with your audience. This could be a product or service that you are an affiliate for, or one that you create yourself. 

“Whether it’s your own offer or an affiliate offer, it should align with your podcast brand and solve a problem for your listener. Not only will it be a win-win for everyone involved, it will also bring in recurring revenue to your business,” explains Mellone.

“As an affiliate, you want to seek out partnerships that pay recurring commissions. Four years ago, my former co-host and I signed up as an affiliate for a well known SaaS company. Each time a listener signed up for the service through our link, we started to receive a percentage of that person’s monthly bill on a recurring basis—indefinitely. I stopped running ads for this company last year, but it continues to be a five-figure passive income stream for us!” 

3. Securing Media

A podcast gives you your own media platform where you’re showcasing your expertise week after week. This visibility puts you on the radar of other media outlets and helps you stand out from the crowd when pitching yourself. 

“Whether it’s print, TV, digital, or even other podcasts, when you want to pitch yourself for TV or a popular podcast or a huge online platform, having a living, breathing authority platform in your podcast showcases you as an expert,” says Mellone. “Your podcast adds to your credibility, commitment and professionalism as the go-to expert in your industry. 

“When you show up consistently, opportunities tend to fall on your lap. Don’t be surprised if your favorite magazine invites you to be a contributor or a TV producer wants you to host a new show. After finding me through my podcast, Yahoo Finance invited me to guest host a web show on business. Hearing me interact with guests, respond off the cuff, and share my own business advice on solo episodes gave them the confidence to put me on live TV! This was an incredible opportunity for me to go on-set in New York City and get publicity for my business,” shares Mellone.

So if you’ve been thinking about starting a podcast, you can look forward to a lot of benefits other than just sponsorships.

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