What Every Podcaster Needs To Consider To Create A Money-Making Show
Small business owners often start podcasts because they believe they can drum up an audience and then sell their products or services via proximity.
In other words, they make a show they believe people will listen to, they place ads in the episodes of that show for their product or service, and they hope a small percentage of listeners convert into paying customers.
I'm not going to say that doesn't work. But, as podcaster and small business owners...
...we can make our podcasts work so much better.
The most effective money-making podcasts are ones that aren't just real estate for advertising but, instead, are making the case for buying every minute of every episode.
The show itself oozes the value proposition, values, mission, and differentiating factors of the business it represents. It creates a deep connection between creator and listener. It proves itself deserving of hours of listening time.
That's why we believe that thinking of your podcast as merely a marketing tool is a missed opportunity.
Your podcast is a product.
As such, your podcast deserves a carefully considered spot in your business model.
But rarely do I see podcasters examining their show from that angle. They think of it purely as content, like a series of blog posts read out loud or series of conversations had with colleagues.
Developing a podcast is an opportunity to define a value proposition, solidify a brand, and make the case for significant investment (the time it takes to listen to one or more episodes).
When we launch a show out into the podcast market, that show goes head to head with other shows on offer. We ask that people spend their time listening—often at the expense of another show they have downloading to their device. Our goal becomes to prove the value of our show and get buy-in from listeners... or else the show falls flat.
The better you can make the case for your podcast-as-product, the better you'll make the case for the product or service you charge good money for.
That's what the following 4 questions are all about. By answering these 4 questions now—and returning to them every few months as you better understand your show and your audience—you'll be able to identify how your show fits into your business model and supports your goals.
What's more, you'll be able to start to adjust and evolve the format or premise of your show to better support your business over time and turn your podcast into a real sales and marketing asset.
1) How is this show related to the product or service that I sell?
You should be able to draw a straight line from your show to your product or service.
Maybe your show is the story of your Why. Maybe it's a free, curated version of the paid, interactive product you offer. Maybe your show showcases your expertise in the form of live coaching sessions or case studies. Maybe your show is your up-to-date reporting or analysis of your area of expertise.
While all of those options are indeed content, when that content is organized together in the container of your podcast, it can transcend content marketing and become something of distinct value in and of itself.
There is no right way to relate your show to your product or service. Get creative but always be valuable, distinct, and useful in a way that always points back to your product or service.
Achieving Fitness is a great example of a super simple podcast that directly relates to the service its hosts sell. Jason and Lauren Pak, co-founders of the Achieve Fitness gym in Boston, talk with each other about the questions they receive to their super popular Instagram account. There are no guests and there's no on-going content strategy. Just questions and answers.
The beauty of this format for them, though, is that it showcases the highly personalized approach they bring to training. They are hands-on, non-dogmatic, and inclusive—and every answer to every question showcases this approach and ties back to the services they offer both in-person and digitally.
2) How is this show different than other shows my listeners are consuming?
There is plenty of "me too" content in the podcast market.
Thanks to the massive success of Serial and all the podcasts catching its wave, Apple Podcasts recently reworked their podcast categories to create a True Crime section.
Being Boss has spawned a host of shows with similar cover art and "boss" language that is, shall we say, inspired by its popularity.
The same is true in every category. A few popular shows define what other podcasters end up doing with their own shows and things start to feel like a tangled web of sameness.
Of course, businesses are no different. Jeff Walker inspired an industry of launch coaches and consulting. Martha Beck inspired an industry of life coaches. Tony Robbins inspired an industry of motivational speakers. Oprah inspired an industry of wannabe-Oprahs.
While it's possible to find an audience doing the same thing as everyone else... it's much more effective to bank on your differences.
Finding what makes your show different is especially helpful in podcasting because podcasting isn't a zero-sum game. Podcast listeners are always on the lookout for new shows to listen to.
When you decide on what makes your show different and then highlight it, you give people a reason to add it into their queue.
As they do, they are also getting introduced to what makes your business different and how you can help them solve problems or achieve goals in a new way.
That's what we do with What Works. We know that plenty of our potential listeners are also listening to shows like Smart Passive Income, Online Marketing Made Easy, or The Fizzle Show. And we love that!
But we take a different approach—both as a business and as podcast—which helps us make a case for why we should also get space on your device.
While most shows talk with experts about what they recommend to business owners, we talk to business owners about how they're actually doing things. Because our product is based on the same difference, every time we make the case for our show, we are also making the case for our product. Win-win.
3) How is this show useful to my listener?
Or, what does your show enable your listener to do?
We don't want people to passively consume our shows. We want them to change because of them. We want them to make different decisions, take different actions, see things in a whole new light.
The same goes for our products or services. Customers aren't just spending money on an idea, they're looking for an outcome.
Your podcast needs a value proposition just like your product or service needs a value proposition.
Melissa Urban, co-founder of Whole30 and host of Do The Thing, is a great example because her show isn't exclusively about nutrition or how to complete a Whole30. In fact, the show doesn't talk about the specifics of the Whole30 plan at all.
Instead, as the name implies, Do The Thing is about identifying the challenges that keep us from making real life changes and eliminating them so you can finally "do the thing" you've been wanting to do. Whether it's problem drinking, getting through a divorce, or carrying around judgement, Melissa unpacks these issues both alone and with guests so that listeners have useful ideas to take into their lives.
But at the end of the day, the Do The Thing value proposition and the Whole30 value proposition are remarkably similar. They're both about simplifying our paths to wellness and self-actualization, as well as empowering us to make better personal choices.
4) What's the logical next step for my listener?
Finally, to truly make your podcast as effective component of your business model, you need to know what the logical next step is for your listeners.
(Why? Because they're going to want to know!)
Once your listeners are hooked on your approach, your differentiating factors, and the usefulness of what you're offering, they want to know how to get more from your business. That's the logical next step.
Sure, we most often make this known by inserting an ad into the beginning, middle, or end of our shows.
But how do you do that effectively so that it doesn't take away from everything else that you've done to make the show great?
We like to think about it simply as a Call To Action.
In other words...
"Given everything I've just presented to you in this podcast episode, here's what I want you to do next."
It's not just a random ad insert. It's a strategic, well-positioned response to the question your listeners should be asking themselves, "What's next?"
It's natural. It's organic. And it's urgent in its own way.
The Growth Show from Hubspot does a great job of this. The very premise of the show is its focus on growth. It's different because it features stories of young entrepreneurs growing their businesses through savvy digital tools and branding. It's useful because the host does a great job of quickly getting into the most widely applicable parts of the guest's growth strategies.
And the logical next step? Grow your business with Hubspot.
The Call to Action often revolves around some free training or a trial of Hubspot's tools. It always feel natural and welcome.
When you make your Call to Action the logical next step after listening to your show, your podcast becomes a brand booster, a value proposition reinforcer, and—yes—an incredibly effective sales tool.
Remember, podcasts are products, too.
Podcasts aren't mere content marketing. To be truly effective, they need their own place in your business model and a strategy that makes a case for why potential listeners should take the time to tune in.
But once you've started to formulate the strategy and make a distinct tie between your podcast and the rest of your business, you have a golden opportunity.
Your podcast can quickly build new relationships, highlight your product or service in a whole new way, and provide just the warm-up a new listener needs to take action.
Ask—and answer—these 4 questions to create a strategy that makes your podcast a money-maker.