MI Rewind: The Business of Podcasting w/ Hala Taha
Sep 22, 2023
53:12
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Hala Taha, a successful full-time podcaster and entrepreneur, shares her journey from a school dropout to her podcasting and marketing success. The podcast covers overcoming failure and rejection, using LinkedIn to grow her business, strategies for landing high-profile guests, monetizing a podcast, and the impact of interviewing guests. Hala's insights and experiences offer valuable lessons for aspiring podcasters.
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Quick takeaways
Establish connections and generate business opportunities by interviewing ideal clients or industry experts on your podcast.
Earn revenue through affiliate marketing by becoming an affiliate partner for relevant products or services.
Utilize commercial space in the early stages of your podcast to promote your own products or services and potentially generate sales.
Monetize your podcast by selling ads on a CPM basis once you have a substantial number of downloads.
Prioritize growing your podcast with quality content, effective social media strategies, and listener engagement to attract sponsors and maximize revenue potential.
Deep dives
Monetizing Through Guest Lead Generation
One way to monetize a podcast is through guest lead generation. By interviewing ideal clients or industry experts on your show, you can establish connections and generate business opportunities. The guests themselves can become potential clients or refer you to others in their network.
Affiliate Marketing for Additional Revenue
Affiliate marketing is another option to generate revenue from a podcast. As an affiliate partner for relevant products or services, you can earn a commission for each referral or sale. While this may not yield significant income initially, it can provide a supplementary stream of revenue.
Promoting Own Products or Services
In the early stages of a podcast, when sponsorship opportunities are limited, you can leverage commercial space to promote your own products or services. This allows you to directly market to your audience and potentially generate sales.
CPM Advertising for Increased Revenue
Once your podcast gains a substantial number of downloads, typically around 5,000 to 10,000 per episode, you can start selling ads on a CPM (cost per thousand) basis. Advertisers pay a certain amount per thousand downloads, allowing you to monetize your podcast through ad placements. Working with podcast advertising agencies or platforms can facilitate this monetization method.
Focus on Growing Your Show
It's important to prioritize growing your podcast by consistently delivering quality content, implementing effective social media strategies, and enhancing listener engagement. Increasing your audience size is crucial for attracting sponsors, negotiating better ad rates, and maximizing revenue potential.
Podcasting: Expectations vs Reality
Starting a podcast can be more challenging than anticipated. The speaker shares their personal experience, highlighting the significant effort and time it took to launch a podcast. They emphasize that podcasting involves various aspects, such as content creation, marketing, and equipment choice, which require expertise and understanding. They also mention that while some podcasters only focus on the basics, success comes to those who thoroughly understand every aspect of the industry.
Strategies for Growing a Podcast Audience
The speaker shares their strategies for growing a podcast audience. They stress the importance of having one platform where you can leverage your following, using their own experience with LinkedIn as an example. They explain how they reached out to various podcast platforms for cross-promotion and sponsorship to maximize their reach. Additionally, they mention the importance of media buying and experimenting with different platforms to acquire subscribers. Lastly, they highlight the value of creative thinking and leveraging existing resources to achieve growth.
Landing High-Profile Guests
The speaker gives insights into landing high-profile guests. They emphasize the power of simply asking and being thoughtful in your approach. They talk about how having a strong presence on a platform like LinkedIn can provide social proof and enhance your chances of inviting high-profile guests. Additionally, they highlight the importance of offering value through collaborations and showcasing your work. Lastly, they share the significance of building relationships and finding mutually beneficial opportunities.
Skill Stacking for Success
The speaker highlights the concept of skill stacking. They reference the creator of Dilbert, who combined his decent drawing skills, business experience, humor, and writing abilities to become a successful cartoonist. The speaker relates this to their own podcasting journey, stating that while they might not be the best at any one skill, the combination of marketing, team building, and hosting has contributed to their success. They emphasize the importance of recognizing and leveraging your unique set of skills for personal and professional growth.
Actionable Insights for Listeners
The speaker shares actionable insights for listeners. They stress the importance of giving your best effort in everything you do and developing a strong work ethic. They recommend reading 'The Like Switch' by Dr. Jack Shafer for improving social skills and creating better first impressions. Lastly, they encourage listeners to take control of their own future, not relying solely on gatekeepers, and to create their own opportunities.
Robert chats with Hala Taha about her journey from a school dropout to a successful full-time podcaster and entrepreneur.
Hala Taha is the host of Young and Profiting Podcast, frequently ranked as a #1 Education podcast across all apps. Hala is also the CEO of YAP Media, a full-service social media and podcast marketing agency for top podcasters, celebrities, and CEOs generating over $2M in revenue in its first year.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
01:50 - How to deal with and overcome failure and rejection.
29:50 - Why Hala chose to focus on LinkedIn, a business social network, to grow her business.
34:52 - How Hala was able to land high-profile guests like Matthew McConaughey and Seth Godin and what specific strategies or tactics she used to do so.
43:28 - All the different ways one can monetize a podcast and how a podcast can be an actual revenue-generating business.
50:11 - What the most impactful thing Hala has learned from interviewing guests on her podcast.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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