Profit From Your Podcast

Mentioned in this episodewww.askthepodcastcoach.comhttp://www.wpauctions.com/www.podcastbranding.coMore Podcast Money Book

Dave Chessen the Kindlepreneur As I get closer to really ramping up the re-write of More Podcast money I'm doing two things. I'm doing research and finding the best content, and I'm also researching book marketing (and Dave it the top guy) In this interview, you will hear: Planning with the end in mind Tips on getting good artwork/book cover on a budget The importance of editing How podcasting has helped his brand How much you can expect to spend on launching a book Check out Dave at Kindlepreneur.com and his Book Marketing Show Please visit www.morepodcastmoney.com/14 for links

I saw this post from Tim Paige and I can think of so many people who will read this, and ignore it. Some people feel that the one thing keeping them from "Making it" is this really inconvenient thing called their day job.  Their "side hustle" is currently bringing in $34 a month, but for some reason they think that if they only quit their job the pressure of seeing your life's savings being caught on fire will inspire you to leap into action to find a way anyway to make a living "Doing what they love." So I love this report from the front lines on how Tim actually quit his day job. Check out Tim at thevoiceoftimpaige.com or www.makemyintro.com How To Go "All In" on your Dream Job Don't quit your day job until it is costing you more money than keeping your day job. So if you turned down 40,000 worth of work because it conflicted with your 30,000 jobs, then it's time to quit your day job. This was the case for Tim.  Tim also has a TREMENDOUSLY SUPPORTIVE Spouse.  Tim got out of debt so that his expenses were minimal after quitting his job. He had three jobs doing anything he could to get out of debt and it took him three years.  For the first three years of his side hustle, he reinvested in his business.  Be open to opportunity. He didn't turn down jobs - even if he didn't want to do it. This makes him appreciate it when "dream jobs" come along. Get your mind right. When he panics, finds himself envious of others, he is not doing his best work. This hurts his business.  Dave's Insights If you don't have a good support system, things can get ugly quickly. People I see who have made the leap ALL have supportive families. ALL. It's not enough to take courses, you have to leave time to put the knowledge into action. For consulting on planning, launching, and growing your podcast see www.podcastconsultant.com

I saw a post on a Facebook Group: Lila Donnolo This is a sample of it Now Patreon says they have transferred processing pledges for their "adult" creators overseas, where there will be an extra processing fee. Patreon already takes a substantial cut of our earnings, credit card companies take a cut, and now we will get hit (again!) with processing fees. My account is NOW FROZEN AGAIN. I cannot access my funds from last month, and no new pledges can be made. I am losing potential income, especially since so many more people have been made aware of my podcast after my traveling adventures. While I was at Burning Man and without access to my email, Patreon's "Trust and Safety" team sent me warnings about "nudity or implied nudity" in my publicly available Patreon posts. IMPLIED nudity?!!!! IMPLIED NUDITY. I'm really not sure what they were referring to. When they didn't hear back from me (again, because I was at Burning Man and offline), they "temporarily suspended" my account. This was 12 days ago. 11 days ago I began the laborious process of making all of my posts - containing anything that a prudish company might delineate as "sensitive" - patrons-only. I also wrote 11 days ago to the "Trust and Safety" person who contacted me, Hunter, asking him to please reinstate my account. As of today, I have received no response. I've reached out through email twice now, and through the website once. There is no customer service number that I am aware of. I want all of us "adult" creators to be served well by our patronage service. Since that's not happening, I suggest that we take our business elsewhere. BUT WHERE? Thus far, my earnings from Patreon only cover 1/3rd of my editor's fee each month, but: they cover 1/3rd of my editor's fee, and that is meaningful to me. And then There is Cum Town I randomly came across the Cum Town podcast. I might like the show if I was a 22-year-old male. I reviewed it on my Podcast Rodeo show. It wasn't horrible. I'm not a prude, but it seemed a bit too loose and unorganized for me.  One of their subscribers left a comment on the post The post showed that they were making $450,000 a year. They have (as of 9/2018) 8463 patrons and making $37,970 a month (or $455,640 a year). What floors me about this, is their listing in Apple podcasts points to the wrong site. Their website is www.cum.town.com and their Apple listing has it pointing to http://shoutengine.com/CumTown/ which makes me scratch my head (as they could be doing so much more).

There are two different types of surveys in my opinion. There are surveys where you ask your audience about them (that is often used in a media kit) and the other survey where you ask them about your show. Sponsor: Thrive Themes. Conversion Focused WordPress Themes & Plugins see www.morepodcastmoney.com/thrive Audience Surveys About Them This is the survey that you need demographics. So this might be things like: Age Sex Education Income Location Race Marital Status Total household income Do you own or rent Do you have children What products do you plan on purchasing in the future What was the last product you purchased Audience Surveys About You How did you hear about the show? How do you listen to podcasts? How many episodes have you listened to? Where do you listen to the podcast Opinion on Length of Show Opinion on ads What is their Favorite thing about the show What is their least Favorite What would you like to see on the show How likely are you to tell a friend How much of the episode do you listen to? Add Information About Podcasting In some cases, this may be the first time someone is spending advertising money on a podcast. You can find great stats about the podcast industry and the podcast consumer at www.edisonresearch.com Tips on Making Podcast Surveys If you do anything with ratings, make the rating system even. For example on a scale from 1-4 where four is perfect and one is awful, how would you rate the length of this show? Why even? because if it was 1-5, you could choose three which is right in the center. When the numbers are even, the audience member has to pick a little better or a little worse. Give them a bribe. I've heard of people doing surveys who say when they get X amount responses they will pull one lucky winner and they will win an Amazon GIft certificate. I once gave away a year subscription at the School of Podcasting. The bottom line is you will get 3% of your audience if you are lucky so you need a bribe. Another key point if you are asking about the length of the podcast, you can't announce the survey at the end of the show (as anyone who thought it was too long has already stopped listening). I have a friend who works for Gallop (you know, the polling people) and he says having more than 15 questions is a waste of time. With this in mind, figure out what you really want to know and ask those questions. Survey Resources There are places like Survey Monkey, and Poll Daddy, but for me, I like the free Google Forms. You can create your own questions, and then download the answers in a spreadsheet. You are not limited to any number of responses or questions.

I see people who think the "Holy Grail" of podcasting is sponsorship. Now I have sponsors on my show, but when I listen to The Feed From Podcast Media Host Libsyn.com that less than 10% of podcasters get 5,000 downloads or more (as of May 2018).But, what if you did.An old holdover from the radio is selling advertisements by the download. CPM stands for the price for 10000 downloads. These range from $20-%50. So for this example let's use $35/1000 downloads. One episode a week (four episodes a month). That means (5000 downloads multiplied by 4 weeks) you have 20,000 downloads per month.If you multiply 20,000 by .035 (which is $35/1000 to get the price of a single download) and you end up with $700 for the month ($175/episode). Now, this is great if this is a side hustle, but if you're trying to feed a family making $8,400 a YEAR is an issue.What makes it worse, is that some "Everybody gets a sponsor" companies that use Dynamic Ad Injection are paying $1.50 for 1000 downloads (and no that is not a typo - more on that in a later episode).Let's Look at Two Highly Successful Podcast Income ReportsI decided to look at the breakdown of two highly successful podcasters. John Lee Dumas, and Pat Flynn (who both publish their income reports). I used the latest reports available. For John, that was April 2018. For Pat that was December 2017.John Lee Dumas April 2017 Podcast Income ReportPat Flynn December 2017 Podcast Income ReportCombine The Two ReportsMy point is that podcast sponsorship should be one of the ways and not THE way to "break out of the 9 to 5 cubical.No Product No Problem Affiliate CourseCheck out this free webinar on how Matt Mc Williams makes $3874 without a product. He also has a free guide to help you with Affiliate Marketing

Patreon Statistics In working on the update for the Book More Podcast Money, I have a contact at Patreon who informed me In 2017 Patreon paid out $150M, and they are set to pay out $300M in 2018 In 2017 there were 50,000 financially active creators, this number is up to 1000,000 in 2018 In 2017 there were 1 million patrons, this number is up to 2 million in 2018 Full notes at www.morepodcastmoney.com/9

Today we look at one more way that is come on the horizon to make money with your podcast. When you are popular enough you can host live events where you record your show and your audience can come and watch you do this live. You can sell t-shirts and other merchandise.  Pod Save America (www.crooked.com) is on tour and I checked out their ticket prices and their locations.  Byham Theater in Pittsburg Sold Out 1313 Tickets start at $40 1313 X $40 = $52,520 They have two nights you at Radio City Music Hall in NYC Capacity of Radio City Music Call 6,015 6015 X $40 = $240,600 for one night Now don't go crazy this is not profit (you have travel, food, equipment expenses) but none the less this is another option where you can make money with your podcast. Check out the book **More Podcast Money**at Amazon

See links with tables and graphics at http://morepodcastmoney.com/7

One thing that can happen "Because of Your Podcast" is you can end up with free stuff. There are some tips to pull this off. Quick Tip: Do not contact the sales department - it is their job to SELL you their product. Contact the marketing department - it is their job to get their product exposure and you have their target audience. Sometimes this requires giving a credit card number (to ensure you give it back), but there are times they will let you keep it. I always lead by asking to try the product and send it back. I always let them know that I reserve the right to create a negative review (and most companies want to hear constructive feedback). For me, the microphone I use today is an Electrovoice RE320. I got it by filling out the paperwork. When I went to return it, they offered to "barter" to have me keep it. I talked about it on my School of Podcasting show for a month, and I got to keep it. It saved me $300.  Glenn Hebert runs the Horse Radio Network (the new version of More Podcast Mone coming out later this year will have an entire chapter on Glenn "the Geek" Hebert. In today's show, Glenn talks about a new show he is doing called "Finding Florida" and how he and his co-host got a TON of free stuff, and nobody asked about their numbers. For more information get the book at www.morepodcastmoney.com