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Welcome to the Age of the Podcast: Some Podcasting Stats to Consider
If you’ve spent almost any amount of time on the Internet, you’re bound to run into podcasts. The amount of podcasts is over 100,00 with no signs of slowing down. This number, however, doesn’t truly pay justice to their influence.
For that, let’s turn to Jay Baer in his analysis of “The 11 Critical Podcast Statistics of 2017″ report by Edison Research.
Some stats from his Jay’s analysis:
- Over 110,000 Americans have listened to a podcast.
- Over 67,000 Americans listen to a podcast monthly.
- The average podcast subscriber subscribes to at least 5 podcasts.
Let’s view podcasting from another angle. How much can you, as a business owner, make from podcasting?
The answer differs because podcasters earn income in different ways: advertising, cross-sales, affiliate marketing, direct sales, etc.) but it could generate hundreds of thousands of dollar each year. If you are really good podcasting, you potentially generate millions of dollars as Stephen Woessner, the author of “Profitable Podcasting: Grow Your Business, Expand Your Platform, and Build a Nation of True Fans” expects to earn from his podcast.
Want to learn how you can potentially earn that kind of cash with just one podcast?
Tips from a Million-Dollar Podcaster: 5 Principles of Success from Stephen Woessner
Stephen Woessner’s book, “Profitable Podcasting”, is what we’ll focus on to glean some insights on how to reach the Woessner shares the principles he used to develop a business opportunity out of podcasting. If you have ever thought about starting a business based around a podcast or adding a podcast to your existing business, this book is something you might want to read.
In the meantime, we’re going to look at five principles from that book that you can use now to prepare for your future podcasting success.
1. Have a system for every part of your podcast
One obvious thing you’ll immediately notice from Stephen Woessner’s book is the focus on systems. Stephen has a system for planning, a system for production, a system for the interview process, a system for marketing, and a system for editing.
This focus on systems is intentional, as Stephen shares in his book. There are many (and I mean many) aspects to a successful podcasts besides getting equipment and talking. In order to provide a consistent, yet flexible experience for your audience, you’ll need a plan as extensive as the ones in “Profitable Podcasting”.
To make it easy for readers, Stephen provides a checklist and roadmap for every stage he uses in his podcasts. You can use his plans or modify them to work for you.
2. Know your vitals
Most podcasting advice focuses on the marketing or technology involved in creating a good business, but there’s another aspect of business that also needs attention. That aspect is your financial condition. It takes money to start a podcast. It takes money to keep a podcast running.
The financial aspect of podcasting is discussed early in “Profitable Podcasting: with his discussion of “Evaulation of Predictive Success Metrics” (a tool to make sure business owners are following the right metrics to keep them profitable) and ROI scorecards. The Evaulation Predictive Success Metrics, EPSM for short, asks difficult, but necessary questions that every business owner needs to ask themselves, regardless if they are making a podcast or not.
3. Focus on your “true” fans
Like every other aspect of marketing, there is a big emphasis on numbers. Podcasting is no different. Podcasts creators, whether they want to or not, often feel pressured to get more downloads, more subscribers, and more episodes. This can push some podcasters to aim only for cheap “vanity” metrics instead of fans. It can lead to a podcast doing things that drive their fans away.
For a podcast, no matter how many listeners you have, the focus should always be on fans. As “Profitable Podcasting” discusses, podcast fans are the people who devour each episode of your podcast, buy your products, and engaged with your podcast staff and other fans of the show. They are the people who represent the backbone of your podcast. They represent the long-term return on investment that your podcast needs to survive.
Focus on building fans first and numbers second.
4. Build a platform
The podcast is very competitive. With over 100,000 podcasts (and probably more being started right now), there is a podcast for just about everything. That means on top of having a quality podcast, you also need a quality marketing platform.
In “Profitable Podcasting”, Stephen offers a variety of options but no definite answer on how to build your platform. That’s because it is up to you and your podcast. You can choose what elements that you want to focus on (social media, blogging, speaking, etc.) This will take some experimentation and time to figure out. Once you have a platform that works for you, turn it into a system and keep refining.
5. Focus on the learning
Even though the overall focus in “Profitable Podcasting” is how to make money from creating a podcast, you won’t succeed at podcasting if you focus only on money. Podcasting requires a lot of work and time. The amount of time and energy it takes to start a podcast is getting shorter (because of books like “Profitable Podcasting”) but it will never be eliminated.
Bottom Line: Follow Your Passion, Automate Your Success for an Epic Podcast
If you’re going to create a podcast and run a successful one, you’ll need to love what you’re doing. If you don’t, you won’t be able to survive the up and down rollercoaster ride that comes with starting a podcasting. While most business owners would, understandably, want to skip that ride, it is that ride that separates great (and financially successful) podcasts from the ones that won’t survive.