To “profit” from your podcast means money to many people. But I think “PROFIT” stands for something more, and every podcast needs it!
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Make PROFIT stand for something
I like the profound philosophical sound of that headline, but I also mean that PROFIT is an acrostic for the different types of profit a podcast can bring:
- Popularity
- Relationships
- Opportunities
- Fun
- Income
- Tangibles
Thus, profiting from your podcast can mean much more than merely making money.
Furthermore, PROFIT isn't only about what you gain from your podcast, it's also about what your audience gains. What's in it for them?
Thus, as I talk about what PROFIT is, think about it from the perspective of what you gain and what you give.
Popularity
Some people enjoy fame. With popularity often comes influence, the ability to affect people's thinking.
A podcast can certainly help you become popular. After all, you're the one with the microphone and audience! Whether your audience is tens of people or thousands of peoples, you can be popular and be looked up to by your followers.
But how do your podcast help your audience get popular? How do you help them influence others (for good, I hope)?
Relationships
When most people reach the end of their lives, you hear them talk about their relationships. When many people reach success, they credit their relationships. And when many people struggle, they depend on their relationships.
Podcasting creates relationships: friendships, partnerships, community, and even marriages!
You usually can't put a price on a relationship—almost any relationship!
Podcasting can introduce you to some of your best friends. Podcasting can connect you with partners who can help boost your business or push you toward your goals. And podcasting can give you friends around the world. I know because podcasting has done all that for me, too.
Yes, podcasting can make competitors from some friends, but your maturity can make your relationships stronger than that.
What kind of relationships do you appreciate now that you couldn't have had without your podcast?
Now, think about how your podcast helps your audience improve their relationships. Maybe you become their one friend. Maybe you give them the courage to do what's right in their relationships. Maybe you distract them from relationships long enough that they can refocus with a new perspective.
Opportunities
Dave Jackson's School of Podcasting has a frequent segment called, “Because of my podcast.” The answers are always amazing! Because of their podcasts, I've seen people get their dream jobs, get to travel abroad, get to try interesting things, get to attend exclusive events, and more.
How do I get to speak at podcasting and social-media conferences all over? Because of my podcast.
How have I had the opportunity to interview some celebrities? Because of my podcast.
How have I been featured on local TV and heralded as an industry expert? Because of my podcast.
I don't share this to brag, but to give you a glimpse of what's possible.
None of these opportunities happened overnight. Most of them happened after years of consistent persistence. And most of them happened because of relationships.
What opportunities has your podcast created for you? And how can you help create amazing opportunities for your audience?
Fun
Yes, fun is a way to profit. You can make people laugh or cry; you could help them focus or get distracted when needed; and you can give them, and yourself, something to look forward to.
Having fun is a totally acceptable reason to podcast. For you and any possible cohosts to have fun and invite your audience to have fun with you.
And fun, like all these other aspects of PROFIT, is not exclusive of the others. You can have fun and monetize. You can have fun and create opportunities.
Make sure you're keeping podcasting fun (episode 152) for yourself and for your audience!
Income
Yes, money. Although I recommend everyone to find the PROFIT in their podcasts, that's not always money. And money should almost never be the main goal.
It's only a minority of podcasters who can attribute their entire income to their podcast, especially so direct that if they stopped podcasting, their income would cease. Even successful podcasters like Pat Flynn or John Lee Dumas earn the majority of their income from outside their podcast, but their podcast does bring the audience.
I often see polar opposite ideas in podcasting: either that income is evil and should never be considered, or that income is the primary goal. I think both of these ideas are wrong.
A hobbyist podcaster isn't concerned with getting a paycheck from their podcast (if they are, then I'd say they're no longer a hobbyist!), but they also shouldn't undervalue themselves or others.
A business-oriented podcaster might be obsessed with monetizing their platform, but they should focus on delivering real value.
There are plenty of ways to make money from podcasting: direct and indirect. But have you considered how your podcast can help your audience with their own income? Maybe you save them money. May you help them spend money on better choices. Maybe you help them be more productive so they can become indispensable. Maybe you help change their mood so they're able to serve others better within their jobs.
Tangibles
The final type of profit is the kinds of things you might normally have to pay for but is loaned or given to you because of your podcast. For example, movie passes, free travel, products to try (and sometimes even keep), and more!
Despite what you might think, this type of profit is often not exclusive to the most popular podcast, but it's more about relevance and quality. For example, audio-gear companies frequently let me borrow or even keep gear to test, review, provide feedback on, or simply use.
This kind of profit takes time because you have to build a reputation. Stick with it and you could someday have more offers than you can handle! Look back to “How to Get Press Access for Your Podcast” (episode 313) for some more about positioning your podcast to receive such tangibles.
YES! You must PROFIT!
I think PROFIT is possible and even necessary for every podcast. Without PROFIT for you and your audience, what's the purpose of your podcast?
These 6 types of PROFIT are part of the 5 cornerstones of a great podcast: content, presentation, production, promotion, and PROFIT. That's what Podcasters' Society is all about: helping you improve your podcast so you can PROFIT (even if that's without income)!
Podcasters' Society is now open to new members and this is the best way to get what you need to improve and grow your podcast after episode one. Come join us for encouraging community, inspiration training, and expert support!
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Disclosure
This post may contain links to products or services with which I have an affiliate relationship and may receive compensation from your actions through such links. However, I don't let that corrupt my perspective and I don't recommend only affiliates.
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Hello Daniel. I have a question about Podcasters’ Society : do you think it would benefit a non-english music podcast ? I was thinking about joining but I often have difficulties trying to transpose the advice you provide on your show to a music podcast. Plus, being a french speaker, I’m not sure if there will be someone to understand what I say on my show to provide feedback 🙂
Thanks for the great show !
Hi, Yannick!
What we cover can really help any podcaster in any genre or language. What I love about the society is that if there’s a niche we’re not covering well, we can dig into it further, whereas I try to keep The Audacity to Podcast broader.
That your podcast is in French does hinder most of the podcast evaluation we could do, but there are still things we can talk about with your website and other technology.
Remember that there’s the 30-day money-back guarantee, and paying monthly has no commitments, so you could join for a try it for a month or two and see whether you think there is more potential value for you.
I hope to see you inside Podcasters’ Society!
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[…] I think The Audacity to Podcast guy had a great explanation when he said the reason to Podcast is PROFIT: Publicity, Relationships, Opportunities, Fun, Income, […]
[…] I think The Audacity to Podcast guy had a great explanation when he said the reason to Podcast is PROFIT: Publicity, Relationships, Opportunities, Fun, Income, […]