8 Tips to Launch a Profitable Podcast in 2021
8 Tips to Launch a Profitable Podcast in 2021
By Johnson Mwangangi
Podcasting has continued to remain the fastest-growing publishing medium across the world. With the culture quickly setting up root in the African market; particularly Kenya, we have witnessed historical deals in terms of dynamic content consumption.
One noticeable deal is that of former radio host, Adellle Onyango, who made a deal with Trace radio to have her podcast, “Legally clueless” air 3 times a week on their radio station.
In the USA, where podcasting is major deal, the listening audience for the first time passed 100 million in 2020, and that number is projected to increase by another 25 million by 2023, according to eMarketer.
This projection is likely to replicate across the world given the common trend of aping the west also not forgetting the impact of globalization and increasing need for dynamic content for different listeners right across the world.
In 2020, podcasts in the USA pulled in some serious revenue alongside the increased listener numbers compared with almost 50 percent in 2019. Covid 19 reduced sales growth by about 10 percent, however any progress this year is deemed to be a bonus, with eMarketer’s projections expecting a 45 percent return to growth in 2021, making the industry reflect a growth of $1 billion in podcast ads.
Locally in Kenya small time podcasters have also been able to secure deals with some local NGOs, and business community depending on their niche audience.
So, If you have not yet taken the jump into podcasts, then the year to take the plunge is 2021. Yes, according to Apple Podcasts info, there are more podcasts than ever before; almost 1,700,000 shows and more than 42 million episodes. But that doesn’t mean that you can’t find your niche and turn a podcasting profit as well.
Here are nine tips for launching a profitable podcast in 2021, some to help you make a good enough podcast to monetize and some to get the cash in.
- Manage the assumptions
Just like any other business you won’t go in and start bagging deals like Adelle, she too had her growth curve. So podcasts are all about the plan you have and perhaps you need a bit of luck on your side too.
Podcast hits are always viral hits, like other distributed media, and you simply can not prepare for them. A highly crafted podcast that complements the rest of your publishing portfolio and reaches exactly the audience you want it to, is what you should prepare for.
Adelle had her radio experience with her that perhaps contributed to her success in podcasting. You got your experience too and you should maximize on it as your niche, and doesn’t matter the vocation it could be plumbing or even accounting. There interesting aspects in every vocation that the world can always hear.
- Respect your audience
It’s pretty straightforward to make a podcast: if you don’t know how to record and upload to different platforms leave a comment I’ll write a follow up article explaining how to go about it by sharing some links or a link to a podcast on how to record podcasts.
There are far too many podcasts that really aren’t good out there. There has never been a rambling, unedited magazine or web article written by any competent publisher. But why do they think publishing an unedited, stream of consciousness conversation between two editorial employees is okay?
Your podcast would never be successful without listeners and the best way to get and attract listeners is to value their time and their ears. Edit your audio the way any other piece of content does. And pay attention to the quality of sound.
The niche you identify too be a professional too on that don’t risk sounding amateur to potential professionals who might end up listening to your podcast.
- Make a podcast that your audience believe is good.
Editing and audio quality are critical, but if you want to make your newly released podcast a success, a straightforward editorial proposal that delivers value to your audience is crucial. What question is your podcast going to fix for your audience? How is that going to educate or entertain them?
With so many podcasts available to individuals, most of them for free, you will need to be able to quickly communicate your podcast idea and then fulfill the commitments you have made. Spend some time thinking about the structure and content of your podcast and your future production schedule. To smooth out the wrinkles before you publicly release it, make two or three pilot episodes.
- Regularly make decent podcasts
This could seem obvious, but as a publisher you need to keep the customers focused by bringing content out on a daily schedule. But the number of shows that never make it past episode seven is scary in the world of podcasting. So go out here all armed up psychologically.
- Don’t be afraid to sell your podcast,
Start selling as soon as you have designed the content plan for your podcast, recorded a few pilots and set your future production schedule. There is a tendency to wait until the statistics are in, but in podcasting, huge numbers matter even less than in other media. The average 30-day download total is less than 150; hit 50,000 and you’re in the top 1 percent, according to podcast host Libsyn.
Make the most of the fact that it is still evolving podcasting and get your customers to buy into the novelty. Let them know that, like no other modern content medium, podcasting provides interaction.
- Don’t overdo commercials
If you are lucky enough to bag in commercials don’t do it like the radios and Television. Even though podcast listeners are likely to be tolerant, it’s crucial not to cram too many commercial spots into your episodes. Your advertisers’ importance also matters. Ad content that is closely related to your podcast subject matter can seem less interruptive than an advertisement for a random mattress or meal-kit. This is where it can be a real win to speak to current customers.
- Host reads are not the only way to produce cash
You should be able to obtain podcast sponsorship deals that depend on the credibility of your company with your audience rather than direct reach, even if you’re not a multinational publishing brand like the nation media. This is particularly true of customers supporting full series or those willing to collaborate with you cross-platform, bundling sales of sponsorship with online, print, or newsletter ads.
Some podcast owners often turn to their listeners to generate revenue directly. As more and more publishers have come to see reader revenue as an essential part of their revenue mix, podcasts are used as value-added content to help obtain a value-added material.
- Become economically innovative
In addition to direct ad sales and advertising, publishers also work in collaboration with their commercial customers to produce podcasts. This customers too can be NGOs and even government parastatals who are open minded to try out new media.
In launching a podcast, the risk for publishers is the urge to jump in without specific goals. For your new podcast, profitability is a good target, but start with the intention of creating a podcast that your audience will enjoy.
We launched our podcast Gilitalks in a bid to compliment our content in telling the untold stories in the coast region. We usually combine it as part of our advertising package if a client wants to advertise in our content.
In conclusion, You’ll need the audience to keep coming back to see any returns, whether your podcast makes any money, directly through advertisement, sponsorship and audience donations, or indirectly through subscription and membership sales.
And make sure you listen some of our podcasts