Launching A Podcast
Launching a podcast is a great way to share your specific expertise with the world and could also provide you with an alternative (and occasionally very lucrative) income stream. For example, the hosts of the ‘My Favorite Murder’ podcast “made an estimated $15 million in 2019, placing them at No. 2 on Forbes’ inaugural ranking of the highest-earning podcasters.”
Despite this, whether it’s treated as a hobby or a career, podcasting is no easy task. There are millions of podcasts in circulation, meaning it can be hard to stand out from the crowd. On top of this, you have to curate content that is entertaining and relevant – it’s not enough to grab a mic and start talking.
With that in mind, here are some key considerations you should make before Launching A Podcast.
Do you currently listen to podcasts?
According to a recent podcast statistics, 41% of people in the USA tune into a podcast every month. This means there’s definitely an audience out there for your podcast, regardless of your niche. However, unless you’re a podcast listener yourself, it’s unlikely you’ll know how to put together a quality podcast. For example, you’ll lack nuance or understanding when it comes to structure, pacing, and more.
As a result, if you’re considering launching a podcast in the future, be sure you’re as ingrained within the podcasting community as possible ahead of time. Listen to some of the more popular podcasts and figure out what they are doing right. What makes their episodes so engaging – is it that they are well scripted and researched, or does it come down to the production quality?
The more understanding you have when it comes to being able to determine what makes a podcast good, the easier it will be for you to earn money through your podcast.
Do you have something important to say?
Every good podcast is backed by a solid concept and a host (or hosts) who have something important or relevant to say. Without this, you’ll fail to pull in an audience, especially if it’s impossible for them to figure out what the point of your podcast is.
In most cases, your best bet is to launch a podcast on a topic you would consider yourself to be an expert in. This way, you’ll never run out of content, thoughts, or opinions to share. For example, if you’re to start a music-based podcast, you could share episodes on new song releases, interviews with artists, or tips on how to amplify concert-going experiences.
Do you have an idea of your audience?
Building an audience for your podcast is similar to building a loyal customer base within a business. Not only does it take a lot of time and effort, but you also need to understand that there’s an audience there, to begin with. For example, in the business world, companies achieve success by finding (and filling) a gap in the market by offering a specific product or service that cannot be bought elsewhere.
You should follow the same methodology when launching a podcast.
Simply put, you should not launch a podcast if you don’t already have an idea of your target audience. Saying your podcast is for a general audience often isn’t enough; you need to figure out the people who are most likely to listen, and then you can tailor your marketing campaigns and content towards them specifically.
However, as your podcast grows, you may also notice that your audience changes somewhat. Paying attention to this will help you to stay ahead of the game by growing alongside your audience, ensuring that you’re always giving them a reason to tune in.
Do you know who your biggest competition is?
Being able to identify your competitors can also help your podcast grow from strength to strength. After all, this gives you ample opportunity to figure out ways in which you can differentiate your own podcast from the content you are creating, allowing you to carve out more space for yourself in the market.
As such, you should be sure to tune into your competitor’s podcasts from time to time. This could provide you with valuable insight into your shared audience and the kind of content they enjoy – though it’s crucial that you never copy another podcaster’s work.
Furthermore, don’t be afraid to reach out to podcasters that operate within the same niche as you. This can be a valuable networking opportunity, and you can share helpful tips and tricks with each other. While you may be ‘competitors’ in the traditional sense, you’ll likely have a lot of shared goals and interests, which means a great friendship could develop here. Furthermore, you could guest star on each other’s podcasts, which could be a great way to extend your niche.
Do you have the right tools?
You don’t need to hire a professional studio to record your podcast, but you do need to ensure you have the right tools to hand either way. After all, poor audio quality is one of the main reasons why a person may turn off your podcast, despite feeling intrigued by the premise or episode title.
As a result, you should invest in a podcast or audio-visual recording tools that ensure you’re producing professional-quality content from the get-go. For example, this could include a broadcast audio monitor. The better and clearer your sound is (after editing), the more appealing your podcast will become.
You may also want to brush up on some basic audio editing techniques to ensure your podcast runs smoothly. For example, you could then cut out pauses or sections of dialogue that aren’t all that interesting without it appearing choppy.
Do you have the marketing know-how?
While some listeners will stumble upon your podcast originally or through recommendations, it’s unlikely that you’ll build an audience through chance. That is, you also need to know exactly how to market your podcast in order to bring in an audience. For example, as “30% of new podcast listeners search the internet to find new shows,” it’s important that you have a strong online presence – whether that be through multiple social media channels or a website.
You should also think of the various ways in which you can market your podcast through social media. For example, you might want to share audio/video snippets from an episode that showcase the vibe of the podcast and encourage viewers to hit that play button. Alternatively, you may want to work with relevant influencers (whose target audience matches your own) so that they can promote your podcast and increase your reach quite considerably.
Do you know how to make money from your podcast?
While your podcast may initially begin as a hobby, there are many ways in which you can begin to generate revenue once it picks up steam. Being aware of these opportunities ahead of time can help you to set yourself up for success. For example, you could earn money through your podcast through ‘obvious’ methods, such as through engagement, streams, and downloads. For example, “a podcaster with around 10,000 downloads per episode can expect to earn somewhere between $500 to $900.”
However, the majority of podcasters make their money through sponsorship and ads – which are embedded into their episodes. However, while you may be keen to accept any offers that come your way, it’s important that you are selective when choosing which brands to work with. Audiences do not like to be bombarded by ad after ad (in fact, it could turn them away from your podcast entirely), so you need to ensure they don’t pop up too frequently during a single episode.
Beyond this, you should also only work with brands that have some kind of connection to the theme or nature of your podcast or those that would appeal directly to your audience. It’s also worthwhile to research potential ad partners ahead of time to ensure that you are not recommending bad products or services to your followers – especially as this could quickly erode the trust and relationship you’ve spent so long curating in just a few short minutes.
Remember: Success takes time.
It’s easy to feel disheartened if you are launching A Podcast that you’ve worked hard on, only to be disappointed when you realize how few people are tuning in or engaging with your content. However, it’s important that you are realistic in your expectations when first starting out. It’s unlikely that your first episode will reach millions of people – but that does not mean you will not get there one day – you have to be willing to put in the work.
As with any business venture, it can take a little time to build your audience and find your footing. For example, you’ll also become a better and more confident speaker over time, which will also make it easier for your podcast to grow in popularity.
As such, you must keep pushing forward. You’ll succeed by focusing on curating high-quality content that brings something of value to the table.