3 Things to Consider When Starting Your Podcast
Everyone has a podcast these days, or at least it feels that way. As of October 2020, there are 1.5 million podcasts out there.
Say what? Yeah, 1.5 million. Way up from February 2018’s 500k (Podcast Insights).
But don’t let this number discourage you! There’s still room in the podcasting space for your voice and message.
Wondering how to get started? Look no further because this post is all about how to get started on your podcast plan.
Here are the first steps to take when planning your podcast:
Understand your strategy
A podcast is a marketing tool, not your business (my first mistake). It should be part of your brand’s overall content marketing strategy and align with your business’s mission and values.
That’s not to say that you absolutely can’t do one as a hobby. I have two hobby podcasts and love diving into them when I have time. But if you’re creating your podcast for your business, it should be used more as a marketing tool to connect with your audience and generate new leads.
Here’s what you should ask yourself:
What are your goals for the podcast?
How does the podcast align with your business or marketing strategy?
Who is your audience and how will you provide valuable information to them?
When developing your podcast strategy, it’s helpful to create a mission statement just for the podcast so you can understand the reason for it and be consistent in your message.
Decide on your podcast format
The next step is to decide your podcast and episode format, and some of the other nitty gritty details that go along with it.
You’ll need to consider:
Show format - will you have guests, record solo, or have a mix of both?
Release format - will it be episodic, seasonal, or serial?
Episode length - how long will each episode be, and how long will it take you to clearly get your message to your audience?
Release frequency - how often will you release your episodes?
The most important thing to consider when choosing a format, is the format that will allow you to be consistent with your podcast.
Decide how to monetize
Take it from me, a podcast is not a business. I started The Broken Glass Podcast thinking I could generate income right away, but I quickly realized that a podcast was a marketing tool instead. I built my business around the podcast, offering services and creating digital products.
How can you monetize your podcast, especially if you’re not using it as a marketing tool for your business?
Sponsor ads - some hosting platforms will help you find sponsors and create ads, or you can reach out to potential sponsors on your own
Affiliate ads - are you signed up with an affiliate program? Read the fine print, but some will let you talk about their product and share your affiliate link on the podcast.
Patreon - create a Patreon account and offer bonus content for a small subscription fee from your audience
Podcast merch - create cool merch for your podcast through sites like Red Bubble and Society 6.
Consult others - if you’re an expert in your field, why not offer consulting services and spread the word through your podcast?
Think outside the box too! I post my episodes for the Bucket List Nomad podcast via articles on a publication on Medium, Bucket List Nomad, and I earn money for Medium member’s reading time. It also earns money through a sponsor ad on anchor.fm and I’ll eventually start to offer digital products related to becoming a digital nomad.
With monetization, the sky’s the limit!
Final thoughts
Strategy is the first of many pieces in your podcast plan, but it is by far the most important. Before you jump into securing guests, recording, or even announcing your podcast, make sure you’ve set out your strategy.
Podcasts are a powerful form of content and with the right plan in place, can help you tell your story and get your message out to the world.