Do NOT Start A Podcast Until You’ve Done These 5 Things
Take a look at some of these statistics and it’s clear that podcasting is absolutely exploding, and it’s only building momentum.
- 22% of Americans listen to podcasts weekly — up from 17% in 2018
- 80% of people listen to all or most of each episode
- 45% of monthly podcast listeners have household income over $75K.
- 60% of podcast listeners have bought something from a podcast ad
- Podcast advertising revenue in 2019 will be $514 million, up from $402 million in 2018.
When you see how podcasters are making money, growing their businesses, building audiences, and having fun, it’s easy to see why so many people are racing to launch their own shows.
In fact I’m willing to bet you have an idea for your own podcast.
But I want you to pump the brakes for just a second.
Podcasting is NOT a sure thing. Faaar from it.
Over the past 5 years, I’ve worked for two of the biggest podcasts in the business category. Each is regularly in the top 10, each has had tens of millions of downloads, and each has generated millions of dollars in revenue.
But I’ve also worked for a few podcasts that looked like home runs on paper, but quickly failed.
So I’ve seen what works and what doesn’t.
The overwhelming majority of shows never attract an audience and never make a dime. And no matter how much you love the art of podcasting, it gets demoralizing fast when you invest blood, sweat, and tears in your show and it’s met with the sound of crickets.
So while you hear the podcast gurus say it’s never been easier to start a show and now is the time to launch your own, DO NOT start a podcast until you’ve done these 5 things:
1: Make a realistic strategy to grow your audience (and build your business)
Here’s the #1 myth podcasters buy into (and it drives me insane, like fingernails on the chalkboard):
“Build it and they will come.”
Just launch your podcast, and figure out how to build an audience as you go. Once you have a bunch of followers, then you can figure out how to monetize the show.
If you worry about monetization now though, you’ll never get started. And the only way to get good at podcasting is by practicing. So just hurry up and launch.
It sounds good in theory. I like the “Ready, Fire, Aim” approach.
But here’s what it actually looks like for most people: you launch your show, you blast it out on facebook and a few friends and family listen to support you, but downloads fizzle quickly.
So you start doing MORE… release more episodes, do more social media marketing, spend more money on advertising. Soon you’re investing a ton of time and mental bandwidth with no sign of breaking through.
You probably have Gary V’s “Crush It” advice echoing in your head. In this era of social media, you have to go all-in on what you’re passionate about! If you push hard enough and long enough, of course you’ll succeed. And if you quit, that means you didn’t have the passion or the drive.
The reality is, “build it and they will come” is an insane strategy. You might as well make a wish and toss a coin in a fountain.
The most successful podcasters have a concrete plan for exactly how they’re going to grow their audience and generate revenues before they ever launch their show. And that’s exactly what you need to do too.
2: Figure out the value you’re going to give your listeners
The most important thing for you to understand about your show is that it’s not about YOU. It’s about YOUR LISTENER.
When you launch a business you need to be able to give an elevator pitch. If I’m stuck in an elevator with you for 30 seconds, how are you going to explain what your business does in a way that gets me excited and makes me want to buy your product?
The same applies to your podcast. How can you quickly and efficiently explain why I should listen to your show? How is it going to make my life better?
Podcasts may be free, but we have to pay for them with the most precious currency we have: our time.
That’s why giving away free things requires just as much (if not more) sales and marketing as a paid product. So make sure you can clearly define the benefit someone is going to get from your show.
3: Clarify the results you can give someone
Whatever your answer is to the questions above, I want you to refine it. Get laser focused. Hone it down to a razor’s edge.
I want you to be able to explain a tangible result that you can help someone achieve: “I can show you how to accomplish XYZ. And unlike every other podcaster, I can teach you how to overcome the following obstacles…”
Here’s why this is important:
All the podcasting experts say, “Podcasting is the most powerful way to build a relationship with your audience! Where else can someone listen to your voice for hours at a time?”
That’s true (IF you can convince someone to give you hours of their time, that is).
But you know what is a BETTER way of establishing a relationship with someone?
Helping them accomplish something they’ve been chasing for a long time, or achieving a benefit that improves their life in a concrete way.
Imagine someone said “Jenny helped me finally start the blog I had been talking about for years.” Or “I lost 15 pounds by following Mike’s strategy, and I’ve tried everything before.” Do you think they’re going to listen to what you have to say in the future, and buy your products?
Of course!
Now just to clarify, I’m not saying your show needs to provide this benefit. It would be a bold claim to say “Just listen to my podcast and I promise your life will change in the following ways…”
But it IS important you know that you have real value to offer people, and that you have knowledge that provides concrete benefits.
So get crystal clear on what tangible results you can generate for people.
4: Create a product you can sell to customers
Once you know what tangible results you offer, you need to turn it into a format that you can sell.
- Create an ebook
- Write a paid monthly newsletter
- Make a free lead magnet to build an email list, then market an affiliate product to that list
- Sell a tripwire offer, and use it to upsell a group coaching program
There are a million ways to turn your knowledge into a product you can charge money for. (Check out this article for 15 infoproduct ideas to get your gears spinning.)
But here’s why it’s important to have a product to sell before you start your show: it gives purpose to everything else you do. Now you’re not just starting a hobby, you’re starting a business. And you understand what the most important lever is that will drive the business and sustain everything else.
It’s disheartening releasing episode after episode without ever getting a hint that you’re on the right track. But when you hear your payment notification chime on your phone… it’s an addicting feeling that will give so much motivation.
More importantly, having a product allows you to do the next step…
5: Identify the end goal and work backwards
Here’s how most people plan on growing their show: “I’m going to interview people who have a huge audience, and then I’ll ask them to share the episode with their followers. I’ll leverage their audience, so now a certain percentage of my guests’ fans will become MY fans!”
Genius.
Except… do you know how many podcasts I’ve heard Seth Godin on? And how many of them do I subscribe to now?
Zilch.
But that’s not how you’re going to grow your podcast. Here’s how you’re going to do it: “The goal of my show is to have someone buy my $500 group coaching program.”
“And if 5% of all my ebook customers buy the program, that means I have to sell 20 ebooks to get one coaching customer.”
“And if 2% of all my listeners buy the ebook package for $20, that means I need to get 50 listeners in order to get 1 ebook sale.”
“So now if I get 1,000 listeners I’ll make $1,400 (5 x $20 + $1000).”
Now if you had $1,400, do you think you could find a way to get 1,000 more listeners? Of course! You could run facebook ads, do paid shoutouts on Instagram, or even sponsor someone else’s show.
And the best part is, say it only costs $700 to get 1,000 listeners. Well now you can get 2,000 listeners, and you make $2,800 dollars. Congratulations, you just created the key to unlimited growth.
This is just one example out of countless variations. But the point is, when you’re able to monetize your show from the very beginning, it gives you gas to put in your business’s engine. It gives you resources you can invest to grow and succeed.
So… now what?
Podcasting is deceptively simple. With Garage Band, a Soundcloud account, and a $68 ATR-2100 microphone you can start your very own show.
But many people use this simplicity as an excuse to have a vague value prop. “Uh, I’m just going to interview successful entrepreneurs. Once I have a lot of listeners I’ll figure out how to monetize. I’ll sell sponsorships or something.”
Right… because the world needs another one of those.
Follow the 5 tips above and you’ll be able to create a killer show that solves real problems and sets yourself apart from the competition.
Most importantly, realize that your podcast is simply a distribution strategy. It’s a way of getting an offer in front of ears. But without something to sell, that audience isn’t worth anything. And without an offer, you don’t have the resources to build that audience in the first place.
Of course everything I’ve said so far boils down to one critical question: how do I create a product customers will pay for?!
It’s easier said than done.
Over the last several years I’ve worked for some of the biggest online entrepreneurs. A2 Comma Club X Award winning company. A supplement company that’s been on the Inc 5000 list for 3 years in a row. A copywriting legend that does half a million a month on autopilot. And more.
I’ve learned a ton about creating wildly profitable infoproducts- and how to create them lightning fast to get revenues coming in ASAP. I’ve taken everything I’ve learned and turned it into a “7-Day Challenge.”
Over 7 days you’ll get one daily video along with a worksheet. Just watch the video, fill out the worksheet, and you’ll have your product- and your entire online business- completely mapped out.
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Go here to learn more and click “Join Now.”
I’ll see you in the challenge! And if I can answer any questions, feel free to reach out on Twitter @garinetch or shoot an email to hello@digitalproductincubator.com.
Claim your spot and learn how you can create a premium product… and then launch your podcast!
