How to Increase Your Podcast Monetization with Partnership

Podcasting is one of the fastest-growing mediums today, and it provides brands with an excellent opportunity to reach out to specific and niche audiences. Podcasts have the opposite effect as visual ads, TV commercials, and digital ad-blockers. Why? Because listeners are devoted to the podcasters they enjoy.

Download the first chapter of The Storytelling Series: Beginners’ Guide for Small Businesses & Content Creators by Obehi Ewanfoh.

Podcasters are thought to be sincere and trustworthy. As a result, 81 percent of podcast listeners say they always pay attention to podcast advertisements.

Through podcast partnership, you can have a high potential for monetization. Following the considerations and other factors, you will be successful with it as you go along with your podcasting career.

What is podcast partnership?

A podcast partnership refers to a collaborative relationship between two or more parties who work together to create, distribute, and promote a podcast. Partnerships can take many forms, and may involve podcasters, brands, media companies, or other organizations.

In a podcast partnership, each party typically brings their own unique strengths and resources to the table, whether it’s expertise in a particular topic, a loyal audience, or financial backing. By working together, partners can create high-quality content, increase their reach and visibility, and generate revenue through sponsorships, advertising, or other means. Examples of podcast partnerships can include:

• A media company partnering with a podcast network to produce and distribute a new show
• A brand partnering with a popular podcaster to co-create a branded podcast that aligns with the brand’s values and messaging
• Two or more podcasters partnering to create a new show that combines their unique perspectives and areas of expertise
• A podcaster partnering with a sponsor or advertiser to create sponsored content that resonates with the podcaster’s audience and aligns with the sponsor’s goals.

Podcast partnerships can be a powerful way to create compelling content, build audiences, and generate revenue. However, it’s important to approach partnerships with a clear understanding of each partner’s goals and expectations, and to establish effective communication and collaboration practices to ensure a successful outcome.

Make Podcast Partnership Pay Off

You might be debating whether or not collaborating with a podcast is a good idea for your company. Our answer is an unequivocal YES! Podcasts allow you to speak directly to your target audience and convert listeners into customers.

69 percent of podcast listeners agree that podcast ads made them aware of new brands, according to Podcast Insights.

Midroll discovered that 72 percent of podcast listeners who have been listening for four years or more have purchased something from a partner ad. If you ask us, it’s not a bad deal. It’s no surprise that podcasting has grown into a multibillion-dollar industry with over 2,000,000 episodes available.

Brands must develop a strategic plan and consider these four important keys to creating a successful and engaging podcast partnership. Following this would be an advantage to increase the monetization of your podcast.

Determine the Size of the Podcast

The size of a podcast can influence the amount of money your company invests in a podcast partnership. In this case, size refers to the number of listeners rather than the amount of digital space it occupies.

The number of downloads each episode receives on average in a month is used to determine advertising rates. CPM stands for cost per mile or cost per 1,000 listeners, and it is used to measure this.

The industry average podcast advertising rates, according to AdvertiseCast, range from $18 for a 30-second Ad CPM to $25 for a 60-second Ad CPM.

Those CPMs may not seem like much when compared to the costs of print and television advertising, but they add up quickly. The “Joe Rogan Experience” and “My Favorite Murder” are two popular podcasts with millions of listeners. That’s a lot of money spent on advertising.

Find Your Niche

Everyone can find a podcast to listen to. Your goal should be to find a podcast that appeals to your target audience. If you want to target female fitness enthusiasts aged 19-34, for example, look for podcasts with similar demographics.

To begin, learn about your target audience and what they want, as well as their likes and dislikes and why they would be drawn to your brand. Following that, you should consider the show’s context about your brand.

Determine What You Can Provide the Audience With

There is a partnership between a brand and podcasters, as well as a partnership with the audience when it comes to podcast partnerships. Make sure to include an offer that entices listeners when tailoring your ads to the brand’s demographic.

The current industry standard appears to be that podcast partners provide discount codes, free trials, and giveaways to entice listeners to engage with the brand.

This is your chance to express yourself! Offering these incentives not only engages your audience and distinguishes your brand, but also allows you to track campaign success. Podsights is a fantastic tool for keeping track of data from podcast partnership campaigns.

Increasing Podcast Monetization Through Affiliate Marketing or Partnership

Affiliate marketing, also known as partnerships, is the practice of selling other people’s products or services through a special link. The podcast host earns a commission when listeners click on this affiliate link and purchase the product/service.

Skillshare and Amazon, for example, both have affiliate programs where you can sign up and start earning money. The amount of money you can make with affiliate marketing is usually determined by the size of your audience.

It’s important to remember that you should only promote products or services that you truly believe in. You will gain credibility and trust from your audience in this manner.

Conclusion based on How to Increase Your Podcast Monetization with Partnership

In conclusion, podcast partnerships are a valuable strategy for increasing your podcast monetization and taking your content to the next level. By working collaboratively with other individuals, companies or organizations, you can create compelling content, access new audiences, and generate additional revenue streams.

Whether it’s partnering with a brand to create a branded podcast or teaming up with other podcasters to create a new show, there are many different types of partnerships that can benefit both you and your partners.

However, it’s important to approach podcast partnerships thoughtfully and strategically. You should choose partners who align with your values and goals, and establish clear communication and collaboration practices from the outset. It’s also important to ensure that any partnership agreements are fair and transparent for all parties involved.

When done right, podcast partnerships can be a powerful tool for expanding your audience, building your brand, and generating revenue. As the podcast industry continues to grow and evolve, there are more opportunities than ever to form creative and lucrative partnerships that benefit both you and your partners.

By focusing on quality content, effective marketing, and strong collaboration, you can take your podcast monetization to the next level with the power of partnerships.

Download the first chapter of The Storytelling Series: Beginners’ Guide for Small Businesses & Content Creators by Obehi Ewanfoh.