In our challenging times, cuts are happening all over, especially in marketing. Even Google and Airbnb have had to halt or decrease their marketing spending. While this is not ideal, you can still produce quality content and connect with customers, while spending less money.
Podcasting is a booming digital media, with millions of listeners turning in daily. But, it can also be expensive. Here are some tips on how you can cut your marketing budget while still producing quality podcasts.
One of the easiest ways to cut your podcast budget is to obtain a sponsor. While advertisements on other platforms are generally not well-received, podcasts are the opposite. About 65% of podcast listeners are more willing to consider products or services that they heard about on a podcast, and 60% will eventually buy. This can lead to great benefits for podcasters, advertisers, and listeners.
AdvertiseCast estimates that the average cost per 1,000 listeners is $18 for 30 seconds and $25 for 60 seconds. The larger your audience, the higher you can charge for advertisements. For more information, check out this calculator from AdvertiseCast to see the cost of podcast advertising for your podcast.
2) Quality over Quantity
In times of budget cuts (or really anytime), focus on producing quality instead of quantity. Ensure that the content you are producing is high-quality. Producing quality, reliable content will attract and retain listeners. Focus on what your listeners want to hear and see, and fine-tune that message.
3) Re-Use Content
Make the most out of your marketing materials. Repurpose content to produce on different channels. This helps to get your message out there, without spending any additional resources on creating new content.
You can transform your podcast into a content marketing factory. A blog post you’ve created can be turned into a script for your next episode, or into new social media graphics.
4) Social Media’s Free Features
A great way to market our business and podcast is to utilize free features on social media. While there are many options to pay, you can still make the most out of the free features. Strategic scheduling can help your posts to be seen, without paying a dime. Using social media is a great way to connect with podcast listeners, as 20% of podcast listeners connect with brands on social media.
Another way that you can monetize your podcast is to use crowdfunding platforms like Patreon. Patreon is a crowdfunding membership platform that helps creators build relationships with followers while generating revenue. Patreon helps create “patrons” who invest in the podcast. Typically, patrons receive exclusive content or other special perks like merchandise or an ad-free experience. You can offer different tiers of membership, depending on what your listeners are looking for.
Using Patreon can help you create revenue to continue creating podcasts, and market them (with some to spare). This is an excellent way to turn your podcast profits into more podcasts, utilizing your marketing budget elsewhere.
Crowdfunding platforms like Patreon are extremely popular. Second Captains, a sports broadcasting platform, makes over $59,229 a month on Patreon. Their $5 a month membership offers listeners a multitude of benefits, from members-only shows to merchandise discounts. They are not even the top podcast listed on Patreon. The #1 makes over $100,000 a month. Yes, really. If this sounds like something that can help your podcast, click here for more information.
6) Utilize a Service
Utilizing a podcast creation service like The Houston Pod can help you create podcasts. With help along every step of the way, podcast services can help you save time and money.
If you, like many, many others are facing marketing budget cuts, you can still produce quality content. Podcasts are a great way to use your marketing budget to generate revenue and garner attention for your brand. Podcasts are a booming media, with millions of listeners tuning in. Your audience is still there and wants to hear your message.
There is no “right” way to use your podcast to make money, and/or cut your marketing budget. Do what feels right for you.