While we’re not silly enough to sit here and claim you are absolutely guaranteed to earn $10 million if you start podcasting, we can point to Speaking of Wealth founder Jason Hartman’s track record of generating ten million bucks in gross revenue through the Platinum Properties Investor Network since he initially began podcasting The Creating Wealth Show.
So it’s as easy as that, is it?
Not quite, but you probably already suspected this was going to take time and effort. Podcasting as an advertising medium is still in its infancy; there are few podcasts (if any) that can lay claim to ten million solely via advertisements or sponsorships.
The good news is you don’t need them to reach that financial milestone. The first thing to understand about earning millions of dollars from podcasting is that the podcast acts as a catalyst for other activities that generate revenue.
Let’s consider Jason’s scenario as a quick case study. From humble beginnings a few years ago, The Creating Wealth Show (TCWS) has grown into a global brand, numbering well over 200 episodes and downloaded thousands of times in dozens of countries around the world. Though you might hear advertisements on the podcast, Jason would be the first to tell you that the income from that particular activity is basically inconsequential. The real perk is that TCWS has exposed Jason’s real estate expertise and unique investment approach to thousands of people who went on to join his Platinum Properties network, eventually purchasing one or more income properties through the organization, creating revenue for Jason in the process.
From this case study we see that the first step in making money by podcasting is to create an audience for your products and services. When it comes to finding new clients, the professional service field (medical, legal, real estate, financial, etc) long ago realized that consumers had a problem when it came to differentiating between service providers. Hate to be the one to break it to you Mr. or Ms. Doctor or Lawyer, but, from the outside, most of you appear to offer very similar services.
The basic problem is that people don’t know whom to trust, consequently, they dilly dally around and finally flip a coin or something else entirely random. Referrals and recommendations are powerful in the industry because it creates at least some base level of trust. This is where a well-developed and delivered podcast comes into play.
Like referrals and recommendations, a podcast can create trust in you by an audience. If you provide great content in the way of information and insights, and don’t use hard sell tactics too often, listeners come to trust you over time. Your podcast audience becomes a base of potential customers who will buy your products and services.
What’s missing from the equation? Products and services, of course. On to Step Two!
Now that you have an audience of true believers, it’s time to give them stuff to buy. We’re not talking about random crap here. Remember they’re listening to your podcast for a reason. You’re addressing problems and issues they have in life and they need solutions. There’s a good chance they’ll even pay good money for those solutions. This common interest is what creates the revenue-generating part of your podcast business.
Here’s a quick example of how this works. Keep in mind that even though we’re using a professional service provider here, the basic idea works for any business. Let’s say you’re a lawyer who podcasts about tax issues. While you can certainly convince a certain percentage of people in your local area to pay the hourly rate for good advice, imagine how your reach could expand by writing a special report about little known ways to legitimately increase personal deductions. Think anyone would be interested in that? You bet they would, especially since you’ve already created a sense of trust through the podcast. Price your 50 page special report, delivered digitally, at $19.95 (or whatever price you want to charge) and watch the copies figuratively fly off the shelves.
Rinse and repeat. How many special topic reports can you write and sell globally? However the heck many you want! How ambitious are you? And there’s no reason to stop at special reports. Package your advice on DVDs, CDs, real world paper books, study guides…
The only to this strategy is your imagination. This is a proven method to generating real world money on the back of a good podcast. Maybe you’ll make $10 million – maybe more. You’ll never know until you try.
The Speaking of Wealth Team
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