Episode Transcript
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Morgan Franklin (00:01):
How hard do you
think it'll be to make $10,000
podcasting? Seriously, if I satdown with you right now and
said, Give me a plan for howyou're going to make $10,000
with your podcast, how hard doyou think that that would be for
some of us, this would be noproblem. We have digital
(00:23):
products, we have partnerships.We're pitching ourselves in
every episode. This is thestatus quo. However, for the
greater majority of us, we wouldhave no idea. In this episode,
I'll walk you through how I'dhelp a client make their first
$10,000 with their podcast, whatyou need to know and how you can
(00:45):
capitalize on your experiences,your audience and your existing
brand to make your first $10,000podcasting. Hello and welcome to
podcast for profit. My name isMorgan Franklin. I'm a Podcast
Producer, strategist andeducator. This podcast will help
(01:05):
you create and grow a podcastthat cuts through the noise of
social media and speaks directlyto your target audience. If
you're ready to create a podcastthat will align you with the
experts in your industry,position yourself as a trusted
leader and create another sourceof revenue for your business.
You're in the right place. Onequick note before we get into
(01:28):
this episode, if you're like me,I'm a visual learner. I feel
like writing things down isreally the only way that I learn
something. I have a completelyfree printable PDF companion
that goes with this episode.It's a worksheet and also a gold
tracking asset, and that will bein the episode description.
First things first. Why do youwant to do this? And I know that
(01:50):
this might seem like an easyanswer, right? Because
obviously, it's because you wantto make money. You can make
money a million different ways.Why do you want to make money
from your podcast. Why wouldmaking $10,000 be meaningful to
you and your goals movingforward? For me, when I think
(02:11):
about this question, it'sbecause it's validating to me
and my podcast that it's worth$10,000 but also because I want
to grow my podcast. I want tohire a staff of people to help
me edit and write and promote. Iwant to go to podcast
conferences. I want to be ableto be where podcasters are, to
(02:32):
talk to them in person. I lovepodcasting, and when I make
money through my podcast, ithelps me do more of what I love
and help people to do more ofwhat they love. It's easy to not
follow through on a goal thathas no meaning to your life. We
know that. Have you ever noticedthat when you have to get
(02:53):
something done, there isliterally no way and nothing
that could stop you? That goalhas a purpose, and when you have
to get something done, there isno other choice other than to
get it done, right? So if ithelps you, think about this in
the same way use the purpose ofwhy to get you over the finish
(03:13):
line. How will making this moneyhelp you, or your business or
your podcast? What exactly willit improve for you? What will
you be able to use this moneyon? Give the money a job, figure
out exactly what it's going todo for you. And when you make
(03:34):
this money and commit yourselfto making the money, we can't do
X without y, and we have to doY. So how are we going to do X
after we figure out why we'regoing to do this and what it
really means to us now, we needto add some specifics, because
we can hold ourselves to amission all day, but if there's
not a clear path to when and howwe're going to get there, that's
(03:58):
a problem. Okay, so how long arewe gonna give ourselves to make
this money? This is all going todepend on you and what your
audience size is and whatmethods of monetization that you
already have in place. So howmany sources of revenue does
your podcast currently have? Howmuch time and effort do you have
to put into making this happen?That's a huge question that you
(04:20):
need to consider. Like I saidearlier, this could be really
easy for some of us and couldonly take a matter of weeks, but
for some of us, it might takeall year. So either way, that's
okay, but you need to have aclear picture of how long that
you're gonna give yourself tomake this money. For the sake of
this example, let's say thatwe're going to make our first
$10,000 with our podcast overthe next three months. So that's
(04:45):
roughly 3333 a month, or $833 aweek. For me, it's a lot easier
to break a goal down into weeksif it's stretching over months,
so that I can say, Okay, I needto make just under 850 Week to
reach this goal in three months,versus just saying, all right,
this is how I'm gonna make$10,000 because that's a lot of
(05:07):
money to just figure out howyou're gonna make if it's over
one block of time. So take sometime download the worksheet that
I've made for you and do themath on how much time that you
want to give this goal and whatit will look like every week for
you to contribute to thisamount. All right, so
logistically, we're prettysound, but you're probably
(05:28):
thinking, Morgan, I can look atthe numbers and mission all day
realistically, how am I gonnamake this money? And obviously
there are endless ways to dothis, and I can't speak directly
to every single one of you inthis moment, but I can tell you
that if I was talking to theaverage podcaster who has never
made a dime on their podcast,and they came to me and said,
(05:51):
What do we need to do to get to$10,000 in the next three
months? This is what I tell you.First, we need to know your
audience, and I'm not justtalking about the gender or age
of your average listener, weneed to take a deep dive and
say, here are the top threereasons that your audience is
(06:12):
tuning into your show everyweek. We need to get that
listener profile down to theexact person. There can be no
deviation on this. If we want tomake money on a podcast, we need
to know exactly who islistening, and that doesn't
matter if it's partnerships orselling your own products or
affiliates or memberships. Idon't really care. Our first
(06:34):
order of business is figuringout who your audience is and
what they want from you. If wedon't know that, we can't really
go any further. Defining youraudience is not easy. I'm not
going to pretend like it is.I'll say this as a podcaster
that's constantly trying toevaluate and re evaluate my
audience, knowing who islistening and what reason, is a
(06:58):
never ending quest, but it issuch a necessary one. You can't
sell to someone that you don'tknow. After we figure out your
audience and we really get toput together a meaningful
listener profile, we're gonna gothrough all the ways that you
could potentially monetize yourpodcast. First being, what do
(07:18):
you already have available? Areyou a business owner? Have you
done partnerships before? Do youhave affiliate deals? Do you do
coaching? Do you havememberships? What do you have
available to leverage in makingthis money? Because here's the
thing, podcasts don't just makemoney. It's not only you putting
in the work of having thispodcast, then it's also you
(07:42):
having to figure out how andwhat you're going to sell
through the podcast. It doesn'thappen by accident, and that's
something that I wish that Icould share with every podcaster
that's thinking that they'regonna be a millionaire by
posting and uploading an episodeevery week. Sadly, if you aren't
making a plan, you aren't makingany money, but let's pretend,
(08:03):
for this example, that you don'tcurrently have anything to sell
on your podcast other thanyou're an entrepreneur with a
service based business.Sometimes you'll casually bring
up your business in your podcastepisodes, but you aren't even
really super consistent in that.This is what I tell you. First
thing we're going to make acontact form that speaks
(08:23):
directly to the listener thatwould be hiring you after
listening to your averagepodcast episode. We'll say that,
for example, you're a YouTubeexpert, and your podcast is
about growing on YouTube. Youwould make a contact form that
is speaking directly toYouTubers or future YouTubers
(08:44):
you want to work with on thatform, it'll ask questions about
their channel, what they want toaccomplish and how you would be
able to help them. Okay, soafter they fill out the initial
contact form, you are going tohave three packages set up that
you are able to share with them,either at the time of your
exploratory call, or the pitchthat you follow up with when
(09:07):
they contact you through theform. You really only need three
services to sell someone, andthese services should be very,
very clear. This is what I cando for you. This is why you'd
want me to do it, and this iswhen I'll have it done. So speak
to the problems that you areaddressing consistently in your
podcast episodes and tell themhow you can solve those
(09:29):
problems. After that, I'd haveyou make a list of 10 companies
that you would like to partnerwith. So from there, we're going
to send a media kit about yourpodcast, asking if they are
looking for any kind of paidpartners to represent their
brand. So explain why yourpodcast audience is the exact
(09:50):
audience that needs to behearing about their product. If
they say no, that is when you'regoing to ask about an affiliate
program. Because usuallyaffiliate program. Have a much
lower barrier to entry. Sothat's because they are not
having to pay you unless you aremaking money for them. So if you
get a no on doing a partnershipdeal or asking them if they
(10:12):
would like to advertise withyou, follow up with, do you guys
have an affiliate program? Ilove your product. I still want
to represent you that way youcan keep working for them, and
then a year, a year and a halffrom then, say, Hey, look at all
these sales that I've made foryou. I want to have you as a
partner on my show. And I'm notgonna lie to you, this is gonna
(10:34):
take some time. It's gonna takesome time with following up.
This is where you are gonna haveto be really organized and know
what your podcast is bringing tothe table. Also, this is where
you can't be shy about braggingon yourself. You want this
company to pay you to talk aboutthem. So tell them why. Tell
them why they should. Afteryou've sent the first 10
(10:57):
pitches, figure out the next 10that you want to reach out to my
best advice is to pitch 10brands every month. This seems
to be the sweet spot forpodcasters without overwhelming
yourself. Don't try to send 10pitches a day. Instead, just
figure out who you are reallyaligned with and who you'd like
to work with, and make sure thatyou're putting in that even
(11:18):
amount of effort so that overtime, it is showing some impact
for this goal and for yourbottom line. I'd also tell you
to get on websites like Amazonand like to know it, and Walmart
and any of these other bigcompanies that you shop at that
have affiliate codes if you areplugging a product in your
(11:38):
episode at any time, there is noreason that you are not tagging
that product in the episodedescription with an affiliate
link so that you can make somemoney off it. We don't do free
promo here, so make sure thatyou have affiliate links for
everything that you are pitchingnext. What kind of digital
product can you make my episodebefore? This one is dedicated
(12:01):
completely to digital products,so please listen to it if you
haven't. Digital products arethe best way to make money
without having much money. It'sthe best way to make money if
you're a one person show andyou're basically starting with
nothing. I'm not gonna harp onthis too long, because I know I
just had a whole episode aboutit, but I do have a free tool
(12:22):
that will email you 10 digitalproduct ideas that are made
specifically from your podcastwith a little bit of magic. For
me, the link will be in theepisode description of this
episode if you haven't used italready. It is so amazing, and I
am so proud to provide thisresource for you. So make sure
you go check it out. Like Isaid, it is based on answers
(12:44):
from you about your podcast,about your audience, and it is
just such a cool way to see howyou could make money from
digital products. Exclusivecontent is another thing that I
look into after figuring outwhat kind of digital products
that I want to make. And what doI mean by exclusive content,
content that is behind apaywall, and this can be so
(13:07):
stupid easy you want to know apodcaster who should teach a
masterclass on this is PayneLindsay. He has that podcast.
It's called up and vanish. Buthe also has radio rental. He
does this thing where you canpay five or $10 a month to
listen to the next episode ofthe podcast. It's basically a
week before you could listen toit for free. You can listen to
(13:28):
it without ads. I know thisisn't groundbreaking, but I just
wanted to bring it up because Ithink his production company,
which is called tenor fit TV,does this really well, because
they've hooked me on so manyshows and got me to pay for it,
and I rarely will pay foranything like that, so make sure
that you go check them out ifyou want kind of an inspo on how
you could do this. It'sbasically just that you have
(13:49):
another episode ready to go, andif someone pays, they can listen
to it a week early. This goesfor all my podcasters. Whether
you are filming your episodes ornot, you need to be repurposing
your episodes every way you caninto any kind of content you
can, because you can monetizeYouTube and Tiktok so easily.
(14:10):
And I know it's like only a 10thof a cent of you, but if you are
already making that content,there is no reason that you're
not making money from peoplewatching it. Take the time and
effort to repurpose your contentinto formats that make sense for
your podcast. So YouTube,Tiktok, I'm talking even
Instagram and Facebook havemonetization now. So monetize
(14:31):
those channels and startbuilding audiences on those
channels so that you can alsodrive back listeners to your
podcast when they see a shortclip, or they see anything that
has to do with your podcast,they think, oh my gosh, yeah, I
want to go listen to theirpodcast. So make sure you're
taking advantage of repurposingall of your episodes. Finally,
(14:53):
make sure that you have startedand are actually utilizing an
email list. There is no better.Way to access your listeners, to
share with them, then an emaillist. And I want you to do this,
whether it's for making money orjust simply growing your
podcast. You are a podcaster.You have something to share with
them every single week. Youdon't even have to make anything
(15:16):
up. So make sure that you aretaking advantage of this and you
are using every opportunity togrow your email list, because
you know, podcasting is a reallycyclical media, and the more you
use your social media and youremail list and your products and
services, the whole ecosystem ofyour business and your podcast
(15:37):
will thrive if you are ready tomake your first $10,000
podcasting, please reach out tome. My contact page is in the
episode description, or you canget a hold of me at Morgan. At
morganfranklin dot media. I knowI said this at the beginning of
the episode, but there is aprintable PDF companion and
(15:58):
tracking worksheet. Those willalso be in the episode
description. And as always, Ican't wait to listen to your
podcast. Hey. Thank you so muchfor joining me on this episode.
If you enjoyed the podcast andyou'd like to hear more episodes
like this one, go ahead andsubscribe to the show. New
episodes air every Mondaymorning. And if you found this
(16:19):
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podcast.