Create a Financially Viable Podcast

Written By Lauren Popish

✴ How to Avoid Podfading?

This one’s for the thirsty podcasters who have been going ALL-IN on commitment, with a podcast that seems to be saying “new phone - who dis?”. It’s not your fault. You REALLY want this relationship to work, and you’re not alone. 

What do up to 75% of the podcasts on Apple Podcasts have in common? They have “podfaded,” aka GHOSTED. Although there’s no way to know the exact number, experts think that as many as 75% of the podcasts on Apple Podcasts are no longer actively being produced, known as podfading. Like any one-sided relationship, sooner or later, you’re going to run out of steam when there’s no return. You deserve MORE, girlfriend! 

How do we cultivate a relationship with our podcast that survives, thrives, and even profits? The answer is Viability. We have to build our podcast with intention. 

So, what does a podcaster need to consider when creating a financially viable, long-lasting podcast that you can tell your grandkids about? We’re going to dive into it ALL today. 

Be sure to hang out until the very end, where I’ll give you access to a FREE resource that will tell you if you and your podcast are a viable match or if you require some couple’s counseling.

 

✴ About This Video

If you’re new here, I’m Lauren Popish, the founder of The Wave. The Wave helps women like you grow and monetize their podcasts! In case you haven’t noticed, Podcasting is my love language. Likes and subscribers are a solid runner up in case anyone’s wondering.

I release weekly videos on the subjects of crafting, producing, growing, and monetizing your podcast, so if this sounds useful, be sure to subscribe to our channel by hitting the Subscribe button in the lower right, and be sure to hit the bell so you can get notified every time we have a new episode.

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✴ How to Create a Financially Viable Podcast

So, how are you going to be sure that you and your podcast are playing the long game? Please have a seat on my therapist’s couch, and let’s hash this out.

✴ Step 1: Figure out who your podcast is for

Spoiler alert, it’s not for you. We know your podcast is near and dear to your heart, but you have to give it some room to breathe. For your podcast to truly thrive, it’s important to realize that you should be curating your content with your ideal audience in mind. Whether or not your audience resonates with your podcast will be a make or break in terms of viability, so it’s time to get really specific about who you’re targeting and what’s going to keep them coming back for more. We’ve got an entire video about identifying and defining your target audience, so be sure to check that out too.

✴ Step 2. Deliver a podcast in a way that no one else does

While the podcasting space is still one of the least saturated mediums, it’s still chock-full of podcasts vying for attention. Whether you’re creating a podcast on cooking, motherhood, fitness, or anything else under the sun...there’s bound to be others in your category. Don’t pack your bags just yet! The podcasting space needs your unique voice, point of view, and podcasting format to grace the scene! You’ve gotta bring something different to the table to stand out. How do we do this? By conducting a competitive analysis with the pods around us. This will require some homework, but at the end of the day, you’ll know more about what’s out there, get inspired, be turned off, and ultimately know how you’re able to show up uniquely you. We’ve also got an entire video on that, in case you were wondering.

✴ Step 3. Produce content consistently  

A strong relationship requires a consistent commitment! I’m not just talking about you and your podcast process. One of the perks of podcasting is that your audience will begin to know, like, and trust you in a very personal way. They’ll come to depend on you to show up when they expect you to be there, so don’t ghost them. Decide what podcasting schedule is sustainable for you, and show up consistently. A consistent podcast leads to consistent listenership, one of the most important ingredients in viability.

✴ Step 4. Solve a need for your target audience

Another point when it comes to consistent listenership, and especially hooking the newbies for the long haul, is that they’re not JUST going to start knowing, liking, and trusting you because your voice is nice and your puns are fire. They’re sticking around because you’re offering them VALUE. Getting specific about your target audience means you’ve identified what their pain points are and how you can help them in each and every episode. Like I said, building your podcast with intention.

✴ Step 5. Convert them from listeners to customers

Many people think money can only be made in podcasting through advertising, but a dedicated listener base is just as valuable as a lineup of sponsors. The trick is getting them off the airwaves and onto your email list, website, and sales pages. I suggest starting your email list straight out of the gate. Offer a great free resource to your listeners to persuade them to opt-in. Once you’ve got access to their inbox, you can send them love notes to purchase helpful services and products that will make their lives better and your bank account happier.

✴ Step 6. Prioritize longevity instead of quick wins

Everyone knows the occasional romp can be fun, but it’s the long-term and evolving relationships that are really worthwhile... when it comes to podcasting, of course! Build processes and practices that help streamline your work and prevent burnout. Detailed workflows, whether in Asana, Trello, a Google Sheet, or a good old-fashioned whiteboard, will help your podcast run like a well-oiled machine. When you’re relaxed, in flow, and enjoy your process, you’ll be able to confidently commit to your podcast for years to come.

✴ Uncover Your Podcast’s Competitive Advantage

Thanks for the love, now here’s something in return! Use THIS LINK to download your very own template to perform a competitive analysis for your podcast!

✴ Let’s Review the Steps to Viability

It can feel like a long road to viability, but you don’t need to set your relationship status to “It’s complicated.” 

  1. Know who your podcast is for

  2. Deliver your podcast in a way that no one else does

  3. Produce content consistently 

  4. Solve a need for your target audience 

  5. Convert them from listeners to customers

  6. Prioritize longevity instead of quick wins

See? Not so bad! 

That’s all for now, pod lovers. Be sure to subscribe to my channel for more essential podcasting tips.  Check out some of our other videos, and if you’ve got questions we haven’t covered, let us know in the comment section below, and we just might create a whole video about it! 

Thanks for watching. Keep podcasting, and enjoy the ride.

 
Lauren Popish
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