How to Monetize Your WordPress Podcast With Sponsorships (3 Key Tips)
Podcasting has become a booming industry. With its revenue expected to top $1 billion in 2021, there’s never been a better time to get involved with sponsors. However, the process of starting partnerships can be a bit daunting.
Fortunately, making a few strategic decisions can go a long way. Being selective about your podcast technology, outreach approach, and advertised products can make it easier to find a profitable sponsor that matches your growing brand.
In this article, we’ll give you an overview of how podcast sponsorships work and some of the difficulties you might encounter trying to find one. We’ll also provide you with three key tips for overcoming those challenges and discovering the right sponsor. Let’s dive right in!
An Introduction to Podcast Sponsorships
Sponsorships are a tried-and-true sales method for many industries. The typical arrangement you’re probably familiar with is where an organization pays to have its product(s) advertised as a part of an entertainment program.
For podcasts, this usually involves inserting an ad before an episode (called a ‘pre-roll’) or as a break in the middle (‘mid-roll’). Sponsors might also ask their podcast partners to integrate the promotion within the content, such as the comedic My Brother, My Brother and Me sleep-focused episode sponsored by Casper mattresses:
Typically, payments for these ads are calculated in terms of Cost Per Mille (CPM) listeners. Since the current CPM market rate for a 30-second ad spot is $18, this means that an episode with 5,000 downloads can make around $90 for a single ad spot.
There are several ways to boost this number. More ad spots, longer promotions, and a bigger audience are all changes that can earn you more money.
However, doing so isn’t without challenges. A massive amount of podcasts are released every day, which increases the competition for both listeners and sponsors. Sponsors might also be pickier as a result of recently slashed advertising budgets.
The path toward lucrative partnerships can be an intimidating one. However, you can follow some guidelines to conquer these challenges and monetize your podcast.
How to Monetize Your WordPress Podcast with Sponsorships (3 Key Tips)
Now that we understand a little bit more about how podcast sponsorships work, it’s time to dig into how you can leverage them yourself. Let’s take a look at three crucial tips for finding the right sponsorship for your podcast.
1. Choose the Right Technology to Show That You’re a Professional Podcast
Creating a top-notch podcast and podcast website can help show potential sponsors that you’re serious about your craft. It’s an easy way to demonstrate to potential advertisers that you’ll put the same energy into representing their products as you do your podcast and site.
This is why it’s important to use high-quality and effective technology to support your content and promote yourself as someone who understands the industry. If you’re a WordPress user, you can even monetize your podcast by using podcast membership plugins, and charge a recurring subscription fee from your listeners.
You can also try using these tools to establish your podcast brand. Providing sponsors with a clear idea of your content could help attract better matches for your audience.
2. Be Proactive About Reaching Out to Brands
To stand out from the competition, it helps to send out a lot of quality applications. One option to assist you with this process is to contact an advertising network such as Midroll:
Midroll acts as a kind of go-between, taking your completed application and matching it with sponsors. This can save you a lot of time and energy that you would otherwise spend to manually distribute your applications.
Of course, directly appealing to sponsors is also an option. You won’t have to pay any network commissions when you get a sponsor on board. However, it might be more difficult to lock one down in the first place without a network to back you up.
If you’re planning on going this route, you might want to investigate what sponsors similar podcasts have worked with. You may be able to find partners who already indicate an interest in your niche, which is a solid starting point.
An example of this is Geico. This company is currently one of the leading podcast advertisers, so you already know it’s interested in the medium. Additionally, some podcast hosts can find sponsors for you. Castos is developing this service now.
Before you get started, remember that applying for a sponsorship may be a lengthy process. Try to not get discouraged. Instead, send out as many quality applications as you can, and trust the content that you’ve created.
3. Choose Sponsors That Cater to Your Audience
Once you begin getting offers, there’s another critical aspect to consider: your audience. You should only work with a sponsor if you think that both you and your audience can confidently support them.
Naturally, sponsors are happier if their ads pay off, and audiences are happier when presented with relevant ads. The right sponsor can complement your content instead of clashing with it.
The popular true-crime podcast My Favorite Murder exemplifies this principle:
Among other promotions, it runs an ad for an immersive murder mystery game called Hunt a Killer. This sponsor fits the brand and appeals to the listeners’ interests.
If you’re not sure what ads your audience is interested in, don’t be afraid to ask! Poll your listeners to get a better idea of their preferences. This data can be collected easily with social media, and used to increase your audience interaction at the same time.
Sponsorships are a powerful way to monetize your WordPress podcast. However, getting started can be a bit tricky. Fortunately, you can take a few simple steps to get your advertising deals off the ground.
In this article, we covered three strategies that you can use to find a great sponsor:
- Give your podcast professional-level support by using technology such WordPress. Create a beautiful podcast website, and offer your audience a great online experience.
- Take advantage of opportunities offered by advertising networks, your podcast host, and sponsors themselves.
- Keep your audience’s opinions in mind when conducting your sponsorship search.
Pair these tips with other methods of monetizing your podcast, and you’ll be well on your way to a lucrative show!