How to Build a £100,000 a month Membership Programme: Monetising Your Podcast Effectively with Patreon
08/09/22 • 28 min
1 Listener
Try Riverside free now: https://creators.riverside.fm/PodcastersPodcast & Use code: Podcast15 for an exclusive 15% off.
In this episode, Kane is joined by Gee from Patreon to talk about why premium content is the primary way to monetise your podcast show!
Gee gives great insight into why premium content is best for creators, specifically podcasters, why every creator needs this to monetise and tips on how to do it effectively too. Alongside her tips and insight, Gee also provides various Podcast Show case studies to hear real examples of how effective premium content is for monetising podcasts.
KEY TAKEAWAYS
- The key thing about premium content is building a reoccurring revenue stream. To have that as an additional way to earn money from your creativity.
- The pandemic exposed how precarious revenue streams can be as a creator, it’s more important than ever to create multiple ways to receive income.
- With premium content you can build a community with your listeners and create a two-way conversation. You can ask for their input on what they want to see and hear and create a feedback loop.
- Authenticity is key to building a great community, what is it you can do that is unique to you for your listeners.
- Discord is real time chat, originally build around the gaming community, but works well when building communities in the audio space too.
- When marketing your podcast, split it into two ‘buckets’, show and tell. The tell part is really talking about what you will offer listeners if they sign up to your membership. The show part is giving them a taste of what you offer, such as through a teaser snippet of your premium content; to get an idea of what they are missing out on.
- People are so used to living in a world where you can access things for free, it means creators often tend to undervalue their content. When pricing, always bear this in mind and price yourself higher.
- Don’t create more than three pricing tiers as this can become overwhelming for your audience. Also ensure you add enough value at each level.
- The best membership retention is generally around the £4-£5 a month price.
- Do a bit of cost/benefit analysis. If just 1% of your audience converts at £5 a month, what is sustainable for you to offer? Don’t set yourself up for failure.
- The creators who have the best distribution across all their tiers have bonus content increasing at each level.
- Being consistent with your content is imperative. It builds trust with your audience and trust is essential if you then want your audience to pay you.
- There are two main mistakes people make with Patreon. the first is being overambitious, the second is not promoting enough.
BEST MOMENTS
“The key to any community is about authenticity, it’s not about copying what other people are doing”
“It’s trying to understand why people are into what you are doing”
“Most creators massively undervalue their content”
“You don’t want your membership to become a burden, it should be something that frees you up to focus on your creative pursuits”
“Bonus content is really the biggest driver of listeners becoming members”
“It’s not just about content with a membership it is about connecting with your audience”
VALUABLE RESOURCES
Podcast Production - The Cost of the Wrong Choice
How to Launch a Number 1 Podcast - Part 1
ABOUT THE HOSTS
Kane Baron, Ashley Morris & Thom Luter manage over 150 live podcasts Including Rob Moore, Kevin Clifton, Shaa Wasmand MBE & more.
Helping Entrepreneurs Launch, Scale & Monetise their podcast for over 6 years.
CONTACT METHOD
Email: [email protected]
Try Riverside free now: https://creators.riverside.fm/PodcastersPodcast & Use code: Podcast15 for an exclusive 15% off.
In this episode, Kane is joined by Gee from Patreon to talk about why premium content is the primary way to monetise your podcast show!
Gee gives great insight into why premium content is best for creators, specifically podcasters, why every creator needs this to monetise and tips on how to do it effectively too. Alongside her tips and insight, Gee also provides various Podcast Show case studies to hear real examples of how effective premium content is for monetising podcasts.
KEY TAKEAWAYS
- The key thing about premium content is building a reoccurring revenue stream. To have that as an additional way to earn money from your creativity.
- The pandemic exposed how precarious revenue streams can be as a creator, it’s more important than ever to create multiple ways to receive income.
- With premium content you can build a community with your listeners and create a two-way conversation. You can ask for their input on what they want to see and hear and create a feedback loop.
- Authenticity is key to building a great community, what is it you can do that is unique to you for your listeners.
- Discord is real time chat, originally build around the gaming community, but works well when building communities in the audio space too.
- When marketing your podcast, split it into two ‘buckets’, show and tell. The tell part is really talking about what you will offer listeners if they sign up to your membership. The show part is giving them a taste of what you offer, such as through a teaser snippet of your premium content; to get an idea of what they are missing out on.
- People are so used to living in a world where you can access things for free, it means creators often tend to undervalue their content. When pricing, always bear this in mind and price yourself higher.
- Don’t create more than three pricing tiers as this can become overwhelming for your audience. Also ensure you add enough value at each level.
- The best membership retention is generally around the £4-£5 a month price.
- Do a bit of cost/benefit analysis. If just 1% of your audience converts at £5 a month, what is sustainable for you to offer? Don’t set yourself up for failure.
- The creators who have the best distribution across all their tiers have bonus content increasing at each level.
- Being consistent with your content is imperative. It builds trust with your audience and trust is essential if you then want your audience to pay you.
- There are two main mistakes people make with Patreon. the first is being overambitious, the second is not promoting enough.
BEST MOMENTS
“The key to any community is about authenticity, it’s not about copying what other people are doing”
“It’s trying to understand why people are into what you are doing”
“Most creators massively undervalue their content”
“You don’t want your membership to become a burden, it should be something that frees you up to focus on your creative pursuits”
“Bonus content is really the biggest driver of listeners becoming members”
“It’s not just about content with a membership it is about connecting with your audience”
VALUABLE RESOURCES
Podcast Production - The Cost of the Wrong Choice
How to Launch a Number 1 Podcast - Part 1
ABOUT THE HOSTS
Kane Baron, Ashley Morris & Thom Luter manage over 150 live podcasts Including Rob Moore, Kevin Clifton, Shaa Wasmand MBE & more.
Helping Entrepreneurs Launch, Scale & Monetise their podcast for over 6 years.
CONTACT METHOD
Email: [email protected]
Previous Episode
How to Make Money from Your Podcast: Sponsorship and Affiliates
Try Riverside free now: https://creators.riverside.fm/PodcastersPodcast & Use code: Podcast15 for an exclusive 15% off.
Kane talks all about sponsorship and affiliates in this episode. Some of the most common questions Progressive Media get asked are around how to monetise your podcast, so Kane talks through these options and demonstrates how you can make them work for your podcasting journey.
KEY TAKEAWAYS
- If you don’t have the time to create premium content and you also don’t have your own products than sponsorship is a great wat of monetising your podcast.
- Identify every possible company you would want to work with and put them onto a spreadsheet so you can reach out to them.
- A way to gain monetisation on your podcast if a company is not willing to sponsor you is to go down the commission route.
BEST MOMENTS
“We’re not the biggest fan of sponsorship and we actually prefer selling your own products and services or selling yourself through a premium content model”
“Find and identify what the products and services you like and would be valuable for your audience and approach those companies’”
VALUABLE RESOURCES
ABOUT THE HOSTS
Kane Baron, Ashley Morris & Thom Luter manage over 150 live podcasts Including Rob Moore, Kevin Clifton, Shaa Wasmand MBE & more.
Helping Entrepreneurs Launch, Scale & Monetise their podcast for over 6 years.
CONTACT METHOD
Email: [email protected]
Next Episode
How Do You Grow Your International Audience?
When was the last time that you looked at where your audience was in the world? For most podcasters, the majority of our listeners will be based where we are from. But how do you grow your audience internationally? Listen in to this short episode with Kane where he tells you exactly how!
KEY TAKEAWAYS
- Growth internationally starts with your guests. If you want clients internationally you need to look at top creators and podcasters in that region.
- You can use chartable to see who and what is charting in a particular country, you can then use podscraper to find contact information for podcasters, enabling you to reach out to them.
- If you can do this you will grow your podcast internationally, this can be very useful when trying to monetise or grow your personal or business brand.
BEST MOMENTS
“By using chartable.com you can see who and where people are ranking”
“Doing this consistently over time will grow your audience”
VALUABLE RESOURCES
Podcast Production - The Cost of the Wrong Choice
How to Launch a Number 1 Podcast - Part 1
ABOUT THE HOSTS
Kane Baron, Ashley Morris & Thom Luter manage over 150 live podcasts Including Rob Moore, Kevin Clifton, Shaa Wasmand MBE & more.
Helping Entrepreneurs Launch, Scale & Monetise their podcast for over 6 years.
CONTACT METHOD
Email: [email protected]
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