Should you have an existing service or business before launching your podcast?
Yes, and here’s why.
You can become your own sponsor
If you’re a frequent listener to popular business podcasts, you’ve probably heard the host plug brands like SquareSpace, 99Designs and MailChimp. The “industry standard” (which is a whole topic in of itself) has been pegged at $18 per 1,000 downloads for 15 second pre roll Ads and $25 per 1,000 downloads for 60 second mid roll Ads. Unless your podcast is knocking it out of the park, you can see by doing some simple math that plugging other products and services from companies that aren’t your own won’t generate a ton of revenue. A better way to leverage your podcast is to become your own sponsor. Having an existing business gives you the benefit of leveraging your existing products and services.
You can afford to hire help
The podcast post production process isn’t easy. It can take several hours on editing alone. And that doesn’t even account for syndication to hosting platforms and social outlets. Some of the biggest podcasters have even struggled with this. Michael Hyatt of This Is Your Life used to spend two days working on his podcast before hiring an editor. If you have revenue coming in from an existing business, hiring a team of professionals to handle the post production will free you up to focus on the finding more clients and closing more deals.
You realize podcasting isn’t a business in of itself, it’s a marketing channel
Business savvy folks know that sales are what move the bottom line. Marketing channels in of themselves aren’t the business. They’re necessary components of the marketing funnel that drive traffic, foster relationships and create an online presence. They also know that no one channel can sustain the business. It’s the synergy of multiple inbound marketing channels that creates a successful business. And podcasting is just that. A marketing channel for growing your business, not a business.
The good news is that it’s never been easier to start a small business. Services like Elance, LegalZoom and Bench have streamlined the process of setting up a business almost overnight. So there’s no excuse for not plugging your own products and services and hiring the right team to handle the post production process.
Do you already have an existing business but no podcast? This is just one among many other things we include in our podcast strategy mapping with clients here at Pod Parrot. If you would like to discuss your strategy, call to set up an appointment for a consultation.