How a Micro-Podcast can Monetize with Joanne Bolt

0:01Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by the HubSpot Podcast Network, the audio destination for business professionals with great shows like Creator Science. Today, we'll be breaking down how a micro podcast can monetize. To drop these value bombs, I brought to Joanne Bolt in the EO Fire Studios. Joanne is the CEO and founder of Podcast Her and host of the B Word Podcast. She's a slightly snarky Southern girl who ran a$56 million producing real estate team, then took that knowledge and started amplifying women's voices and their businesses via podcast.

0:36And today on Foundation, we'll talk about a micro podcast, monetizing from day one, turning a podcast into being the business, what's actually realistic when it comes to monetizing and how to grow visibility and oh, so much more. And a big thank you for sponsoring today's episode goes to Joanne and our sponsors. Success Story hosted by my friend, Scott D. Clary is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Success Story features Q &A sessions with successful business leaders, keynote presentations, and conversation on sales, marketing, business, startups, and entrepreneurship.

1:08In a recent episode, Scott brings Kate Bradley on the show, founder and CEO of Lately.ai, to discuss the best ways to use AI to create content. Listen to Success Story wherever you get your podcasts. Joanne, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. Hey guys, I think that becoming successful really involves you niching down one client, one type of offer. That's it. Fire Nation, niche your flipping face off. And we're talking about how a micro podcast can monetize. But first off, what the heck is a micro podcast? That is such a great question.

1:51A micro podcast is what I have lovingly termed the podcast that is getting under 1 to 2 ,000 downloads per episode. So it's your podcast host that thinks that she's struggling or he's struggling because they're getting 30, 40, 50 downloads. And the reality is it's just where they are in that season of their podcast. Fire Nation, there are a lot of micro podcasts out there. In fact, the average podcast episode gets about 120 to 170 listens. So if you're in that category, yeah, it can be considered a micro podcast, but guess what? You're also really an average podcast too. So take heart and know that you can grow from here because a lot of people do and they think it can take months or even years to monetize a podcast, especially a micro podcast, but you believe it can be monetized from day one.

2:39Tell us more. I really do, John. It's a matter of you have to understand that your audience as a smaller podcast is probably highly engaged and highly loyal. So while you may not be able to go out and grab big paid sponsorships, what you could do if you are really dialed into who your audience is, what their likes are, what their interests are, you could pull in affiliates that would make a lot of sense for them and their lifestyle or their business. And you can earn affiliate revenue by announcing it and talking about it on your podcast from day one. I did this the first year of my podcast, and it's literally how I funded the entire year of my business.

3:23Honestly, Fire Nation, I have a lot of people come to me and they say, John, we hear you have all these sponsors on your show. Like how do I get sponsors for my podcast? And I often say, don't waste your time trying to chase down sponsors, convince them to sponsor your podcast. And then for your very micro small audience, the few people that actually take action, do you want to send them away and have them buy other products and other services? So you get just a fraction of that as far as like with a sponsorship, actual revenue, because you're going to be getting approximately$20 to$25 per thousand listens.

3:54So again, if you're under that, you're getting a fraction of that dollar amount. So you're having a sponsor putting all this time into it for literally pennies and or maybe a couple dollars when you probably have products, you probably have services, you probably have coaching, masterminds, different things that you can offer as a sponsor from day one. So why don't you create a sponsorship of yourself, of your content. These are your listeners. Keep them in your world. Now, a lot of people, Joanne, have little to no audience when they start. So let's talk about what do we do if we're in that situation?

4:30First off, just pat yourself on the back. I started out with less than a thousand followers on Instagram. I'm only at about 3 ,500 right now, and I'm still making almost seven figures. So don't worry if your audience is small. Just be consistent. When you are consistently showing up and you are consistently speaking to one ideal client avatar, they will start to share your show out. They will start to show up and support you and your business will grow. The problem occurs when we get frustrated because we can't see that immediate, you know, oh my gosh, yes, this podcast is doing what I wanted it to do.

5:07And then we let it fall by the wayside when really it should be the North star of your business. You've got to keep it from dimming. And so just keep showing up. Go live on Instagram occasionally, if that's where your audience is. Go record live on LinkedIn, if that's where your audience is. Utilize multiple platforms and your audience will grow along with your business. And one thing I want to talk about next is actually taking our podcast. And right now for a lot of people that are going to start a podcast or have just started a podcast, it's just a part of their business. It's something that they do to maybe add a little revenue stream here, maybe add some audience members here.

5:43So how do you turn a podcast from just being a part of your business to being the business? First off, John, you have to look at your podcast as your chief marketing officer, your CMO. When you're utilizing the podcast as just a piece of your business, it doesn't take up as much time and energy and you're not giving it the concentrated effort and realizing the value that it really could be. It is the relationship builder of all builders. I mean, I cannot tell you how many people have told me, oh my gosh, I bought so-and-so's coaching program or joined their service or like ordered their product.

6:20And we've never met in real life. I just think that they're the best at what they do because they listen to the podcast. And when you have that mind shift, that it is not just a billboard or a piece of marketing, like an Instagram post or a YouTube video, but it is also your relationship builder with your future clients. And it becomes more important in your business and it starts to become the business because you look at every decision you're making towards marketing and sales from the lens of what is the data of the podcast tell me. Joanne, from one podcaster to another, what do you like? What do you love about podcasts?

7:01I love that they're evergreen and I love the fact that I can create content on Instagram and I can spend hours in my own head. It's probably more like minutes, but I feel like it's hours creating Instagram content that falls flat or it shows back up 30 days later, or nobody sees it for more than 30 seconds. Whereas I can sit down with my microphone and I can know I want to talk to my ideal client on a certain topic. And I can get really invested in that conversation about the certain topic on my podcast. And I know that the right ears can find it now or two years from now, and the message is still relevant.

7:41It's still the same, and they're getting just as much impact from it. And by the way, on that point right now, and I mean right now, Fire Nation, there is somebody, actually multiple people listening to podcasts that I recorded in 2012, 2014, 2017. You pick a year, they're listening to it because it's speaking to them at this time in their lives. That is amazing. Now, listen, I'm not just here to say podcasts are the best. They're awesome. They have a lot of great qualities, but what are maybe one or two things you really don't like about podcasts or you wish were different about podcasts? I do wish that sometimes, especially on a solo episode, it can be really lonely.

8:24You know, you're talking to the wall, you're talking to your dog, you have no idea if you're using the right tone. You're not getting that human interaction back of the inflection or the eyebrow raise when you say something that maybe, you know, could be a little bit snarky like I am all the time. So for me, sometimes it gets a little lonely behind the microphone. And so you have to make a concentrated effort on reaching out and making sure that you're still connecting with people in a live way. And if you're doing interviews, it can also still feel lonely, quite frankly, because you're not always doing a video interview.

8:56You're still not always seeing someone, you're just getting the verbal reaction from them. So that's the piece for me coming out of the world of real estate where everything was in person. It's taking a little bit of adjustment to get used to. Fire Nation, a phrase I hear a lot from different podcasters that I talk to is, John, sometimes it just feels like I'm speaking to an empty room. And I get that that can be challenging. And my response to them is, well, guess what? Maybe you are, but that's okay for now because you're building something special. And guess what? Even if you're speaking to an empty room, what are you doing?

9:30You're putting in the reps. You're becoming a better speaker, a better podcast host, a better communicator, a better facilitator of conversations because you're putting in the reps, even if you're speaking to an empty room so that when that room does start to fill up and then at one point overflow, guess what? You might actually have some skills that are awesome. And now you can knock it out of the park. And we have a lot more to talk around this topic when we get back from thanking our sponsors. You know your customers want fast, personalized support, but how do you find a customer service solution that actually delivers?

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10:35And that means increasing retention by more than 80%. Plus, with Service Hub, you get a full 360 view of your customers on one smart CRM that brings marketing sales servers and success teams together to work smarter while you watch your business grow. Visit hubspot.com slash service to learn how this all new solution can help you deliver for your customers. Joanne, we're back and I love dropping truth bombs on Entrepreneurs on Fire and just sharing Fire Nation, the reality. So what is realistic for being able to monetize our podcasts? The reality for monetizing, in my opinion, if you're looking at it from a, I'm going to get an ad sponsor perspective, you're going to need about 25 ,000 or so downloads per month.

11:25That's just the reality. And if you're looking at it from the perspective of, however, I'm really looking for it to monetize my business, then all you need is about a thousand downloads per month and creative content done the right way. So we just talked a little bit about speaking to an empty room because being found can be a real challenge This world is so busy. It's so loud Everybody's screaming at you for your attention for a second for a minute for an hour How can we grow our visibility? I am personally right now so in love with youtube Which really surprised me because i'm not actually a youtuber like I don't Watch, you know my kids if they want an answer to something they want to know how to do something then they either go to TikTok or YouTube.

12:09Right now with YouTube, the way it's ingesting your RSS feed, which is how it finds your podcast, you still don't have to have a video YouTube, but it's like using SEO like Google. So as long as you're getting really dialed in on using good SEO words, key phrases that your ultimate listener can use, then when they're hunting on YouTube, they're going to find you and then they'll transfer from that into your podcast. So I think YouTube is a big, big tool right now to be using to get visibility. Fire Nation, it is a challenge, but guess what? It's because it's a challenge that it's worth it because if it was easy, everybody would be doing it.

12:49You want the barrier to be high. That means lower competition. If you're ever saying to yourself, this is hard, give yourself a high five because guess what? Thousands of people are quitting in that moment because it is hard and they can't put in the hard work. So that's why I choose the hard path because of that reason. Now there are thousands and thousands of podcasts out there. Is it too late to start? Oh, absolutely not. And to your point, there are thousands and thousands out there. You might as well start because 900 of those will quit by the end of the year. It's also a high turnover industry.

13:25So if you put in the reps, you put in the work, your voice is your voice. I can tell you how to market all day long and you can also listen to 12 other bigger podcasts than me on marketing, but I may be the one you listen to because I say it in a way that speaks to you. And I say it in a way you understand. And that's the same with almost every podcast host out there. There's no topic that's being podcasted on that hasn't already been spoken about, but you've got to find the one that you understand that you connect with. And because of that, it's not too late to start. Get your voice out there.

13:58Joanne, we talked about a lot of awesome things today. What's the one thing you really want to make sure our listeners, Fire Nation, gets from our conversation? Oh, that's such a great question. I want you to understand that your message matters and that your voice does not get lost in the void of the podcast world. You have a unique authority. You have a unique superpower and skill, and your people need to hear from you. So do it messy. That's okay. you can improve and get better with time, but get started now because your future audience is waiting. Now, if Fire Nation is resonating with you, wants to learn more, wants to connect with you on your zone of fire, your zone of genius, what is your call to action for our listeners today?

14:44Today, I would say you need to go to my website, which is podcasther.com. It's where you can find all of our programs and the Podcast Her network that we have started for those micro podcasters to get the strategy and get the marketing and get the help that they need. Or you can go find me on Instagram at itsjoannbalt. I am always, always answering questions in my DMs. Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with JB and JLD today, so keep up the heat. For links to everything we talked about, visit eofire.com. Type Joann in the search bar.

15:20The show notes page will pop right up. And Joanne, thank you for sharing your truth, your knowledge, your value with Fire Nation. For that, we salute you and we will catch you on the flip side. Thanks, DLD. Hey, Fire Nation, a huge thank you to our sponsors and Joanne for sponsoring today's episode. Fire Nation, over the last decade, I've interviewed more than 4 ,000 of the world's most successful entrepreneurs, and I've created a revolutionary 17-step roadmap to your financial freedom and fulfillment. I put it all into my first traditionally published book, The Common Path to Uncommon success, personally endorsed by Seth Godin and Gary Vaynerchuk.

15:56The common path to uncommon success is the step-by-step guidance that you need to achieve the lifestyle of your dreams. Visit UncommonSuccessBook.com and I'll catch you there or on the flip side. Success Story, hosted by my friend Scott D. Clary, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Success Story features Q &A sessions with successful business leaders, keynote presentations, and conversation on sales, marketing, business, startups, and entrepreneurship. In a recent episode, Scott brings Kate Bradley on the show, founder and CEO of Lately.ai, to discuss the best ways to use AI to create content.

16:31Listen to Success Story wherever you get your podcasts.