As your podcast grows you may want to explore the opportunity of monetizing your show through sponsorship. With podcast advertising revenue expected to climb to over $1 billion by 2021 and evidence of engaged podcast consumers (70% of podcast listeners have considered a product or service after listening to a podcast episode) it’s important to understand how to get your podcast sponsored.
A podcast sponsorship is an agreement you make with a brand to read an ad on your podcast promoting a product or service with your endorsement. There are different types of sponsorship models for how your podcast will earn money from the sponsorship deal such as affiliate (every time a listener purchases a brand’s product or service through a link you provide,you receive compensation) and CPM (when you read an ad on your podcast, the brand pays you based on the amount of downloads your podcast episode gets).
In this blog we will be sharing steps you can take to get your podcast sponsored:
- Research Competitors
To find the right sponsors for your show,complete a competitive analysis. Review podcasts in the same category as your own and listen to a few episodes to see who advertises on their shows. Create a list of brands that are sponsoring similar podcasts to your own since this may increase the chance that they will be interested in sponsoring your show as well. These brands can be the first ones you pitch.
- Find the Right Partners
Ensure you choose podcast sponsors who are a good fit for your audience. Building trust with your audience takes time and that trust can be broken if you don’t have their best interest at heart.
Only promote products and services that are high-quality and valuable to your listeners. This also creates a better listener experience, since the ad placement won’t feel disruptive or forced. Instead,the ads will promote offers that make sense for their needs.
a) Join a podcast network
A podcast network groups podcasts together based on themes or genres and can be a one-stop-shop for advertisers to find partners. The advertiser may prefer a network since they get access to multiple shows. As a result, a podcast network might provide your show more exposure to these opportunities. The advertisers buy ads based on how many downloads a show gets (CPM - cost per thousand model).
There are some trade-offs of joining a podcast network to keep in mind. Any ad revenue made will need to be shared with the podcast network, you may have to end any current sponsorship deals you have in place, and you may lose some control over content if it doesn’t align with the networks brand. Podcast networks also typically want podcasts with large audiences and influence, so if you’re still early stage you might not be able to find a good fit.
b) Pitch potential sponsors
If you have the right contacts for the brands you want to pitch, then consider sending out a traditional email pitch.
Craft an email to send to the brand and attach a proposal outlining the following:
● About the podcast and host (s)
● Content theme/topics your podcast produces
● Targeted audience demographic
● Statistics of listeners and downloads
● Why this particular brand would benefit from partnering with your podcast
● Proposed pricing
Ensure all communication with the brand representatives is professional. Make a good first impression to start the relationship on the right foot.
Ready to get started?
Sponsors want to find podcasts with an engaged audience to partner with. Create a podcast that piques the interest of sponsors by developing valuable content and high-quality production. Consider hiring freelancers to help you produce a podcast show that will attract more sponsors.