The #1 Reason People Fail to Make Money Podcasting
I asked to hear your biggest challenges and frustrations when it comes to podcast marketing and driving sales, authority, and growth.
Your responses were incredible and very eye-opening - so much so that we’ve decided to tackle all of them in this blog post.
From reading all your responses (and looking in between the lines to discover the reasons behind them), one thing soon became clear: there’s a deep-seated, prominent challenge we all face when it comes to podcasting at one point or another.
Some of us rise above it and succeed - but many, like you, feel burned.
Are you ready?
The #1 Reason Why Podcasts Fail
Warning: This may knock your socks off, so do yourself a favor and sit down before reading this. Take a deep breath, and put aside all distractions - you’ll be thankful you did.
Ready? Here it is…
The #1 reason why podcasts fail is they don’t get the right message, to the right people, with the right offer.
Yeah, it’s that simple.
I know, super profound. But! Humor me here for a second, because what I’m going to say next is really important.
How important? It’s the stuff that 99% of podcasting courses aren’t teaching, the stuff that 99% of aspiring podcast creators only learn after coming close to throwing in the towel - and if that’s you, then congratulations.
This is, believe it or not, what you need to hear.
Podcasts fail because the host doesn’t ensure – BEFORE THEY START THEIR PODCAST – that their show is specifically designed to get the right message to the right people with the right offer. Many times, they get hung up on trying to deliver the right message that they miss everything else … until it’s too late.
In fact, most of them don’t even know that a podcast needs the ‘right offer’ to succeed. And because they don’t ensure – BEFORE they start their show, not after – that they can provide the right message to the right people with the right offer. They make poor decisions about what type of podcast to start, which market to pursue, and what to offer to turn listeners into buyers.
The rest, as they say, is history.
Let’s take a look at a very familiar story…
The Tragedy of Podcasting Failure
Most aspiring podcast creators start off really excited and enthusiastic. They have an idea that they want to share with the world - and it’s so easy, so they decide to do it!
Then the first thing they do is spend lots of time & money creating a podcast from scratch, hundreds of hours researching what tech to use, and end up burning out their networks & lists trying to make their podcast actually take off. And if you remember all those Google and Amazon searches, you can take comfort in knowing we all got there at some point.
Sometimes, the podcast concept works. It generates a few hundred dollars a month (almost enough to offset the cost & time), gets a couple hundred people listening, and maybe a few writeups if the creators are lucky. Great!
But most of the time, energy and interest are quickly lost when results don’t start rolling in and the creator loses between $1k and $5k, and (even worse) months of time and effort.
They start obsessing over listener numbers, spending nights poring over analytics, and getting into arguments with their co-hosts or partners over topics. Before they know it, they’re already asking themselves why they even thought podcasting could be the thing for them.
In some cases, someone will spend thousands of hours and months building a podcast audience … only to discover that listeners aren’t interested in listening to them, let alone buying their stuff.
That’s when reality sets in: there are operating expenses, mouths to feed, a mortgage to pay, a family they’re dying to spend more time with, and payroll coming up that they can’t meet. So they stop - or worse, sink themselves into debt while convincing everyone they just need one big hit tomorrow.
Or the one after that. Or the … you get the picture.
They stop because they realize that their podcast likely will never generate the sales and growth that their business needs as it should. And they stop because they’re frozen by the fear that it’ll never ‘take off‘.
Or they decide that podcasting is a sham… and only ‘sponsored‘ podcasts or the ‘lucky‘ few will ever make any money.
But the tragedy is this: it didn’t have to be this way.
Understanding Your Audience
One of the key factors in ensuring that your podcast gets the right message to the right people is understanding your audience. This means going beyond surface-level demographics and really digging into the psychographics of your ideal listener - a fancy way of asking what makes them listen in the first place.
What are their pain points? What keeps them up at night? What solutions are they actively seeking, and how are you involved? By knowing your audience beyond simple numbers and names, you can tailor your content to address their specific needs and concerns, making your podcast not only relevant but indispensable to them.
To achieve this, here are some tips you can consider:
Conduct surveys or interviews with potential listeners.
Engage with them on social media or other online forums where they are active.
Pay attention to the questions they ask (whether on your social media or via your platforms) and the problems they discuss.
Above all else, listen to what they have to say! Sure, you can discard or disagree with a lot of it, but there’s bound to be a gem or two in the mix.
This information is invaluable in shaping your podcast content and ensuring it resonates with the right audience. It also helps to keep the wrong audience away from your podcast, so you can focus your efforts on growing it (and not wasting time weeding out uninterested listeners).
Crafting the Right Offer
In other words, when people ask you what your podcast offers, what do you tell them?
The concept of the ‘right offer’ is often overlooked in podcasting. Many podcasters assume that just providing great content is enough to attract and retain listeners. (Spoiler alert: it isn’t.)
While high-quality content is essential, it’s not the only factor that determines a podcast’s success, just one of them.
The right offer is about presenting something valuable that meets your audience’s needs and compels them to take action; whether that’s subscribing to your podcast, joining your email list, or purchasing your products or services.
Remember, the key phrase is meeting their needs.
To create the right offer, you need to think strategically about what you can provide that will genuinely benefit your listeners. These can include:
Exclusive content;
Access to a community;
Discounts on your services;
Group or 1-on-1 Q&A sessions;
Special episodes, classes, or material that tackles a specific, timely concern;
Or any other value-add that aligns with their interests and needs.
The key is to make your offer so compelling that your audience can’t resist taking the next step with you.
Leveraging Multiple Platforms
Another common mistake podcasters make is relying solely on one platform to distribute their content. We’ve all been there, but there’s no reason to stick around.
While platforms like Apple Podcasts or Spotify are great for reaching a broad audience, they shouldn’t be your only channels. Diversifying your distribution can help you reach more people and increase your chances of success - as well as serving as a backup of sorts just in case your content gets struck down in today’s ever-shifting legal landscape.
Consider leveraging social media platforms, YouTube, your own website, and even email newsletters as well to distribute your podcast content. Each platform has its own unique audience, and by tailoring your content to fit each one, you can maximize your reach and impact while minimizing any audience loss.
Additionally, using multiple platforms allows you to repurpose content, saving time and resources while still providing value to your audience. Remember: some platforms (like Facebook, TikTok, and Youtube) prioritize some kinds of content over others, so keep iterating!
Building a Community
Successful podcasters understand that building a loyal community around their podcast is crucial. This goes beyond simply having listeners; it’s about creating a space where your audience feels connected to you and to each other.
Building a community fosters engagement, loyalty, and word-of-mouth promotion, all of which are essential for long-term success. With any luck (and a bit of effort), that’ll be yours.
The good news is that if your podcast is popular enough, a community will naturally form on its own on one of the many social media hubs available, such as Reddit or Facebook. The not-so-great news is that letting others take the lead often gives the impression to readers and listeners that their opinion is your opinion - which isn’t always the case.
To lead in building your own community, encourage interaction and participation from your listeners, especially on platforms that already facilitate it. This can be done through social media groups, live Q&A sessions, listener shout-outs, and interactive segments within your podcast.
Make your audience feel like they are a part of something special (because trust us, they are!), and they will be more likely to support and promote your podcast.
Simple enough, when you think about it.
What a Crazy, Ancient Warrior Can Teach You About Podcasting
A long, long time ago there was a guy named Sun Tzu who wrote an epic book called The Art of War. In his book, Sun Tzu says this:
“In war, the victorious strategist only seeks battle after the victory has been won, whereas he who is destined to defeat first fights and afterwards looks for victory.” – Sun Tzu
More than nearly anything else, this approach applies directly to successful podcast marketing. But for our purposes, they may well have said:
“When creating a podcast, the successful marketer starts a podcast after adequate success is certain, whereas he who is destined for months of fruitless toil first creates a podcast, and then looks to see if it will drive sales.” – ‘Podcasting’ Sun Tzu
You see, most podcasters are destined for defeat because they “fight” first, (i.e., start a podcast first), and afterward look for victory. They first create a podcast, and then look to see if it builds an audience or generates sales.
How can you find your own path to victory? Read on.
Ensuring Success Before You Start
The key to avoiding the common pitfalls of podcasting is to make sure you actually win in the first place before hitting that record button. This means doing your homework, planning strategically, and testing your concepts thoroughly.
Study Your Audience Well
First things first: you need to conduct your in-depth audience research. This involves understanding who your listeners are, why they should be listening, and how you can make it as easy as possible for them to listen to you. Look for platforms and opportunities in the space that you can fill with your unique perspective and content.
Test Your Concept
Don’t just assume that your podcast idea will resonate with your target audience - test it out! One way you can do this is by creating a pilot episode and gathering feedback from a select group of potential listeners. Use their feedback to refine your concept before you launch.
Plan Your Content
Having a clear content schedule is essential for maintaining consistency and quality. Plan out your episodes in advance as much as possible: including topics, guests, and key points you want to cover.
While there’s some value in having spur-of-the-moment recordings, you’ll always have more control when you have things more-or-less nailed down.
This will help you stay organized and ensure that you’re always providing value to your listeners (not to mention keep them excited for what’s coming next).
Always Aim for Consistency and Authenticity
Consistency and authenticity might sound like two big buzzwords, but they’re two of the most important factors in building a successful podcast.
Your audience needs to know that they can rely on you to deliver high-quality content on a regular basis.
This means sticking to a consistent schedule and format with content that they can trust.
Be True
Authenticity is about being true to yourself and your brand, no matter how odd or niche it may be. Your audience can tell when you’re being genuine, and they’ll appreciate it.
Don’t try to be someone you’re not. Instead, focus on sharing your unique perspective and experiences.
Stay Consistent
Consistency is key to building a loyal audience (and it helps that social media pages, like Facebook, use it to show your content to people too).
Make sure you’re releasing episodes on a regular schedule, whether that’s weekly, bi-weekly, or monthly, and at a specific time of day for your audience’s needs.
This helps your audience know when to expect new content and keeps them coming back for more.
Leveraging Analytics to Improve Your Podcast
To continually improve your podcast and ensure it’s meeting the needs of your audience, you need to pay attention to analytics. Yes, it can look like a lot of gibberish, but it’s not all chicken entrails. With a little practice, you can make sense of things very quickly.
Most podcast hosting platforms provide analytics that can give you insights into your audience’s behavior. Here are two areas that can help you out.
Monitor Listener Engagement
Keep an eye on metrics like download numbers, listener retention rates, and episode completion rates. These can give you a sense of how well your content is resonating with your audience.
Gather Feedback
We said it already, but it’s so important that it bears repeating: don’t be afraid to ask your audience for feedback!
This can be done through surveys, social media, or even directly within your podcast episodes. Use this feedback to make adjustments and improvements to your content.
The Bottom Line
There is no reason at all that you should have to sacrifice your free time, your hard-earned marketing budget, and your quality time with your children to start a podcast that doesn’t generate sales, grow your Audienceor turn you into a celebrity authority.
Here’s why…
The information you need to discover whether or not your podcast concept has massive profit and success potential – and more importantly test your audience – is entirely free. And super quick, easy to use, and accessible to anyone.
Conclusion
Starting a successful podcast doesn’t have to be a gamble or a drain on your resources. By ensuring your podcast has the right message, targeting the right people, and presenting the right offer before you begin, you can set yourself up for success from the outset.
Don’t fall into the trap of blindly following the enthusiasm of starting a podcast without proper planning. Take advantage of the free resources available to test and refine your concept, and save yourself from months of fruitless toil.
With a bit of effort and know-how, you too can create a podcast that not only survives - but thrives.
Remember, the key to podcasting success lies in preparation and strategy. Ensure victory before you even start the battle (or drop a mixtape). That’s how you turn your podcast into a powerful tool for growth and engagement.
Still got questions? Schedule a call with us - we’d love to be a part of your podcast’s success in the near future.