Whether you’re an agency, brand, or marketer, you know that performance and profitability are drivers in today's world. And having both is the golden ticket to building a successful podcast.
However, it’s easier said than done.
Boosting performance and profitability depends on a wide range of factors, including your niche, the current market, and trends in the industry. However, there are some strategies you can use to lift your performance and profitability no matter your unique circumstances.
First and foremost, if you want your show to be successful, you need to understand the landscape around you. Here are a few questions to be asking yourself:
Once you’ve cornered exactly who you’re targeting and the specifics of your niche, you can better create a strategy for boosting performance and profitability.
Analytics is a word podcasters hear constantly, and for good reason. They are a large part of understanding how to strategize in order to drive the best results possible. That’s why understanding exactly what insights you can gather from analytics and how to use them to your advantage is so key.
Analytics are about so much more than downloads or listens. You can use your numbers to create strategies around posting times, content decisions and who to invite on as a guest. Using your metrics to your advantage is foundational to creating a successful strategy.
When approaching fellow industry leaders or potential partners, you need to succinctly communicate exactly why they should invest their time, money, or resources into your podcast, and why it’ll benefit them.
A huge part of this process is giving them your metrics in a clear and concise format. This is another reason why you need a robust understanding of your analytics and to use platforms like CoHost that give you access to data points and insights most platforms don’t provide.
A media kit should also highlight your brand story, provide a summary of your podcast, target audience, and goals.
Exposure through blogs and publications is a great (and potentially free) way to reach new listeners. Research if there are any publications that compile a list of the best podcasts in your niche, and send them an email asking to be included on it.
You can also transform transcribed episodes into potential articles to pitch to publications in your niche. This is especially valuable if you’ve interviewed a notable thought leader, made a recent announcement about your podcast, or have a new season/launch coming up.
If you already have a strong base of listeners but feel like you’ve hit a ceiling when it comes to performance, connecting with those listeners on other channels is a great way to give your show a boost.
Encouraging listeners to follow you on platforms like Instagram and Twitter and providing easy to share graphics, quotes and other forms of content is a great way to have fans promote your show and bring in new listeners!
A strategy that many creators and agencies use to boost their profitability is to use platforms like Patreon to create paid for subscriber tiers. Each tier is given access to exclusive content and other perks for a set monthly or yearly fee.
It’s up to you to decide if this is something that would work for you and your podcast(s). Choosing what content to provide to subscribers is also very specific to your audience. If you're unsure if your audience would be interested in subscription only content- ask them!
Your audience is a great resource, and interacting with them to build a better strategy is a great way to tap into that resource.
Finally, it's important to remember that while performance and profitability are important, it can take a while to get to your targets.
By consistently posting quality content and connecting with your audience, you’ll foster an environment that will lend itself to boosting your performance and profitability.
A recent graduate from the University of Cambridge, Quincy is passionate about the content creation space and was heavily involved in student radio and journalism. She aspires to create content to engage and inform, and is passionate about the power of audio media!