Should You Start Your Own Podcast?
Are there too many podcasts for me to start my own? Is it worth all of the time and money to put a podcast out? The podcasting industry is a fast-growing industry covering every possible industry from Marilyn Monroe behind-the-scene stories to christian business shows to how to beat menopause. If you own your own business or have expertise in an area of business, you might be wondering if there is still time to tap into the momentum.
I get a flood of questions from people on Clubhouse and in my Facebook Group about the viability of podcasting as an authority boosting platform.
Podcasts continue to be a great way to share your message, establish influence and attract clients. Even though there are millions of podcasts out there (even the grocery store Trader Joe’s has its own podcast) there’s always room for great content! But, before you jump in and start recording episodes in your closet to launch your podcast next week, there are some key questions to ask yourself first if you want a SUCCESSFUL show you can monetize.
Before I cover those questions, let’s look at WHY podcasting is working as an authority positioning, client attraction platform.
Podcast Growth Projections for 2021
LAs of January 2021, PodcastHosting.org reports there are over 1,750,000 podcasts and over 43 million episodes aired. At the end of 2019, there were 950,000 podcasts active on Apple Podcasts.
And, here are some impressive demographics about podcast listeners in the U.S. (see this article for other countries.)
75% of the US population is familiar with the term “podcasting”
50% of all US homes are podcast fans
55% (155 million) of the US population has listened to a podcast
37% (104 million) listen to podcasts at least every month
24% (68 million) listen to podcasts weekly
16 million people in the US are “avid podcast fans”
41% of monthly podcast listeners have household income over $75K (vs 29% for US population)
90% of podcast listening is done at home and 64% listen while driving
Podcast listeners subscribe to an average of 6 shows
Podcast listeners listen to an average of 7 different shows per week
93% listen to all or most of each episode
That’s a lot of podcasts, and the growth projection continues to be astronomical. Does that mean you missed the boat? Not exactly. But it does mean you’ll want to take some time to research and strategize a great podcast before you go through the time and money to get started.
I’ve had two successful podcasts over the span of eight years (Amplify Your Success Podcast is my second podcast.) So quite a few clients have turned to me to help them create a smash hit. I’ve mentored several clients through the planning-launch-delivery of a podcast and have come to realize…hosting your own podcast is not for everyone!
Podfade is real.
Podfade is when after launching a podcast and attempting to monetize it, attract clients, or achieve more visibility, the podcaster fails to see results and gives up on their show.
Doing something consistently is hard for a lot of entrepreneurs, especially when they don’t see results fast enough. If you are considering hosting your own show this year as an Authority Platform, be sure to review the signs it’s time — as well as the signs this might not be for you yet.
So before you bootstrap your way through launching a podcast, let’s look at the 6 ways you would benefit from hosting your own podcast:
1. A podcast helps you share your message or advice in a much bigger way
2. Since a podcast is a form of media, it helps you establish influence and authority in your industry
3. A podcast interview is a great way to collaborate and connect with influencers in your market (which then allows you to “borrow” their influence!)
4. Because your target audience listens to podcasts, you can build rapport and connection and create a “warm” lead pool.
5. A podcast can help you tap into new communities and potential clients — without expensive advertising or costly joint venture campaigns.
Still not 100% sure if hosting your own podcast is a boss move for you?
Here are a few reasons why you should hold off (and maybe just focus on sharing your message on OTHER people’s podcasts.)
You need your podcast to bring you clients…now…and you need a faster path to profiting with your message.
You have ZERO dollars to invest in building listeners, gaining momentum and developing leads.
You don’t have the time or energy to consistently generate your own podcast content.
The tech of starting and hosting your own podcast is overwhelming (and you can’t financially swing investing in a production team.)
You are just getting started in your business and aren’t sure what your real message is.
You aren’t sure if it’s a good move for you to host, but you want to capitalize on podcasts (guest instead.)
If you find yourself saying yes to the questions above, then it makes sense to create your magnetic message and start guesting on other people’s podcasts before you take the host position. You’ll learn a lot about show flow and the kind of host you want to be.
Now the secret to being a great guest lies in developing a compelling talk title, creating a Golden Thread with your talking points, and confidently inviting the listeners to take an action to further connect with you.
Invest time into creating magnetic talks with a compelling Call To Action so you actually attract leads and clients from your efforts. Even if you do decide to start your own podcast down the road, having a solid guesting strategy will help you build up your listenership quickly.
Either way, podcasting is here to stay and there are a lot of ways to get you more visible and magnetize opportunities by sharing your message.
Melanie Benson, Authority Amplifier for Expert-preneurs, shows you how to stand out in a crowded market and attract high paying clients and opportunities. With over 21 years in business, Melanie has a proven track record of accelerating results for her clients (it’s not uncommon to see 3-5x revenue increases in the first 6 months.) She’s host of Amplify Your Success Podcast, is author of Rewired for Wealth, co-author of Entrepreneur.com’s Start Up Guide to Starting an Information Marketing Business, and has been featured in Bloomberg BusinessWeek, Woman’s Day, and Parenting. Access her popular Revenue Rush Toolkit FREE at MelanieBenson.com.