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MIDROLL UNCOVERS THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

Table of Contents We love podcasting! And, since you’re reading Keys to a Successful Start . . . . 3 Format ...... 3 this whitepaper, we suspect Critique/Revise ...... 5 Fill The Pipeline ...... 5 you do, too. Time is Relative ...... 6

Production ...... 7 Adding Guests ...... 7 At Midroll, we’re lucky because we get to spend our

Promotion & time focused on podcasting, working with some of the Growing Audience ...... 9 most talented and successful podcasters around . Also, Guests and Promotion ...... 10 many of the top hosts, producers and entrepreneurs in Being Social ...... 10 Your Website ...... 11 the — like Aisha Tyler, WTF producer Brendan SEO and Discoverability . . . . . 11 McDonald and Neil deGrasse Tyson — have appeared Making the Rounds ...... 12 on our show, The Wolf Den, (about the business of iTunes ...... 13 Stitcher ...... 13 podcasting), sharing their experiences and insights . TuneIn ...... 13 That’s allowed us to learn and assemble some effective Monetizing Your Show ...... 15 Downloads, Demographics best practices and advice from some of the most & Advertisers ...... 16 successful podcasters in the industry to help launch Agencies or DIY ...... 17 your show and take it to the next level . Going Exclusive ...... 17 Setting Your Rates ...... 18 Choosing Advertisers ...... 19 Effective Ad Reads ...... 20 The Most Unusual, Secret Tips ...... 22 THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

Paul Scheer, host of How Did This Get Made?

If there is one thing we’ve learned that when planning the network Keys to a over the course of starting two the most important factor was Successful podcast networks, it’s that the “passionate hosts ”. most crucial ingredient in a Start successful podcast is passion. With few exceptions, “You’re The best hosts have a real love not going to have a hit right for and dedication to what out of the gate ”. On the same they’re doing and sharing— episode, Midroll Media’s Podcast and that comes across on the Developer added, microphone and draws listeners “you should do it for the love of in . That same passion also helps the game ”. with keeping focus while building your audience . So, what topics FORMAT are YOU passionate about? What is a format? It’s a repeatable template that you is the host of use to organize each episode . ’s How Did This Get Made Your format should include basic and the curator of Earwolf’s elements, like the introduction sister network, Wolfpop, all about and closer . The most significant popular culture . On episode #66 aspect of your format is based 3 Launch of The Wolf Den Scheer said on the kind of show you’re doing . Is there primarily discussion turned it into a book with the Poehler’s epic freestyle skills have between regular hosts? Do you same title, in which she shares made her guest turns at the mic have guest interviews? Perhaps her own self-inflicted wounds . the stuff of viral legend . you might include recurring segments where you deal with Similarly, Josh Horowitz’s Happy “We were really just trying certain topics or questions . Sad Confused is never over until everything,” said producer he asks celebrity guests like Brendan McDonald about WTF THE As you can see, putting together SURPRISING your format is one of the first SECRETS OF decisions you’ll make, next to SUCCESSFUL picking your topic and hosts . PODCASTERS You can develop a Before joining Midroll Media as Senior Producer, Gretta Cohn worked on shows like format, you can’t Freakonomics Radio . “Structure is incredibly important,” she advises . “Even with the most develop a personality improvised or loose format, a listener wants to be taken care of, and someone who so let your listener know what is coming . Show them that you’re there as a guide . Let them know engages you. what to expect, and they’ll stick with you ”.

Another thought to consider is that including recurring segments gives listeners something to look forward to each episode . Segments break up the overall Woody Allen or to with when it began show to keep listeners tuning in pick a random question out of his in 2009 . As he described on and make sure they don’t tune out . famous Indiana Jones hat . This episode 55 of The Wolf Den, brings a fun, game-like element he and Maron aimed to, “set a On her Girl on Guy podcast, to the interview . certain amount of time for Marc Aisha Tyler has a segment called to tell some stories, and let’s “Self-Inflicted Wounds,” where On Comedy Bang Bang, guests set a certain amount of time for she asks guests to share a story are always confronted with guests to come in… and let’s set about a time when they were unexpected characters and a certainly amount of time for their own worst enemy . The situations . But they also know funny things we want to do ”. segment helps expose a different they will have to compete in side of guests and means Girl games like “Would You Rather?” So they recorded a “wealth of on Guy listeners hear something and the “Freestyle Rap Battle” stuff,” and then McDonald sat exclusive to the show . In fact, the that help anchor the show . down to put it all together into 4 Launch segment is so popular that Tyler Actress and comedian Amy three or four episodes, all based around a similar structure of, Instead, take a cue from the Next, take that feedback and “monologue, interview, third act television development process, use it to create another episode . surprise ”. But they also wanted to and create a pilot episode to Perhaps you only need to re-edit feel like they could “play around see how things go . For instance, the first pilot, or add some fresh with the freedom of the format pilot episodes were created for content . Maybe it makes sense to and of the medium . That’s kind of the nine new shows that debuted do it over . Then get some more the birth of it ”. with the Wolfpop network, which feedback . THE ensured that listeners were SURPRISING Don’t fret if you don’t have any introduced to the network with FILL THE PIPELINE SECRETS OF segment ideas right away . Most polished podcasts with many One of the biggest first-time SUCCESSFUL great shows evolve over time, rough edges sanded off . podcaster mistakes is to launch PODCASTERS and many segments grow out with one great episode, and then of spontaneous moments that Recording a pilot is as simple as go AWOL . This often happens just “click ”. creating your first episode . Then, because so much effort and instead of releasing it, listen to planning goes into that first show, That said, Matt Gourley offers it critically and take notes about but without a plan for how to do some sage advice: “You can what works and what needs it every time . develop a format, you can’t work . Share it with friends, family, develop a personality and and especially with people you This is so important because someone who engages you ”. trust to give honest and critical there is simply no easier way to feedback . Ask questions like: lose an audience than failing to CRITIQUE/REVISE How well does the show keep deliver them new podcasts . Just like it’s a good idea not to your attention? Does this give put all your eggs in one basket, you a reason to listen to another Breaking the sophomore slump is it can be a good idea not to just episode? Would you listen to this also simple: get a few episodes in record a first episode and then if you didn’t know me? the can before you even release just release it into the world . the first one . Then there’s no

John Lee Dumas, host of Entrepreneur on Fire

5 Launch doubt about when episodes the now . A listener will monthly . Then release at the number two and three are going experience your podcast right same time, each time . to drop . now . You may be recording your episode a week in advance or a John Lee Dumas produces the When writer and entrepreneur month in advance . But consider daily Entrepreneur on Fire, which Tim Ferriss launched his podcast everything you do in the moment was awarded best business it was a success out of the gate . as an experience that someone is podcast by iTunes in its first year . THE On Episode 64 of The Wolf Den having with you, right now.” He agrees that consistency is key . SURPRISING he explained that, “I recorded a “This is where 99% of podcasters SECRETS OF bunch in advance, and I launched In the same vein, having a fail,” he says . SUCCESSFUL with two ”. consistent release day and time PODCASTERS helps listeners feel like you’re You want to have listeners who are TIME IS RELATIVE reliable and that they are a excitedly anticipating your next As you produce these first priority . Pick a release schedule show . Don’t disappoint them . episodes, keep in mind this based upon what you can advice from Gretta Cohn: realistically plan to do, whether “Always be active, and in it’s daily, weekly, biweekly or

6 Launch THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

Although you will put a lot ADDING GUESTS Production of work and effort into your One simple way to keep a podcast podcast, that aspect shouldn’t fresh and lively is to have guests . be obvious to your listeners . Go It’s also a great way to grow your easy on using lots of flashy audio audience, as well as learn a thing tricks like bumpers, liners and or two along the way . stingers if they don’t integrate smoothly with your show’s topic Celebrity guests certainly grab and tone . The audience should attention, but aren’t necessarily just hear a really great show . appropriate for every ‘cast . What is more important is picking According to WTF producer guests who you want to talk to Brendan McDonald, “The basic and who your audience wants to tenet is that you want someone hear from . to listen to the show, not the production behind the show ”. He James Altucher said on The Wolf elaborated, “If you don’t notice Den #63 that, “I only have guests the production behind that show, on who I want to learn from, and I feel like I’ve done my job ”. — to be fair — who I think will increase my audience and appeal 7 Production to my listeners . Fortunately, there has been a great amount With StarTalk Radio, good chance they’ll check out of guests who (offer) the astrophysicist Neil deGrasse your show, and maybe become combination of both things ”. Tyson said that one of his goals subscribers . is to reach people who might It’s critical to know why you not know if they’re interested in When John Lee Dumas launched want to talk with your guests . science . As he explained on The a daily show he was faced with Because, if you can’t explain why Wolf Den #69, he considered, trying to find 365 guests a year . THE you’re having them on, then how “What if I invert the model: His very clever strategy was to SURPRISING do you expect someone to know I’m the host, a scientist, and look at business conferences and SECRETS OF why she should listen? my guest is a pop culture trade shows and see who were SUCCESSFUL personality?” the people speaking on panels PODCASTERS Also, the notion of “celebrity,” and keynotes . He reasoned that is relative . If you’re producing Then, “we would talk about not only would these folks be a college basketball podcast all the ways that science has experts in their field, but they the celebrities in that world are informed their life ”. would also be comfortable different than in the business speaking to an audience . advice world . Getting a big name Another good tip is to pick actor as a guest for a business guests who have their own fan show might not make sense base or following . If guests unless that same actor has useful let their followers know about business experience to share . their appearance, there’s a

...if you can’t explain why you’re having them on, then how do you expect someone to know why she should listen?

8 Production THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

There are three things that must as your show may find a bigger Promotion and be stressed, when it comes to audience than you anticipate . Growing Your growing your audience . However, having a sense of who you want listening early on helps Audience First, and most importantly, you you to make strategic decisions need to have some idea who your when it comes to growing and listeners are . For instance, if your promoting your podcast . show is about comic books, are you focusing on a particular title or Second, and more practically, genre, and who are those fans? For listeners stay with shows that a show about entrepreneurship are well produced . This pertains it can be useful to refine your both to production value and focus . Are you targeting new to content . Content will always entrepreneurs who might be rule — a high fidelity but boring launching their first business, or show isn’t likely to do well — but those who are more experienced? your show must not be difficult to listen to . Keep in mind that whoever you envision to be your ideal listener Unfortunately it is never as simple will end up being complicated by as only producing a great show . 9 Growing Your Audience reality . That often is a good thing, That said, producing the best show you can is pretty much their passion . If yours is one of engaging your audience and a prerequisite for building the few — or only — podcasts talking with your audience, now an audience . that covers a particular niche, you can do it . There’s no one to those fans are likely to be loyal . stop you, and it’s awesome ”. Third, the process takes time . While there are occasional break- Having a guest with a strong To make social media work out hits, more often audience audience often means they will effectively for your show it’s THE building is a gradual process follow him or her to your show, important to know who your SURPRISING for new podcasters who aren’t too . Of course, it helps if your potential audience is, because SECRETS OF bringing in audiences from guest is willing to promote that that helps you know where to SUCCESSFUL another outlet or platform . appearance on your show . Then, find them . PODCASTERS it’s up to you to keep those Once you’re making a great listeners by making sure that With so many different platforms show there are things you can episode goes well and offers to choose from, from to do to help listeners know about something new and different . Pinterest, Instagram to Snapchat, your show . So, don’t ask the same six tired it can be overwhelming and questions your guest answered nearly impossible to use them GUESTS AND PROMOTION in her last interview . Take a new all well . The most important “It appears the major way you tact, or go deep . principle is that community is build a podcast audience is by more important than platform. being deeply connected in the BEING SOCIAL podcast ecosystem ”. That is what Many successful shows don’t If you are already an active Slate Political Gabfest host and just build a listening audience, member of an online community former Slate editor David Plotz but a following that engages then that is the very best place revealed on The Wolf Den episode on multiple platforms . Make no to start . If not, don’t worry . Do 54 . “It’s getting podcasts that mistake, this takes additional some research and find out might have complementary but time and energy . But the reward the platforms most used by not fully overlapping audiences to is developing a connection with your target audience . But do connect with each other ”. listeners who are more likely to so with some decorum and support your show and become thoughtfulness about the venue . If bringing on good guests who interested in your success . Twitter is a big, worldwide are interesting to your audience conversation, while groups on is a good move, then it’s even Gimlet Media co-founder Facebook, communities on better if those guests also have and former This American Google+ and subreddits are a developed a following of their Life producer Alex Blumberg little more secluded . People own . This doesn’t necessarily discussed the advantages of in these places might not take need to be an enormous social media on episode 57 of kindly to a new person dropping following, but it should be a The Wolf Den . His company is in just to promote their new loyal and dedicated following . creating innovative approaches podcast . If you’re a newbie, take to journalism in podcasting . He a little time to get the lay of the Here’s where having a solid niche observed that, like it or not, “with land before screaming “check out topic can come in . Fans who social media… everybody really my podcast!” share a more narrow interest are is sort of their own brand . It’s often more dedicated, because exciting in a certain way, because The same principle goes for 10 Growing Your Audience there is less media dedicated to if you do have a cool idea for more open platforms like Twitter and Tumblr . These can be great venues for potential listeners to find you and for you to reach out to them . Just keep in mind that nobody likes getting spammed, whether on email or on Twitter . Don’t just start @-ing THE away without having something SURPRISING substantial to offer or add . SECRETS OF SUCCESSFUL On the other hand, hashtags PODCASTERS on Twitter and tags on Tumblr and Google+ can be your friend . People really use these to search for content they want . Again, it’s advisable not to go overboard, but using keywords that are very appropriate for your content and topic will make you more findable . tweeting at you,” Plotz advised, just a few dollars, making for a “you have to be respectful and very worthwhile upgrade . When it comes to the actual respond to them, so that they Tim Ferriss emphasized this content of social media posts stay in love with you and they point on The Wolf Den . “If you there are dozens, if not hundreds stay attentive to you ”. don’t have a home base for your of strategies . Your approach will content that you control 100%,” have as much to do with your YOUR WEBSITE he said, “then your discoverability audience as it does your own Your podcast — or your network, is dependent on Apple or another personality and comfort level . if you’re building one — needs platform, and you have a single Here is where it can be instructive its own website, with its own point of failure, like musicians to look for examples . Who do you domain . It can be tempting to who relied on MySpace . You need follow? More important, whose save a few bucks by using a free to have a domain and home base posts do you most often like, host like Blogspot or Wordpress . you control ”. favorite and share? Track that com . Some podcast hosting account for a week or two and accounts also come with free SEO AND DISCOVERABILITY see what pattern emerges . web hosting, usually using the Search Engine Optimization, host’s domain . or SEO, can seem difficult or In the end your listeners should baffling . Unfortunately, its be interested in you and what Resist this temptation . The reputation has suffered due to you have to say . It follows that maybe $10 a month you save unscrupulous techniques used by your social media presence will not be worth the control you some shady practitioners in the should reflect this . give up over your brand and the past, like creating bogus sites full ability to control your site . The of links or barraging other blogs Don’t forget that social media is a most important thing is that the with comment spam . Google platform for engaging with your host or service you choose lets and Bing have both pretty well audience, not just talking at them . you have your own domain name . eliminated any advantage these 11 Growing Your Audience “When you have fans and they’re Many free services offer this for tricks once had, and now even penalize sites that are linked to in great thing is that all this good, One temptation is to aim high, this manner . useful information is also data to try to get booked on an that Google will use to index your iTunes topping show . Getting The best traffic you can get is site for future searches . that booking would be great, organic traffic . That is, viewers but unless you’re coming to the who come to your site either by The most important takeaway table already equipped with finding it on Google or by linking is to make sure that someone fame or a strong platform it’s THE from another reputable site . looking for content similar to probably not the best use of SURPRISING your podcast can find it . Then, your time . SECRETS OF When it comes to being found you want to convert someone SUCCESSFUL on Google it mostly comes down who stumbles onto your site from Instead, focus on established PODCASTERS to having your best keywords a visitor into a listener . The more shows in your same category or on your website . The easiest and they can learn about your show niche that are bigger than yours, most natural way to do this is quickly and easily, the better . but not orders of magnitude to make sure that your site has Since search engines are only one bigger . If you already have plenty of information about your way that people find podcasts it an established presence in a podcast . Be sure there’s an about probably isn’t worth it to worry community or with another page that tells your show’s story . too much about SEO beyond that . platform, like a website or YouTube channel, you will have For every single episode have a MAKING THE ROUNDS an easier time getting booked good, easy to read description . One of podcasting’s most tried with a new podcast . If your Shows that lean towards and true promotion methods is podcast is really your first big information and discussion often guesting on other podcasts . This venture, then you may need to include show notes, summarizing technique makes sense because wait a while before getting that key points and including links that’s where the podcast listeners guest spot . to topics, items or products are . Of course, the critical step is mentioned in each episode . The finding shows to be on . However, as your podcast grows and gains an audience you may Aisha Tyler, host of Girl on Guy find that invitations come your way . In this case it’s advisable to be as generous with your time as you wish other guests would be with you . Even a podcast that appears to be smaller than yours likely will have a dedicated following that will be introduced to you for the first time .

John Lee Dumas of Entrepreneur on Fire sets aside four half-hour slots every Thursday to guest on other shows . He’s generous with his time because he wants 12 Growing Your Audience to spread his message of entrepreneurship, and because and rankings are based upon interesting, unique or standout when he started out his first interaction, as well as downloads . guests or topics . It’s impossible guests took that chance on him . That means ratings and reviews for us to say exactly what this matter — more, and more frequent includes for certain . The best A key fact is that podcasters are better . It’s best for those to be advice is to pay some attention are in this together, and the positive ratings, if possible . to the shows that are featured medium grows better through each week, both on the home THE cooperation and collaboration Many new subscriptions and page and on the category SURPRISING than with hard-knuckled new ratings in a short period of page most appropriate for your SECRETS OF competition . time will also help push a show podcast . Then, when you have SUCCESSFUL up in the rankings and bring an episode you think may be of PODCASTERS ITUNES it to the attention of iTunes interest send the editors an email In podcasting there’s no getting Podcast editors . (podcasts@apple com. ) . around iTunes . For better or worse Apple’s store and apps are The iTunes Podcasts home page The features are typically where anywhere from 50% - 75% dedicates a significant amount published once a week, so it’s of podcast subscriptions come of real estate to the “New and a good idea to give the editors from . At the same time, Apple Noteworthy” section, which advance notice of about ten has been a strong supporter of is a good feature to shoot for . business days . You’ll also notice the medium since adding it to This goes back to planning that featured shows have custom iTunes . What this adds up to is for a strong launch . A rush of graphic banners that are larger that having your podcast listed subscriptions, comments and than the square podcast icon with iTunes is not optional if you reviews will increase your show’s format . Be ready to provide such want to build a strong audience . chance of being featured here . So a graphic quickly if asked to help .

If podcasters have a complaint with iTunes, it’s opacity — how shows are ranked, and which In podcasting there’s no ones are featured are decisions based upon a secret formula getting around iTunes. that isn’t shared with producers . Also, podcasters frequently wish iTunes shared metrics, especially don’t be afraid to ask listeners, STITCHER subscriber numbers . friends and supporters to spread Stitcher is probably the second the word and rate away . largest podcast discovery However, we can assume platform after iTunes . Generally that Apple’s objectives are Don’t fret if you don’t make it into speaking, being on Stitcher is benevolent, intended to promote this section right away . Note that a good thing for most shows . podcasts and podcasting as it’s both “new” and “noteworthy ”. However, there are a few a whole . There are also things So if you get surges of activity differences to consider . that are known about Apple’s later on you have additional methodologies . chances to make it in . First, while Stitcher is free for users it is monetized with ads that are The most important thing to iTunes editors are also interested inserted between shows as well as 13 Growing Your Audience understand is that iTunes features in featuring shows with small banner ads . Your show will The advantage to being listed in TuneIn is that your show potentially can be found by listeners who may not know about podcasts . Additionally, TuneIn is widely available on set-top devices like Roku and THE Chromecast, and video game SURPRISING consoles, bringing even more SECRETS OF potential listeners to the mix . SUCCESSFUL PODCASTERS Like Stitcher, TuneIn generates revenue through advertising, both with display ads and pre-roll audio and video ads . Again, your show remains intact .

You will need to submit your show to TuneIn . As of publication this needs to happen via email, , host of Comedy Bang! Bang! which is explained on the TuneIn not be interrupted by these ads, in the metrics for your podcast site:- http://help tunein. com/. and any ads that you have in your host . However, Stitcher offers a customer/portal/articles/1215148- show will remain . One positive is partner portal that provides its how-do-i-add-my-podcast-to- that Stitcher does revenue sharing own platform metrics . tunein- with producers, though you’ll need a pretty big listenership to realize Stitcher has been a leader in significant money . smart dashboard integration, which is one of the platform’s Second, because Stitcher is a greatest advantages . Stitcher is mobile-first platform that streams available in cars from automakers shows over the network, the like Ford and GM, giving your platform re-encodes podcasts show a chance to reach drivers to a lower bitrate in order to more easily . make them more efficient and less data intensive . Since Stitcher To be available on Stitcher you is focused on talk programming have to submit your podcast at this is usually a reasonable their website, which will also entail compromise, but some sonic agreeing to Stitcher’s terms . degradation might be apparent in shows with a lot of music . TUNEIN Although TuneIn is primarily Also, due to Stitcher serving associated with live, streaming its own version of your show, radio, it is also a portal for on 14 Growing Your Audience Stitcher listens won’t show up demand content and podcasts . THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

There has never been a better podcast behind a paywall will Monetizing time than now to monetize greatly reduce your potential Your Show a podcast . Advertising is the listenership . leading method for monetization, and, as should be obvious, the For instance, the long-running thing which Midroll specializes in . podcast was available by subscription only However, advertising is not the from 2008 to 2014, after being only method . Crowdfunding available for free for its first and paid subscriptions are two one hundred episodes, during other popular approaches . We which time it developed a strong won’t dive in depth to these following . Yet, producer Matt two methods, but many of the Belknap says, “the only downside principles discussed here can be was that we couldn’t grow our applied to them . audience significantly with this model, because we were in a One thing to understand is that space where almost everybody in terms of total listenership, all else was free ”. That is one reason the top podcasts are available the show decided to become for free, which is why advertising free and ad-supported in 2014 . 15 Monetizing Your Show is so effective . Putting your After the change, Belknap says, in podcasts, like Libsyn and Soundcloud . Metrics from both of these hosts are widely accepted by most podcast advertisers .

Demographics can be a little more subjective by comparison . THE At the most basic, demographics SURPRISING are comprised of information SECRETS OF about who your listeners are . This SUCCESSFUL includes things like gender and PODCASTERS age, but may also include income, location and spending habits .

Marc Maron, host of WTF To some extent certain “we tripled or quadrupled the although not every podcast that demographics are associated audience just by being free ”. is downloaded gets listened to, with certain categories or and some downloads get listened genres . Tech shows tend to Some free shows generate to more than once, or are listened skew heavily male with higher additional revenue by offering to by multiple people . incomes, while a comedy show subscription access to archives . is likely to have a little more WTF with Marc Maron is one In turn, download numbers are gender balance but possibly with example, offering both five- one important determinant for lower average incomes . plus years of episodes along how much a podcast costs . In with bonus content exclusively most cases sponsorships are Podcast host metrics can give through a smartphone app . priced on a cost-per-thousand you a little bit of insight on basis, or CPM . We’ll get more demographics, mostly based upon DOWNLOADS, DEMOGRAPHICS into pricing later . For now it’s locations . But, the only reliable & ADVERTISERS important to understand that way to get listener demographics When sponsors support a since downloads determine how is through surveys . podcast they are looking for much an advertiser pays based a return on their investment . upon how many listeners are That’s why Midroll conducts Simply put, they want the money reached, advertisers want the surveys for every podcast we sell they pay a podcaster for an ad most accurate download metrics . ads for . Along with some of the to return to them in the form of They want to be assured they’re already mentioned information, sales or other goals . Two of the getting what they pay for . we also ask listeners about their things that help advertisers pick education, what they spend their the shows that are most likely to While most web hosts offer some money on, and how much, as provide a return are downloads kind of statistics on visitors and well as if they’ve ever bought a and demographics . downloads, for a number of product they heard about on a reasons these numbers aren’t podcast . This information then Downloads is a simple metric — necessarily reliable when it helps us connect advertisers it’s how many times your show comes to podcasts . If you plan with shows that match their has been downloaded . This is to monetize your podcast it is campaigns in order to maximize 16 Monetizing Your Show roughly equivalent to listenership, best to use a host that specializes their ROI . You can learn more about Midroll’s listener survey own ads and deciding they on advertisers that might work in our illustrated whitepaper: wanted to spend more time and with other networks or agencies . http://awesome .midroll .com effort creating and marketing At first glance this may seem their podcasts instead . sensible, but in actuality it can AGENCIES OR DIY be the source of problems and Monetization can easily become Brendan McDonald recalled, “why misunderstandings . one of the most significant we partnered with Midroll was THE significant demands of time In most cases podcast advertisers SURPRISING and energy . While there are work with multiple agencies, SECRETS OF independent producers who sell and aren’t interested in limiting SUCCESSFUL all of their own ads, monetization Monetization themselves to only one set of PODCASTERS is one of the strongest arguments shows . So, if one podcast is for joining a network . can easily represented by two or more agencies you can see how Some networks provide a suite become one immediately there can be some of production, promotion and of the most confusion as to which one to book monetization services . These through . This can also lead to include networks like Maximum significant difficulties with inventory, risking Fun and Earwolf . Some will the possibility of overselling an provide ad sales a la carte, while demands episode or inadvertently booking others, like Midroll, only provide advertisers with competing monetization services . of time and products together .

The kind of network you choose energy. A more significant issue is will depend on what kind of pricing . Lex Friedman, Midroll’s help you need . If your show is EVP of Sales and a podcaster, already doing well, with a strong explains, “Once advertisers audience, then you may only realize a show is sold by multiple need help with ad sales . networks, they wisely use because the amount of time I was that fact to their advantage ”. The chief advantage of managing inventory (for WTF Advertisers sometimes try to get outsourcing your ad sales is with Marc Maron) had grown to one agency to sell at a lower rate that you immediately benefit be too much for me to handle ”. than another as part of a bigger from that agency’s existing overall deal . relationship with advertisers . A The challenges of scaling ad good ad sales company will also sales is even true for bigger, “Underbidding a competitor to have sales representatives who well known networks like Nerdist score an ad campaign helps my know how podcasting is different and Smodcast, which are both company’s bottom line in the from other media, like radio or exclusively represented by Midroll . short term, but does so at the print, and are experts at helping expense of the podcaster and the advertisers understand the GOING EXCLUSIVE podcasting industry in general ”. distinct benefits of podcast ads . Some podcasters are reluctant It’s best when a podcaster sets a to sign exclusive contracts with show’s rates, and is the only one Many of the producers on Midroll’s an ad agency because they don’t who decides when they may be 17 Monetizing Your Show roster joined after selling their want to accidentally miss out lowered . Exclusive contacts simplify things more than the rate you charge . Therefore listeners are more apt for the advertiser and podcaster, The standard rate in advertising to keep listening . which helps lead to more is the cost-per-thousand, known consistent sales . as the CPM, which is how much Post-rolls come at the end of the you charge for each thousand show, after most of the show’s Of course, producers should downloads . So, if you have content, and therefore are the examine the contracts they sign 50,000 downloads at a CPM least expensive . It’s common for THE and should not lock themselves of $30, then the cost to an post-rolls to be sold as a package SURPRISING into long-term agreements that advertiser is $1500 ($30 x 50) . with pre- or mid-rolls . SECRETS OF are difficult to break . For this SUCCESSFUL reason all of Midroll’s contracts The CPM usually varies When you’re starting out it’s PODCASTERS offer a 30-day “out” clause . We depending on the position of tempting to price your CPMs want all of our podcasters to the ad in your show . The most low, since many advertisers that be satisfied and have complete common positions are pre-roll, are inexperienced with podcasts control over their show . If a mid-roll and post-roll . have expectations set by display producer isn’t happy with the ads, which generally have much situation she only needs to The pre-roll comes at the top of lower rates . However, when you give 30 days’ notice to end the the show, usually before or right lowball your prices it means you relationship . The reason for after your open or introduction . have to sell more ads to make having the 30-day period is so the same revenue . It also makes that there is adequate time to The mid-roll comes somewhere it harder to raise your prices with address ads already booked in the middle of the show, in existing advertisers as your show to the satisfaction of both the between segments or during gains audience . advertisers and the podcaster . a break . Mid-rolls are the most valuable and therefore usually One of the keys to podcasting’s SETTING YOUR RATES cost more . This is because popularity with both listeners Along with the size of your they’re more integrated into the and advertisers is that the ads downloads, nothing will affect show, and most hosts spend a are well-integrated into the show how much money you make little more time on these ads . and are not as densely packed as in television and radio . Podcasts can keep ads spaced out because higher of those higher CPMs . That also results in better value for advertisers, who don’t have their ads stuck in the middle of “stop sets” of several in a row, meaning listeners are more likely to pay attention .

If you work with an ad network or agency to sell your ads, the staff should be able to make strong recommendations on your CPM . Their judgement will be based 18 Monetizing Your Show upon the market, the advertisers they work with, as well as their benefits by bringing in more endorsement . Listeners patronize experience with shows similar advertisers, but that only podcast advertisers because they to yours . encourages advertisers to use trust their favorite hosts . price as a key factor in choosing Keep in mind that an agency will shows . One result is that Therefore, we think it’s important keep a percentage of the gross advertisers focused on price will that podcasters choose advertisers revenue . That percentage varies, move quickly to a different show that they are comfortable THE so when selecting your agency that has a lower CPM, forcing a representing to their audience . SURPRISING make sure this commission is downward spiral of CPMs . You should be confident in the SECRETS OF clearly understood and fair . product, service and business SUCCESSFUL This is something that happened practices of the sponsor . But, also, PODCASTERS If you’re selling your own ads in the commercial radio industry it’s good for the sponsor to be a then you’ll keep the full gross beginning in the late 1990s . good fit for your type of show, and revenue . However, be sure to While this provided a competitive for your audience . take into account the time you advantage for some companies spend soliciting and selling ads, early on, over the longer term There are two reasons for this, one since that’s a direct cost to you . it depressed revenue and profit philosophical and one practical . Be sure that doesn’t cut into the margins . It’s important for effort you’re able to expend on podcasters to understand this Because podcasting is in producing your show . lesson and not repeat radio’s part a labor of love, choosing mistakes . advertisers you believe in helps A final thought on pricing has you sustain your enthusiasm . to do with podcasting as an CHOOSING ADVERTISERS Working with advertisers selling industry . When podcasters drop Podcasting stands out from radio products you don’t necessarily their CPMs too low it threatens and television because ads are like, or using business models to impact everyone . Competing read by the hosts themselves . you don’t support can erode that on price may have immediate That gives podcast ads a sense of important relationship you have with your show .

On the practical side, if your listeners have problems or Ad reads are where difficulties with an advertiser, then that threatens your relationship with them . It’s the rubber meets important to always keep in mind that listeners are important — without them you certainly lose the road. your ability to monetize your show . If listeners believe you led them astray by endorsing a product or service that they think was sketchy or ill-suited for them, that can reduce their confidence and trust in you . 19 Monetizing Your Show THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

Jason Sklar, host of Sklarbro Country

Luckily, most podcast advertisers A good ad read also delivers otherwise they wouldn’t listen . are reputable companies selling value to your audience . A So don’t feel like you have to put great products . Still, it’s important great podcast ad shouldn’t be on a different persona to do your to find the right fit . For instance, something that listeners tolerate ad reads . if your show is about bicycling, while waiting for the next an auto parts store might not be segment . It should be something A good way to approach ads is the most appropriate advertiser . both informative and entertaining if you are explaining the product Listeners to a show about in itself . or service to your listener as a parenting may be less interested regular part of the show . You in apps for programmers . You Fundamentally, when you read a want them to understand the want listeners to be OK with your podcast ad you should be telling product, and especially its sponsor choice, and you also want your audience about something features and benefits . If you’ve to advertise things that they’re you want them to know . Even if used it, share that experience, likely to buy . it’s a regular advertiser on your and make it clear why you like or show, you have new listeners all believe in it . EFFECTIVE AD READS the time, and there are often fresh Ad reads are where the rubber perspectives that you can share . In terms of format, our experience meets the road . This is what is that live reads, done by the advertisers pay for . So doing Making the ad entertaining is hosts themselves, work best . a great ad read means you’re where your skill as a podcaster We’re not selling slickly produced delivering for your advertiser . comes in . Everyone has their own 30-second ads like radio, so don’t 20 Monetizing Your Show style . Your listeners like yours, deliver them . Every ad should be a unique and fresh read, not a pre- Though there are some shows and certainly don’t say anything recorded spot that you just insert that have found some success you’re not comfortable saying . in every episode . with other methods — such as But do feel empowered to have StartUp and Serial — most of fun with the reads . Lex Friedman advises that the these shows have formats that best ads are read as part of the are different from the majority “We’re not trying to fool anyone; show, not recorded after and of podcasts . Where your typical this isn’t subliminal messaging THE edited in . He explains why: podcast is a linear discussion or product placement—an ad SURPRISING or interview, ones like Reply All is an ad . But the more natural SECRETS OF “If you’ve ever caught a bad have a magazine or documentary and organic the above-board SUCCESSFUL moment of ADR in a movie or format, broken into pre-produced sponsorship read, the more PODCASTERS TV show, where the character’s segments . With these kinds of effective it will be ”. vocal quality or volume suddenly shows the ads are also segments changes, you know what we’re because that’s how the show is getting at . Changes in the organized, which means the ads audio flow are jarring, and they actually fit the format . immediately start the ad read off on a bad (audio) foot ”. Finally, remember that it’s important for your podcast reads That’s also why he advises to be genuine and authentic . against using music beds As Lex advises, “Don’t feel the underneath your read . need to be a carnival barker,

21 Monetizing Your Show THE SURPRISING SECRETS OF SUCCESSFUL PODCASTERS

Matt Gourley’s advice reinforces “Reach one person at a time,” The Most the value of practice and honing advises Gretta Cohn . “ When Unusual, your skills . “Record your first you think of your audience, episode and throw it away . Maybe don’t think of it as a massive Secret Tips even the first three . The fourth crowd . Think that your podcast seems to be around the time you is reaching one person at a time, start getting in the groove ”. because it is . So, talk to that one person . Let that one person in on John Lee Dumas knows how to your conversation . Ask them to captivate his audience, whom he participate . Really let podcasting calls “Fire Nation ”. He observes, be the intimate medium that it is ”. “More people than ever are listening to Podcasts via their smartphone . Get those listeners engaged by giving a strong call to action to snap an Instagram photo of where they are listening, with an appropriate hashtag . This will result in the social sharing of your show ”. Find Midroll Online: 22 The Most Unusual, Secret Tips www .Midroll .com