Busting myths and breaking barriers, that's what we're all about in today's enlightening discussion on the 'Money Myth' in podcasting. I've been there, wrestling with doubts about the financial wisdom of launching a podcast. But as your guide, I'm going to reveal why these hesitations could be stifling your growth as a recognized expert in your field. We don't just stop at the money talk; we compare the worth of a podcast to other investments like websites, slicing through the fog to showcase how podcasting is a strategic marketing tool that could elevate your business.
Gone are the days when podcasting was seen as a mere hobby; today, it's a cornerstone of brand building. In our no-nonsense breakdown, we'll look at the actual costs and potential returns, redefining ROI in the context of influence, reach, and the cultivation of a dedicated community. No guest today, just pure, unadulterated insight from someone who's navigated these turbulent waters and emerged with a treasure trove of knowledge. If you've ever found yourself on the fence about starting your show, this episode is the nudge you need to leap into the world of podcasting with confidence.
Bust through the myths, and get podcasting!
Podcast Jumpstart Bootcamp Get the tools you need to be podcast ready! Thursday May 8th 10am - 1pm Here's what the bootcamp will cover:
Show Strategy (format, what it's about, target audience)
Basic Launch Roadmap (launch date, timeline)
Content For Your First 5 Episodes( templated for you to customize)
Time Optimization Strategies (strategy for recording, editing, promo
Plus the templates, tools and tech you need to get your show started!
BONUS #1 A copy of the e-book, 10 simple steps to launching your podcast BONUS #2 15 minute Podcast strategy call with me, Carl Richards Podcast Jumpstart Bootcamp
Got a question about something you heard today? Have a great suggestion for a topic or know someone who should be a guest? Reach out to us: askcarl@carlspeaks.ca
If you're ready to take the plunge and join the over 3 million people who have joined the podcast space, we'd love to hear your idea and help you get started! Book your Podcast Strategy Session today: https://podcastsolutionsmadesimple.com/get-started/
Welcome to Communication Connection Community the podcaster's podcast. This podcast takes a deep dive into modern day communication strategies in the podcasting space. We chat with interesting people who make the podcasting and speaking spaces exciting and vibrant. We also dive into the podcasting community with news updates, latest trends and topics from this ever-evolving space. So strap in, it's going to be one amazing ride. Let's dive into today's episode.
Speaker 1:
Today I want to jump into the first of the five myths that are stopping you from really being the go-to expert, or the five myths, rather, that are stopping you from being seen as the go-to expert. These are the five reasons why people don't launch podcasts. There are probably more than five reasons why people don't launch podcasts, but we're going to focus on the top five and they are in no particular order, by the way. So let's get started and talk about the money myth Now. The money myth quite simply is you don't see the ROI in it or you don't see the value in having a podcast. I know, when I was trying to figure out if I needed a podcast, that the money myth came up for me. It came up in a different way, though, because what happens when we start talking about the money myth? People automatically think about the money myth in the sense of is my podcast going to make me money and how much is it going to cost me to get this show up and running and maintain it? So we look at money in a couple of different ways. We look at it in the sense of is it going to cost me a lot of money, or how much is it going to cost me to launch the show and what's it going to make me? How much money is the podcast going to bring in? And that's where we get into not seeing the value or the ROI in it. But let me put it to you in a couple of other different perspectives as well.
Speaker 1:
If we're seeing podcasting as a marketing tool, think of all the other marketing tools that you use on a regular basis that are an investment. I don't like using the term cost you money. I think that cost you money has a very negative connotation to it. So let's think of it as you're launching a podcast what's the investment to start it and what's the investment to maintain that show? Now, that varies, of course, when we start looking at it in those terms and we look at other marketing tools that we already use on a regular basis. Let's just create a short list here of what some of those other tools are.
Speaker 1:
The top one I can think of that people use today and, as a matter of fact, most businesses wouldn't function today without this would be what your website, your website I'm going out on a limb here, but I'm almost 100% certain your website isn't free. You pay for something or you have an investment that goes along with that website, even if it's just your hosting. Let's say, for example, that you are web savvy and you built your own website. Good for you. It's not something I could do just like I wouldn't fix my own car for the same reason. I'm just not tech savvy that way when it comes to doing something like building a website. But let's say that you did At some point. You're still paying for hosting. You might even be paying for maintenance. There might be things that you need to do from time to time with that website, which means you have to reach out to a developer or some type of web support system or service, and that will cost you as well. Okay, let's take it a step further, though, and say you know what, that you're like me and you didn't create your own website and somebody created it for you with your content, under your advisement, of what you want it to look like. I would venture to say that website was a bit of an investment anywhere from $500 low end and I'm speaking in Canadian terms, by the way, but even for people who are listening around the world, I think you'll understand these numbers for sure $500 on the low end into the thousands, and I don't think there's really a limit. I know people that have spent tens of thousands of dollars on website creation. Okay, so that's an investment.
Speaker 1:
What are some of the other ways that people market their business? Well, one of the easiest ways that I can think of is how many times a year and maybe prior to the pandemic in 2020, you were doing a lot of networking in-person networking, going to events, even speaking engagements. No doubt you probably printed off on a regular basis or had printed business cards. Now, that's not a huge investment, but you might be spending. You might've invested a thousand dollars or a couple of thousand dollars a year, depending on how much marketing you were doing and how many business cards you needed. I know people who would print 50,000 at a time and they'd go through them in a year. So, similarly, if you're printing even a few hundred dollars, say $500, with the business cards every year, that's an investment. Are you getting an ROI from every single business card you put out there? I'm guessing probably not. As a matter of fact, most business cards I know this because I still have a deck of them from when I was just doing speaker training of people that I connected with and reached out to, and I probably have a stack of about 400. Some of them went on my email list, some of them didn't, but in that stack of 400, you think of if each one had a unit price of 10 cents or 15 cents or whatever it is. That's quite a bit of money just in business cards, just for the ones I've collected, right?
Speaker 1:
What are some of the other tools that you possibly have looked at as far as investing, how about? How about this one? Facebook ads or LinkedIn ads, facebook ads or LinkedIn ads? I know people who will spend anywhere from a few hundred dollars a month on Facebook or LinkedIn ads. Facebook ads or LinkedIn ads. I know people who will spend anywhere from a few hundred dollars a month on Facebook or LinkedIn ads upwards to several thousand dollars in the course of a year into the tens of thousands of dollars a year for Facebook ads. Does that have an ROI that you can absolutely track? 100%? Well, possibly, but let me put it to you this way track 100%? Well, possibly, but let me put it to you this way Do you control the algorithm and do you control the model at which the social media platforms and we'll use Facebook and LinkedIn as an example do you get to control that? Of course you don't. You give Facebook, for example. You give them X amount of dollars. They say here's what we're going to give you in return, and you hope that it does. That Facebook ad does exactly what you want it to do.
Speaker 1:
I have known people that have run Facebook ads and gotten zero return on their investment. I remember when I ran Facebook ads and, I'll be honest, I didn't spend a lot of money on them, but let's say it was a few hundred dollars in a year. You would hope, if you're spending even as little as a few hundred dollars in a year, you're getting something from that. I didn't. I got zero result from that.
Speaker 1:
A podcast will allow you, if positioned properly, to do that, so there is ROI from the podcast. Let's not think of it, though, as ROI, as is the podcast going to make me money, because this is ROI from the podcast. Let's not think of it, though, as ROI, as is the podcast going to make me money, because this is one of the misconceptions that people have. It doesn't matter what other marketing tools you're using really, and whether or not they're bringing in any kind of money for you. Yes, there is a certain level of importance to that.
Speaker 1:
The bigger part here that I wanna focus on is are you positioning yourself, are you positioning the podcast in such a way that it doesn't make money as a standalone marketing tool, but it creates revenue or drives clients to your website, to your products and services, which then allows you to build your revenue? Because that's the misconception. People will ask will my podcast make money, or how much money will my podcast make? We have to think of it in different terms. We have to think of not how my podcast is going to make money, but how my podcast is going to generate revenue for my business. So not. Is it going to make me money? Is it going to bring the prospects that I want? Is it going to put me in front of the prospects that I want. So when you start to see the ROI, when you start to see that it's not about the money, it's not about the money, it's about positioning you as the go-to expert.
Speaker 1:
I know people who have spent hundreds, if not thousands, of dollars on publishing a book sometimes tens of thousands of dollars, to be a published author, and I can almost guarantee you that that book unless you're a celebrated author or a celebrated thought leader like Deepak Chopra, john Assaraf, or somebody with celebrity status like Oprah Winfrey, tony Robbins those individuals they will most likely make money from being a published author. Most other people will recognize, though, that a book is a marketing tool and positions you as the go-to expert, because it elevates your credibility. Okay, so think of it that way. Think of I have a podcast, or I'm going to launch a podcast. That podcast isn't going to make me money per se, but what it's going to do is allow me to create more touch points for my ideal client, which will then allow them to develop a know, like and trust factor, and enough of one. So, at the right time within the next calendar year, it's likely they will reach out to me and say yes, I need what you have. Let's have a conversation.
Speaker 1:
Here's another way I look at it too, and then I want to leave this thought with you as far as myth one goes, being the money myth If that podcast brought you one client, one client. And again, if you're a coach and a consultant or a subject matter expert, you know the value of one client, whether it's a few hundred dollars, it's probably higher than that. I'm assuming it's probably into the several thousands of dollars. If that podcast brought you one client per year, is that enough of an ROI? And I'm going to go out on a limb here and suggest that your podcast, if positioned properly and launched effectively, will bring you probably more like two, three, four clients, maybe even one per month, and maybe even, as you grow out that podcast, it might be one prospecting call per week. That's a solid prospect. So there's the ROI, so the money myth. You're not seeing the ROI in it.
Speaker 1:
If you have any questions about this, by the way, or if you're ready to find out more, let's have a conversation and thank you for joining us today. Special thanks to our producer and production lead, dom Coriglio, our music guru, nathan Simon, and the person who works the arms all of our arms, actually my trusty assistant, stephanie Gaffour. If you like what you heard today, leave us a comment and a review, and be sure to share it with your friends. If you don't like what you heard, please share it with your enemies. Oh, and if you have a suggestion of someone who you think would make an amazing guest on the show, let us know about it. Drop us an email. Askcarl at carlspeaksca. Don't forget to follow us on LinkedIn and Twitter as well. You'll find all those links in the show notes, and if you're ready to take the plunge and join the over 3 million people who have said yes to podcasting, let's have a conversation. We'll show you the simplest way to get into the podcasting space, because, after all, we're podcast solutions made simple. We'll catch you next time.