Profitable Podcasting Read online

  When we finished the interview, she turned the tables on me, asking about Onward Nation. Why was I doing it? What was the endgame? I told her I was planning to write a book that distilled all the wisdom collected during the episodes of the podcast. I could practically feel her smile on the other end of our Skype connection. And then she asked me a life-altering question: “Hmm . . . Why don’t you write a book about how business owners can use podcasting to grow revenue and their business? That’s where the real opportunity is for a book.” Bam. Providence!

  Following the interview with Wendy, my Predictive ROI team made it a vital priority to accelerate the sales of our newly minted Silver, Gold, and Platinum Elite packages. We were on a mission to create a bona fide monetization strategy. Our goal was to grow revenue, and at the same time, create a compelling proof of concept for the system that would eventually become this book.

  We grew podcast-related revenue to $223,000 between November 17 and December 31, 2015, and built a sales pipeline of $380,000 during Q1 2016. We scaled our production and sales teams and created step-by-step documentation of our system. Currently, we predict $2 million in podcast-related revenue during the next twelve months.

  We accomplished this thanks in part to several amazing mentors who stepped into our path. We listened to them, and we did exactly what they recommended. We are now building a network of B2B-focused podcasts—the “Onward Nation Network.” By the end of 2017, we expect Predictive ROI to be the company behind approximately a hundred top-ranked business podcasts with millions of listeners worldwide.

  It has been an amazing adventure. But your story of growing your business, expanding your platform, and building a nation of true fans can be just as amazing. This book will serve as your comprehensive guide to making your dream a reality—and in the process you will learn how to avoid all of the mistakes we made along the way.

  This comprehensive, research-based book will share our full blueprint or “recipe” for podcast success with you. Each and every step we took along the way is presented in complete transparency. Not a single step has been hidden from you. It’s all here, in plain sight.

  Within these pages, you will walk behind the green curtains of Onward Nation and Predictive ROI so you can learn our proven system. You will also have access to in-depth insights from ten business owners just like you. Each of them decided to create a podcast to change the game—and then did it. Their impressive stories will be shared in full transparency, too.

  But why write such a comprehensive book? Because you deserve a resource that eliminates the guesswork, demystifies the process, and gives you a clear and concise strategy for going from zero to launch in about thirty days.

  Only limited resources were available when my Predictive ROI team and I decided to create Onward Nation. Sure, there were plenty of e-books and webinars that led me into the sales funnels of information marketers, but those resources lacked depth, and, candidly, they lacked business acumen. We quickly consumed the resources and were left with more questions than answers.

  Plus, the resources lacked full transparency. They typically provided just enough to get you interested in learning more and then pitched a $997 online training or mastermind program.

  All of which drove me crazy and didn’t solve our problem. Not awesome.

  But there is another reason I decided to go as deep as possible with this book. In my opinion, podcasting—as a medium—deserves a long-form guide, an encyclopedia of how to do it right. When I interviewed Gary Vaynerchuk before the release of his social media book Jab, Jab, Jab, Right Hook, we discussed how it wasn’t just a social media book, but a business book that would elevate social media to a new level of legitimacy.1

  My hope is that this book will raise the bar for podcasting just as Gary did for social media marketing. On the surface, Profitable Podcasting looks like a podcasting book. But it’s actually a business book about how business owners are using podcasting to grow their companies, expand their platforms, and build nations of true fans. Each chapter includes step-by-step instructions so you can create, launch, market, and monetize your own podcast. The book includes checklists, production schedules, weekly goal tracking, social media strategies with visual examples, promotional emails, guest invitations, exclusive access to private online video tutorials, and other resources including time-saving third-party tools.

  I am excited to share this resource because small business has been my focus for twenty-three years. This is my third book devoted to helping small-business owners succeed.

  Helping small-business owners is deeply rewarding for several reasons. First, having owned five small businesses, I know that in today’s economy if one wants to have an impact (as I strive to do), then small business represents a tremendous opportunity. Small-business owners are the lifeblood of our economy.

  Second, the 28 million small businesses operating in the United States today, according to the Small Business Administration, account for 55 percent of all jobs and 54 percent of total revenue generated.2 I want to help as many business owners as possible grow so they can create more jobs and improve the lives of their families, employees, and communities.

  Third, this book tackles the top challenge facing most business owners: According to a recent survey of 1,100 small business owners, 43 percent of respondents identified growing revenue as a top challenge facing U.S. businesses in 2016.3 That’s more than 12 million businesses expected to face the same challenge.4

  Driving this number down is a worthy goal of this book.

  Podcasting Is Still in Rapid-Growth Mode

  Before we dive into the system, I want to take a moment to share some important data points to give you the confidence to move forward and launch your own podcast. I don’t want you to fall into the tempting mental trap of thinking that you “waited too long to get started” and, because of that time lost, you somehow “missed your window of opportunity.” Cast low-quality thoughts like this aside.

  Rest assured, you have not missed the podcasting wave. The sun has not set on your opportunity. This is the perfect time for you to get started.

  In fact, this may be the perfect time to get started because the trailblazers have gone before you. A path has been marked, and you can learn from their successes and failures. Your learning curve will be shorter so that growing your business, expanding your platform, and building your nation of true fans will be the most efficient it has been for any business owner up to this point.

  Sounds awesome, doesn’t it?

  Podcasting, despite all of its recent growth, is still in its infancy. Getting started now means you still have the opportunity to ride the momentum of what is now a proven medium—and you can use that momentum for your benefit.

  Here are some highlights from independent, third-party research that reinforces the importance of getting started now. Thank you to Tom Webster and the team at Edison Research and Triton for generously providing the research.

  Figure I-1 illustrates the steady increase in monthly podcast listening. Interestingly, for the five-year period from 2009 through 2013, around 12 percent of the total U.S. population age 12 and over listened to podcasts. In 2016, that number increased to 21 percent, which represents a 75 percent jump in just three years. Impressive.

  FIGURE I-1

  Bottom line: Monthly podcast listening continues to grow and is trending higher as the ease of listening to podcasts on mobile devices continues to improve.

  Edison and Triton also worked to quantify annual household income of podcast listeners as compared to the household income of the total U.S. population age 18 and over. In Figure I-2, we can see that median annual household income in the U.S. population is $53,000. However, the median annual household income of podcast consumers—within the same age range—is $63,000, which represents an increase of 18.86 percent. But even more striking, 41 percent of podcast listeners earn annual household incomes of $75,000 or more, with 15 percent of listeners earning $150,000 or more, versus 9 percent for
non-podcast consumers.

  FIGURE I-2

  Bottom line: Podcast consumers are affluent and likely have disposable income to spend on your products and services.

  The percentage of the U.S. population listening to podcasts and the affluence of that audience are compelling points, but how much time do consumers actually spend listening to podcasts? In Figure I-3 we can see that 12 percent of podcast listeners spend ten hours or more per week, with the majority spending one to three hours per week. That is a lot of listening and likely speaks to the increasing popularity of on-demand content based on the specific topics we as consumers want to learn more about.

  FIGURE I-3

  We will likely see more shows going even more niche to cater to smaller audiences who are extremely passionate about the content being delivered. This is your opportunity to create your nation of true fans.

  Bottom line: If you aired one high-quality podcast episode per week, and your episode was thirty to forty-five minutes long, the majority of your listeners could easily fit that into their schedule.

  You can review the full report from Edison Research at: http://www.edison-research.com/media-research/podcast-research/.

  Why Write This Book?

  I mentioned earlier that helping small-business owners succeed is deeply rewarding to me for several reasons. But it gets more personal than that. I was raised in my family’s restaurants, where I learned entrepreneurial lessons that I still rely on today. I had the privilege and honor to work alongside my mother, aunts, uncles, and cousins while growing up. My grandfather, Peter Maronitis, gave us that gift.

  He grew up in Istanbul, Turkey, and was forced to drop out of the third grade to take care of his mother and two younger siblings when his father was tragically killed. That one devastating event changed the future of my entire family. He became the man of the house and had to earn an income so the family could survive. He succeeded, and through the adversity, sparked a dream to make his way to America.

  He got his chance when he was 18 years old. With ten dollars in his pocket he arrived in New York City and then eventually settled in Canton, Ohio, where a large Greek community was already flourishing.

  He found work in a restaurant where he would clean dishes and cut lettuce on the night shift. After just six years, he had managed to save enough money to open The Ideal Restaurant in downtown Canton.

  The year was 1926—just three years before The Great Depression. Not a wise time to open a business. But his business plan was simple, “If you take care of your customers, they will take care of you. Everyone has to eat.” He met his future wife, Julia, they got married, ran the restaurant through the Depression, and had four amazing kids along the way. They built a life based on hard work, grit, persistence, tenacity, and a commitment to family.

  My grandfather taught us how to be good people by sharing all we have with anyone who needs it. This book represents an opportunity for me to help the millions of small-business owners by sharing how to overcome the challenge of growing revenue. This book is—in some small way—part of his legacy.

  I want to say thank you for picking up a copy of this book. It is an honor. I am delighted you chose this book to be what you study and implement into your business.

  Onward with gusto!

  —Stephen Woessner

  CHAPTER 1

  OVERCOME YOUR BIGGEST OBSTACLES TO SUCCESS

  On the surface, this book looks a lot like a book about podcasting—which it is. But it’s more than that. My team and I worked tirelessly to make this the deepest, most comprehensive resource we could assemble on the topic of podcasting for small-business owners trying to grow their businesses. I promise you will find that every aspect of creating, producing, launching, and promoting your podcast to grow your business is covered in precise detail within these pages.

  Each of the technical systems are dissected, including every piece of software, the specific content in template form you will need for the systems, the guest advocacy process, how to set up distribution channels, site traffic, and analytics and why they matter, along with what it all means. We’ve even included success stories from a number of small-business owners who are using podcasting as a strategy to grow revenue and build true fans. Each story examines the business model and specifically how podcasting is adding value so you can apply the same principles to your business.

  Nothing has been left out. It’s all here.

  But there is more—much more—that a small-business owner needs to know about podcasting before jumping into the deep end of the pool.

  A podcast is just a tool. It’s just a platform. A platform is simply a conduit for distributing or sharing content. No platform in and of itself will help your business grow revenue.

  Therefore, in order for your podcast to be of value to your business, there needs to be purpose behind the guests you invite to be on your show. There needs to be purpose behind the questions you ask your guests. There needs to be purpose behind how you nurture and take care of your guests before their interviews and after their episodes have aired. Ultimately, you need a strategy for how your podcast will grow your business, expand your platform, and build your nation of true fans.

  Having interviewed nearly 600 of today’s top business owners—and having talked with, consulted with, or worked with many of them in producing and launching their own podcasts—I can say with certainty that there are typically three primary challenges that arise in the mind of a business owner who is considering podcasting. Some business owners need to confront all three, others perhaps just two. But every business owner will need to confront at least one.

  1.How will my podcast make money and help grow my business?

  2.How much time will this take me?

  3.How will I get guests? (Or, the variation: What if no one accepts my invitation to be a guest on the show?)

  We will address the revenue question throughout the book. But, we will dive deep into questions 2 and 3 right now because they are critically important to getting your mindset right before heading down the podcasting path. If you don’t get your mindset right, I assure you, there will be setbacks and challenges along the way. Without the correct preparation you will be tempted to quit—and you likely will. However, if I help you properly set expectations, when the challenges come your way, instead of being tempted to quit, you can confidently say to yourself, “Ah, Stephen said this would happen and that I’d feel this way,” and you will push forward.

  Don’t ever quit.

  Avoid the Time Trap

  One of the questions I am asked most often by business owners who have considered a podcast for their business is, “How much time will having a podcast take out of my schedule?” It’s a great question because we should all protect our schedules.

  Most business owners assume the answer is ten hours a week—and that the solution will require them to add staff and make other investments. But here’s the reality: You can have an awesome, top-rated podcast in iTunes by investing less than four hours per month. Yes. Four hours. The system described in this book illustrates our entire process and shows how to duplicate the strategy and the results in as little as four hours per month.

  Would you grow revenues faster if you invested more time? Likely yes, but four hours a month is an excellent place to start.

  So why would business owners assume that my answer would be ten hours a week? Because then it would be easy for them to justify why they hadn’t pursued it more seriously. But in fact, it isn’t the perceived time commitment that stops a small-business owner from having a podcast.

  It is fear.

  Fear often rears its ugly head in an attempt to derail the entrepreneurial journey you’re on. Fear will beat you to your knees if you let it. Fear will cheat you out of success in all aspects of your business, including developing a great platform like a podcast so you can grow revenue and build a nation of true fans.

  Once business owners are assured that their time investment will be only abo
ut four hours per month, a second challenge typically comes to mind—one with the subconscious goal of thwarting the podcast from gaining any additional momentum, to snuff out the fire that was building.

  Your Biggest, Most Painful Challenge

  “Stephen, how will I get guests?” Or the variation: “What if no one accepts the invitation to be on my show?” These two fear-laden questions should serve as warning signs that something sinister is lurking. If you let them, they will keep you in check and prevent you from moving forward. The truth is, we all face such challenges. It’s just that some people are better than others at pushing themselves past them.

  In my opinion, this challenge may be blocking your success not just with podcasting, but in other areas of your business as well.

  The challenge is known as the “impostor syndrome.”

  Clinical psychologists Pauline R. Clance and Suzanne Imes coined the term in 1978 to describe high-achieving individuals who are unable to internalize their accomplishments and who consequently fear being exposed as a “fraud.” Actual, objective evidence of their competence doesn’t matter to those who exhibit the syndrome. They remain convinced that they’re frauds. They feel that they don’t deserve the success they have achieved. Calling it “luck” or “good timing,” they never take credit for their accomplishments. Perhaps they believe that they’ve tricked others into thinking they are more intelligent and competent than they actually are.