Most People Skip This Podcast Monetization Step

Apparently there is a private island off the coast of Long Island, New York that has been privately owned by the same family for 400 years. (If you are part of that family, let’s hang on Sunday?)

In today’s newsletter:

• Making Money: There’s 3 steps to successfully monetizing a podcast, and most podcasters skip step 2. 

• Notion: Your own personal library.

• Action: Hollywood is working on replacing movie extras, TikTok is getting one step closer to integrating podcasts, and more.

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Something I focus on inside Podcast Academy, in the monetization section, is focusing on one strategy at a time.

From what I've learned, there's 3 steps to successfully monetizing a show:

Step 1: Selecting the monetization strategy.

Step 2: Execute and refine your strategy.

Step 3: Add additional strategies once you've stabilized step 2.

What trips up many podcasters is they will unknowingly skip step 2.

Part of the execution should be defining and then refining the strategy.

Defining your strategy might look like:

• What is the specific result I am hoping to achieve?

• What am I doing to track and measure the success of my strategy?

• How will I know that I’ve hit my goal?

Refining your strategy might look like:

• Making a small tweak to where you place certain words.

• Doing more/less of something.

• Adjusting your timeframe based on new data.

Another important aspect of the second step to consider is to have realistic expectations and to be patient.

There’s no guarantee that your monetization strategy will work immediately or at all. Especially if you are constantly starting over.

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