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In Episode #371, Eric and Neil discuss how to get started with podcast advertising. Podcast advertising is becoming more and more lucrative—especially for leading podcasters such as John Lee Dumas and Tim Ferriss. Tune in to learn how much you can earn in podcast advertising and how the process works.
Time Stamped Show Notes:
- 00:27 – Today’s topic: How to Get Started With Podcast Advertising
- 00:36 – Podcast advertising can be lucrative
- 01:04 – You’re looking at cost per thousand impressions for what you can make in podcast advertising
- 01:14 – Range is anywhere from $15 to $40
- 01:34 – For more hands-off solutions, you can use Midroll’s service
- 02:25 – The earnings are per ad placement
- 02:36 – John Lee Dumas does a pre-roll then a post-roll
- 02:42 – Pre-roll is before the podcast starts and post-roll is after the podcast
- 02:49 – Tim Ferriss has 2 pre-roll ads and 2 post-roll ads
- 02:53 – John Lee Dumas has 2-3 ads per episode
- 03:09 – For a thousand listeners, you can get around $50 to $100 depending on the number of ads that you have
- 03:32 – Podcast advertising is also a branding play
- 03:50 – If you’re just about to start with podcast advertising, you can do it directly or opt for Midroll’s service
- 03:56 – if you’re a podcaster, people will start to reach out to you
- 04:15 – Marketing School is more focused on growing the podcast rather than having ads
- 04:24 – Marketing School is giving away a free 1 year subscription to Crazy Egg which is a visual analytics tool that will help you increase your conversion rate
- 05:17 – Go to SingleGrain.com/giveaway for multiple entries
- 05:21 – That’s it for today’s episode!
3 Key Points:
- Podcast advertising can be pretty lucrative if you have a large following.
- As you become a more established podcaster, business will reach out to you for ad placements.
- Podcast advertising can be a branding play as well.
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Full Transcript of The Episode
Eric Sui: Welcome to another episode of Marketing School. I'm Eric Sui
Neil Patel: And, I'm Neil Patel.
Eric Sui: Today, we're gong to talk about how to get started with podcast advertising. Podcast advertising can be pretty lucrative. If you listen to any podcasts at all, you're going to hear the usual suspects. You hear MailChimp, you hear Squarepace. A lot of these companies are putting a good amount of money into podcast advertising. And, we've actually had people reach out to us a couple times to advertise on this podcast, as well.
If you wanted to get started with podcast advertising, if you wanted to keep it very easy and hands-off, and have somebody else do it for you in the very beginning ... Let me back up a second ...
Usually, in terms of what you're trying to make, or what you can make from podcast advertising, you're looking at cost per thousand impressions, so that's your CPM, I'd say anywhere from $15 to $40. That's kind of the range that I'm getting from Podcast Pros, right now. So, if your podcast gets 1000 downloads a month or so, then that means you can make $15-$40. Hopefully, you're getting much more downloads than that.
But, anyway, if you wanted to do a more hands-off solution, you can use a service like MidRoll, Midroll is a middle man, and then they have an inventory of podcasts. You can ask them, "Hey, you guys help me with the advertising?" Then, they'll take a cut of it, and then you can go from there. But, that's a simple way to get started.
Neil Patel: Yeah, and to keep in mind when you're telling people you get $40-$50, is that per ad placement, or is that for all the ads within your podcast.
Eric Sui: That's a good point. A lot of times, people will ask, "How many downloads are you getting per episode?" Sometimes, I'll go back to them, just to entertain, I'll say, "We don't really look at that. We're looking at total number of downloads per month." And they're actually okay with that.
Neil Patel: Okay, I get that part. But, what I'm trying to figure out, is, for our listeners, let's say someone gets a thousand listens, and you said they'll make $15-$45, or whatever it may be. Is that per ad placement, like if MailChimp advertises [crosstalk 00:02:20]
Eric Sui: Yeah, that is per ad placement.
Neil Patel: And then, how many should people place within a podcast?
Eric Sui: That's a good question, so looking at what Tim Ferriss and John Lee Dumas do. I know John Lee Dumas, he'll do a mid-roll, or he'll do pre-roll, and then he'll do a post-roll. So, a pre-roll is basically before the podcast starts, and he'll do one after as well. Actually, thinking about Tim Ferriss, he actually has two ads at the beginning, and two ad at the end. So, he actually has four ads. I know John Lee Dumas likes to do at least two to three. So he could potentially make, just to give you an original example, instead of making $15, you could crank it up to $45 or even $60.
Neil Patel: Yeah, which isn't bad, right? So, the numbers really start adding up in total. It sounds like, for every thousand listens you can get well above $50, maybe even $100, depending on how many ads you place in there.
Eric Sui: I think it's also really important, if you look at ours, because usually our episodes are five to ten minutes, or so, we can't really place that many ads. So, it also really depends on the link of your podcast episodes.
Neil Patel: Technically, we didn't even place ads. But, if you're trying to advertise within podcasts, it works quite well. It's more of a branding play. I don't know too many people who are getting a huge direct ROI from podcast advertising, maybe Leadpages, they're really by the numbers with this kind of stuff. But, most people, they're not getting a huge ROI directly, every time they advertise on podcasts.
Eric Sui: If you want to get started with podcast advertising, you can go to Midroll, or you can do it direct. If your podcast starts to take off, don't worry, people are going to start reaching out to you. I'll tell you that FreshBooks has reached out to me in the past, so has HostGator as well. So, they are starting to take this a little more seriously. And, like Neil and I mentioned, it's $15 CPM all the way up to a $40 CPM, you can crank that up by three or four ads, if you really want to go down the advertising route.
For us, at least right now, we don't want to do any advertising. We're just focused on growing the podcast, and we want to keep it a really positive experience, and we want to keep doing giveaways, which is why I want to talk about the next give away. Which is, Crazy Egg, which is a heat mapping tool that's actually Neil's. So, Neil, what is Crazy Egg?
Neil Patel: Crazy Egg, as Eric mentioned, is a heat mapping, or visual analytics tool. Shows you where people click, where they don't. You can even see how far people are scrolling down your page, because if your important messaging, your call to actions are too low, it'll show you that no one's seeing them. If you want to see how people navigate through your website, we also have mouse recording, so you can see how the users who are buying are going through your site, versus the users who aren't buying, and make adjustments from there. We also have a Wizzy Wig, so you don't need any design or development skills, you can make changes to your website within Crazy Egg, and even with a few clicks of a button, you can start running Avtasks.
Eric Sui: So, if you want to get in on this giveaway, we're giving away a one year annual subscription. That is every single week, we're doing this giveaway, so you can actually get multiple entries. If you want to learn more on how to do this, just go to SingleGrain.com/giveaway. We will see you tomorrow.
Speaker 1: This session of marketing school has come to a close. Be sure to subscribe for more daily marketing strategies and tactics to help you find the success you've always dreamed of. And, don't forget to rate and review, so we can continue to bring the best daily content possible. We'll see you in class tomorrow, right here on marketing school.
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