Do you have a podcast sponsorship strategy? In today’s episode, I’m continuing my series on becoming a paid podcaster, and sharing my tips for creating a holistic approach to working with sponsors, allowing you to make even more money.
Clocking In with Haylee Gaffin is produced by Gaffin Creative, a podcast production company for creative entrepreneurs. Learn more about our services at Gaffincreative.com, plus you’ll also find resources, show notes, and more for the Clocking In Podcast.
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Building a Holistic Marketing Approach
You’ve probably heard about a holistic marketing approach where you leverage every asset you have to create a cohesive strategy. What if you apply this same concept to your sponsorship approach for your podcast? Even if you are new to podcasting and monetization, it’s beneficial to start thinking about this from the beginning.
Understanding Your Business Ecosystem
First, identify all the assets you have as a business and a podcast. We’ve discussed in the past the importance of treating your podcast as a business, and now it’s time to assess what you have. Consider your website, social media, and email list as part of your business ecosystem. How are these currently integrated? How does your podcast connect with these platforms, and how are they supporting each other in your business goals?
Setting Objectives for Sponsorships
Next, set objectives for your podcast and the sponsorships you aim to acquire. Determine how each asset contributes to your overall sponsorship revenue goal. For example, consider additional revenue streams such as callouts on your website, ads on your web pages, sponsored social media posts, or dedicated email inserts.
Creating Sponsorship Packages
Developing specific sponsorship packages is crucial. While offering a ‘build your own’ package can seem attractive, it can often become overwhelming for potential sponsors. Instead, pre-build packages with various options and levels:
- A basic entry-level package
- A mid-tier package offering more value
- A premium package with the most options and, potentially, a discount for the higher commitment
Communicating Your Value
When pitching to sponsors, communicate your value and clearly understand your audience. Highlight successful campaigns and be prepared to share these success stories. Be strategic about who you pitch to, ensuring they align with your brand and audience.
Exploring Additional Assets and Revenue Opportunities
Consider expanding your assets to increase revenue opportunities. For instance, if you publish your podcast on YouTube, think about product placement rather than traditional ads due to platform regulations. Collaborate on webinars or online events with sponsors, and charge for sponsored episodes or specific content relevant to their product.
Managing Creative Control and Revisions
Clearly outline terms for creative control and revisions in your contracts. Decide if sponsors can provide their own scripts and the cost associated with revisions. Including terms for revision costs ensures you are compensated for additional work beyond the initial agreement.
Providing Reports to Sponsors
Sponsors will often request reports on the performance of their campaigns. Provide them with detailed analytics with episode downloads. Establish a clear timeline for when these reports will be shared, typically 30 days post the final episode, to provide a comprehensive overview.
Sponsorship management requires attention and effort. While it’s an additional job, the potential revenue opportunities are worth the investment. After each campaign, check in with your sponsors to gather feedback and discuss future opportunities. This continuous engagement can foster long-term partnerships and further grow your podcast’s success.
Time-stamps:
Your business ecosystem (2:21)
Set an objective (3:53)
Podcast sponsorship packages (5:03)
Collaboration with partners (7:46)
Considering additional assets (8:09)
Creative control and revisions (10:59)
Sponsors want reports (13:04)
Baked-in versus dynamic ads (15:38)
Checking in after a campaign (17:32)
