Podcasts for Profit with Morgan Franklin | Podcasting Strategy for Podcasters

This is exactly how I'd help a client that's never made a dime on their podcast go from making nothing to $10,000 with their podcast.

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Creators & Guests

Host
Morgan Franklin
Morgan Franklin is a podcast producer, strategist and educator. Since 2020 Morgan has founded and produced multiple top ranking podcasts from the health industry to beauty. Featured everywhere from Good Morning America to Martha Stewart Living Morgan's passion and knowledge for branding and podcasting have helped countless business owners and brands grow their impact and bottom line podcasting. Morgan is the Founder of Podcasts for Profit and Morgan Franklin Media, in addition to host of Podcasts for Profit with Morgan Franklin.

What is Podcasts for Profit with Morgan Franklin | Podcasting Strategy for Podcasters ?

If you’re ready to create a podcast that will align you with experts in your industry, position yourself as a trusted leader and create another source of revenue for your business you’re in the right place. Podcasts for Profit will help you create and grow a podcast that cuts through the noise of social media and speak directly to your target audience. Stop letting the algorithm determine your social marketing strategy. Stop letting trends dictate the kind of content you’re able to create. Hosted by expert podcast strategist, producer and educator: Morgan Franklin, Podcasts for Profit is your step-by-step guide to creating a podcast that will transform your business, opportunities and life.

Morgan Franklin: How hard do you
think it'll be to make $10,000

podcasting? Seriously, if I sat
down with you right now and

said, Give me a plan for how
you're going to make $10,000

with your podcast, how hard do
you think that that would be for

some of us, this would be no
problem. We have digital

products, we have partnerships.
We're pitching ourselves in

every episode. This is the
status quo. However, for the

greater majority of us, we would
have no idea. In this episode,

I'll walk you through how I'd
help a client make their first

$10,000 with their podcast, what
you need to know and how you can

capitalize on your experiences,
your audience and your existing

brand to make your first $10,000
podcasting. Hello and welcome to

podcast for profit. My name is
Morgan Franklin. I'm a Podcast

Producer, strategist and
educator. This podcast will help

you create and grow a podcast
that cuts through the noise of

social media and speaks directly
to your target audience. If

you're ready to create a podcast
that will align you with the

experts in your industry,
position yourself as a trusted

leader and create another source
of revenue for your business.

You're in the right place. One
quick note before we get into

this episode, if you're like me,
I'm a visual learner. I feel

like writing things down is
really the only way that I learn

something. I have a completely
free printable PDF companion

that goes with this episode.
It's a worksheet and also a gold

tracking asset, and that will be
in the episode description.

First things first. Why do you
want to do this? And I know that

this might seem like an easy
answer, right? Because

obviously, it's because you want
to make money. You can make

money a million different ways.
Why do you want to make money

from your podcast. Why would
making $10,000 be meaningful to

you and your goals moving
forward? For me, when I think

about this question, it's
because it's validating to me

and my podcast that it's worth
$10,000 but also because I want

to grow my podcast. I want to
hire a staff of people to help

me edit and write and promote. I
want to go to podcast

conferences. I want to be able
to be where podcasters are, to

talk to them in person. I love
podcasting, and when I make

money through my podcast, it
helps me do more of what I love

and help people to do more of
what they love. It's easy to not

follow through on a goal that
has no meaning to your life. We

know that. Have you ever noticed
that when you have to get

something done, there is
literally no way and nothing

that could stop you? That goal
has a purpose, and when you have

to get something done, there is
no other choice other than to

get it done, right? So if it
helps you, think about this in

the same way use the purpose of
why to get you over the finish

line. How will making this money
help you, or your business or

your podcast? What exactly will
it improve for you? What will

you be able to use this money
on? Give the money a job, figure

out exactly what it's going to
do for you. And when you make

this money and commit yourself
to making the money, we can't do

X without y, and we have to do
Y. So how are we going to do X

after we figure out why we're
going to do this and what it

really means to us now, we need
to add some specifics, because

we can hold ourselves to a
mission all day, but if there's

not a clear path to when and how
we're going to get there, that's

a problem. Okay, so how long are
we gonna give ourselves to make

this money? This is all going to
depend on you and what your

audience size is and what
methods of monetization that you

already have in place. So how
many sources of revenue does

your podcast currently have? How
much time and effort do you have

to put into making this happen?
That's a huge question that you

need to consider. Like I said
earlier, this could be really

easy for some of us and could
only take a matter of weeks, but

for some of us, it might take
all year. So either way, that's

okay, but you need to have a
clear picture of how long that

you're gonna give yourself to
make this money. For the sake of

this example, let's say that
we're going to make our first

$10,000 with our podcast over
the next three months. So that's

roughly 3333 a month, or $833 a
week. For me, it's a lot easier

to break a goal down into weeks
if it's stretching over months,

so that I can say, Okay, I need
to make just under 850 Week to

reach this goal in three months,
versus just saying, all right,

this is how I'm gonna make
$10,000 because that's a lot of

money to just figure out how
you're gonna make if it's over

one block of time. So take some
time download the worksheet that

I've made for you and do the
math on how much time that you

want to give this goal and what
it will look like every week for

you to contribute to this
amount. All right, so

logistically, we're pretty
sound, but you're probably

thinking, Morgan, I can look at
the numbers and mission all day

realistically, how am I gonna
make this money? And obviously

there are endless ways to do
this, and I can't speak directly

to every single one of you in
this moment, but I can tell you

that if I was talking to the
average podcaster who has never

made a dime on their podcast,
and they came to me and said,

What do we need to do to get to
$10,000 in the next three

months? This is what I tell you.
First, we need to know your

audience, and I'm not just
talking about the gender or age

of your average listener, we
need to take a deep dive and

say, here are the top three
reasons that your audience is

tuning into your show every
week. We need to get that

listener profile down to the
exact person. There can be no

deviation on this. If we want to
make money on a podcast, we need

to know exactly who is
listening, and that doesn't

matter if it's partnerships or
selling your own products or

affiliates or memberships. I
don't really care. Our first

order of business is figuring
out who your audience is and

what they want from you. If we
don't know that, we can't really

go any further. Defining your
audience is not easy. I'm not

going to pretend like it is.
I'll say this as a podcaster

that's constantly trying to
evaluate and re evaluate my

audience, knowing who is
listening and what reason, is a

never ending quest, but it is
such a necessary one. You can't

sell to someone that you don't
know. After we figure out your

audience and we really get to
put together a meaningful

listener profile, we're gonna go
through all the ways that you

could potentially monetize your
podcast. First being, what do

you already have available? Are
you a business owner? Have you

done partnerships before? Do you
have affiliate deals? Do you do

coaching? Do you have
memberships? What do you have

available to leverage in making
this money? Because here's the

thing, podcasts don't just make
money. It's not only you putting

in the work of having this
podcast, then it's also you

having to figure out how and
what you're going to sell

through the podcast. It doesn't
happen by accident, and that's

something that I wish that I
could share with every podcaster

that's thinking that they're
gonna be a millionaire by

posting and uploading an episode
every week. Sadly, if you aren't

making a plan, you aren't making
any money, but let's pretend,

for this example, that you don't
currently have anything to sell

on your podcast other than
you're an entrepreneur with a

service based business.
Sometimes you'll casually bring

up your business in your podcast
episodes, but you aren't even

really super consistent in that.
This is what I tell you. First

thing we're going to make a
contact form that speaks

directly to the listener that
would be hiring you after

listening to your average
podcast episode. We'll say that,

for example, you're a YouTube
expert, and your podcast is

about growing on YouTube. You
would make a contact form that

is speaking directly to
YouTubers or future YouTubers

you want to work with on that
form, it'll ask questions about

their channel, what they want to
accomplish and how you would be

able to help them. Okay, so
after they fill out the initial

contact form, you are going to
have three packages set up that

you are able to share with them,
either at the time of your

exploratory call, or the pitch
that you follow up with when

they contact you through the
form. You really only need three

services to sell someone, and
these services should be very,

very clear. This is what I can
do for you. This is why you'd

want me to do it, and this is
when I'll have it done. So speak

to the problems that you are
addressing consistently in your

podcast episodes and tell them
how you can solve those

problems. After that, I'd have
you make a list of 10 companies

that you would like to partner
with. So from there, we're going

to send a media kit about your
podcast, asking if they are

looking for any kind of paid
partners to represent their

brand. So explain why your
podcast audience is the exact

audience that needs to be
hearing about their product. If

they say no, that is when you're
going to ask about an affiliate

program. Because usually
affiliate program. Have a much

lower barrier to entry. So
that's because they are not

having to pay you unless you are
making money for them. So if you

get a no on doing a partnership
deal or asking them if they

would like to advertise with
you, follow up with, do you guys

have an affiliate program? I
love your product. I still want

to represent you that way you
can keep working for them, and

then a year, a year and a half
from then, say, Hey, look at all

these sales that I've made for
you. I want to have you as a

partner on my show. And I'm not
gonna lie to you, this is gonna

take some time. It's gonna take
some time with following up.

This is where you are gonna have
to be really organized and know

what your podcast is bringing to
the table. Also, this is where

you can't be shy about bragging
on yourself. You want this

company to pay you to talk about
them. So tell them why. Tell

them why they should. After
you've sent the first 10

pitches, figure out the next 10
that you want to reach out to my

best advice is to pitch 10
brands every month. This seems

to be the sweet spot for
podcasters without overwhelming

yourself. Don't try to send 10
pitches a day. Instead, just

figure out who you are really
aligned with and who you'd like

to work with, and make sure that
you're putting in that even

amount of effort so that over
time, it is showing some impact

for this goal and for your
bottom line. I'd also tell you

to get on websites like Amazon
and like to know it, and Walmart

and any of these other big
companies that you shop at that

have affiliate codes if you are
plugging a product in your

episode at any time, there is no
reason that you are not tagging

that product in the episode
description with an affiliate

link so that you can make some
money off it. We don't do free

promo here, so make sure that
you have affiliate links for

everything that you are pitching
next. What kind of digital

product can you make my episode
before? This one is dedicated

completely to digital products,
so please listen to it if you

haven't. Digital products are
the best way to make money

without having much money. It's
the best way to make money if

you're a one person show and
you're basically starting with

nothing. I'm not gonna harp on
this too long, because I know I

just had a whole episode about
it, but I do have a free tool

that will email you 10 digital
product ideas that are made

specifically from your podcast
with a little bit of magic. For

me, the link will be in the
episode description of this

episode if you haven't used it
already. It is so amazing, and I

am so proud to provide this
resource for you. So make sure

you go check it out. Like I
said, it is based on answers

from you about your podcast,
about your audience, and it is

just such a cool way to see how
you could make money from

digital products. Exclusive
content is another thing that I

look into after figuring out
what kind of digital products

that I want to make. And what do
I mean by exclusive content,

content that is behind a
paywall, and this can be so

stupid easy you want to know a
podcaster who should teach a

masterclass on this is Payne
Lindsay. He has that podcast.

It's called up and vanish. But
he also has radio rental. He

does this thing where you can
pay five or $10 a month to

listen to the next episode of
the podcast. It's basically a

week before you could listen to
it for free. You can listen to

it without ads. I know this
isn't groundbreaking, but I just

wanted to bring it up because I
think his production company,

which is called tenor fit TV,
does this really well, because

they've hooked me on so many
shows and got me to pay for it,

and I rarely will pay for
anything like that, so make sure

that you go check them out if
you want kind of an inspo on how

you could do this. It's
basically just that you have

another episode ready to go, and
if someone pays, they can listen

to it a week early. This goes
for all my podcasters. Whether

you are filming your episodes or
not, you need to be repurposing

your episodes every way you can
into any kind of content you

can, because you can monetize
YouTube and Tiktok so easily.

And I know it's like only a 10th
of a cent of you, but if you are

already making that content,
there is no reason that you're

not making money from people
watching it. Take the time and

effort to repurpose your content
into formats that make sense for

your podcast. So YouTube,
Tiktok, I'm talking even

Instagram and Facebook have
monetization now. So monetize

those channels and start
building audiences on those

channels so that you can also
drive back listeners to your

podcast when they see a short
clip, or they see anything that

has to do with your podcast,
they think, oh my gosh, yeah, I

want to go listen to their
podcast. So make sure you're

taking advantage of repurposing
all of your episodes. Finally,

make sure that you have started
and are actually utilizing an

email list. There is no better.
Way to access your listeners, to

share with them, then an email
list. And I want you to do this,

whether it's for making money or
just simply growing your

podcast. You are a podcaster.
You have something to share with

them every single week. You
don't even have to make anything

up. So make sure that you are
taking advantage of this and you

are using every opportunity to
grow your email list, because

you know, podcasting is a really
cyclical media, and the more you

use your social media and your
email list and your products and

services, the whole ecosystem of
your business and your podcast

will thrive if you are ready to
make your first $10,000

podcasting, please reach out to
me. My contact page is in the

episode description, or you can
get a hold of me at Morgan. At

morganfranklin dot media. I know
I said this at the beginning of

the episode, but there is a
printable PDF companion and

tracking worksheet. Those will
also be in the episode

description. And as always, I
can't wait to listen to your

podcast. Hey. Thank you so much
for joining me on this episode.

If you enjoyed the podcast and
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