Podcasts for Profit with Morgan Franklin | Podcasting Strategy for Podcasters

When I think about the most impactful and accessible ways for podcasters to make money from podcasting, especially within the first year, it’s having a digital product. Most of the time your first  digital product can be created with minimal time and limited overhead. The biggest question is, what are you going to make and how are you going to sell it?

In this episode we’ll work through these two specific questions: what kind of digital product will you create? (What could that look like for you and your podcast?) Then how will you sell it? (How can you take this idea and actually turn it into a product your audience wants to buy?)

👋🏼 Want to sell a digital product but you don't know what to make?
Use my free tool that sends you 10 ideas made for YOUR podcast:
https://form.jotform.com/Morgan_Franklin/podcast-digital-product

📌 Work with Me 1:1 for Podcast Coaching and Development:
https://morganfranklin.media/contact-morgan-franklin

👩🏻‍💻 Shop My Podcast Template Store:
https://podcastsforprofit.com

👋🏽 Let's connect! You can find me on LinkedIn, Pinterest, Instagram, Threads, and TikTok.

🙋🏻‍♀️ Questions? Comments? Ideas? Message Me:
morgan@morganfranklin.media

Creators and 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: The world of
digital products is a magical

and mystical place. It's the
passive income we dreamed of.

It's making money while we
sleep. It's confusing. Welcome

to pod School. Today's lesson is
going to be about how to make

and sell your first digital
product when I think about the

most impactful and accessible
ways for podcasters to make

money from podcasting,
especially within that first

year, it's having a digital
product. Most of the time, your

first digital product can be
created with minimal time and

very limited overhead, so you
don't need a lot of time or

money. And I think that that's
why this is so appealing for new

podcasters. But of course, the
big question is, what are you

gonna make and how are you
actually going to sell it. 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 in

this episode, we'll talk through
those two specific questions,

what kind of digital product
will you create? What could that

look like for you in your
podcast? Then how will you sell

it? How can you take this idea
and actually turn it into a

product that your audience wants
to buy? About a year ago, I

started my own journey trying to
figure out what digital products

I'd sell from this podcast, from
my own podcast, and despite the

glitz and glamor and excitement,
I realized that this was not

gonna be as easy as I thought it
was gonna be. First of all, I

had no idea what I was gonna
sell. One, what would people

actually want to buy from me?
And two, how was I actually

going to create that thing and
sell it. Digital products can be

anything, and I want to take a
small step back here to talk

about digital products and what
they are before we really get

into the episode. Product folio
says that a digital product is

any product or service that is
primarily based on digital

technology, existing in a non
physical or intangible form.

Okay? What does that mean,
right? Basically, that means

that this is a virtual product
or service that someone can buy

and use in a virtual space.
Again, what does that mean? For

example, I think of one of the
first digital products that I

ever bought, which was songs on
Apple iTunes to play on my

iPods. Now, obviously, most of
us will not be selling songs or

any kind of audio like that, but
another product that I remember

buying early on was presets for
Photoshop and Lightroom to edit

photos. I'd buy these from
independent sellers and use them

in conjunction with my Adobe
software. And again, you might

not have this kind of digital
product either, but look on how

to achieve the same results that
you've been able to achieve, or

maybe a calendar or a Canva
template, or hundreds, literally

hundreds of other things. There
are endless possibilities on

what you could create and sell.
But as I'm sure that you know,

especially as a podcaster,
endless possibilities does not

always help you figure out what
you should be doing or what you

need to create, and that's why I
made the most incredible tool

for all my podcasters, for you,
so that you can figure out what

kind of digital product that you
could sell and what your

audience actually wants to buy
from you. It's a form, and it's

going to be linked in my episode
description. And how it works is

basically you put in the
information about your podcast

and your audience, and if you
have any digital products

already, and it'll just
instantly email you 10 ideas for

products you can sell. I've been
working on this tool for several

weeks, and I am just so excited
for you to use it. I cannot wait

to hear what you have to say,
and all you have to do is take

about a minute and a half to
fill out everything about your

podcast and audience, and the
ideas will be emailed directly

to you. It is that easy.
Figuring out what kind of

digital product that you should
create is a lot like figuring

out what your podcast should be
about. That's what it reminds me

of so much, because it needs to
be at the intersection of your

own knowledge and what you have
to provide already and what. The

audience wants to hear from you
or to buy from you, there has to

be that like even balance of
what we can create and what

people actually want. My best
suggestion for starting out is

to look at what you've already
made for yourself or your

clients. I'll use myself as an
example. I was producing

podcasts professionally for
about three years before I

started thinking about what I
was gonna sell or any kind of

digital product. So when I was
brainstorming, I took a look at

all the things that I had
already created for my clients.

What was I already using on a
day to day basis to make this

podcast production work? And my
two digital products that I

launched with and that I'm still
selling are my podcast media kit

and my podcast guest
questionnaire template. And I'd

made both of those and perfected
them to the point that I thought

when I'm thinking about what I
think podcasters need and what

they would need to produce their
first podcast well. And I

thought, okay, if this works
well for me, I think other

podcasters would love this too.
Take a look at what systems and

tools that you already have in
place, and figure out if there's

any way that you can package
those up to sell them. I know

that might sound a little bit
confusing, but I think about a

client who I'm working with
currently that is in the primary

education space, so teaching
parents and students about ages

K through fourth grade, so five
to 10, there are so many

worksheets and templates and
calendars that they could sell

online. And even better, if all
of those came with a video or a

podcast episode or a private
podcast episode to accompany

them, that would be so
incredible for a parent who's

trying to help their student in
the classroom, or what about

somebody that's an accountant or
a lawyer or a business coach?

There are just so many
worksheets and templates and

guidelines that you could make
to sell to people is insane. But

again, figuring out what to sell
is only half the battle, because

maybe you have a great idea for
a template or even a live

coaching seminar. How do you
make sure people really want it,

and how do you get it out there
for them to purchase? This is

where I think waitlists are such
a practical and important tool.

A waitlist can be really easy. I
use kit, formerly known as

ConvertKit, as my email
management software. They

literally have a free landing
page like you don't have to pay

for anything or for any of their
services. They have a free

landing page where you can set
up a wait list and start

collecting people's emails.
Also, I want to clarify when I

say waitlist, I mean that you
are just collecting people's

contact information that are
interested in an idea that you

have. The you explain is coming
out or is in development. That

way, when you finally launch the
product, you already have a list

of people that you know are
interested in it, and you can

gage the interest of the people
signing up on that wait list,

because you would rather make a
wait list that doesn't get any

sign ups, then create an entire
course that takes you months and

hundreds or 1000s of dollars to
make, and then no one buys it.

So think about setting up a wait
list to get people excited for

any kind of products that you're
even thinking about making, that

way you can gage, okay, are
people actually as interested in

this as I am making it. The next
thing is ask the people who are

already working with you. Just
say, hey, I really value you as

a client. I value you as a
listener. I want to know what I

could do to make your life
easier. What problems are you

having right now? Then go from
there. You don't have to guess

what people need or what they
want. Ask them what they need.

And think about what people ask
you the most. Like, literally,

what are the questions that
people ask you the most? What

are people paying you to do the
most often? What are your most

listened to episodes? Think
beyond your podcast again, what

are you hired most frequently to
do, what's the information or

tools that you're giving to
people that they value the

most?Again? And if you're having
any questions about this or

thinking, oh my gosh, I have no
idea what people ask me. I want

to plug again, the tool that I
made for you. It is linked in

the episode description, and it
takes account of all of these

questions. All right, so let's
say that you have an idea of

what you want to do. Let's say
that you're a cake decorator,

and you help other cake
decorators to book out their

entire calendar year. You're
selling a digital calendar, a

profit and loss sheet, and a
Canva template set that's

customizable social media posts
for their business. You already

have a podcast about the same
topic, helping cake makers make

money and book their full
calendar year. So now what we

need to think about is, how are
you going to take this idea to

reality? The first things first,
I would make a wait list and.

There that's on your website or
through your email. Hosting

doesn't really matter. Start a
wait list page and mention it in

every episode. So say, Hey, I'm
launching these digital

products. Here's what they are
going to be loosely here's who

it's going to help sign up for
the wait list and be the first

one to know about the launch.
And maybe you have a promotional

deal or something, and then put
the wait list in every single

episode description, so that
people can easily sign up if

they are interested Next, you're
gonna figure out what you

already have and what you need
to create. So maybe you already

have all of the things and
you're using them for yourself.

In that case, it wouldn't really
take that much work, but maybe

you haven't. Maybe you have a
really rough profit and loss,

maybe that you're trying to
design some of these things for

podcasters who are just a one
person show. This is where

things like Upwork and Fiverr
are going to be your best

friend. Look for people and
vendors that will help you to

design these digital templates
is there are hundreds of people.

This is all that they do. They
help people make digital

products to sell. So type in
what you're looking for and take

the time to look at what these
different vendors have done.

Read the reviews. This is not
something that you just want to

pick the first person that pops
up. Make sure that you're hiring

someone, that you know what they
are going to be giving you and

that you like what they are
giving you, because think about

it. I mean, after that, you are
going to take what they give you

and sell it to somebody else. So
make sure that the people that

you are working with are
creating things that you would

be proud and excited to sell.
Then from there, and whether

you're cleaning up your own
stuff or you've got your PDF or

Excel or Canva links that you've
bought and helped work with

another person to make these
files are going to be ready for

you to start selling to buyers.
So how does that process really

work? This is the part where you
can go a lot of different

directions. Personally, I use
Shopify. This is not sponsored

by Shopify, but I wish it was if
you have a Squarespace website,

I believe that they do have an E
commerce capability. Basically,

you just need a place to have a
digital storefront to sell this

product. There are hundreds of
ways to do this. If you have a

link tree, even in your
Instagram description, I know

that they just launched a
digital storefront, and most of

the time it is as easy as
uploading the document that you

want to sell. You fill out the
information about it, and then

you just start selling. There's
a lot of different options, but

my best advice is to do some
research and see what's going to

serve you the best for the
amount of money that you're

putting into it. No one wants to
lose money on just hosting their

digital product and not making
any sales, because I've seen

that happen too. So if I were
you, I would start with a really

low cost option, and especially
if you only have one or two

products, so that you're not
spending 5060, $70 a month and

then maybe not even making that
return. Try to go for something

free or under $20 a month. All
right, so now we figured out

what our product will be. We
have a place where people can

buy it, and now we are tasked
with making sure that people

know why and how to buy it.
That's a million dollar

question, right? That's why
every marketer has a job. But

let me just say, as a podcaster,
you already are so far ahead of

the curve, you already have an
audience that is coming to

listen to you. However, this is
still a delicate balance. I've

read hundreds, probably 1000s,
of one star podcast reviews

complaining about how the host
is always selling, and it's so

annoying that this podcast is
just one long ad. So again, we

have to make sure that we're
always putting our listener

first, because if they aren't
listening, it doesn't really

matter how amazing the product
is or how great of a job we've

done at marketing it on our own
podcast. If no one's there to

listen, it really does not
matter. Listeners want value,

and I think as podcasters, that
we should focus on that a little

bit more when we're trying to
sell our own products on our

podcast. How is this product
going to bring value to your

listener? How can you explain
how it works? How can you

explain how you've used it? How
can you explain why you made it

sell the benefits of this
product and not the features?

How is it going to improve the
listener's life? You know what

to do if you want to sell a
digital product, but you still

aren't sure what it could be.
Use my free tool. It's linked in

the episode description. It'll
take information about your

podcast and your audience and a
little bit of magic from me and

email you 10 digital product
ideas that are made specifically

for you and your podcast
audience. It's the most amazing

tool that I have ever made for
podcasters, and I'm so, so proud

of it. I can't wait to hear what
you think. Like I said, should

take a little bit less than two
minutes to use. So go ahead and

give it a try. If you want some
one on one, help from me. On how

to create products to sell on
your podcast, or how to sell the

products that you already have
on your podcast. My contact

information will be in the
episode description. You can

schedule a free exploratory call
with me, 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

you'd like to hear more episodes
like this one, go ahead and

subscribe to the show. New
episodes air every Monday

morning. And if you found this
episode valuable and you want to

help other business owners and
podcasters, will you leave me a

five star review. It helps the
show rank higher in the charts

and brings more entrepreneurs
the information they need to

start making money on their podcast.