How to Create a New Revenue Stream for Your Business || Start a Podcast
Writing a post about starting a podcast in the clothing industry may sound like an odd combination, but in fact - a podcast can add a new way to generate income and direct more traffic to your online store or available services.
I came across this idea when looking for ways to expand my own brand and found it to be less difficult to start than I initially expected, it's also an out of the box way to start an income stream that doesn't have to depend on clothing sales.
When the thoughts of a Podcast come to mind - I'm sure clothing is not the first thing you envision, at least not for me...which is why the idea is one that can be a lucrative solution as it's a resource that can be tapped into with a smaller investment and can be really successful if you're already a monster on social media platforms.
WHAT IS A PODCAST?
According to How Stuff Works, Podcasting is a free service that allows Internet users to pull audio files (typically MP3s) from a podcasting Web site to listen to on their computers or personal digital audio players. The term comes from a combination of the words iPod and broadcasting.
Podcasts are usually comprised of topics that would never get radio play, either due to subject matter or the discussion may be a little too risque for the average radio listener.
Pretty much, you'll record an audio file (whether it be a discussion or some sort of commentary), upload it onto the hosting site of your choice and make it available to listeners for free or with a fee.
If you're not really sure, or not confident that this is something that you would like to continue to do, there are free and inexpensive options available that will allow you to test the waters of the concept before jumping into the ocean of podcasters, without a life jacket.
The premise of a podcast involves understanding your listeners and delivering content that is of value - albeit a learning experience where you can offer an educational or training course, or creating a supportive community that offers networking or the discussion of relevant business topics.
There are several ways that this type of platform can be used to make more money for your business, but there are 3 main avenues to generate revenue:
3 WAYS A PODCAST CAN MAKE $$$
Subscription & Membership Plans
Paid Sponsorships and Affiliate Programs
Podcasting can work as an added feature to your existing product catalog or it can act as a stand alone feature for non-related content if that's what you choose to do. For the purpose of this post, I'll be covering core methods that can be used to ease the pain of dips in clothing sales by providing an alternate way to supplement your income.
One of the biggest obstacles to conquer is getting eyes to your store in the first place. You need to know about SEO settings and keywords, you need to understand who your target audience is and how they buy. There's a lot going on before you even start an advertising campaign, and once it's started, it can get really expensive really quick.
A Podcast can offer you an inexpensive way to promote your business, while giving your listener a way to learn more about you and your business. It creates a way to build rapport and friendships, leading to more website traffic and the added opportunity to make more sales.
What Influencers Already Know...
When we feel someone is good-natured and striving to provide a high level of service, we want to support that person. This is how influencers have been able to make millions over the years.
Their followers feel like their friends and buy from them to show their support. This method helps to build your brand while opening a doorway to enhancing or creating lasting relationships.
SUBSCRIPTIONS & MEMBERSHIP PROGRAMS
Subscription and Membership programs provide a way for you to offer exclusive content to your audience for a fee. Whether you're teaching a class about sales and services or you're creating an opportunity for one-on-one training, you'll be using your expertise to offer a supplementary service.
When sales are slow, paid memberships can help to close the gap. It's a method that offers a way to generate income on a consistent basis, without having to rely on traffic to your store.
If you want to use this method, it works best when you already have a decent social media following. If you don't have a decent following, you'll want to start working on that. With scams being on the increase (partly due to the pandemic), most people are not willing to shell out their hard earned dollars on someone they know nothing about. Listeners will want to already be familiar with you and will have to trust that you have their best interests at heart.
Before deciding on the content you'll choose to monetize, make sure that it's of value and offers more information than a standard YouTube video. If your content doesn't hold value, you can't expect anyone to want to pay a fee for it.
PAID SPONSORSHIPS & AFFILIATE PROGRAMS
|| PAID SPONSORSHIP
Another way to generate a form of income that's not impacted by clothing sales is to promote other businesses via paid sponsorship. The company will either pay you for mentioning their company during commercial breaks, provide you with a code to give to listeners for special discounts or both. When a listener uses your code to make a purchase, you get a percentage of the sale and depending on the type of sponsor, your cut per purchase can get up into the hundreds or even thousands.
|| AFFILIATE PROGRAM
Affiliate marketing is very similar to a sponsorship, but there are a few differences. With a sponsorship, there are certain stipulations put in place to ensure your production meets their eligibility criteria. You may be asked to mention the company a certain number of times or you may be prohibited from deleting or removing the podcast in the future.
With affiliate promotions, it's more about the clicks and purchases on their website. Entire podcasts do not need to be dedicated to the company and they're not as strict about the content. If you're part of an affiliate program, discount codes can be shared during your program. Take a little time to share a something about the company, explain what the listener is getting with the discount and share the code.
BEFORE STARTING 3rd PARTY RELATIONSHIPS
Research the brand and avoid scandals
Be sure to read all rules and regulations required by the company
Avoid violating some part of the agreement, the sponsor may suspend or drop you as an advertiser
In the times we're dealing with, many people are out of work or dealing with shorter work hours and are looking for different ways to create new income streams. Even if you're new to clothing sales, you can already tell that sales are heavily effected by the tragedies and world circumstances that we're all witnessing and living through right now - with many of us at the height of frustration and having a want for equal opportunities for everyone.
My goal for this post is to help as many people as possible, I don't know how many this will help, or if it'll help anyone at all, but I do hope that ideas can be pulled from this information, to help create a way to ease the financial burdens that a lot of us are currently dealing with.