How to create a Profitable Podcast

1. What to expect : Podcasting business is on the rise, and you can always see these with things like Joe Organ getting over $200 million from Spotify. And just like any media business. Okay, At the core of podcasting, there are two things. How your audience, viewers or customers perceive the value you create. Whether they're willing to reward you with attention or money. Notice I said how they perceive the value create, which is not the same as how you yourself, okay, perceive your podcast. Because that isn't the same thing. Now, value comes in this case, okay? In the podcast case comes down to two things. What do you know about the audience and the kind of podcast you've created by the time you're done with the videos. Okay, by the time you're done with these lessons, you're going to be in a position to actually do that. You're going to be in a position to create a value proposition podcast. That is, look at it from the value side as well as the business side of things. Of course, things like the nature of your operations, marketing, and finance will also affect the success of your podcast. But we are starting with the value you are creating. Since the idea, beyond all the philosophy, all this is learning by doing, there's going to be a project. By the time you're done with this, you're supposed to undertake a project in which you'll be required to write a value proposition for a podcast you're about to create. The cool part is if at any point you feel stuck, you can always ask. I'm here to answer those questions about me. Moses and I teach business related units like entrepreneurship, procurement, and business strategies. I also create digital content or educational content on the same. Let's get started. 2. What “job” is your podcast going to do?: John who is in procurement and spends a lot of his time getting inputs for his company. Now, John loves his job and wants to be the best at acquisition, basically. The best at getting resources at the right time, the right price, quality, quantity, and delivered at the right price. Now supposing John is on Spotify or is on Youtube, and he's looking for a podcast. Okay. Like he's looking for a podcast that he can follow, can subscribe to. What do you think he's looking for? What kind of podcast do you think John is interested in? What exactly do they want the podcast to do? That is important because as far as your podcast is concerned, forget about what you're good at. Because most of the time we tend to think this I'm good at and I will be very valuable if other people are also aware of these things. Okay? Or learn about these things. No, you need to ask yourself, what exactly do my audience, or my potential audience want this podcast to do? What job do they want that podcast to do? Okay, that could be something like functional, like getting them from A to B. Social, like becoming popular among their peers, or emotional, for instance, gaining peace of mind. Remember John? Okay, the procurement guy, let's say he spends a lot of his time commuting. He doesn't just want a podcast that is educational. You also want it to be entertaining enough to keep him busy while he's on transit. So if I'm to start a podcast and be there, I'm just going to assume that I'm starting a podcast that is catering to the needs of John. That's what I'm going to use for practical purpose in this class. If I'm to start a podcast, then I'm going to think of it along the lines of say something like a podcast for business professionals that is both educational and entertaining. Of course, I'm still going to have to figure out, or you're still going to have to figure out how you're going to educate and entertain the listeners. That could mean breaking down the topics. Breaking down the topics into things like practical tips on various business issues like negotiation, sales supply chain issues. Of course, that is educational, right? You still have to think of how to make the entire thing humorous. And that means thinking outside the box, for example, using practical scenarios. Okay? Things that happen, but presenting them in, in a funny way. Way back when there was that ship that got stuck in the canal or whatever it is. The supply chain issues, the America versus China and all that stuff. It's not just going to be one of those. Okay, here's how the procurement procurement cycle goes. Step one, identify your need. Step two, you have to make it interesting. But I'm not saying that you're going to be doing the same. Here's something you need to think of. Now, over to you write down the job your audience wants your podcast to do. I want to, you're not just writing this one down for this video, because you're going to use that information to create an entire value proposition. You can download a template. Okay, there's a template in the resource area, template one, namely template one. And then you'll fill along as you continue. Like in our case, let's see, what job do you want our podcast to do? That would mean something, something like this. All right, in this case, we have two things. This is the template you're using. We are looking at our audience. Okay? Audience problems and the solution. The first thing that you're dealing with is the job under the job. Okay. What exactly do you want our podcast to do? You're saying that our audience want business content that offers practical educational, practical educational there, practical educational discussions and is entertaining. Okay? They want business content that offers practical educational discussions and is also entertaining. That is what you're going with. That is, again, over to you. Okay, now using that template. Let's start by that. Let's make it simple, okay? Again, it doesn't have to be whatever it is that you're going to do, but just follow along and let's see if you can have an idea. Then you can apply to your real podcast in future if you're thinking of one. If it is what you're going to do, that's even better. What job what exactly going to be? What kind of topics are you going to know? It's what job do your audience want that podcast to actually do? 3. What is your audience is trying to avoid? : Let's say you work out, which by the way, I do, and I hope that you also find time in your busy schedule to exercise, supposing you have a shoulder injury, okay? You know, you don't just sit there thinking, okay? I, you know, I have a shoulder injury and I need surgery. That is not what comes to your mind. What comes to your mind is I'm in pain and I need this pain to go away. Okay? So that's the thing that comes in your mind first. So that is the same thing. That your audience is also going to be the shoulder thing, but your audience is also in pain. There is some pain they're going through, okay? There's a job they aren't done, but there are pains they're going through when they try to get that job done. For example, when you go to work out, okay? When you're working out, that is what you want to achieve in the gym. Okay? But then if you have a shoulder injury, then you can't continue working out because, because of that pain and you're like, how do I get rid of this pain? Or reit this are stopping me? That's what I want to think of. Think about the job that you just said your podcast is going to do. What pain is your audience going through whenever they try to do whatever it is that they are coming to your podcast, that job that they want to your podcast to do. Okay, what are they going through? What pain are they going through? Remember John, our acquisition guy? Now, this guy spends a lot of time on transit. Okay. I mean, he loves his job, but he's spending a lot of time between point to point B and that is boring. So that's one of the pains they're going through. They tend to be bored on their way to transit, on their way to the next point. Also, there is only so much you can do. I just sitting on the plane in a car or they're driving, they're there. There isn't anything else they're going to do, assuming they're also too busy. Okay, so they're probably too busy for normal studies and he's already working, which means formal studies won't work for him. Remember, pain can also be negative outcome that your audience is trying to avoid. A student who buys a summed up prevision guide is not trying to be smart. Okay. They just don't want to fail in an upcoming exam. That's the thing. All right. You have a podcast. Okay, there is that thing that you want your podcast to do now. It's time for you to think about the audience, what are their pains and fill that in. Okay, in that template that's important, we know the job that you want our audience to do. But that job, whatever it is that we know the job that our audience expects our podcast to do. If you're listening to say one of those joganodcasts, okay, You probably want to, depending on which guest is there, there is something you want to get from that guest. Okay? Or there is a format that there is something that you're expecting from there. Okay? You don't really listen to say Jogan interviewing somebody like Jordan Peterson or Patrick David or Andrew Huberman. And then, and then the next day maybe they're interviewing some comedian like Dave Chappelle and then think hmm, Dr. Andrew Berman said or Dr. Peterson or Patrick, but David, business people, scientist and clinical psychologist. You don't really expect that kind of content, the person who pays attention to that. They're not really expecting the same thing when they're listening to say Dave Chappelle, who's an accomplished comedian, probably a good businessman, but it's not the same thing. Okay, so what are your audience in pain now, before you look at that, let's see, in our case, the one that we're using, okay, John. What is John Pain? Let's talk about that. Okay? Now in our case, our audience pains, okay, will include so they're bored on transit, okay? They're border, they're on transit. They have a busy schedule. They're not interested in formal, they're not interested in formal learning. Okay? Formal learning, but they still want to learn. That's the audience you're dealing with based on our statistics of one. But that's just an example of whatever, those are, the problems that these guys are going through, okay? What are they? They're bored on transit. They have a busy schedule. They're not interested in formal learning, but they want to, You also come up with the pain. Okay. Remember you're just making assumptions. He, this is a starting point. Of course, as time goes by, these pins in the job, these things are going to change. But for now, you need somewhere to start. If your podcast is going to be profitable, write that one down. 4. How your audience measure success : No avoiding pain is one thing, making some gain is another. And if you remember the gym example, right, you wanted to avoid or are you are trying to avoid the pain that comes with shoulder injury. But then what? Okay, You still have your gym goals, you still need to achieve those ones. How do you know that those goals are achieved? The same goes for your podcast. While you understand your audience's pain, how will the audience know that they are making some gain by listening to your podcast? How do they even measure whatever it is, that sense of achievement or the achievement? How do they do that? There is the next thing you need to figure out, because now we have a podcast. Yes. Understand what people are going through and trying to talk about solutions to these things. Yeah. But how do they know? How do we know that those solutions are working? How can we track that? It's not even a tracking thing. It's just what are some of the metrics? The key performance indicators. Let's go with that. What are some of the key performance indicators that you can use to determine the success of our podcast, which is based on the audiences? Again, what things are these people going to be looking at? And then they can say that, and that I need to listen to this person even more. In our case, John may be interested in improving his purchasing and supplies. Okay? Basically, procurement knowledge. Also be entertained in the process, What are some of, what is, how we're going to put down the gains that John is going to be looking at. Or if you look at John's perspective, here are some of the things we think will mean success to him. John is going to be looking for practical supply chain tips, okay? Like they want to gain some practical supply chain tips. They also want to be good at negotiations. That's an example of something that is going to be important in their career. And they also want to be entertained on transit. Okay? If you compare that, if you compare that to these, okay, they are bored. And if they're bored, therefore they want to be, to be entertained. And they have a busy schedule, but they still need to learn what are some of the things that they want to learn, like practical supply chain tips or activities that is relating to acquisition. Okay? They also want to be good at negotiation. I mean, if they are good at negotiation, then there is something they can be like after listening to those guys, they gave me some tips and now I apply them and it's working when I'm driving. Okay. From one client going to the next one. It's a noise time on traffic. When I'm on traffic, I'm learning something. If the traffic, if I take like 1 hour on traffic, that 1 hour I've lent a bunch of stuff, I get to where I am, I don't even notice the traffic. So these are some of the gains that they're looking for. The same thing goes for you. Whatever podcast you're trying to come up with. What are some of the ways, what are the gains? Okay, because remember, this is just how they're going to measure success. Your audience, can you write them down? Don't worry. If you only have one, don't worry. As you research your audience, you're obviously going to know more about them. Write that one down. 5. What you need to know up to this point: Far what you've been doing is just working on your audience profile. That's what you've been doing. Okay, By asking yourself, what is the job that our audience want our podcast to do? What are their pains and what are they looking to gain? Okay, that is just your audience. The thing you have to understand is that most of these are based on assumptions you're making as time goes by, okay? As time goes by, some of these things are going to change. Or you'll notice something else about your audience that you need to incorporate in your value preposition to understand your audience even better. For instance, we may end up having students who are in college following our podcast and are thinking, how do we get procurement jobs? Or how do we start logistic companies? What would that mean for us? Okay, like example, remember we started just thinking about John the procurement guy and what they want. But now we have this new audience who are thinking about employment, who are thinking about business and they're in college. That would mean that some of the visitors you have to bring or some of the guests you have to bring in our podcast should be people who are good at answering those questions. Or people who are already practicing those things. So that they can give these guys practical tip. We're pivoting, okay? You're not just thinking, yeah, well there was that guy or these people who are in transit or were commuting and those are the people we're targeting. Our audience base starts to grow, okay? So the assumptions you're making now, we have to change those assumptions based on new improvements in our customer or in our audience. Okay, In our audience profile, of course, the audience, they're going to be your customers. In short, you modify your podcast to meet your audience needs. Remember again, when you're starting, you're also constrained. You're constrained by the finances. Your operations are going to be constrained. So you may not really be in a position to even have those expert guests, okay, on board. If they're not there, what do you do? You don't sit there and say, you know the day, I'm going to be in a position to interview people like I see all these big podcasters are doing. Nah, don't think that way. Think, here's what I have. I have access to the internet, Let me research these things, okay? This audience of ours want to know how they can start X, Y, Z as a business. Then let me research on that. Okay, who wrote this book? Who wrote this article? What did that video say? This person who is an expert was interviewed by that person. What did they say about that topic? You'll be doing that on your own, of course, then as you continue to grow, now you can have people on board. Now let's talk about how you turn what your audience wants the podcast to do. The pain they go through, and again, they desire to achieve into an actual podcast. Okay, let's talk about that. How do you turn whatever job your audience wants that podcast of years to do the pain your audience is going through, which they're trying to avoid the gains they intend to achieve. How do you check that information and actually model your podcast? After all that, let's talk about that. 6. Before you continue: So it's just a quick one before you continue to the next thing. Okay. If you're finding this helpful so far, right, don't hesitate to. You can give it a rating and leave your review. Okay, that is helpful. It's important. It helps with the marketing. It helps with making other people be in a position to also see the lesson and have access to it. Give it properat, leave a review there. As always, if you have any question, don't hesitate, ask now, let's move on to the next thing. 7. What is your podcast proposing?: Important to look at the podcast and then they think this is a business. But to be honest, a business is only a business if you have people, okay, your audience in this case, who are willing to pay, okay, for your product or your services. In the case of your podcast, they're willing to pay forever. It is that you are saying or talking about with money or with attention, okay? Or even both. Or even inviting other people on that podcast. In short, if they're willing to reward you in some way that is beneficial to the success of your business. Otherwise you don't have a business. What you really have is a properly funded hobby. So what I'm simply saying is that you have to match that podcast that you're trying to create. You have to match it with the job. Okay. The job, your audience desire that podcast to do whatever it is that they want. Whatever they want to get done when they're listening to your podcast or what they're trying to do. Okay. And they hope that by listening to that podcast, they'll be in a better position to do that thing. You have to match those two. Okay, your podcast should be a reflection of that from the beginning. So in our case, that can look something like this. Okay, so notice we're on the solution side of things, and in this case, the product or service you're proposing. In this case, the podcast will be to present people with different educating and entertaining perspectives on business and acquisitions. That's the general idea beyond the podcast. Okay. I mean, we had John Okay. Who was interested in acquisition, but that falls interested in Yes. Acquisitions. But that falls under what? It falls under Business. A podcast is going to be presenting people with educating and entertaining perspectives on business and acquisitions. Well, I'm not saying that that's what we're going to do, I'm just saying that if you're to do it, that is pretty much a good starting point. So the same goes for you. What exactly is your podcast? What is it that you're proposing? Okay, what are you proposing that the podcast is going to do that matches with your audience's job. The job that they desire that podcast to do. Look at what you wrote there. And that's starting part of the template and then turn that into, now the proposition that you're making. 8. Relieving the Pain and creating gains : And at this point, you should be in a position to notice that your podcast should only be doing these two things. One, eliminating, reducing, or minimizing, okay, your audience pains. And number two, maximizing the benefits they desire. Remember, you don't want to be that guy, okay? Remember the gym example. You don't want to be the guy who's, you know, someone has a shoulder injury. And then you are there giving them multivitamins and sending them some PDF, You know, some PDF summary of a deck that should be following. Okay? I mean, that is not their problem. They have a shoulder injury at this point. I just want two things. They want the pain to go away and then they want to make their gym games, okay? So look at your audience that way and ask yourself exactly, what is the people's pain? Because you already know their pain based on whatever you wrote in their profile. So how do we make that pain go away? Okay? And how do we make them achieve these gains? Which remember you wrote them, right? I mean, you did write them. How do you make them maximize or achieve those gains? In our case. Okay? In our case, that could look something like this. So in this case, under relieving pain, okay, the pain they're going through this case, what are we going to be doing? We're going to be offering long, entertaining, long entertaining, and educating podcasts. Why? Because remember, these people are traveling, okay? They're on transit, it's going to check them. Sometimes they want something, they don't have to switch between that. But then again, what if they're not on transit, They're going to have short Snipetska on the key issues when they're busy and they need to know something. We're going to be looking at clipping out some important bits on that podcast and probably posting them on Youtube or something. Then we're also going to have guests from the industry to bring in new perspectives. That is going to be, remember that the pains, they add pains. We're trying to match the pains, rather we're trying to relieve the pain. Okay, Based on whatever they add as pain. Now, in terms of the gains in this case, what are they going to be gaining? Well, for starters, based on whatever they wanted. So do you correct that gain by offering practical tips on what is happening in the industry that solves the whole problem of formal education that isn't practical. We're also going to help them pass exams in case, remember we said you could end up having students. So that means at some point we're going to be looking at the examination bodies and activities that they're required to do. And then using those ones to create some podcasting material. Okay. So the ones who are traveling are going to be staying awake. Okay. Because, well, they're commuting and once in a while. Okay, once in a while, we can do giveaways in form of summarized download. So this is going to also make them have something practical that they can take away from the podcast. That's a, that's a thing, you know the job they wanted, the pains they're going through, the gainst, the desire. So we offer solutions. That's the value we're proposing, so it's time for us to put all that together in a business manner. 9. Putting it all together for the business: Okay, so let's put together, as I said, let's put together what our audience wants, nativities you're providing into an actual podcast. Okay. Something that can be turned into a business I wanted to download. Okay. The second template, template two that you can feel as you go along. Now in our case. Okay, the podcast example that you're using for this class, we are going to have something like this. We have our customers, okay? These are business professionals who are too busy. Okay? Not too business, too busy. Correct that. Too busy for formal learning, but want to constantly learn, right? Do they need, okay, who they need to access business content that offers practical education or the practical education discussion and is entertaining? What they want is what exactly they want. Practical supply and tips. They want to be good at negotiations. They want to be entertained on transit. Remember, you already talked about this stuff. You're looking at your audience profile. It's just past. Why do they want this thing? Because they're currently board on transit because they have a busy schedule. Because they are not interested in formal learning but they still want to learn, then this part is important. Okay. Our current audience are not satisfied with the solution available. Because of what? Because other podcasts are not need forecast and offer general advice. Why is that important? See the assumption you're making here is that people are going to listen to your podcast, but what if, why? Because there are other podcast. It's like somebody starts a business selling cereals. Okay. Then they tell you the reason why this business is going to work is because people have to eat. Sure, people have to eat, but who said that people have to eat the food you're providing? They could eat Oristata gym. And you say people have to work out? Yeah, they can work out in another gym. Osta transport industry and say people have to move from 0.8 point B. Yeah. But why should they do it to the. You need to understand why they should listen to your podcast. Next, our solution, based on whatever you've talked about, is to do a podcast that presents people with different educating and entertaining perspectives on business and acquisitions this way. Okay, our customer will benefit because the podcast will offer them practical tips on what is happening in the industry. They'll be in a position to pass exams in case of the students, they'll stay awake while they're commuting. And then of course, once in a while have giveaways in the form of summarized downloads. And this will eliminate or reduce our audiences pain because they will have access to watch, to long entertaining and educating podcast have short snipets on social media on key issues. Okay. So if they're busy also are going to have guests. Okay, from the industries we're going to bring in new perspectives. What makes your audience prefer this solution? That is something that we also need to worry about. All right. You've just said they have this problem and these are, they're looking to gain and these are you're going to solve that problem. What makes you think they prefer that solution? Because if they don't prefer that solution, it doesn't mean that they don't have those problems. They still have those problems. They just need you to solve them in a different way. In our case, you're assuming that the reason why they prefer the solution is well because it offers practical advice from leaders in the industry. Because you're going to base it on popular education syllabus. But you're going to add practical day to day happening in the industry also because it's going to be entertaining. Okay, that's nice. In terms of product and service that you're offering, let's talk about money business. How will you make money? Because the podcast has to be sustainable, right? Sustainability is key. You're going to make money by rather through customer subscription. Okay? Through affiliate marketing, through sponsorship deals, through selling online courses. That is just me and whatever I'm talking about. You also need to figure how you're going to make money with the podcast. You see making a profitable podcast is not that difficult. You just need to look at it from that point of view, or from those point of view. Now it's time for you to do whatever you want to do. And here's the, okay, let's talk about the project that you're going to do. 10. Here is your project: Remember I said this, learning by doing. Okay. That's what you said. Learning by doing is what I want you to do. In a simple paragraph, I want you to write a summarized value proposition for podcast. You are to start using the following details. What do your listeners expect the podcast to do? Okay, Based on the pain they have or some benefit they intend to gain. For example, is just a simple way that you're going to do that. For instance, a podcast that is blah blah, blah, insert. What exactly the podcast going to do? This way our listeners can talk about the pain, the pain they want to avoid. They can also then insert the benefits. Okay? Once you've done that, just plot it, okay? Or there's a discussion area so you can post it there. Then If there is any issue, of course we'll go through it. And if there's anything that needs correction or if you're struggling to come up to create that on, just writ whatever you want and then respond to that. That's a project. As you go through this, if at any point have any question, don't hesitate. Okay? Remember, you can always ask.