How I Make $1.2 Million A Year From This Podcast | E94

How to Build a Successful Podcast

Introduction to the Podcast

• The podcast will focus on its own workings, addressing common questions about team size, guest selection, and financial aspects.

• The host emphasizes that podcasting is primarily a passion project for him rather than a lucrative venture, despite earning significant income from other sources.

Financial Insights and Growth

• Although podcasting yields the lowest financial return compared to other ventures, it is projected to generate millions this year.

• The host plans to share detailed insights into his earnings from the podcast and offers advice for others looking to enter the industry.

Personal Journey and Initial Setup

• The host recounts starting the podcast with minimal equipment in an improvised setting without any prior planning or support.

• He reflects on how his first episode was an experiment, not intended for continuation; he humorously asked listeners to keep it private due to vulnerability.

Consistency as Key to Success

• Over three years, the podcast has grown significantly, becoming Europe's most listened-to business podcast after consistent publishing.

• Initially inconsistent with episode releases led to stagnation in audience growth; consistency became crucial for success.

Lessons Learned About Consistency

• After committing to publish every Monday morning, listener growth increased dramatically—by tenfold—demonstrating the importance of regularity.

• This principle of consistency applies broadly across various life aspects such as business growth and personal development.

Importance of Audience Engagement

• Establishing a predictable release schedule helps maintain audience engagement; irregular posting can lead audiences to forget about content creators.

How to Grow Your Podcast

Establishing Consistency

• The importance of predictability in podcasting is emphasized, as it allows the audience to incorporate the show into their weekly habits.

Transitioning from Solo to Guest Episodes

• Initially, the podcast was a solo endeavor, which limited organic growth. The host realized that engaging with guests could attract new audiences.

• Inviting successful entrepreneurs and diverse guests led to accelerated growth as they brought their own followers to the podcast.

Enjoyment and Efficiency in Podcasting

• The host found guest interviews more enjoyable and time-efficient compared to solo episodes, reducing preparation time significantly.

• Conversations with guests allow for spontaneous discussions rather than scripted bullet points, enhancing both enjoyment and content quality.

Strategies for Audience Growth

• To grow a podcast without millions of followers, it's crucial to identify sources of organic growth outside traditional platforms like Spotify or Apple Podcasts.

• Most discovery occurs through social networks and word-of-mouth recommendations rather than within podcast apps themselves.

Leveraging YouTube for Discovery

• Utilizing a YouTube channel has proven effective for attracting new listeners due to its recommendation algorithms that promote related content.

Balancing Quality and Consistency

Upholding High Standards

• Maintaining a balance between consistency in publishing episodes and ensuring high-quality content is essential for professional integrity.

Commitment to Quality Over Popularity

• The host prioritizes producing high-quality work over being liked or popular among peers; this commitment shapes the overall mission of the podcast.

Responsibility Towards Listeners

• A deep sense of responsibility towards listeners drives the decision-making process regarding episode publication; only valuable conversations are shared.

Discarding Low-Quality Content

• There have been instances where entire episodes were recorded but not published due to insufficient value or engagement; maintaining trust with listeners is paramount.

Understanding Listener Expectations

Podcast Production Insights

Deleting Episodes and Maintaining Standards

• The speaker acknowledges that deleting podcast episodes can frustrate guests who have invested time, but emphasizes the importance of producing quality content.

• Only a few episodes (three or four out of nearly 100) have been deleted, highlighting a commitment to high standards in production.

• The deletion policy has raised the team's overall quality expectations, ensuring thorough preparation for each episode.

Transitioning from Hobby to Serious Production

• The podcast transitioned from a hobby to a serious endeavor about ten months ago, with plans for weekly episodes and video content.

• Initial goals were modest—breaking even financially—while investing in necessary equipment for high-quality production.

Investment in Equipment and Team

• A significant investment was made in equipment, initially estimated at £4,000 but later expanded to £40,000 for advanced technology including multiple cameras and audio gear.

• A dedicated team was assembled to support various aspects of production: booking guests, managing PR, creating video assets, handling social media, and organizing logistics.

Cost Considerations in Podcasting

• While podcasting can be inexpensive (starting with basic equipment), the speaker aimed for a high-quality output which necessitated substantial financial backing.

Monetization Strategies

• Traditional monetization methods often yield low returns; many podcasters rely on ad revenue based on downloads which may not cover costs effectively.

• The speaker learned that typical earnings per download are insufficient to sustain their ambitious project.

• To circumvent middlemen who take large cuts from advertising deals, the speaker sought direct partnerships with companies they genuinely use and believe in.

Direct Outreach for Sponsorship

How I Secured Sponsorships for My Podcast

The Initial Outreach to Sponsors

• The speaker approached five companies with a bold proposal, claiming he could make his podcast the number one business podcast in Europe within 12 months if they supported him.

• Julian Hearn, CEO of Huel, responded positively and offered support, recognizing the speaker as a genuine customer who would authentically promote the brand.

Building Authentic Relationships

• The speaker emphasizes his deep commitment to Huel products, describing himself as a "super customer" with multiple fridges stocked with their offerings.

• After establishing a strong relationship with Huel, the speaker invested significantly in the company and joined its board, highlighting an authentic partnership based on mutual benefit.

Unique Approaches to Sponsorship

• The speaker notes that it's uncommon for creators to pitch themselves directly to brands but encourages others to do so for authentic deals.

• Fiverr also became a sponsor after the speaker reached out personally; they appreciated his previous work and allowed him creative freedom in promoting their services.

Aligning Values with Sponsors

• My Energy was introduced as another sponsor aligned with the speaker's values on sustainability. He reached out due to shared missions and established a close working relationship.

• All sponsors agreed to 12-month contracts, allowing for long-term planning and fostering trust-based relationships where he can speak freely about their brands.

Maintaining Passion and Autonomy

• The speaker highlights that having autonomy in how he discusses sponsorship allows him to maintain enjoyment in creating content without feeling like it’s a job.

• He stresses that losing this autonomy could lead to decreased motivation, emphasizing that podcasting is something he does for fun rather than obligation.

Financial Success of the Podcast

• Despite initial skepticism from naysayers about monetizing podcasts, he reveals that his podcast will generate over $1.2 million this year—over $100k monthly—demonstrating financial viability in podcasting.

Motivation Behind Starting the Podcast

• The speaker initially started his podcast believing in its potential as a medium for storytelling and connecting deeply with audiences compared to fleeting viral video content.

Understanding the Impact of Podcasting

Connection with Audience

• The speaker reflects on how their online content connects with people, noting that interactions in real life often do not mention Facebook videos, indicating a lack of depth in those connections.

• Despite having fewer views than Facebook videos, the podcast garnered significant engagement, with listeners frequently stopping the speaker to discuss it.

• The speaker values deep impact over reach, emphasizing that anecdotal feedback from listeners is more meaningful than high view counts.

Depth vs. Reach

• The speaker argues that while social media reach can be superficial and forgettable, long-form content like podcasts leaves a lasting impression on audiences.

• Engaging deeply with emotional topics through podcasts provides substantial impact and makes the effort worthwhile for the creator.

Personal Growth Through Reflection

• Keeping a diary has allowed the speaker to reflect on experiences and extract valuable lessons, enhancing self-awareness and personal growth.

• The act of journaling is recommended for everyone as it helps maximize learning from daily experiences.

Skills Development

• Producing content regularly accelerates learning about various topics and oneself; this includes improving communication skills essential in today's social media landscape.

• The speaker encourages young individuals to create commitments to produce content consistently to enhance their speaking abilities and confidence.

Building Relationships Through Vulnerability

• Inviting guests onto the podcast fosters genuine connections; sharing personal stories leads to deeper relationships post-interview.

• The concept of vulnerability is highlighted as a key factor in forming friendships during podcast discussions.

Expanding Networks and Future Plans

• The podcast has expanded both professional networks and personal friendships significantly through shared experiences with guests.

The Impact of a Theatrical Production

Overview of the Experience

• The production was unexpectedly grand, featuring theatrical elements such as special effects and music, creating a powerful atmosphere.

• The speaker described the event as one of the most impactful experiences in their life over the past five years, possibly the most significant thing they have ever done.

Future Plans for Touring

• There are plans to tour this production across five cities in the UK, with announcements to be made shortly.

• The podcast will continue evolving with improved guest appearances and enhanced production quality.