I launched my podcast 14 months ago.
In that time I’ve put out 64 episodes that turned into 250+ videos on my YouTube channel which have generated 147,000 views.
Is that a “success?”
Like with most metrics these days, it’s all relative.
I’m proud of those numbers, but my podcast certainly isn’t a rocket ship I’m riding to fame and fortune.
To borrow a phrase from the moronic crypto/NFT/daytrader/Elon fanboys…
It hasn’t gone “to the moon.”
A Skill Sessions member emailed me a great question about it:
“I listen to your podcast, and I know the monumental work that goes into it. In your experience has it been worth it? A worthwhile ROI?”
I had no idea how to answer.
So I spent the past few days thinking about it and here’s where I landed:
It’s not worth it from an audience growth perspective.
It’s REALLY hard to grow a podcast audience.
Plenty of “experts” told me this before I started and they were 100% correct.
There have been 44,048 downloads of the audio version of my show since its July 2022 launch.
Only three episodes broke the 1,000 download mark and my most popular episode (5,207 downloads) is inflated because most of those downloads were just an excerpt that was featured on Snipd.
(Side note: I had no idea what Snipd was, how a bit of my podcast got featured there, or why excerpt “downloads” count the same as full episode downloads – podcast metrics are a mess.)
My average podcast episode only gets 587 downloads in 90 days.
And that’s despite me having a 50,000-subscriber newsletter I use to promote each episode!
(Or maybe it’s because of it?)
Honestly, my podcast hasn’t grown my audience.
And if I wasn’t able to drive people to my podcast through my newsletter, my downloads would be a fraction of what they are, and my podcast likely wouldn’t still exist.
Most podcasts don’t last a year and I understand why.
But…
It’s worth it from a YouTube perspective.
Prior to my podcast I never published videos.
But I figured I might as well record it in video and publish full episodes and highlight clips on YouTube.
This was a GREAT decision for several reasons:
• It’s given me a new platform to explore and leverage.
• It’s allowed me to get comfortable on video which helps when I go on other people’s podcasts or present my Skill Sessions.
• It’s given me a sandbox to dive into how YouTube works and develop new expertise I can teach others.
• It’s given me an additional revenue stream through YouTube’s partner program (I currently make about $50 a month from 12,000 views which won’t pay my bills, but will pay for my buffalo wings.)
• It’s proven a MUCH easier place to grow an audience than the audio version of the podcast.
While the audio version of my podcast only has 44,048 downloads, my YouTube videos from it have 128,789 views and have attracted to 2,900 subscribers to my channel.
And as I get (WAY) better at things like headlines, thumbnails, search optimization, etc., the growth is accelerating.
I have 49% more views this month than last month – and the month isn’t even over yet!
I’m now more focused on my podcast’s growth on YouTube than on podcast platforms.
It’s not worth it from a financial perspective.
The total amount of money I’ve earned directly from my podcast is $276.99.
I shudder to think what that translates to in an hourly rate based on the time I put into creating it.
(Quick math suggests I’m earning less than $1 per hour invested.)
The little money I’ve earned has come from YouTube ads – I have no sponsors in the show and no other form of direct monetization.
This is largely because I haven’t tried much to bring on sponsors.
(Once or twice I randomly sent half-assed DMs to potential sponsors and never really followed up. In shocking news, it turns out if you don’t put much effort into something, you rarely accomplish it – imagine that!)
While the lack of monetization is largely my own fault, it’s also unlikely I’d strike it rich on the sponsor front with such a limited audience.
(At least that’s what I tell myself so I can pretend I never heard Justin Moore when he told me exactly how to get sponsors.)
Then again, maybe it is worth it from a financial perspective?
There’s a big caveat to the depressing financial analysis I laid out above.
I’ve hardly made any money directly from the podcast, but…
It’s likely the podcast has helped me make good money indirectly.
I assume people see me share my expertise every week on the pod (Oh god, I’m one of those guys who says “pod” now) has led several (many?) people to purchase my Skill Sessions or book a Clarity Call with me.
I have no specific way to quantify this, but it’s logical and my revenue on both products is up since I launched the podcast.
Speaking of which…
It wouldn’t have been worth it if I had chosen a traditional podcast format.
When I first considered doing a podcast, I defaulted to the concept just about everyone uses:
Get a guest to come on, interview them, hear them say the same stuff they’ve said on 20 other podcasts, hope they’ll promote their appearance to their audience, and hope that grows my show.
Rinse and repeat.
But no one needs another show like that, so I decided to zig when everyone else zags.
Or is it zag when everyone else zigs?
I don’t know, but you get the point.
(And this also reminds me I’ve got a book recommendation for you – go read Zag.)
Anyway…
I knew in order to get value from doing a podcast I’d have to showcase my own expertise so I chose a format where guests ask me questions as opposed to the other way around.
This not only makes the show unique, but also makes it a powerful showcase for my products and services.
(Even if don’t mention them, which at first I didn’t.
Then…
I started mentioning them at the end of each episode – you know, when everybody’s already logged off?
Then…
I realized I was an idiot and started mentioning them at the beginning of the show and in the context of some of the answers I give – you know, like the parts that people ACTUALLY pay attention to?)
Since my products are rooted in my own expertise, each podcast episode essentially allows my audience to sample them.
And like I always say, “The best way to sell a product is to let people experience the product.”
(Unless the product sucks. If you make shitty products, disregard the above advice and please find another way to make a living.)
Prior to my podcast the only way to get a sense of what it’s like to get consulting from me was to read my blog posts.
But the podcast allows you to SEE me consult with people.
And since I’m pretty good at it (non-humble brag), that’s the world’s greatest sales tool.
Speaking of which…
It’s worth it because it’s become my “gym.”
One of the reasons I’m good at consulting (or coaching, or whatever you want to call what I do) is because I get a LOT of practice doing it.
My weekly podcast now gives me an opportunity to “practice” consulting every week.
And like everything you do weekly (unless you’re the Chicago Bears apparently), you get better at it.
The three questions a guest throws at me in each episode force me not only to come up with specific suggestions for them, but also to communicate those solutions in a way that’s easily understood AND relevant to a larger audience.
I have to find the universal truths or foundational approaches that solve problems many in my audience struggle with.
Valuable ideas like this niche exercise, this client-getting strategy, and this focus exercise only came to me as a result of being challenged to come up with solutions to problems my guests faced.
As an added bonus, my occasional “flip the script” episodes where I invite an expert on and ask them the questions has given me an opportunity to learn from people who know more than me about a specific topic.
Would I have learned how to master YouTube from someone with 500,000 subscribers if not for the podcast? No.
Would I have had the chance to pick the brain of the world’s greatest content system creator? Nope.
Would I have learned how to write insanely good copy?
OK, that one I might know a thing or two about myself, but you get the point and I still learned a lot from the conversation.
So…has producing my podcast been worth it?
Yes.
But only because I was clear about what I wanted to get out of it and optimized accordingly.
I’d also add that I’m only measuring worth based on a 14-month investment in it.
Will it be worth it if I stick with it for another 5 years?
I imagine so because the value of creative pursuits tends to grow exponentially.
At 14 months, I don’t even have a clue what this podcast can be yet.
But I can’t wait to find out.