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How Your Podcast Can Generate a Full-Time Income Even With a Small Audience

How Your Podcast Can Generate a Full-Time Income Even With a Small Audience

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How are you doing in podcasting as a guest, host, or both?

“How’s it going with monetizing your podcast?” When asked this question, most podcasters sigh and explain that it’s either non-existent or not going as expected, but there’s good news! Generating a full-time income through podcasting doesn’t have to be a dream. In this episode, Chris Williams explains how you can begin to sell to your podcast audience at scale, even if you have a small audience. Get ready to unlock the secret to the highest-yielding podcast monetization strategy!

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We’ve all experienced that point in building an audience, their podcast on a blog, anything we’re doing in a live or virtual community where we have the community going, and we’re trying to monetize the community, not because we’re greedy, but because we got to make a living, right? Either your staff has grown, your product has grown, your company’s grown, or you’re just starting. And you’re like, I got to figure out how to do this sustainably. Here’s the path to do that. It’s easy. It’s straightforward. I’m going to leave you with three things today.

You can do three things today to take action: get your community monetized or monetize at a higher profit margin than it already is because you can bring them what they want. It’s easy. So here’s how we’re going to do this. Please take out something you can write with, take a notepad, grab your iPad, grab your computer, whatever you need. We’re going to dive into several things.

Number one, you know who you’re speaking to. The more specific, the better when it comes to selling at scale; the more specific, the better. We want to build something highly profitable that you can sell in a scalable way. The more specific that audience and their problem set is, the easier it will be for you to build a product or something you can deliver and sell. Let me explain why. You’re looking for your audience’s dreams, drains, and doubts. OK.

First D: Dream

Here at Group Coach Nation, we call those the 3 Ds: dreams, drains, and doubts. The dream is what your audience wants. What do they want? What’s their big dream? They want more time. They want more money, health, relationships, space, freedom, a certain feeling, happiness. What is it that they want? What is the dream? OK, write that down right now. Could you write it down? What comes to your mind? What is the dream? That’s a secret tip here. It’s your dream also. OK, if you’re passionate about this subject, it’s probably because you’ve been through this process and want that same thing. So what is the dream? Could you write it down? That’s D number one.

Second D: Drains

D number two, what are their drains? Drains are external issues. Things that are keeping us from getting that dream from the outside. All right. I need more money. I need more time. My partner doesn’t want to do that. I don’t have the opportunity. Something in the economy, the world, whatever. Something is keeping me from doing this. That’s similar to your experience.

Many of us are guiding our audiences through a process or life in a way that we’ve gone through it or a way that we’re trying to get through it. And we’re one step ahead of them sometimes, even helping them through this process of accomplishing your dream. What are the drains? What are the external things that are keeping you and your audience from achieving that dream? Write those down. Things that are outside of your control. The things that you or they could blame. Well, I would, but so and so or this thing or that event or whatever is keeping me from it.

“Many of us are guiding our audiences through a process or life in a way that we’ve gone through it or a way that we’re trying to get through it. And we’re one step ahead of them sometimes, even helping them through this process of accomplishing your dream.” – Chris Williams

Third D: Doubt

The third D is doubted. Write down the internal issues keeping you or your audience from accomplishing those dreams. Again, you and your audience are very similar. Keep leaning on that. It’s an incredible hack for this process. What are the internal doubts that are keeping you or your audience members from accomplishing that dream? Is it fear, fear of failure, fear of success sometimes, right? Fear of being seen out there in the public space and wondering if you’ll get it right or wrong, or if you’ll get it all tangled up, whatever it is.

Is it imposter syndrome? Is it, oh my gosh, what if I do this and I run out of money? What if I do this and I run out of space or I don’t have enough time to execute or I’ve failed three times or a hundred times in the past? How is this going to work this time? What is it about the dream of making more money, having more time, having better relationships, health, happiness, freedom, whatever it is in life?

Are worried about at 2 a.m. is frequently a good answer. What are you worried about? Will it be about you that will keep you or them from accomplishing that dream? That’s a big deal. OK, write those things down.

Dreams, Drains, Doubt

So now you have a list of dreams, some basic things they want: more freedom, more time, more peace, more space, more relationships, more health, whatever it is. You also have a list of drains and doubts, the external and internal issues keeping them from that. If you’ve written one thing down in each category, that’s a big win. Suppose you’ve written two or three things down there that are excellent. You don’t need a list of 10 in each category. What are the significant issues, OK? Now, we have dreams, drains, and doubts. That’s thing number one, OK? You’ve just done homework for the first point. Yay, you. You’re already on a great track.

Crafting a Minimum Viable Offer (MVO) to Address Audience Needs

The following two are simple. Once you anchor down dreams, drains, and doubts, it would help if you built a minimum viable offer (MVO). Again, we call MVO a minimum viable offer at Group Coach Nation. This is an offer you can give your audience that helps them accomplish their dreams while overcoming their drains and doubts. It’s not just an offer you will put on a sales letter or landing page.

“Once you anchor down dreams, drains, and doubts, it would help if you built a minimum viable offer (MVO).” – Chris Williams

But an offer that’s real and legit, that’s very, very simple, minimum viable. The reason I say minimum viable there is because we want this to be the minimum amount of stuff, time and pain, all that stuff that gets in the way of us succeeding, the minimum amount of time and pain that you can give your clients, your prospects, your audience to accomplish their dream. How can you help them get to that dream? And now, here’s the truth.

You can’t help them get all the dreams they ever want in one big swoop, right? It takes years sometimes to accomplish those dreams, but where are they now? What do they need to get over? What hurdle in the drains and doubts? They need to step over right now to get real traction and to help them move forward. That’s what you’re looking for. That’s a minimum viable offer. What’s the smallest amount, the minimum amount of work you can do, and what they can do to give them the next big step forward?

Examples of Minimum Viable Offers in Different Niches

They got our dreams, drains, and doubts. Now, minimum viable offer. Let me give you an example or two. Let’s say you’re helping people with relationships. OK. And they want better relationships with the key loved ones in their lives. That could be a partner, a spouse, a kid, a parent, a sibling, whatever it is. Right. What is the biggest thing you can help them with? If it’s just something simple, like just having good communication. All right. I can’t help them fix everything in that relationship set for the rest of life.

But the biggest thing I see in my audience is communication issues. I can put together a simple four-week-long meet once a week Zoom call in a group setting where I can bring my audience members together, charge them some money, and they can show up. And for four weeks, we sit down for an hour and a half each week. We talked about crucial communication skills, one considerable communication skill each week for the first three weeks. And the fourth is to wrap up that entire concept.

With practical application, you allow people to practice that throughout the week. Now, they’re going to learn to communicate better. Maybe the person they’re living with doesn’t communicate well, but we’ll be able to talk to those things in and out for a week, every week for four weeks. That’s a powerful minimum viable offer that allows them to take a significant step forward while not requiring an enormous amount of my time to help them process.

Business Example

Let’s use a business example. Let’s say you want to help people with marketing. They’re trying to get out there and get more leads, and that’s your expertise. That’s what your podcast is about. Great. Now, there are so many things you could do in marketing. You could spend five years with all your clients and prospects and only get through some marketing stuff they could do.

Pick out the thing that your audience needs the most help with. It could be identifying their avatar. It could be identifying what they deliver. Maybe it’s something simple like, Hey, just freaking get your LinkedIn profile, Facebook profile, Instagram profile, whatever up to date and able to convert whatever it is. What is the simple thing you could teach them easily that allows them to take action and overcome some drains and doubts and fears of showing up on LinkedIn the right way and get the real thing done that you can deliver rapidly so you can help them get to the answer quickly and they can get traction quickly.

Then you’ve sold them something right, and they were able to jump in, and now you’ve got all these relationships, people who have paid you to show up and do the thing, teach them their stuff. And now you can work with those people even further in the future. You have a lot of relationships. You already have acknowledged buyers who want your expertise and know whether you want to work with them. And you can offer the next step, a more extensive group coaching program, a mastermind one-on-one done for you, whatever you want to do, right? It’s a scalable way to monetize your podcast audience.

Three Significant Areas

We have three significant areas. We’ve covered two. The first one was, what are your market’s dreams, drains, and doubts? You’ve identified those. You’ve taken those dreams, drains, and doubts in phase number two, and you’ve built a minimum viable offer. Something straightforward. You can help them immediately accomplish what gets them very serious and good traction. Implementing and getting to them takes little time or effort. That’s the minimum viable offer. Let’s talk about how we will get that out there to them. How are they going to find out this is what’s going on?

Leveraging Your Existing Platforms for Promotion

This is the easiest part of this. You have a podcast. Oh my gosh. And you’re launching it on YouTube and doing something on LinkedIn with it. And you are putting something out there on Instagram or Facebook, and you have all the places, right? Good for you. Use those platforms. Don’t reinvent the wheel. You already have something going, right? These people are already listening to you. If that’s a hundred people, if it’s a thousand people, it’s a million people. They’re already listening to you.

It would help if you used the commercial spots you have on your existing show as promos for your offer; all you have to do is make a genuine ask in the middle section of your podcast or at the beginning or the end. It’s OK. People want your advice. That’s why they’re listening to you. Step into that role. Could you take it? Be an influential person there. They’re asking you to lead. That’s why they subscribe or download.

“It would help if you used the commercial spots you have on your existing show as promos for your offer; all you have to do is make a genuine ask in the middle section of your podcast or at the beginning or the end.” – Chris Williams

Make sure you step into that leadership role for them. All you’ll do at the beginning, middle, or end, somewhere in that process, is stop and say, Hey folks, thanks for listening. I know you all are experiencing and listing out this dream, drain, and doubt, and you’re hoping to accomplish this freedom. And here’s the stuff that’s keeping you from it. Drains and doubts. I get it. I hear it all the time. And so what I’ve done is I put together a particular group, a unique process, a special place for you to hang out, where we overcome those and name them by name, drains, and doubts to accomplish, name it by name, the dream.

Issue a Challenge

I would love to talk more about that with you if you’re serious and give them a challenge. If you’re serious about making a change, if you’re serious about accomplishing that dream, if you’re serious about getting off the couch, getting off the fence, getting off your butt, getting off of whatever, and getting somewhere with this thing and being a person of power and of influence and life and hope and freedom and of more money, time, freedom, relationships, whatever it is, name those dreams. If you’re serious about achieving those dreams, I invite you to discuss this. Let’s see if this is right for you and take the next step. You deserve this; you can do this. Now, back to the show. That’s simple.

It would help if you mentioned in there, ” Hey, check out the show notes below, our link, where you can go, our website, whatever you want to put in there. ” It’s super simple. Let me roll through that script one more time, faster, without all the explainers in there. So before, in the middle of the show, after the show, put a commercial in there. A lot of people sell these commercials to other people on your show. Oh my gosh, you have a sellable commercial spot. Use that. You’re the one who needs that commercial spot more than anybody else.

Distractions

So let’s do this. Here we are in the middle of the show. I will give you the commercial more times and faster through. Hey guys, let’s take a quick break here. I know that so many of you are worried about your relationships, your health, and your money, and you’re trying to reach those financial goals that you’ve had, trying to reach the health goals you’ve had, whatever it is. I get it.

But there are so many things that distract us from that. The drains and doubts in our life, the economy, the other people in our life, the relationships, my internal fears. When I was first figuring this out, I was so scared of how to move forward, but I figured out how to soak you. So here’s what I’ve done. I put together a particular group. We meet in real-time in person on Zoom. I’m there with you. And we will go through a process with you to get you to a place where you can win. You can overcome the drains, the doubts, the time, the fear, the freedom.

Example

I’m going to walk you through that. Go to our website at www. and have a look at it. Like I want to talk to you, find a time on the calendar that works, and we’ll spend a couple of minutes together talking this out. You can do this. That’s why you’re here learning. I know I get it. I was in the same place.

Let me get you to the next step so you can have what you’ve always wanted to have and accomplish those goals and quit dealing with the drains and doubts, the fear, the worry, the partner issues, the money issues, the not having enough time issues. Let’s get you through that and get you results. That’s what we’re here to do. Go again to www. and make sure you find a time on our calendar. Please send me a quick note. Let me know if you picked a time on the calendar. I can’t wait to talk to you. Now, back to the show. And that’s it—a simple promo like that.

Creating Compelling Promos: Addressing Dreams, Drains, and Doubts

It’s essential to remember this. The dreams, drains, and doubts. That’s all you’re talking about. The dreams, drains, and doubts in your promo and saying, I get you, we have a spot for you. That’s why we’ve created this. I want to talk to you about it and give them a challenge. If you’re serious about taking the next step and changing your life, this is for you. That’s what this is all about. You can do this. So we will build the dreams, drains, and doubts, create your minimum viable offer, create a simple promo for this process, and make the ask.

OK, that’s your homework. Here’s the risk of homework like this. We learn a ton, and we’re like, oh my gosh, that’s so helpful Chris; thank you so much for doing this. Here’s the thing, though: it’s only helpful if you take action. At Group Coach Nation, we always say at the end of our talks, and I’ll say it here: do work to get results. Do work, get results. I’m not a big fan of a hustle lifestyle, working many hours. You don’t have to do that. You can build something scalable and straightforward. But you have to do the proper work to get the results. So, do the work and get the results.


About Chris Williams

Chris spends most of his time raising his five kids, exploring world communities, and trying his hand at adventures like shark diving, ice climbing, running ultra-marathons, and riding electric skateboards. He works with entrepreneurial and business experts, speakers, coaches, and leaders in his spare time, helping them market, monetize, and lead their high-ticket mastermind (or group coaching) programs. As the world shifts, many experts are trying to build high-ticket groups for additional income, lead generation, or impact. Chris teaches experts how to generate leads, close high-ticket deals, and create solid and transformational groups. He has his digital agency, leads two masterminds of his own, and has learned many of these lessons the hard way, so sharing his journey and offering strategies is why he is here.


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