5 Ways to Monetize Your Podcast

Luis Scott

Luis Scott is the Managing Partner at Bader Scott Injury Lawyers, where he represents people who have been injured or disabled in severe accidents. He is also the Owner of 8 Figure Firm, which provides consulting services and insider knowledge to national law firms. As Bader Scott’s managing attorney, he handles over 150 employees and contractors and has led the firm to be recognized by the Atlanta Business Chronicle as one of the fastest-growing businesses in Georgia. 

Luis has received numerous awards and accolades, including Super Lawyers’ “Rising Star,” The National Trial Lawyers Association’s “Top 40 Lawyers Under 40,” and the American Institute of Legal Counsel’s “10 Best Attorneys in 2017” for workers’ compensation.

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Here’s a glimpse of what you’ll learn:

  • Luis Scott explains the value of a podcast in maximizing revenue
  • How to launch a business podcast
  • Five strategies for monetizing your podcast

In this episode…

Is it possible to make seven figures in yearly revenue from a podcast? Most business owners believe podcast profitability only happens to renowned entrepreneurs like Joe Rogan and Gary Vaynerchuk. However, with a clear vision and effective strategies, anyone can monetize their podcasts.

After developing a strategic goal for his podcast, Luis Scott achieved valuable growth. Once you’ve identified an optimal end result for your podcast, you can implement five strategies to boost your revenue. These include diversifying your network by inviting credible guests, acquiring speaking engagements to establish authority, selling courses, events, or books, gaining consulting opportunities, and growing your audience. 

Luis Scott is back in The Guts and Glory Show to discuss monetizing your podcast. He also explains how to launch a podcast, the value of a podcast in achieving your business goals, and how he revived his podcast.

Resources mentioned in this episode:

Sponsor for this episode…

This episode is brought to you by 8 Figure Firm.

Co-founded by Luis Scott and Seth Bader of Bader Scott Injury Lawyers, 8 Figure Firm helps transform your law firm into a seven-figure or even eight-figure firm.

After their own law firm scaled from $3.5 million to $30 million in annual revenue in just two years, Luis and Seth started 8 Figure Firm to share their strategies and help other law firms achieve exponential growth.

Visit www.8figurefirm.com to receive a consult call and start scaling your business today.

Episode Transcript

Intro 0:00

Are you ready to make it rain? Learn from the best in the biz on how to take your business to the next level, you’re now entering the growth zone, on The Guts and Glory Show with your host, Luis Scott.

Luis Scott 0:22

Guys, welcome to The Guts and Glory Show. My name is Luis, I am your host. And I’m really excited for you to be here to talk about the five ways to monetize your podcast. Now, I’m gonna be honest with you. I have had my podcast for several years, and I was not always as consistent as I needed to be. Because I didn’t really understand the game, I didn’t understand how you actually made money doing a podcast or how you how would you actually get people to pay you for something like I didn’t understand the concept and the team that I was working with. It’s a great team and very, very happy with them and, and happy with what they’ve been able to do for me, and they were explaining the process. And they would tell me what I needed to do. But it just I understood kind of like in theory, but conceptually, I didn’t really know how you transition. And so this year, I decided I was going to go out and I was going to actually put out some shows and and try to do one a week. And that became very difficult, especially as related to me bringing guests, because I have a very busy schedule. So scheduling guests became problematic even though if I put a little bit more time into the into the process, it’s very likely I would have been able to schedule guests without any issue. But I just I kept telling myself that I didn’t have the time to do it. And but nevertheless, I think I’m going to finish the year doing about about 30 shows. And I want to talk to you about how you make money from a podcast because many people don’t understand its importance. And recently, I was a guest on a podcast and I one thing that I have been able to successfully do is to become a guest on people’s podcast, people reach out to me independently now I did use an agent to get me on some podcasts. But I have now people reaching out to me independently to come speak on podcast. So I did get that. But but the question is, how do you use your podcasts? How do you leverage your own podcast to actually make money? And that’s what people want to do. You know, I hear about the about people who have podcast shows. And we’re not talking about the Joe Rogan’s of the world we’re talking about, you know, simple, ordinary average Joe, people who don’t have massive followings on social media, who are leveraging their podcasts for seven figures in revenue. You heard that right. There are people who are leveraging their podcasts for seven figures in revenue. But that’s because they have a strategy for their podcasts. And so that’s what we’re going to be talking about is how do you take your show to into a monetizing phase. And now I can say looking back, which I didn’t really understand the concert with someone happened organically over you over the last three years, my podcasts in conjunction with other things. So it’s not just the podcast, but my podcast, in conjunction with other things, has led to seven figures in revenue for me. And so I want to talk to you about how you do that. How do you go from the this idea, the concept of having a show to then using the show to actually monetize and make money. And I’m not gonna get into the basics of starting a podcast, there’s a lot of material and content out there that you can find on how to start a podcast. But it’s super simple. I mean, you set up a web web zoom camera, you get a nice microphone, and you just start talking. Now, there’s a couple of different ways you can do like a solo podcast, which is what I traditionally do, even though I have guests every once in a while or you can do a podcast with guests. And either one, it just depends on your style, your ability. If you use guests, it allows you to leverage other people, which is which is really good. And that’s going to be one of the one of the points that I have here for monetizing your podcast. But using gas allows you to leverage their network, right, because if you bring me on, I have a network that likes listening to me. So you instantaneously have a new audience. Whereas if it’s just you, you have to carry the entire burden the entire weight of the podcast. So that’s something strategical that you probably need to figure out before you get started. But the biggest point before I go into the five points of monetizing your podcast, the number one biggest point is you need to have a strategy for making money. If you’re going to start a podcast and you want to make money, you need to have a strategy for making money. Like what is it that the podcast is going to lead to? Is the podcast going to lead to advertising as a product that’s going to lead to consulting and so forth? And I don’t want to give away all the secrets. But what is it going to lead to? What’s the strategy behind your podcast? Or are you just trying to create a show and awareness and one day the show becomes big? That’s going to be a long journey, right? Because becoming a celebrity pod podcast person takes some time. And so you really want to ask yourself the question, what is this podcast going to lead to? So let’s get into to how I’ve been able to monetize and how you will be able to monetize your podcasts so that you can make as much money as you possibly can. And by the way, I have a friend of mine who started a podcast, which is actually really good podcast and it’s it A great show. And it’s funny, it’s entertaining. But he started the podcast to do this first strategy. And it’s been working out for him. He told me he’s making multiple six figures through his podcast because of the strategy. But the first way to monetize your podcast, and it’s something that I did is it increase your network and your connections. If you want to grow your income, one of the most under appreciated and under valued skill sets is building a bigger network. When you have a bigger network when more people know you, and when people more people have heard of you, when more people know what you stand for, when more people understand your work ethic, it’s more likely that you’re going to run into somebody who is willing to give you a shot, it’s more likely that you’re going to find Investment Partners is more likely that you’re going to find investment dollars is more likely that you’re going to find someone who’s willing to promote you and become a superfan. I have several superfans, I have people who text me and they say, Hey, I got your book, about 20 copies of the book, I want to I want to share it. And so you’re going to have some super fans in this process. And you want to be able to increase your networking connection. So one of the ways that you increase your network and your connections is by two is by inviting people onto your podcast. So that’s strategy number one. So if you want to make more money from your podcast, and you don’t have the weight of your authority to back you up, meaning you’re not a Joe Rogan, you’re not, you know, one of these really, really big Gary V’s or something where you already have the weight of your show where people listen to your show, regardless of of anything, if you’re not one of those people, then you probably want to bring guests who have some sort of credibility, and they call it you know, the one level up rule, right. And so you want to make sure that you’re bringing on guests that are one level above you. And so think about it like this, if you if you are, you know, a six figure professional one level above you would be somebody who makes half a million dollars or more in their business, if you’re making half 1,000,001, one level up would be somebody who has a million, think about it in following if you have 10,000 followers, when level up is somebody who has 20,000 followers, if you have 20, somebody who has 100, if you have 100, somebody has 500. So you want to level up. And the reason is because you’re going to continuously increase your circle. And as you increase your circle opportunities present themselves, you know, recently I was talking to my financial advisor, and he was telling me the story of how you know the Rockefellers and the Kennedys and so forth, how they became wealthy, and what they do with with certain financial instruments, and I was just blown away. Like, if you don’t get into the circle, with the people that understand that that system, you’ll never be able to have the financial resources that they have. And I mean, some of the strategies, and this is not a financial show. So I’m not going to divulge some of the strategy. But some of the strategies that he shared with me were, I mean, they just blew my mind, I almost hard to believe. And it’s because I’ve elevated my network over the years, that has now put me into the circles where I can I can have those conversations. So you want to bring people on your show. Now, I mentioned at the beginning, I wasn’t good at this. And the reason is because I just I don’t know, I have a hard time scheduling people. And I have a hard time like getting people on the show. And I didn’t want to ask people I mean, that’s my, my fault, right. But if you’re starting your show, and you want to access people’s immediate network, imagine you you doing a show you doing 52 shows in a year, you bring on 52 guests, and every one of these guests has some sort of network, right, they have 1000 people, you’re more likely that you’re going to be put into front, you know, a 50,000 people and so bringing on people to your show is a great way to monetize your podcast, you’re gonna be able to network with people, you’re going to increase your connections. And, and furthermore, you’re gonna be able to access some of the, the, the intellectual property that they have. And by that I don’t mean like their their written intellectual property, but the things that are in their head. And there’s there’s nothing better than learning from other people. And so I love being able to bring people on the show and do that I don’t do it often. But I guess I that’s one way that I’ve been able to monetize my my podcasts. And also one of the things that I do is I also try to sell them on the consulting services. Number two is trying to get speaking gigs. So, for me, I wanted to be a nationally renowned author and speaker. Well, having a podcast is a great way to communicate to the masses even if the masses is 500 to 1000 people and get your name out there, it creates assets.

Intro 9:18

This show has been brought to you by 8 Figure Firm Consulting at 8 Figure Firm we help law firms turn into law businesses. Stop wasting your time with gurus who’ve never built a successful business at 8 Figure Firm will show you how to unleash the power of your law firm for personal and financial freedom. For more information go to 8figurefirm.com. Welcome back to The Guts and Glory Show with your host, Luis Scott.

Luis Scott 9:55

So we talked we talked about these speaking assets so I can create this podcast, chop it up into little segments. And then I can promote those segments through my email campaigns, and also through social media and create the persona of being a speaker. Now, one of the things that that I did is I had to set my price. So I set my price to $10,000 for a speaking gig, and I’ve now been booked a couple of times for the speaking gigs, to go fly and talk to a particular company about, about their, for their business. And so the podcast has been able to monetize it hasn’t made a lot, right. So it’s I’m not gonna say that I’ve made six figures or that I’ve made, you know, seven figures doing speaking. But I haven’t given it the right the full effort. It’s just been, you know, kind of a marginal effort to get speaking, speaking gigs out there. So speaking is another way that you can monetize your podcast, you use your podcast, as a stepping stone to speak and use your podcasts to get in front of the audience. You use your podcasts as creating assets, you use your podcasts, so that you can can differentiate yourself and distinguish yourself as a speaker. And so that’s the second thing that I’ve done. So I’ve made money off speaking as well. The next thing is selling courses and events. Again, this goes back to your strategy, we developed a course. And I should say, selling courses, events and books. So my book has sold, I don’t know three or four copies, maybe six copies a day, for the last year. And so every day, we’re selling books and selling, selling, selling more books. And so we developed something called The Nine Principles of Exponential Growth course, it’s $199, you can learn how to grow your business by paying $199 super cheap, you know, not a big deal. We also have events, we sell events. For our what we call our mastermind, that last mastermind we had, I believe, 12 or 14 attendees at $1,500. apiece. So when you think about that, that’s, I don’t know, if you do that three times a year, let’s say 12 attendees three times a year, that’s 3600 times, let’s call it $1,000 $1,500 would be somewhere around, I don’t know you’re about 45 $50,000. So just in selling events, we we made about $45,000. So another way is to sell courses, events and books. I’ve done all three of those. And it’s been very, very successful. Again, not six figures, not seven figures, but it’s been successful enough to where it justifies the expense of doing the podcast. The fourth way is consulting. Now this is what do you see really in the space if you’re if most podcasts outside of the big ones, they sell consulting services, massive, massive way to make money. And in that regard, I’ve made multiple seven figures selling consulting services using the podcast. Now, not all of it has come through the podcast, right? I mentioned, you have to take the podcast, you have to break it up into email campaigns and social media. So we’d spent a lot of money on social media, we spent a lot of money on email campaigns, we hosted these events, I do a LinkedIn webinar, and a lot of things. But the podcast gives you a little bit of credibility, and a podcast, you can you can use the assets from your show in order to sell consulting services. And it really expands your show because people see that you’re an author, they see that you have a podcast. So you’re just kind of connecting them with multiple assets and resources. So Consulting has been a big one. And the thing is, you don’t have to sell seven figures of consulting, if you have a unique way to help somebody grow a business and you sell it at $5,000 per month, two of those and you’re making $120,000, you’re already in the top, you know, 7% of income earners in the in the country, just by selling to clients per month using your podcast. So a lot of opportunity on the consulting side as it relates to you know, to making a lot of money. And so and then the last way is to grow your audience and get advertisers and this is something that I’ve had people approached me on I haven’t pulled the trigger on it yet. But I’ve had a couple of of software companies who want to sell to my clientele who have asked if they can advertise on my podcast, they’ve offered me $10,000 $15,000 And I’ve got so far rejected it just because I don’t want to be tied to any particular vendor at the at the moment. So I’ve hit all five of these you can hit all five of these you can go network and connect increase your circle, you can get speaking engagements, you can sell courses, events, and books consulting services, you can grow your audience, get advertisers on your on your podcast, and if you just add all those up, let’s just say you make, you know 15 20,000 off each one now you have a six figure podcast, which is what we’ve done, we actually have a multi seven figure, podcast show plus social media plus events plus consulting, and it all works together. But the biggest thing is you got to put the time in you got to put the energy and you got to put the effort in, it’s not going to happen overnight. It’s taken me three years to really get here. And but it’s still a good deal because I’m not tied to any particular you know, job or business or anything like that I’ve now created my own brand. And that is powerful within itself. Right once you create your own brand, you can stand on your own you don’t have to worry about other people paying for you because you’re gonna have just you’re gonna have tons and tons of people who are paying for you who are who are getting you you know out there and and who are helping you grow your personal brand. So those are five ways to monetize your podcast if you’re trying to figure out how to make more money off your podcast, try these I’m telling you, it can be Six figures or more for you, if you just dedicate the time, energy and effort to it, and I wish you good luck and thank you again for listening to the guts and the glory show.

Outro 15:10

You’ve been listening to The Guts and Glory Show for more. And to learn more about Luis hit the website at LuisScottjr.com. For consulting opportunities, hit 8figurefirm.com That’s the number 8figurefirm.com We hope you’ve enjoyed this show. Make sure to like rate and review and we’ll see you next time on The Guts and Glory Show