Episode 266 | Insider Secrets to a Top 100 Podcast | Courtney Elmer

Featured Guest: Dave Jackson

Why Your Podcast Isn't Making Money Yet

If your podcast isn’t making money yet, you’re in good company. A lot of new hosts jump in thinking, "Hey, I’ll just talk into this mic, hit publish, and wait for the cash to start pouring in." But like my friend Dave Jackson, podcasting hall of famer and host of School of Podcasting, says, “It looks easy… but it's not quite that easy.” Why? Because monetizing a podcast isn’t just about hitting record, it’s about giving your listeners a reason to press play in the first place.

If you want to monetize a podcast, your show needs to make listeners feel like they’re getting something they can’t find anywhere else. Even Joe Rogan (who’s practically a household name now) spent years building before he saw real success.

So, if your podcast feels like it’s just crickets and cobwebs in the revenue department, the first question to ask yourself, is this: Is my show truly offering something of value that people can’t wait to come back for? And, how do I know with certainty that I’m offering something of value?

What You Need Before You Can Successfully Monetize a Podcast

After spending nearly two decades as a podcaster and helping other hosts start and monetize their podcasts, Dave has cracked the code on what makes a podcast worth listening to. The one thing all top shows have in common? They deliver consistent value. But what does that even mean? Dave describes a valuable show as one that either "makes you laugh, cry, think, groan, educate, or entertain, and offers information you can't get anywhere else."

Dave put it perfectly when he shared, “I was listening to a show called All the Hacks, and the host was talking about the best bank account. He opened up 20 bank accounts to report back on this. I mean, reporters on TV don’t do that. That’s the kind of content you can’t get anywhere else.”

Here’s the takeaway: Before you can start making money from your podcast, you've got to deliver content or insights that people can't find anywhere else. Do that, and you’ll put yourself on the path to building a genuinely loyal and engaged audience.

The Secret to Turning Listeners into Loyal Customers

Dave Jackson makes it clear: “When you first start, you don't have an audience. That's the biggest hurdle to monetizing a podcast." So, what do you do? You start by really understanding who’s already listening to you — and getting creative about how to serve them.

Dave’s advice? Be willing to do what others won’t. Take the time to understand your audience deeply. When an email to his entire list mistakenly went out offering one-on-one Zoom calls, Dave didn't panic. Instead, he turned it into a golden opportunity to engage directly with his listeners, gathering insights and feedback straight from their mouths. He’s even flown across the country for a podcast meetup, even when the costs were more than he bargained for. "When I can tell you the eye color of my audience, I’m in the right spot," he recounts. It's all about connecting on a personal level and finding creative ways to monetize your content.

To follow Dave’s lead, focus on deeply understanding who your listeners are and what they care about most. The more you align your content with their interests and needs, the more likely you are to transform casual listeners into loyal customers who are willing to buy from you through your podcast in the long run.

How to Monetize a Small Podcast Without Sponsors

If you’re thinking sponsors are your only path to podcast monetization, think again. Dave Jackson is living proof that there are plenty of ways to monetize a podcast — even if you’re just starting out and don’t have an audience yet.

One smart strategy that worked for Dave was creating a fan podcast for Jillian Michaels, a well-known fitness personality. By doing this, he tapped into an existing audience who was hungry for more content and recommendations. “I got a four-figure check just because I was filling a need for Jillian Michaels fans who wanted more content,” he explained. His secret? Aligning with the needs of a specific, engaged audience.

Dave also emphasized the power of affiliate marketing. “If you’re going to do any kind of donations or affiliate sales, you just have to ask for them,” he says. But you have to ask confidently and repeatedly, not just once and hope it sticks.

Another great example he shared was using what you already know your audience wants. "I used to have a weight loss show, and I found an app called Chronometer that worked better than the popular ones. I talked about it on my show and earned commissions from people who signed up." It's about promoting what you genuinely use and love, and aligning that with your listeners' needs.

From building affiliate income to creating valuable, niche content, Dave shows that the path to monetizing a podcast doesn’t require a big audience or big sponsors — just creativity and a willingness to serve your audience in ways others aren’t.

The Underrated Key to Podcast Growth and Monetization

You might think the key to monetizing a podcast is getting more downloads, but Dave argues that relationships are the underrated secret sauce to podcast success. "Get on other podcasts," he advises. "I'm on your show; you've been on my show. That's because we're looking for people who listen to podcasts."

Building these relationships is crucial because they help expand your network and open new opportunities, which eventually lead to monetization. Dave emphasizes, "Sure, downloads are great, but the relationships are really the most valuable part of podcasting." When you focus on building genuine connections, you’ll naturally grow your audience — the foundation you need to monetize a podcast.

Ready to dive deeper into monetization strategies? Grab a copy of Dave's book, Profit from Your Podcast, and start exploring over 20 creative ways to make money, regardless of your audience size.

Next Up:

And stay tuned — Dave joins us back in the next episode to clear up the confusion around video podcasts and answering questions like: Can you have a successful podcast without video? Is there an advantage to having a video podcast? Can you start with audio and add video later? When's the right time to add video? And is this video podcasting trend here to stay? So whether you launched your podcast to avoid the camera or you're eyeing YouTube as the secret strategy for faster podcast growth, this episode has the answers you need. Don’t miss it!