Mastering Podcast Budgeting: Essential Investments for High-Quality Production | Ep 28
Ever wondered how much you should spend to produce your podcast?
From hiring a videographer to understanding the expertise required of an audio or video editor, and the often-forgotten importance of a knowledgeable SEO copywriter for your podcast, this episode will clear up any fog around how much you can expect to invest as you launch and grow your own podcast.
Elevating Your Podcast with Smart Budget Choices
Listen up for the numbers – high and low budget ranges! We'll explore why balancing these costs is crucial for creating and maintaining exceptional content over the long-haul. Understanding the various post-production services will help you decide when outsourcing each component makes sense and allow you to plan your marketing budget.
Expert Tips for Budgeting Your Podcast like a Pro
- Don’t invest $500 or more in equipment unless you’re also going to invest in coaching, SEO-copywriting, and professional post-production editing services for your podcast.
- Post-production costs include editing, copywriting, creating social media assets, and scheduling all of the components to go live on time. Consider your personal hourly rate and the opportunity cost you face before deciding to “just take care of this one thing” yourself
- Consider the length, frequency, and number of participants in your podcast to tailor your budget accordingly. Longer episodes with more participants require a greater investment than shorter solo episodes.
- By aligning your spending with the Small Business Administration's recommendation of allocating 5-10% of revenue to marketing, business owners can ensure a balanced and effective approach to growing their podcast and overall business.
Turning Your Podcast into a Business Asset
I’ve included few examples of how you can arrive at your own preferred investment amount based on your revenue, client value per month, and business structure. Whether your business model is high-ticket, low-volume, or low-ticket, high-volume, we discuss strategies to optimize your marketing investment for growth.
If you haven’t already, it’s a great exercise to discover the monthly value of your average client according to the method discussed here.
Next week, I’ll share my best pre-recording tips for behind the mic and on camera, suggestions for lighting, and several other details to help you feel confident and ready to record.
This podcast is edited and managed by the team at PodcastAbundance.com and we’d love to produce your podcast too! To discuss working together, book a Discovery call with me. www.talktovirginia.com
You’ll find equipment & software recommendations, downloadable templates, and podcasting how-to videos at www.PodcastAbundance.com/resources
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To become a guest or find other episodes of Podcasting for Financial Professionals (formerly known as Reaching Abundance), visit www.podcastingforfinancialprofessionals.com