HOW WILL YOU MAKE MONEY?
Small stations can make money with advertisements, it helps to have a highly-targeted audience.
For example, if you have an active listener base in your area, you can sell ad spots to local businesses.
Another unique way of building a targeted audience is to create content around topics with huge monetization potential, like passive income, gaming or real estate investing.
Since anyone around the world can tune in to your radio stream, you can promote your station on the web and build a sizable audience.
THEN, find a business offering products or services that might appeal to your audience and sell advertisements spots to them.
Keep in mind that:
Before someone offers you money, you need to prove that they stand to benefit more from the partnership.
Know your audience really well; who they are, what they care about, what makes them tick, etc. This information is vital to the advertiser.
One way to understand your audience fully is to connect and engage with them on social media.
Your radio can also secure title sponsorship for popular shows or promos.
The title sponsor provides financial support. In return, you agree to provide specific rewards as outlined in your sponsorship agreement.
Often, you’ll mention the name of the sponsor throughout the show or display their banners on your website.
When approaching a company with your title sponsorship offer, you need to specify the sponsorship amount and a list of benefits you'll provide.
Non-commercial radios like community stations get most of their funding from well-wishers.
Not-for-profit radios may run ads, but they will be in less frequency than in commercial radios.
Like advertisements, you need a sizable audience to generate significant income. But a one-time donation from a wealthy donor can set your radio station for life.
Online payment processors (like PayPal, Skrill, Stripe, etc.) have also made it easy for small radio stations to accept donations.
You create a project on crowdfunding sites, and donors donate to your cause.
You may offer incentives to get people to give.
Here are several guidelines to help you create and sell your merchandise successfully:
Do market research to find out if your products will have ready buyers.
Produce small quantities first to know what your buyers prefer.
Ensure that you can sustain this business venture by considering your profits and expenses.
Make products you would also use.
Which kinds of merchandise can you sell?
Branded bags, hoodies, tees, iPhone cases, laptop skins, posters, mugs, stickers, mousepads, etc.
Where can you sell or market your merchandise?
If you have a radio website, you can integrate an e-commerce store. You can also sell items on Facebook and Instagram.
Selling air time is not the same thing as selling ad spots.
So, what is it? It’s selling chunks of time on your radio to someone else.
For example, a listener may record a show, and send the mp3 file to you for broadcasting.
You can charge per minute or hour, with the price varying according to the time of the day.
Here is another way to make money with your internet radio station...
Since you own the broadcasting and recording equipment, someone can visit your studio. You can help them record their show.
You’re so thrilled with this idea that you build a membership site charging a monthly fee of $5 per user.
Within a month, you get 100 new members. How much will you make in one year?
$5 X 12 X 100 = $6000. The amount may be sufficient to cover your running costs.
It sounds simple, but remember:
For a successful membership site, you must provide value for your paying members.
You need to make them feel special that they are part of the select few.
Consider offering the following benefits:
Exclusive content and information on upcoming shows or events.
Immortalizing their name on your website.
Behind the scenes access.
Shout outs on social media sites like Instagram or Facebook.
Special offers and discounts on your merchandise.
Interviews on your radio station through Skype.
Automatic registration to promotions and contests.
Access to a community of other fans.
As an affiliate, you make money by promoting products & services sold by other businesses.
You earn a commission or a cut of the profits when your referral makes a purchase—using your promo code or affiliate link.
Some businesses even pay you to send traffic to their website.
You can partner with smaller companies and start earning a commission for the attention you generate.
First, you'll need a website that gets traffic. Next, you find a product to promote. Build landing pages or write blogs that link back to the product you're promoting.
If your referral makes a purchase, you get a cut of the profits.
Syndication refers to licensing your radio show to other radio stations.
It works if your show is of high-quality and can be popular with listeners.
The radio station buying the rights benefits in several ways. They get fresh content, and if the show draws many listeners, the station receives high ratings. In turn, advertisers will want to place their ads in the program.
Get started with syndication by creating a marketable demo. Pitch the demo to program directors at different stations.
Alternatively, you can join a syndication network with an established community of content creators and affiliated radio stations.
You can rent vacant ad space on your website to other businesses. Just create an "Advertise with us page" or display "Advertise with us" banners across your web pages.
You may have to personally reach out to clients who might be a good fit for your radio website.