Have you launched a start-up with an exciting new B2B product? Does marketing feel like a costly chore? If so, you are not alone.
What if you could use the money you spend on marketing to generate a healthy profit, in addition to the ROI you get from selling your products? You can. This article explains how to reach your goals (and enjoy the journey more) by creating your own profitable B2B podcast and a Virtual Event.
It Starts with a Dream (Not Money)
If you’re an entrepreneur like Elon Musk, you’re a dreamer. Musk dreams of colonizing the planet Mars. Yes, I’m serious. But to get there he needs rockets. So, while his original goal was to reach Mars, he’s now in the rocket launch business.
The last thing you expect when you create a new product is to get into the marketing business. But like Elon needs rockets, you need marketing. Would Musk have been better off leaving the rocket building to someone else? Maybe. But the rocket launch business now makes him a lot of money. And he’ll need it to get to Mars. So how can your marketing help you achieve your dreams, too?
The Challenges of Marketing a B2B Product
Implementing a marketing plan consists of two main things: channels, and messages. The end goal of channels (like Linkedin) is to make money selling you advertising. But as the amount of content increases, attention spans shrink and advertising gets ignored.
Buyers want information from people they know, like and trust. Not advertisers. Podcast interviewing is one of the most effective ways to build trust and create genuine engagement. And you can create your own channel, too. What if there was a way to use podcasting to increase your sales – even make you $100,000?
Where’s the Money in Podcasting?
There are two basic questions for determining whether a B2B podcast will make you profit. Answer “yes” to either, and you might want to consider podcasting.
Question #1: Is my product complex and/or expensive, and does it solve a big expensive problem or enable a big opportunity? If yes – then interviewing your ideal prospects as podcast guests can pay off. The cost of producing a podcast would be minor compared to your ROI. Done right, you are almost guaranteed to make far more in business income than you spend on a podcast, eventually.
Question #2: Is my industry a topic of great interest? If yes – you could invite your podcast audience to attend a virtual event. Recruit and record 15-20 expert guest speakers and you’ll have digital content you could sell access to indefinitely. Some businesses have made millions from online events.
The $100,000 B2B Podcast Business Model
Now that more people than ever sitting at home (likely in front of their computer), thanks to Covid-19, there’s never been a better time to hold a virtual event – but first you must build an audience.
Certain entrepreneurs are well positioned to build a large audience. For example – Elon Musk. Not only is he an expert in Space Exploration, but also the Space Economy. There is global interest in both these topics. Attract 50,000 people to your event, sell 1,000 all-access passes after the event for $100 and you’ve earned $100,000 dollars (possibly in only a few days).
Online events let you reach a global audience. They are significantly easier to record and monetize than a live event. There are software solutions that make the process easy. Creating a profitable (100K) online event depends on several factors. First, you must determine if your event should be B2C or B2B.
An example of a B2C event could be one about space exploration. There would be global interest in such a general subject. Is there life on Mars? It’s cool! On the other hand, a B2B event must be specialized. It should appeal to the needs of a specific business audience – like an event focused on Space Commerce. This would attract the new space entrepreneurs. A more likely calculation might be 1,000 subscribers to your podcast with 100 tickets sold at $1,000 (that’s still 100K).
Besides an immediate return, there are other ways to benefit from an online event.
Building goodwill from being a “convener” in your niche
Increasing your perception as a thought leader
Showcasing your own expertise
Raising your profile by associating with other experts
Growing your audience by leveraging the marketing power of others
Rapidly outpacing the competition
How to Get Started with B2B Podcasting
Creating a B2B Podcast (or Virtual Event) is not rocket science. But there are many moving parts to consider. And they must all coordinate. Count on the fact your production will need to be course-corrected and improved over time for optimal results. It’s best to start with a podcast, then plan a Virtual Event if all goes well. Get started now by downloading my Free Podcast Launch Guide.
Marketing can be a huge cost that weighs your company down and uses up funding. Or, your can use podcast interviewing to grow your sales and simultaneously build equity. While video is all the rage, it’s not necessary for B2B podcasting. As a previous Business Development Manager for 2 Fortune 500 companies, I’ve found that B2B podcasting is simply the best the way to grow. It’s definitely a lot more fun than cold calling.
P.S. – Once you’re connected…
Once you’ve interviewed, featured (and possibly promoted) a prospect – you’ve got their ear. You can always mention your value proposition. Other marketing communications become less important when people know, like and trust you. Here’s my podcast.
Create Your Own B2B Podcast
B2B firms face a growing number of channels, increasingly complex buying process and shrinking attention spans. Podcasting has emerged as one of the most effective ways to create genuine engagement with your most profitable prospects. I help companies selling complex, high ticket B2B technology products create an affordable and profitable business development podcast (and Virtual Summit – everything)- to pre-sell your products, expand your online presence and accelerate your growth.Get a Free Consultation