As a podcaster, one of the best ways to monetize your podcast is by getting a sponsor. However, getting a sponsorship deal can be challenging, especially if you are just starting out. The good news is that podcast sponsorships are attractive to sponsors. (Just check out the latest podcast ad spend stats here!) And with the right approach, you can get good deals that benefit both you and the person, business, or brand looking to sponsor your podcast. In this post, we will discuss the basics of podcast monetization through podcast sponsorship. And we’ll also share our industry tips on how to approach negotiation with a podcast sponsor to ensure that you secure a successful partnership that aligns with your content.

Negotiating Your Way to a Successful Partnership with a Podcast Sponsor

1. Be prepared

To negotiate a successful podcast sponsorship deal, you must have a clear understanding of what you want to achieve. This is really the first step for any strategy that hopes to meet with success. But it is particularly important when we’re talking about securing a podcast sponsor. So as you look for opportunities to monetize your podcast through sponsorship, begin by defining clear goals and what you hope to gain from the sponsorship. This could be financial gain, exposure, or increased engagement from your listeners. Having clear goals allows you to know what you should be asking for from a sponsor and helps you stay focused during the eventual negotiations.

2. Know your audience

Sponsors want to know that they are reaching their intended audience and that their brand is being exposed to the right people. You’re also more likely to land said sponsors if you’re shortlisting potential sponsors who already align with your audience. So before negotiating with a sponsor, take time to understand your audience demographics. This is obviously something that you should do as you’re starting out on your podcasting journey. But it’s important to brush up on this as you start to enter into monetizing your podcast through sponsorship.

This includes making sure you understand basic demographics such as their age, gender, interests, and spending habits. But go deeper. Think about products they like, the type of shows they’re into, and the brands they likely support. This information will help give your sponsor an understanding of who they are reaching and the value of their investment in your podcast.

3. Have a budget in mind

Sponsorship deals are not one size fits all, and it’s essential to have a clear understanding of your value and what you’re looking for as well as what you are willing to accept. By defining how much you would like to receive from potential sponsors, it gives you a foundation upon which you can start the negotiation process. It’s very difficult to proactively negotiate with sponsors if you have no idea if what they’re offering you is competitive.

If this is the first time you’re venturing into this kind of territory, it can be difficult to know what a competitive podcast sponsorship rate is. But thankfully, this is a pretty hot topic in the podcasting space, so there are some really useful resources out there! Posts like this one are a great place to start as you establish the budget for your podcast sponsorship strategy.

4. Don’t be afraid to negotiate

Before you can successfully negotiate and land a podcast sponsor, you need to get comfortable with negotiating. We can give you all types of tips for negotiating with a potential podcast sponsor. But if you’re fearful of the process itself, you more than likely will find it difficult to put any of our tips into action, because that fear will hold you back.

Now, it’s totally understandable that you’re nervous to negotiate. And that’s okay. That’s the whole point of this post. To equip you with the tools you need to enter into negotiations with confidence. We want to help you overcome this apprehension. But you first need to settle any fear you have attached to the process. Remember that negotiation is a natural part of many business processes. It’s not inherently good or bad. Negotiation is also not conflict. (This is often a reason many of us are afraid to negotiate.) Negotiation is simply working together with another party to land on an outcome that is beneficial to all.

And with that being said, let’s get to what you’re all here for. Our practical tips for successfully negotiating with your podcast sponsor.

Tips For Negotiating With Your Podcast Sponsor

As we mentioned above, many of us quiver at the mere thought of having to enter into negotiations with potential sponsors for our podcasts. Some may have even completely dismissed sponsorship as a viable podcast monetization method for their show because of their apprehension to negotiating.

But as we’ve also covered, we need to shift our thinking around what negotiations really are. We need to not be afraid of them if we want to enter into them and achieve a successful outcome.

However, that being said, there are definitely some tips, or rules of engagement, if you will, for negotiating that you can apply to build your confidence in the process, as well as to help you successfully land a podcast sponsor…or two.

We’re laying out those rules of engagement for you below. So you feel more confident entering into negotiations with any potential sponsors.

1. Always Be Genuine

The first tip for successfully negotiating with potential sponsors is to always be genuine.

Remember, people are usually very good at sensing whether someone is being genuine or not. Although it may not become apparent immediately, we are usually able to gauge whether or not individuals are being authentic and honest with us after only a couple of interactions. In some cases, we know right off the bat.

But why is this important when it comes to negotiating?

Because you want to show right off the bat that you are who you say you are, your show is what it says it is, and you can offer your sponsor what you say you can offer.

Starting the negotiation process with honesty and authenticity will help get the ball rolling in the right direction. It ensures that everyone is aligned and working towards a common goal from the beginning.

2. Do Your Research

Another vital tip for successfully negotiating with a podcast sponsor is to do your research. Why? Because knowledge is power, and this power will give you so much confidence as you enter into negotiations!

There are actually two types of research we suggest doing. We’ll cover the first type here, and the second in the next tip. First, you want to research and get a good understanding of the language used when we talk about podcast sponsorship and podcast ads. This is super helpful as it means both you and your potential sponsor can “talk business” without there being any misunderstanding. But this type of knowledge is important for you as a podcaster as it will help you secure the best deals for your podcast.

3. Research and Short-List of Potential Sponsors

You then should thoroughly research potential sponsors.

Why?

Because in order for you to tip the scales in your favor, you want to approach brands that align with your target audience. This will be a key point in moving your negotiations along. If you can show that sponsoring your podcast in some way will get the brand or business a direct line of communication to their target audience, half the negotiation battle is already won.

Brands already aligned to your niche and to your audience will be that much easier to land, as your audience would already be interested in the brand and its products. This helps make your podcast appealing to those potential sponsors, and more likely to offer you sponsorship.

4. Be Prepared with Your Stats

Next up, you want to be prepared with your stats. Here, we’re talking about your podcast stats. This is more positive evidence to help land your podcast sponsors. You want to be able to present possible sponsors with stats pertaining to your download numbers over different time increments, your average number of subscribers or followers, and even your top-ranking episodes.

Here you could also include your social media following, and the kind of engagement you enjoy on your chosen platforms. Again, all this data helps paint a picture of your audience and your podcast for your potential sponsors. And can help you show them that your podcast would be a fantastic sponsorship opportunity. 

5. Reach Out to Other Podcasts.

Another great tip for boosting your negotiation confidence is to talk to your fellow podcasters. Particularly ones with similar audience sizes as yours, or who fall in the same or similar niches and have already successfully landed some sponsorship deals. It can be really helpful for all concerned to hear first-hand encounters with podcast sponsors.

That’s truly one of the best things about being a part of the podcasting industry. So many podcasters are more than willing to share their experiences with you. And you can do the same for them. And in doing that, not only do you gain valuable intel for the negotiation process, but you also strengthen the bonds between you and your fellow podcasters, and so build your podcast community.

Looking for an awesome podcast community to join? Check out the Podcasters Platform.

6. Know Your True Value

Tip Number 6, Know Your True Value is a tip that helps build your self-confidence, and so build your general confidence in the negotiation process.

Understanding who you are, the value your podcast offers, as well as the value you can give to a sponsor, will help you immensely as you negotiate deals with sponsors.

Use the knowledge you have of your audience, as well as those stats to your advantage and use them to build a picture of the value you bring to the table.

And speaking of value, our next tip for successful podcast negotiating is…

7. Consistently Provide Value to Your Audience

Value-packed episodes can be a great way to swing negotiations in your favor. If you consistently provide high-quality podcast episodes, you make it that much harder for sponsors to turn you down! Because who wouldn’t want to align themselves with something that is adding so much value to their particular target audience?

Always serve up podcast episodes that are high-quality and jam-packed with value, and you’ll make it that much harder for sponsors to turn you down.

8. Be Prepared to Negotiate

Next up, be prepared to negotiate. We have covered a version of this tip above, but it’s important enough that it needs to be included in our list of tips for podcast sponsor negotiations. You need to be ready to negotiate, and you also need to be ready to settle.

Sending out cold emails and approaching sponsors can be scary. So we find that just the mental switch of, “I need to be ready to negotiate.” when you send out those initial emails and start getting some responses can really help put you in the right mindset to enter into those conversations with confidence.

And then you also need to be prepared to settle. That is part of successful negotiating, too. There will be times when you won’t get everything you’re looking for from a particular sponsor. Yes, there are times when you can push the negotiations further. But there may be other times when you need to consider your options and be ready to settle for what the sponsor if offering. (Obviously within reason! Which is why it’s so important to know yours and your show’s true value.)

Negotiation is often about finding the middle ground, and if both sides are happy with that middle ground, then your negotiations have been a success.

9. Over-Communicate

And finally, tip number 9, over-communicate. One of the things we’re referring to here is over-communicating your expectations. Right from the beginning, make it really clear what you offer a potential sponsor, as well as what you’ll be offering them should they choose to sponsor your podcast.

It’s always, always better to over-communicate – the worst thing that can happen to negotiations is for one side, or both, to make assumptions about what they think the other side is offering

Dropping hints or inferring your thoughts and expectations when it comes to negotiations is not going to get anyone anywhere. So you need to be very clear, and you need to over-communicate.

Conclusion

The key to securing a successful podcast sponsorship deal is to approach negotiations with preparation and understanding. Remember, negotiating is not something to be feared. If you pick the right people to approach from the beginning, negotiating is simply the art of finding what is most beneficial to all involved.

Know your goals and be ready to showcase the value that your brand brings to the table. Show that you understand your audience and show how you and your podcast will offer value to your sponsors, and you will have set yourself up for success when it comes to landing a sponsor for your podcast. With these tips, you’ll be well on your way to successful sponsorship deals that help you monetize your content and take your podcast to the next level.