So you’ve finally done it! You’ve obtained your license, acquired some music rights, gathered all your equipment — and even built up a decent audience for your new online radio station. And, even better, people are also starting to share some of your episodes on social media!

So, the next step to take is to start making money!

But how do you do that? Well, it’s easier than you would think.

Just follow these three simple steps:

1. Start advertising

When it comes to advertising, the most important thing to keep in mind is your audience — they are the key to your advertising. Once you have identified your target audience, conduct research on them to find out who they are, what they like and what they dislike.

It’s vital that you look at their age, gender, ethnicity, as well as what other Internet radio stations they’re tuning into. Why? Because all of this information will tell you what types of ads you should place on your station. The ads need to appeal to them or else they won’t fulfill their purpose.

For example, if your station’s audience consists mostly of marketers, you probably would not be advertising the Ultra SA music festival. Rather, you might be better off advertising current marketing conferences that are happening.

The next step is to figure out what kind of advertising you want to do. Here are a few options to consider:
  • On-air spots: These are a bit on the pricey side, but definitely worth the money. Selling on-air spots on your show is the way to go if you’ve already got quite a large following. Find businesses that sell products or services that relate to your audiences’ interests and offer them some spots on your shows.
  • Social media: If you’re looking to attract organic traction to your page, this is the best way to go. You can start by creating a YouTube page with a list of all your episodes and even behind-the-scenes footage. This is also a good place to include sponsored ads. So get started on those social pages and get posting!
  • Banners: Banner ads are always a winner! The best spot to place them is next to your episodes. Again, you’ll want to place banners that are in line with your audiences’ interests.

2. Get a few sponsors

Now it’s time to get some sponsors — this is a great way to go if your station is just starting out. Sponsorships are an inexpensive way to make a bit of cash without having your advertising be too invasive to your audience.

There are various ways in which you can go about this. Going back to the marketing audience example in point number one, if you cater to the older generation of marketers, you could strike up a deal with a local brand and say a couple of words about them before the beginning of your show.

Additionally, you could offer them ad space on your web page. According to an article by RadioKing, the key is to “offer them positive publicity in exchange for payment. Most of all, think about the message that you’re sending your listeners by establishing a certain sponsorship. It’s up to you to determine whether this conforms to your radio station’s brand identity.”

3. Create your own online store

Everyone loves merchandise, so it’s time for your station to find its own gimmick. Is there something ‘whacky’ or ‘known’ that you say on the air? Why not turn those phrases into T-shirts? Or mugs? The world is your oyster!

These branded products can be sold on your website and advertised on your social media pages like Facebook and Instagram. A great way to promote these items would be to wear them and use your merchandise as much as possible. Be sure to include them in photos and videos.

For example, if your Internet radio station has a YouTube channel (which it most certainly should), you could have an interview with a guest wearing all your unique merchandise.

“As well as adding to your profits, an e-store could turn your radio station into a brand. Your early morning listeners certainly won’t forget to tune in to your station as they sip coffee from their newly purchased radio mug marked with your station branding.”

It is clear that when it comes to e-stores for radio, there are a lot of opportunities for your station to make its mark.

Are you ready to start monetising your Internet radio station? Leave a comment and we’ll give you a shoutout on our Facebook page! Everyone needs a start.

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Online radio has many benefits, and if you haven’t considered it before, check out these Three reasons why digital radio is becoming more popular to see if you should hop onto the web radio train.
*Image courtesy of Vecteezy