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building an indie business in the centre of venture capital I'm Alex Edmonds and this is building an indie business podcast okay I love that intro um today I'll be discussing using your podcast as a lead magnet so I'm going to talk about what is a lead magnet why you should use your podcasts as a lead magnet how to use your podcasts as a lead magnet the advantages the disadvantages and who this doesn't apply to okay so let's get started actually before we get started I want to just bring up the survey which will be in the show notes this is just questions I have for listeners of the podcast to answer I think it's ten just multiple choice questions and then to short answer questions you can finish it real quick okay so let's get into it what is a lead magnet the definition of a leak magnet from my google search is a lead magnet is an incentive that marketers offer to potential potential buyers in exchange for their email so a lead magnet would be an alternative to advertising on the podcast okay so why do you want to use your podcast as a lead magnet because ads take away from the focus of your content when you have an ad on your podcast you have to stop what you're saying and talk about another brand on your podcast so if someone might get distracted or turn off your podcast as soon as they hear an ad from another company another reason why is because when you don't have a ads on your podcast this provides more value to your listeners so if you have an hour-long podcast and you have 10 minutes ads you're only providing 50 minutes of value for your listeners so by not having ads you can provide more value to them okay how to use your podcast as a lead magnet well the first thing you can do is to build your personal brand so if you're trying to establish yourself in a an industry you can start podcasting and let people know your thoughts on the industry and people will see or hear your thoughts and listen for your thoughts if they like what you have to say another way you can use your podcasts is as an extension of your product so let's say you are trying to break into the podcast industry and you want to sell a podcast product you can talk about podcasting and people will see that you have knowledge about it and maybe you want to use your product because of your influence in the podcast industry okay another way you can use your podcasts is to give information about your industry so you can give information about your industry and then people will think about your product when people they they need your product so you can talk about the the science of something like okay you can talk about cars and using cars in movies if you're in the movie industry and then you can sell prop cars for movies and so when people think cars and movies people then think of your product okay so the advantages of using your podcasts as a lead magnet the first advantage that you will have is that you would have less to manage with the podcast and you can focus more on your content so when you have advertisers you have to deal with advertisers and that takes away focus from your content because you have to focus on their content and making sure they're happy with another thing another thing that gives you the advantage is when you're not focused on advertisers your subscriber count or your download count doesn't matter because that you have no one to please with your podcast when you have an advertiser they want to know how many subscribers you have and how many downloads you have with a lead magnet for a podcast you can just focus on content and don't have to pay attention to those numbers another advantage is you don't have to worry about saying something a sponsor doesn't like your censorship resistant as I would say so if you have you can say whatever you want so on my podcast I don't like the cuss specifically because there's there's little kids listen to my podcast I know that for a fact my my younger family members and I want to hear from their parents if they hear me swear and another reason is because when you swear on your podcast it doesn't show up in other countries like India so I just avoid all that with not swearing but if you like okay I have a perfect example bill Burke he he has advertisers and there was one incident where he's selling berries and he made fun of their product and they didn't like that so he had to they they cut the relationship with them and so they later re-engaged him or started advertising on his podcast and he was very careful with the next ad that he did so if he didn't have advertisers he wouldn't have to worry about that okay the next advantage that I think you will have is it'll give you an edge against other podcasts so a lot of people are tired of being sold something and by not selling ads you're giving people something that they can consume without being sold something the next thing very well so because you're not selling them something I think that this will create more loyal listeners because some people don't want to be sold ads and they'll look forward to hearing your podcast okay so another advantage is that people probably don't want to hear an advertisement or so many advertisements for a subscription a subscription for underwear and so you'll be that podcast without the underwear ad and that could give you an advantage okay the disadvantages you lose a source of income the potential source of income because you won't be monetizing your podcast directly and yeah so you'll be losing potential money because if your podcast grows and the companies want to advertise you have to say no to them okay the next thing you want are another disadvantage is that it may be difficult to track your listener conversions so it'll be hard to track whether your listeners are converting to using your product and this is because this goes back to how to use your podcast people will think of your product when people need it so if you're targeting producers of movies for your car company those people will think about your product when they need it so they might not need your product right away so it'd be kind of hard to track when a listener converts to using your product yeah so this makes your product difficult or it makes it kind of difficult to track the impact of your your podcast okay so finally this doesn't apply to full-time podcasters if you have full time podcasts or if your podcast is your product then you have to sell ads to make money on the podcast so this doesn't apply to full-time podcasters okay that's all I have for this episode thank you for listening if you want to host a podcast and you don't want the hassle of sending them up and everything join the telegram chat for open podcast and we talked to me and we will set something up where you host an episode of the open podcast community podcast ok thanks for listening have a nice day bye