If you’re interested in having someone invest in your podcast, metrics matter. That’s according to Erica Mandy, host of “The Newsworthy” podcast. Mandy was a presenter at Podcast Movement’s Evolutions last week and was joined by Podfund’s Nicola Krozenko. By using spreadsheets, Mandy explained she was able to track and analyze important information which was helpful in her obtaining investment through PodFund.
Mandy says to do this successfully, follow the 4 C's:
Clear goals – Have clearly defined goals, a plan, and spend time where it matters.
Charting Progress – Track downloads, listens per episode within 24 hours, listens per episode within 30 days, and unique listeners month over month. Also, track sponsorships and ads.
Consistency – Keep up with charting progress and activity so you can make projections.
Change – Make and track adjustments as needed.
She said to track other metrics as well to include giveaways, promo swaps and paid marketing campaigns (which you should use trackable links for).
Krozenko said by tracking metrics, it gives her organization a clear idea of what sort of return on investment they can expect. “If you’re just launching, things are a little different and you have to do a lot of projections.”
She was also sure to mention that being meticulous with your metrics like Mandy, makes their decision to invest your podcast much easier.
If you are curious as to how Podfund invests, they do it in two different ways.
PodREV is where they invest, with their return being a percentage of revenue for a fixed period of time. And then PodSAFE is where they invest for a percentage of equity in the underlying company. More information can be found on their website.
No matter who you seek out for investment, it's important to stay on top of your numbers if you hope to get your podcast funded.
Joe Stone is an Army veteran turned multimedia producer and is the Head of Audience Insights at Jam Street Media. You can email him at Joe@JamStreetMedia.com or find him on Social Media at @joestonemedia.