True Return on Investment

August 15, 2006 · Comments

In her recent episode of Diary of a Shameless Self-Promoter, Heidi Miller answers an email question about whether she’s actually landed a new client based directly on her podcast. She answered no, but then did a great job of explaining how the podcast grew awareness, added link resonance, built her Google Rank, etc. She mentioned also, however, that it gave her unparallelled access to people in the general “podosphere” and “blogosphere,” and that she’d found lots more opportunities to share knowledge with lots of people.

I’ve been chewing on that premise for days now.

I’m frustrated when people question me about the return on investment for podcasting, but not with them. I’m frustrated that it’s not so easy to point out all the intangible or network-centric benefits that podcasting (and blogging) have brought me. I feel embarrassed at times that I log over 50 hours a week of my own time on Grasshopper New Media projects, and that those projects COST ME MONEY, not earn me money

The True Return On These Investments

Over the last several months, I’ve met more motivated, passionate, exciting, and encouraging people than in the years 1989-2000 combined. (That’s YOU, by the way.) Recently, that experience has intensified, and intensified again. As I’ve come to realize my place in this community (as a content provider, a bridge builder as well as an evangelist), I’ve established even more contacts and friends. I’ve exchanged emails and phone calls with brilliant and famous people alike (sometimes those are inclusive groups, even).

I’ve reached out and offered help. I’ve built traffic to sites where people are pouring our their hearts to audiences of 10, and at least for a moment or two in time, highlighted their hard work. That’s a return to me: being able to build an audience of passionate readers and listeners (and viewers for those of you who checked out and liked New Media School), and then ask those new friends to go and give support and attention to things that they would probably like, once they know it’s there.

Example: I love sending people to Aidan and Clay, brothers and bloggers whose combined age isn’t 10 (or is just barely 10).

More Return: A month or so back, I leveled with you. I said, “I’ve got this crazy idea, and I can’t pay anyone anything, but would you want to get involved in a plan to build an audio and video podcast company?” I got TONS of replies. Plenty of people joined up. Can you get much more great return than that? People who support your cause, who’ll march forth and help you with new ideas when they come to you. Isn’t that a return?

Even More: I get to meet all kinds of amazing people all the time. Remember when you were a kid and you’d watch Happy Days? (or *.your country’s dumb sitcom here) You’d see them sitting on the couch or at the diner, etc, and think about how cool it’d be to sit on that same set. Well, I sat on the VERY SET of the Steve & Carol Show. My favorite web comedy/drama series actually made me a promotional flick for the conference I helped set up. I’m going to meet stars (to me), and better still, we’ll work together on things.

Try *that* with the folks on The O.C.

Anyhow, I’ve had plenty of return, and I’m a few hours (I hope) away from announcing yet another amazing return on my investments in people and conversations.

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  • All good points.

    For me, personally, the answer is that I've yet to figure out how to monetize appropriately. My current premise for that is very close to PodShow and probably TPN, with some slight modifications, and with my BIG differentiator and difference of opinion being EDITORIAL INVOLVEMENT. To me, having Executive Producers that guide and shape the podcasts, and growing shows that are a lot more "considered" will eventually pay off.

    On the other side, my goal is to shift away from the ground being covered, and launch repeatably into new verticals that aren't well captured. It's the same thing Scoble talked about months ago. It's the same thing Hugh GapingVoid Hugh talked about. Tech on tech just isn't the whole game.

    Game. Hmm. A game podcast for board games might be fun. Sooz?
  • Okay, with all due respect, I call bull on the intangible argument. Yes, absolutely, podcasting brings lots of intangibles, establishes a conversation, etc. But podcasts can also have a very real, very valuable, very sustainable ROI.

    Case #1: The Financial Aid Podcast. Using affiliate links and specially purchased domain names, I can track the number of loans that my show generates. I'm currently projecting between $5M and $8M in loans.

    Case #2: Podshow. Love them or hate them, they're generating sponsors and money.

    Case #3: TPN has a slew of shows it wants, because it believes advertisers will pay for the content.

    Can you have a financially successful podcast that has measurable ROI? Absolutely. If you don't - why not? What's preventing you from making that jump that will allow your passion to be your vocation?

    Christopher S. Penn
    Daily financial aid internet radio on demand, no iPod required
    http://www.FinancialAidPodcast.com
    Got iTunes? http://www.FinancialAidPodcast.com/subscribe/
  • laura15SecondPitch
    Chris:
    You are building a community of like-minded individuals. Do what you love and the ROI will follow. I don't think that is true for everyone, I do think it is true for you.
    :)
    laura
  • Ben-- Thanks. I've enjoyed meeting you, so that's a great return right there. I've benefitted from your advice.

    Will-- I love that. "I'm currently making business." That's perfect, really! Email me about your new job?

    Eric-- I wish I didn't have to have a cliffhanger. I just haven't heard back form the source of the news.
  • Your absolutely right, the ROI is in the intangibles. Meeting new people, sharing ideas, creating new things, receiving an audience and attention. Awesome post.

    By the way, nice cliffhander at the end. A pretty good way to bring people back, I would say. Can't wait.
  • Will
    haha that is the age old question which draws the line between hobbie and business. What is your ROI?? You're best answer to these "I told you so" people is that "You're currently making business, not money"... Now sit back and let them ponder another stupid question.
  • I can't speak for podcasting specifically, but if anyone questions the value of blogging...oy...get over it.

    In the last couple of weeks I've had two conversations over the phone with people I met through my blog. Both may lead to business for me. They might not, but the potential is there.

    I stress "phone conversations" because a lot of people questioning blogs might also question online chatting as a real way of "meeting someone" (which I disagree with two.)

    Good luck with Grasshopper New Media, Chris. Sadly, I think you and many others will have to keep railing against what people believe about blogging + podcasting for some time. But that's part of the fun right?
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