Kate is the behind the scenes wizard that’s helped grow the show from humble beginnings 9 years ago into a 7 figure business all while living in Puerto Rico paradise building the life of their dreams.
Sponsorships: A Strong Start
Erickson's venture into sponsorships was a slow yet steady process. While the initial growth may have seemed gradual, it laid a solid foundation for her podcast's success. To foster a sense of community and collaboration, she initiated a mastermind group that quickly grew from 50 to 100 members. This space allowed individuals to come together, share knowledge, and support each other on their entrepreneurial journeys. Additionally, the creation of "Podcasters Paradise" became a profitable side business that helped the team recover financially.
Income Streams and Revenue Generation
From the outset, Kate and her team diligently documented their income, allowing them to track their financial growth. Sponsorships emerged as the primary revenue driver, thanks to the solid relationships they developed over the years with various sponsors. Building a loyal listenership was essential; the success of sponsorships depended on the engagement and consistency of their audience.
While courses and physical products also contributed to revenue, it was clear that the strongest impact came from sponsorships and courses. These elements aligned well with Kate’s passion and expertise, creating a win-win situation for her business and her audience. Affiliate relationships fluctuated, but the focus remained on sponsorships and courses as the main pillars of their income.
Strategic Sponsorships
For Kate, the key to successful sponsorships lies in targeting a niche audience. While a large listenership can be beneficial, having an engaged audience can often be more valuable. Ideally, podcasts should aim for at least 5,000 downloads per episode, though 10,000 is preferable when negotiating with advertisers. It’s crucial to evaluate the worth of sponsorships and ensure they provide value to both the podcast and its audience.
A robust content system is critical for maintaining consistency. Kate’s team stays a month ahead of their content schedule, which frees up valuable time to focus on business growth. In December alone, they worked with 17 different sponsors, necessitating efficient communication and organization.
Focus on Community and Growth
Kate emphasizes the importance of dedicating time to building a community. Active engagement in social media groups is a daily priority. Implementing systems that streamline processes has become essential to their operations.
Notably, Kate believes in the power of singular focus when it comes to growth. She advocates for launching one project at a time, refining it, and establishing a solid system before moving on to the next initiative. This approach minimizes distractions and ensures a clear path to success. By concentrating on existing strengths and opportunities, Kate follows the 80/20 rule, focusing her efforts on what already works well.
Advice for Aspiring Entrepreneurs
Kate understands that each entrepreneurial journey is unique. What worked for her may not necessarily apply to everyone. Flexibility and the ability to pivot are crucial as the landscape continues to evolve. Tracking metrics is vital to identifying what strategies yield positive results.
When something works, Kate encourages entrepreneurs to double down on it. Having a clear definition of success, setting small achievable goals, and tracking engagement metrics are essential steps for growth. By understanding how audiences find and connect with the podcast, Kate can refine her calls to action and improve overall engagement.
For inspiration, Kate often turns to books like "Essentialism" by Greg McKeown, "Secrets of the Millionaire Mind," and James Clear's "3-2-1" newsletter, which offer valuable insights into entrepreneurship and personal development.
Through her dedication to building a successful podcast and community, Kate Erickson continues to inspire aspiring entrepreneurs on their journeys to success.
