ABOUT THIS EPISODE
I spotted a question from an expert in a mastermind group and wanted to address it because it's a common one. Mostly I get this question from folks who've been on a few podcasts, know they enjoy being a guest, and can see the potential for their own show.
Ultimately, I want coaches and consultants doing both. Guesting and hosting podcasts work together for best results. Guesting on other podcasts is the #1 way to get more podcast listeners. And hosting your own podcast is your best lead conversion tool, and it's the place where you have 100% control of the message.
So in no particular order, here are 3 key questions that will help you make this critical decision.
#Question 1: How many podcasts have you been on?
If the answer is fewer than 5, I'd recommend spending more time being a guest. By all means, start working on your podcast idea behind the scenes.
Yet I recommend spending more time interacting with the audience, attracting people to you, and testing your Point of View and Bold Opinions.
Even though our agency produces podcasts, I advise folks to guest on podcasts first. Do as many shows as possible and get a feel for what you like and don't like.
That lays the foundation and starts putting your Point of View into the world, attracting people to you and building an audience who can help you refine your podcast idea before it even launches.
That's the real secret to launching a great podcast - finding a fast growth niche where people are seeking content, conversation, connection and community.
A group of people who feel neglected, passed over or overlooked by the content that's already out there.
#Question 2: Have you identified a fast-growing niche where you can become the first or only expert? Emphasis on 'first or only.'
When I say a fast-growing niche, you might not know. But if I asked you, Where is all the *buzz* and energy in your space right now, that might spur some thoughts. The best way to grow anything, from a podcast to your entire business, is to position yourself where the buzz and energy and growth already are, and then become the "first or only" in that space.
Many coaches and consultants I see are not operating in fast-growing niches, and yet they're beating themselves up for slow growth. I also see this a lot in coaches and consultants who've become well known in one niche and then want to keep growing, but they've essentially outgrown their original niche and haven't chosen a good strategy for their next niche.
I've been heavily influenced by the work of Richard Koch, who wrote the 80/20 Principle. What you might not know is that he also wrote a book called the Star Principle, in which he shared the secret of a "star" business, which goes back to Bruce Henderson's work at Boston Consulting.
A "star" business is the #1 brand in a niche that's growing 10% a year or more.
If the niche you're in isn't growing at 10% a year or more, then even dominating in that niche won't lead to big growth. As coaches and consultants we tend to compare ourselves to other experts and influencers without taking the niche into consideration.
When I work with clients especially on their podcast launches, that's one of the key things I'm looking to identify. What's the niche, and is that (or could it become) a fast-growing niche?
That was the big secret of the Team Building Podcast that I launched with Jeff Cohn. Within the residential real estate space, team building was the new hot trend. We positioned the podcast as the "first and only" podcast in that space, and he's maintained that position for the last 5 years, getting 10k downloads a month in a space where there's maybe 15k potential clients in a given year.
So look around at the niche you're in and be brutally honest, is the niche actually growing? Or are you trying to grow in a niche where growth is sideways at best.
#Question 3: Do you have a Clear & Compelling Idea that grabs attention from your ideal clients and compels them to learn more?
If you don't have that yet, guesting on podcasts is your best bet while you work that out. If you want help with that, reach out and maybe there's an opportunity for us to work together one-on-one.
Whether we work together or not, the goal of guesting on podcasts should be more than reaching new people. In my opinion, podcast guesting gives you repeated opportunities to try out tweaks to your messaging.
You can tweak small things like the language of how you describe yourself and your offer, or you might play around with different Bold Opinions and see what grabs people's attention.
You might even play around with your Clear & Compelling Idea, trying different ideas entirely, or tweaking the exact language.
But how do you know when you've hit it, and have a Clear & Compelling Idea?
You know you've got something when either the host reacts strongly, or you get feedback from listeners saying, "Holy cow, I've never heard that before! How do I learn more?!"
The best time to work out your Clear & Compelling Idea is prior to launching a podcast. The best podcasts we've launched for clients are basically a delivery vehicle for a single, powerful idea.
An idea that is simple and easy to communicate, so it's razor-sharp clear to the right people, while also being unique and powerful enough that people respond strongly and are compelled to learn more.
That's a Clear & Compelling Idea.
So there are your 3 questions to make a better strategic choice on guesting versus hosting.
Ultimately, the goal is to be guesting and releasing episodes of your own podcast consistently, then grabbing clips of each to put into email and social media systems while building strategic relationships with the people you meet through podcasting.
That's the MicroFamous system in a nutshell.
TRANSCRIPT 🔗
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