If there’s one thing I’ve seen shake up the podcasting landscape recently, it’s the rise of My First Million.
It’s crazy, right? In an oversaturated market where everyone and their grandma seem to have a podcast, these guys stood out, and I mean, really stood out.
But here’s the kicker: their rapid growth isn’t just a fluke. Behind their success are actionable strategies that can be golden nuggets for entrepreneurs or anyone looking to build something epic online.
Did you know that there will be close to 500 million podcast listeners by 2024?
Today, we’re diving deep into the world of My First Million, peeling back the layers of what made them shoot for the stars.
Whether you’re into podcasts or not, there’s a ton to learn and apply. So, grab your notebook and enjoy!
My First Million Background
Alright, let’s hop into the time machine for a sec.
Before My First Million even hit the airwaves, the podcasting landscape looked… well, different. You see, in the early 2010s, podcasting was this little-known gem.
By 2018, there were roughly 550,000 active podcasts. But come 2021? Boom! That number had skyrocketed to over 2 million active podcasts. Talk about competition, huh?
Now, here’s where it gets super interesting. While the sheer number of podcasts kept surging, listeners faced a paradox: “Choice overload.” Ever felt like there’s just too much content out there and no idea where to start? Yep, that’s the feeling.
But, and it’s a big BUT, this also meant opportunity; a gap in the market for someone unique, someone who could stand out from the noise. That’s where Sam Parr and Shaan Puri stepped in.
The two hosts were also incredibly successful before launching their show. Sam grew The Hustle newsletter and sold it for millions of dollars to HubSpot. Shaan was an early employee at Twitch and is an avid angel investor.
Their timing? Absolutely impeccable. They didn’t just launch a podcast. They created a brand in a space that was begging for differentiation.
And if you’re taking notes (which you absolutely should be!), here’s the actionable takeaway: Always look for gaps in the market. Even in an overcrowded space, there’s always room for innovation. It’s not about being first; it’s about being unique and filling a void that others have overlooked.
What Makes My First Million Different
Having a unique selling proposition (USP) is essential for every business to stand out. And let me tell you, MFM has done an incredible job cutting through the static. Here’s a breakdown:
- Novel Topics Covered: While most business podcasts do the whole “journey to success” spiel, “My First Million” went a step further. They dug deep into the ‘hows’ and not just the ‘whats.’ Listeners got the low-down on innovative ideas that could make them, well, their first million. Where else do you get that?
- Engaging Format: Many podcasts are short in length. But My First Million? They hooked listeners by introducing fresh, dynamic formats in each episode that typically span an hour. It isn’t just talk; it’s a compelling narrative, making you feel like you were sitting in on a mastermind session.
- Expert Guest Line-Up: We’re talking big names, industry leaders, and under-the-radar geniuses. Their guest roster wasn’t just about star power but bringing in folks with genuine, groundbreaking insights. It’s like hosting a party and ensuring every guest has a killer story to tell.
Now, for the entrepreneurs reading this, here’s the golden nugget: Your USP is more than just a fancy business term. It’s your brand’s heartbeat. Your North Star. Your… okay, I promise not to get too poetic here. But for real, if you can nail down what sets you apart, the sky’s the limit.
Action Steps:
- Survey Your Audience: Before diving into anything, ask your potential audience what they want. Understand their pain points. Then, offer solutions they haven’t seen before.
- Dare to be Different: Don’t be afraid to experiment. Sometimes, the best ideas sound wild at first.
- Keep an Eye on the Competition: Not to copy, but to understand what’s missing. Find that gap, and boom, that’s your in.
How MFM Leverages Social Media
Alright, buckle up, because we’re diving into the jungle that is social media. And My First Million was no amateur in navigating this terrain.
Now, you might think, “Hey, it’s a podcast. Why bother with Instagram or Twitter?” But here’s the deal: social media is like the megaphone for your content. And My First Million? They weren’t just shouting; they were serenading the masses.
1. Cross-Promotion Magic: They were everywhere. One day you’d see a snippet on Instagram; the next, a discussion thread on Twitter. Diversifying across platforms meant they were reaching different audience segments. It’s like casting a wide net–more fish, right?
2. Listener Engagement: Remember the golden rule of social media? It’s Social. “My First Million” was a champ at this. They encouraged ratings, reviews, and those golden shares. And when 84% of consumers trust peer recommendations over advertising, you bet this strategy was fire.
3. Collaborations with Influencers: And no, not just the ones with millions of followers. They tapped into micro-influencers, industry experts, and other podcasters. Why? Authenticity. People resonate with genuine content, not just flashy promo posts.
Now, let’s turn this inspiration into action:
Action Steps:
- Repurpose Your Content: Got a podcast episode? Chop it up. Share snippets, quotes, or behind-the-scenes footage across different platforms. Adapt to each platform’s vibe.
- Engage, Engage, Engage: Respond to comments. Ask questions. Hold polls or quizzes. Make your followers feel seen and heard.
- Collab Smart: It’s not about quantity, but quality. Partner with those who align with your brand’s values and message.
Consistent Uploads and Quality
Time to chat about two of the big guns in the content world: Consistency and quality. Think of them as the dynamic duo, the Batman and Robin, the… peanut butter and jelly of content creation. Okay, I’ll stop with the analogies, but you get the gist!
Now, My First Million didn’t just hit it big by luck. They got the formula right, and here’s how:
1. Regular Posting Schedule: Listeners knew when to expect a fresh episode. No guessing games. It’s like your favorite TV show–knowing it airs every Friday at 8 pm means you’re plopping on that couch, ready and waiting.
2. Audio Excellence: Ever tuned into a podcast with shoddy audio? It’s the quickest buzzkill. My First Million made sure their sound was crisp, clear, and professional. It’s the small things that can make or break the listener’s experience.
3. Feedback Loop: They didn’t just release episodes into the ether and call it a day. Oh no. They took feedback, listened to their audience, and iterated. It’s like having a compass that’s always pointing North.
Ready to turn this wisdom into action? Here you go:
Action Steps:
- Set a Schedule & Stick to It: Consistency breeds trust. Decide on a frequency that’s manageable, and stay committed. It’s better to promise less and deliver than overpromise and underdeliver.
- Invest in Good Gear: If it’s a podcast, ensure quality audio. Blog? Clean, readable design. Video? Crisp visuals. Whatever your medium, make sure it’s top-notch.
- Open Feedback Channels: Whether it’s comments, emails, or surveys, encourage feedback. And more importantly? Act on it.
The lesson here? Don’t just show up. Show up consistently and bring your A-game every single time. Because in the content world, consistency and quality aren’t just buzzwords; they’re your tickets to the big league.
How My First Million Makes Money
Monetization. Yep, the big M-word. We all love creating content, but let’s be real for a sec: turning that passion into profit? It’s the dream. And My First Million cracked that code. Let’s dive into how they turned streams and shares into dollars and cents.
1. Strategic Sponsorships: They didn’t just slap on any sponsor. They aligned with brands that resonated with their audience, like HubSpot. You see, 61% of listeners reported buying something after hearing it on a podcast. But the catch? It has to fit the vibe.
2. Ad Revenue: The duo generates passive income thanks to YouTube’s built-in ad system. They are able to run ads on their videos and get paid through Google AdSense.
3. Merch Madness: They rolled out merchandise that wasn’t just branded gear, but stuff fans would genuinely love.
Eager to turn your content into cash? I got you.
Action Steps:
- Vet Your Sponsors: Don’t just take anyone waving a cheque. Think about your audience. Would they benefit from this product or service? If not, it might be a pass.
- Dabble in Exclusive Content: Got a loyal following? Offer them a little extra. It could be bonus episodes, e-books, webinars–anything that adds value.
- Launch Merch with a Twist: If you’re considering merchandise, make it unique. Avoid blatant branding. Instead, think of inside jokes, quotes, or designs that resonate with your tribe.
What we can learn from My First Million
My First Million isn’t just a success story; it’s a goldmine of insights for all you hustlers out there. So, let’s distill their journey into some actionable, bite-sized lessons:
1. Authenticity Over Hype: In a world flooded with content, authenticity shines brightest. Here’s a nugget for you: 86% of consumers say authenticity plays a significant role in their support of brands. So, skip the fluff, be genuine, and let your realness resonate.
2. Adaptability is Key: Markets change. Platforms evolve. Trends shift. And My First Million? They rolled with the punches. Your game plan should be solid, but flexible. It’s like yoga for your business strategy.
3. Building a Tribe Matters: It’s not just about amassing listeners or followers. It’s about cultivating a community. The fact is, communities are 3x more likely to recommend their favorite brands. Turn your audience into advocates, and you’ve hit the jackpot.
4. Value Drives Victory: Before jumping on the monetization bandwagon, they ensured they were delivering consistent value. Always lead with value, and the rest will follow.
Action Steps:
- Be Real: Before posting anything, ask yourself, “Is this me?”. If not, it might be worth a rethink.
- Stay Updated: Set aside time every week to stay abreast of trends in your niche. Be ready to pivot when needed.
- Engage Your Tribe: Host AMAs, community events, or even simple shout-outs. Make your audience feel valued and involved.
- Always Lead with Value: Before launching a product or service, ensure it fills a gap and genuinely benefits your audience.
