The first step is to reach out, usually via email and make contact. Send a note to see if the other party is interested in a partnership, with a very brief overview of why you think it would make a good relationship. This exchange will hopefully result in a scheduled phone call.

Next, the podcaster should create and/or send the media kit over. The media kit is a visual representation of their mission, vision, host info, audience demographics and community numbers. This site was also created to use to send either podcasters or potential advertisers to learn more about sponsorship and advertising when preparing for a call.

In a perfect world this would be done in person, however, Skype and the telephone are more common nowadays and give both parties the ability to get a feel for how a partnership would work. One party, usually the podcaster, has the task of pitching the partnership, ad package and everything involved in the ongoing relationship.

The podcaster sends a contract detailing everything agreed to in the phone call, the advertising package chosen, payment arrangements and any deliverables both parties are responsible for. Signing digitally via a company like Echosign or via Adobe is perfectly acceptable this day and age and should be ok with both parties.

Payment is made in advance to the podcaster. Usually it is preferred to pay digitally via credit or debit card or via PayPal or Stripe. Payment can be made monthly or for the entire quarter in advance. It is normal for podcasters to only offer 3-month contracts, since it yields the best return for the advertiser.

At this point, all of the advertisements are created and sent for approval. This can be the podcaster recording and sending audio pieces, or the advertiser sending talking points. It can also mean designing banner advertising, blog posts, or just simply specifying to what links the advertiser would like to drive traffic. Either party can be responsible for creating the graphic pieces, and even in some cases the audio, if it's not a live or recorded host endorsement.

At this point, the podcaster will edit the audio ad into the show, and place the graphic banners in the proper place, and basically implement the contract.

It is the podcaster's responsibility to provide monthly insights into how the advertisements are doing. Obviously, they cannot measure how many people have purchased, unless there was a special tracking mechanism like a coupon code or special link, but they can offer download numbers, web traffic numbers, advertisement impressions and click-throughs, email click numbers, and more.

At the end of the QUARTER, the success of the partnership is reviewed by both parties and a decision is made as to whether or not to continue. Usually partnerships aren't reviewed earlier than this because all advertising campaigns need time to gain traction. You wouldn't run one TV commercial 4 times, and the same should hold true for audio advertisements as well. Hopefully both parties can tweak the contract and/or deliverables and try again.

A good partnership, like friendships and marriage, take time to develop and some work. Both parties compromise, and want what's best for the other involved. The advertiser should want their product to be a helpful and useful to the listener, and the podcaster should want to do what they can to sell as much as possible for the advertiser. When partnerships have a mutual "win" like this, everyone benefits and the contract is renewed for another quarter.