ClickZ: No Formula for Podcast Sponsorships

Lerma also outlines three steps to follow to identify good podcasts to sponsor:

• Find top-ranked podcasts - whatever your category, there are podcasts that should be an appropriate fit.
• Listen and evaluate. Podcast quality is also something you'll want to evaluate, since you'll want to make sure you're associating your brand with good-quality, credible content.
• Contact and negotiate. Because of the newness of the medium, many podcasters haven't given much thought to advertising, so you'll have to discuss ad format, number of subscribers and negotiate an appropriate rate.

"This process felt very much like we were creating a new platform," notes Lerma.

via ClickZ: No Formulas for Podcast Sponsorships