5 Actionable Monetization Strategies You Can Use Today
Anyone building a new blog usually hopes that it will generate some sort of revenue. The process of creating that revenue is called monetization, and it doesn’t happen overnight. The process requires bundles of determination, hard work, and skill. On top of that, your blog needs traffic. But we’re getting ahead of ourselves; let’s start with the basics.
What Is Monetization?
Before jumping into the process of monetization and cashing Adsense checks, you must understand what monetization is. Simply defined, it’s the process of turning eyeballs into dollars. People visit your website--hopefully in droves. As the owner of the website, your job is to figure out how to turn that traffic into revenue. There are various ways of website monetization, including using cost-per-impression and pay-per-click advertising.
These two methods essentially work by allowing advertisers to place ads on your website, which results in revenue generation any time a user clicks on the ads. While advertising is one of the most common ways of website monetization, they aren’t always reliable.
This is because nowadays, most internet users use ad-blockers, which means they are unlikely to see the ads. Additionally, some users find ads annoying and might not end up staying on your website for long. Read below to find more tactics on how you can monetize your website.
Actionable Monetization Strategies
1. Try Affiliate Marketing
Being an affiliate marketer for a business allows you to retain a commission for every referral you make. For instance, if you are a book blogger, you can earn extra money if one of your readers purchases a book through your affiliate link.
While this might seem like an easy feat, it requires one to be very wary of the businesses they promote. Ensure that you disclose to your readers that you are an affiliate marketer so they will continue to trust you. You also need to recommend products that you’ve used and those that your audience cares about.
2. Sell Products
You can create and sell both physical and digital items on your website. Digital products include eBooks and audiobooks, while physical items can be merchandise. You can also create an online course. In today’s world, most people go online to learn a foreign language or even learn a new recipe. If your course is good, you won’t be short of readers and subscribers.
3. Accept Donations
Your website might not have many visitors, but the few who visit it might be very engaged with your content. If this is the case, you can ask your audience to donate a small amount to your website. These donations might not be a gold mine, but they can help you with your web hosting expenses. The good news is that it takes just a few minutes for your donation button to be fully functional.
4. Generate Leads
Sometimes all a business needs is an inquiry. This is why many businesses are always looking for creative ways to find new leads to help them thrive. A good example is if you run a math blog. You can partner with an online school to provide them with your readers’ information, such as phone numbers or email addresses.
Although lead generation is almost similar to affiliate marketing, you don’t need a reader to make a purchase; you simply need to introduce them to the business, and then you earn some cash.
5. Hire an Agency
A digital marketing agency can take your online presence to the next level. Partnering with an agency can help your website grow its online presence by interacting with your targeted audience on various social platforms. Creating a good reputation in social media circles can lead to higher conversion rates, thus increasing your bottom line.
While you are on the journey to monetizing your website, it is critical to note that your audience is your most valuable asset. Without readers, listeners, and/or viewers, you won't have anything to monetize. A website with zero visitors can have all the ads and affiliate links it wants; the monthly balance in your Adsense or affiliate accounts will remain zero. Also, work at making your website user-friendly. A final strategy is to experiment with methods to determine what works and what doesn’t. Always be testing.