With the availability of different user-friendly platforms and the growth of internet technology, creating your website or blog can be both a challenging and enjoyable task. Whether it is for a hobby or business purposes, knowing how you can generate income is essential.
However, before you start to monetise your website, you need to consider several factors first. After all, you cannot expect instant cash. Monetising your site requires dedication and will take time.
Earning a good income from a new website is definitely possible. But you need to invest a lot of hard work. Technically, it’s true that making money online is straightforward. Once you create your blog, you can start to build your strategy for monetising it and watch your bank balance skyrocket.
According to research, almost 68% of bloggers earn a minimum of $50,000 per year. The problem is that most new bloggers end up quitting before any money comes in. Why is this? Creating your own website is quick and easy. However, you need to spend a lot of unpaid hours maintaining it before monetising works.
In order for you to earn a profit, you need to invest time, effort, and money into building your site, creating regular compelling content, using SEO techniques to boost traffic, and building social media followers.
One of the first things your need to do, before starting this process, is making sure your site performance is good and pages load quickly. You can always build your landing page in Wordpress to maximise your site performance and gain conversions.
So, how do you monetise your site? Try these top tips.
1. Consider affiliate marketing
In affiliate marketing, you need to make a referral to another business in order to earn commission. If you are part of an affiliate program, you can earn revenue from every site visitor who clicks your link and sets up a paid account.
Most book bloggers earn cash if a reader buys a book through an affiliate link contained within the blog. In case of a fashion blogger, you might receive a percentage of the sale price if your readers buy a jacket you recommended using your affiliate link.
To succeed in affiliate marketing, you need a trustworthy reputation. Make sure you properly disclose all your affiliate links and any product recommendations you make to your audience. Always test a product or service before making any recommendation.
2. Create and sell physical or digital products
Selling physical products will involve more work than selling their digital counterparts. The good news is you can delegate fulfilment and shipping to third-party providers. This leaves you to focus on marketing and customer service.
It is possible to successfully monetise your site much more quickly selling digital products. This is because you do not need to create continuous content such as blog posts. All you need to do is to create a product, then promote it to your target audience and new readers.
Below is a list of different types of products and services you can create and sell on your site:
- Audio and eBooks
- Plugins, apps and other software
- Digital downloads (audio elements, stock footage or video effects, premium design elements, website themes, illustrations, photoshop presets, stock photo bundles, and blog graphics)
- Merchandise such as mugs, t-shirts, plushies and more
3. Set up a paid membership website
A website’s private area is another way you can make money. Just make sure you add extra value that can justify the price tag. To ensure you have the functionality on the website, you could try Memberstick.
Popular types of membership you could take advantage of include:
- Mastermind and Accountability Groups - These membership sites organise both mastermind sessions and group coaching for small group of students.
- Education Buffet - These groups sell access to podcasts, webinars, and bundles of courses and other educational resources.
- Paid Communities - This type of membership group features private forums, special discounts, masterminds, members directory, discussion boards and other exclusive resources.
4. Experiment with paid newsletters
It’s not unusual for business owners and their marketing teams to spend a lot of time curating newsletter content. But, did you know that you can ask your readers to chip in, especially if they know how great your content is? You can take advantage of a paid newsletter as part of your monetisation strategy. This can also help protect your content against public sharing.
5. Publish product reviews and sponsored posts
When you negotiate sponsorship deals with other companies, make sure you charge extra for social media promotion, including their content in your newsletter, reviewing their products in your articles, and publishing their post along with a website link.
Sponsored content might not be a scalable monetisation strategy for your site, but you can receive some extra cash. For example, you can charge £500-£1,000 per post and an extra £50 for social media promotion.
Meanwhile, you need to make sure you are disclosing all your advertising relationships. Don't forget to mark the content as sponsored. If you want your sponsored content to rank, consider the following:
- your influence online
- the number of sponsored posts per month
- the time you spend to create content
- your brand value
6. Gated content
While your personal essays can be read for free, other content could be enjoyed by premium subscribers. Your premium subscribers could have preferential access to some of your exclusive content. For example, you might give them access to longer, more in-depth posts on a specialist subject.
7. Ask readers for support and donations
Instead of pestering your readers with ads, it’s a better idea to ask for their support and accept donations. Some artists, professional gamers and comics writers have fans who are always ready to donate cash.
8. Use your website to promote your skills and offerings
Your website can act as a portfolio to promote your services and skills online. Some freelancers with personal sites charge 65% more. If you have no idea about the type of service you could pitch, you can consider the following:
- Career and recruitment services
- Transcript services
- Digital marketing and SEO
- Proofreading and editing
- Content marketing and copywriting
- Graphic design
- App development
- Web development and design
You don't have to worry if you can't deliver your service online. Your website can be used to attract customers or clients in your area. Once you have sparked their interest, you can pitch your 'in-person' services. These include:
- Face-to-face consulting
- Speaking agreements
Providing a one-on-one coaching session is another spinoff idea. You can offer your readers a proactive mentorship that involves your expertise. For example, you may be an expert in sales, chronic disease management, employee engagement, or female empowerment. Instead of delivering 'in-person workshops' you could deliver an online course as private coaching requires less upfront investment.
9. Try premium certification programs
If your business is an established authority in your industry with a strong brand, it’s would be very easy launch a certification program. You could launch an e-course and training program with grading, exams, and homework.
For example, Copyhackers offers Copy School, designed to sell courses to copywriters. As for Copyblogger, it runs the authority program for content writers and marketers.
10. Establish a dropshipping store
Without dropshipping, you need to deal with order fulfilment and inventory management. You also need to be hands-on with the shipping process. So, if you want to eliminate these ecommerce aspects, it’s a good idea to set up a dropshipping store.
When you become a dropshipper, you don't need to hold any stock because the supplier does that for you. The supplier is responsible for ensuring that everything is carefully packed and shipped to your customer on time. All you need to do is to focus on keeping the orders coming in.
If you want to make decent money dropshipping, you need to set up a professional ecommerce storefront, deliver excellent customer service, work with reliable suppliers and grow your store traffic. You will also need to promote your products by investing in pay-per-click ads.
11. Flip websites
Website flipping is the process of buying a website that is under performing, improve the site's performance content and revenue before selling it on. The highest priced websites to buy tend to be dropshipping, ecommerce, membership, and affiliate sites. If none of those appeal, you can also try flipping news sites, personal blogs, and other digital estates.
Be aware that your eventual site valuation will depends on several factors, including:
- Number of social media followers
- Conversion rates
- SEO metrics
- Amount of website traffic
- Monetisation model
- Monthly revenue to expense ratio
One of the most exciting things about managing your own site is you can earn money. On the other hand, no matter how fulfilling it is, monetising a site requires patience, time, dedication, and of course, traffic.
With the above tips, you will be confident that you will succeed in building your own website and making money from it. Do not expect too much during the first few days or weeks. You need to be patient, and you will enjoy the fruit of your effort. Above all, make sure that your readers and readers are your top priority. Always give them the content and services that suit their needs.
Copyright 2020. Featured post made possible by Liraz Postan of Liraz Postan Ltd.