There are many ways we can monetize our website(s). Many of the successful websites choose to capitalize on a combination of revenue streams.
What may start as a secondary alternative like offering advertisements on your website to earning money may well become your primary revenue sources with the right amount and right type of traffic.
In this post, we will discuss some of the routes you should or may take to monetize and start earning more money from your website.
The B2C model or e-commerce store online is now the most common business model adopted by online businesses in recent years.
Physical products include products bought from suppliers, manufacturers, and those made by business owners. Products include painting, food, jewelry, and more. Whatever the product, the offline model has now all been transferred online.
Depending on how and where you get the products, these factors will influence the cost of your products. However, it is still a wise choice to be cheaper as compared to offline with the cut of the operational costs due to physical stores.
The general public has grown in their appetite for digital products such as ebooks, videos, music files, and more in recent years.
It only makes sense to sell them online now. Similar to physical products, there is always a cost associated with it such as a license and reseller fees.
When planning for the prices of your products and services. Here are some of the factors you will need to consider before coming out with your prices:
Be sure to do some market researches to know your products and services market value if they are existing ones.
One very cost-effective way of having an operation online is through the provision of the subscription pricing model.
Many software and online solution providers have benefitted from charging based on recurring revenue rather than charging a one time fee.
From the customers’ point of view, they get to benefits and experience the products and services first. They do not need to pay a one-time large amount of fees to know that the products and services are not suitable for their needs.
While from a company point of view, this leads to greater profits, cash flow stability with a monthly subscription. The monthly retainer has helped to provide the company with more up-selling opportunities and capitalizes on customer relationship management.
This approach should come slow and gradual. One good tactic will be to create a buzz of the offering of your product and service, giving discounts and offering access for free at the start.
At the start it might not be so good for cashflow, but as it grows and people begin to like your products and services. They will then pay and be charged later for requiring, liking, and continual usage of the products and services you offered.
You may also choose to give them a freemium model service such as the first-month free subscription. It helps to give “customers” the feel of the products and services and hopefully eventually get them to pay for the paid version later.
This strategy is often used by dating application.
As a new business, people have no trust of what they are paying for, they do not yet have the trust and knowledge of the services, products you are offering. You need to tease your customers by giving them examples.
The dating website or application is an industry that uses this method. They will give users limited access like viewing the profiles, but contact details and any other essential features are hidden from users until they pay.
Showing users what your products and services can help them and move them down the sales funnel. However, do consider how much information and access during the free trial time.
It is up to the business owner to charge a price that the users are willing to pay for. It is more advisable to research your pricing well instead of altering the price so much. This confuses potential users and angers the existing users.
In terms of digital products and services, it is good to come out with a tiered membership level so that you give customer options and cater to their needs.
Tiers include basic, medium, advanced advantages, this usually gives customers more comfort when selecting and more willing to purchase your products and services.
Opting to use display advertising on your website is one great way to gain profits and generate revenue.
For display ads to work, you must have the traffic coming to your website. You will only get paid when users click on the ads. Therefore the more traffic you get on your site, the higher the chances of clicks and thus more cash to be earned.
Depending on what are the purposes of your site, display advertising may work for or against you. If you are trying to create a professional and sticky site, it is best not to use display advertising.
However, if your monetization strategy is to drive as much traffic and have them clicked on your ads then it will be great. It makes more sense to give the ads a pride of a site location which can distract users from the main content of your website.
Websites with high traffic are very attractive to advertisers. Bigger payouts will be given to the website that is willing to offer to advertise and helping to drive significant traffics to the advertisers’ pages.
Display advertising uses a CPC or CPM model to calculate costs. There are companies who are happy to pay just for exposure, some looking for real leads, and sales. Most advertisers generally are looking for all three in combination when they put up ads.
However attractive and the strong revenue we can generate from advertising. You should always make sure you create and build your brand, positioning your business and website in the professional light.
If you are serious about selling your products and services, it generally makes no sense for you to show adverts for competitors to do the same thing.
Always remember to strike a balance and know when and where to put up the ads on your website. If your first or only things your users are going to see are ads, they will eventually lose trust, surf elsewhere, and ignore your core offerings altogether.
You need to have a business plan to specify the balance of advertising versus selling your products and services.
If your site is reliant mostly via advertising money, then your adverts should be placed more prominent on the website. The design should also be iterated so that it actively entices your visitors to click onto the ads.
However, if your website like other businesses more focused on selling your core products and services, your offering should then take precedence. In this scenario, advertising is just a secondary stream of income and your adverts should not dominate.
Affiliation is one multi-billion-dollar industry that encompasses any products and services you can think of.
Affiliation is easy to implement both as advertisers and publishers. Advertisers are people who want others to sell their products and services by paying a commission. And publishers are the people who want to help others sell their products and services earning the commission.
You are like a traffic aggregator that helps your chosen affiliate partners make money every time your users click onto links, fill in forms, and interact with your visitor’s site.
Amazon is one gigantic company that provides affiliation services.
Anyone with a website or a blog can become an associate or affiliation service partner to Amazon.
An affiliate network allows you to work with a range of products and services if you do not want to keep to a single provider.
There is currently a wide range of products and services available online, do a search and you will be able to explore a wide range of products and services currently operating.
As one online business owner, it is possible for you to become an advertiser or publisher. It is even possible for you to become both.
The more professional end of affiliate marketing will be the product feed and API.
API stands for application programming interface integration.
Implementing this feeds onto your website might require some work from your developers and API integration. The effect of it is that it allows you to display as many products as possible you wish from the advertiser’s website.
It allows your users to browse products when they wish to purchase, earning revenue seamlessly just providing the customers with information. The information includes product descriptions, prices, product names, and more.
The above is how advertiser product will appear on your website feeds, it allows you to experiment selling a range of products and services, trade online without having to worry about the availability of stocks, sending orders, dealing with customers, or returns.
Below are some of the effective tactics I have tested and proven useful for selling via third-party product feeds.
There is actually a way you can do to make sure whatever products and services you sell actually end up being bought by your visitor? You need to be so trusted that every time they visit your website or any sign of your presence makes them want to buy.
There is no one proven method to make this one reality, but luckily, there is one powerful method that can help you reach that goal gradually. You can become the authority of the subject, you do not need to be an expert in everything, just on the niche, products, and services you have chosen, you would want to become expert in. In fact, no one can be an authority/expert in everything.
Your readers, visitors, will trust you when you share advice on these subjects, you will gain the trust and confidence from. They will speak highly of you and eventually buy the products and services you recommend.
You should be able to tell the importance of having authority, that authority in your field, and become recognized as one should be your goal and how it can be so beneficial for your businesses. It can help you increase sales profits and customer loyalty to a brand or any organization. Here are some ideas to help set you up as an authority of your field and subject.
People will not trust you if you do not have strong credentials; this is pretty straightforward. You have to be an expert on the subject or a topic to become an authority, pretty obvious, right? Not everyone who calls themselves experts are experts, you need to prove it through your meticulous writing and voracious reading
You have to show your knowledge of a subject in all your content. You can do all this by blogging, academic credentials, and through your experience.
Finally, validate and back up your studies with these third party sources:
We would like to read them if you have any additions, comments, or criticisms, do share your thoughts below on the comment section.
Sorry. No data so far.
All Rights Reserved ©. Web Leads Digital Agency Pte. Ltd.