In this article, you will get to know How to monetize your website: 7 actionable strategies.
1. Experiment with affiliate marketing
Affiliate marketing is a method of promoting other people’s goods and services on your resources in exchange for a percentage of the profits from sales.
This monetization strategy is suitable for websites that have amassed their target audience and regularly post interesting content. Affiliate links can be placed in articles or mentioned in videos (or their descriptions). When a user follows the link and places an order, the website’s owner receives a reward.
To get lots of conversions using this strategy, follow these tips:
- post links to products or services that interest your audience and match the theme of your website;
- to secure the highest possible conversion rate, use native ads, so that the users get the impression that the website owner himself uses the promoted products and recommends that others do the same;
- “package” your links into content that your audience will deem as relevant and interesting, topics with the highest conversion rates: product reviews, online training courses, sports topics.
2. Start a paid membership website
If your website provides users with interesting content or is just a platform for expert opinions, you can introduce optional paid access to exclusive content. This monetization method works best for websites like:
- expert forums;
- info-portals with niche specialization;
- blogs that allow their authors to monetize their audience.
Practice shows that visitors are willing to pay for exclusive content. For example, expert forums in some areas specifically include paid memberships in order to weed out irrelevant audiences that aren’t sufficiently competent.
Paid membership is also used by specialized services and platforms. For example, those that provide access to data analytics, market research, economic and statistical research.
For those who don’t have their own popular site, there are other options – platforms such as Boosty and Patreon, where the author posts content available only to paid subscribers.
3. Monetize access to your email list
The site owner can offer a subscription to an email newsletter or relevant information matching the website’s subject matter. This tool is convenient for subscribers since they don’t need to spend time looking for information, instead regularly receiving useful news summaries.
Besides useful content, the owner can offer their own or partner goods and services. This strategy will be more effective if you adhere to the proportion of 1 to 4. In which for 1 ad message there are 4 emails with relevant information, the target audience will find useful. Otherwise, the user will find the ads too intrusive and just unsubscribe.
4. Publish sponsored posts and product reviews
This strategy is most effective when used to monetize media and information portals.
Sponsored articles look like regular articles but that at the end of them there is a link to the company that paid for the placement and creation of such content. These are usually reviews, articles and market studies.
Provided that the material that’s written this way is interesting, you can promote almost any product or service.
All the website owner needs to do is provide enough targeted traffic for the advertiser to recoup their investments.
The most popular examples: reviews of IT services, gadgets, cars and technology, sports equipment, cosmetics, hotels and cruises, reviews and studies of the real estate market.
5. Accept donations
Donations are commonly used as an additional source of income. Unlike paid membership, donations provide no benefit to those who make them.
A site owner planning to include donations must have a loyal audience and provide visitors with useful content or a free product.
Donations are popular in the free software sector, where the program is distributed free of charge and the most loyal users are willing to voluntarily pay a fee to the creators.
This monetization strategy is also popular with bloggers and streamers.
6. Placing ads on your site
Owners of sites with large volumes of traffic can rent space on their web pages for advertising banners and teasers. This can be done through ad networks, which act as intermediaries between advertisers and publishers.
This monetization model can be used by any website, regardless of format or topic. To generate tangible profits, you need large volumes of traffic. The website owner is usually paid for the number of times the ads are viewed or clicked on.
7. Monetizing your website through eCommerce
If none of the above methods is suitable, you can try eCommerce.
Launch the production of your own product or sell someone else’s. Even companies that sell high-quality and popular products don’t always have their own online stores. This is due to the conservatism of the owner or their unwillingness to understand online technologies.
With such a strategy, you can secure profits with minimal investments. All you need to do is make a website in a specialized constructor, create brand social media accounts and invest in advertising. No need to spend money on purchasing goods, the website’s owner can just pass on orders to manufacturing plants and receive their cut.
This article was written in partnership with Galaksion.