In today’s digital world, publishers from all different walks of life often struggle with the same issue: how to monetize their websites.
There are several different monetization strategies that you can choose from, each with their own unique benefit. There is also no one “right” model for everyone. Each of these strategies is unique, just as each website is unique. However, in order to get the best possible outcome with your monetization strategy, you need to make sure that you are choosing the right approach.
If you aren’t sure where to start, we have highlighted five effective, straightforward approaches to monetizing your website that you can start using right away to jumpstart your efforts.
1. Video Advertisement Strategies
Ask most experts on digital monetization models, and chances are they will instantly start talking about videos. This medium is known for its high engagement rates and returns on investment.
In 2018, video advertising accounted for ¼ of all digital advertising costs because advertisers are seeing the results. This is why most experienced advertisers will pay higher CPMs for better video ad inventory. If you use advertising as the main method of monetizing a website—then video advertising is one of the first solutions you should look in to.
If your website primarily generates revenue based on content, then video can be an equally beneficial approach. Content-based websites who need quality in-stream ad inventory should consider looking into video ads if they want to start monetizing their site right when it launches.
2. On Site Display Ads
Display ads are one of the most reliable and established forms of website monetization out there and a solution that has been an institution since website monetization first began. Depending on the layout of your website, there are a few different places you can sell ad space on your site.
The most common spaces that publishers offer for ads include the side, top or bottom of the page, and sizes can vary depending on the ad location. The key, of course, is making sure that you balance website design and ad location and space. You don’t want ads to take away from the aesthetic of your website and you want to make sure that they still pop enough for visitors to see them.
This type of monetization approach works best for sites that focus primarily on content.
There is a definite balance between maximizing the space that you have and not over-doing it. However, the good news is that there are endless options when it comes to ads and how you design and utilize them on your site.
3. Affiliate Marketing
Affiliate marketing has taken off tremendously in the past few years. The process is fairly simple, and utilizes a unique affiliate link that you publish on your website. This allows you to receive a commission if your website visitors visit the affiliate you partner with, or if they purchase a product from this website.
Recent studies suggest that more than 80% of brands out there right now have some type of affiliate program. While Amazon has one of the largest affiliate programs out there, there are countless companies and programs that your website can partner with to monetize through affiliate marketing.
There are a few keys to making affiliate marketing work, including choosing the right brands to affiliate with. You need to take the time to choose an affiliate that is smart partner for you, not just the one with the highest commission.
Affiliate marketing is a great option for websites with a dedicated following of loyal visitors or those that have curated an audience around a specific hobbies or topics. This is the easiest way to curate affiliate links that will work specifically for that target audience. Plus, if you are primarily content focused, the benefit of affiliate marketing is that it is relatively low maintenance.
4. Sponsored Content
Sponsored content is a way to extend the reach of your brand, partner with other companies and offer your existing customers real value. Creating sponsored content typically comes in the form of blog posts and articles. You can write pieces for other brands and have other brands come in and write pieces for you.
If you want to entice other brands with a dedicated following to pay for sponsored content from you—then you need to make sure that you can prove your site has substantial traffic and engagement and that you have a clear, targeted demographic.
Sponsored content is a form of advertising that requires a little extra work and attention, but it is one that is seen, by most, as being more trustworthy than a traditional ad.
5. Curating An Email List
If you don’t already have a dedicated email list, there is no better time than the present to get one. As a publisher, there is nothing as easy or as valuable as building an email list. This is an approach that works for anyone and everyone, and it can serve as the foundation for the other website monetization models.
This is a great way for you to test out different models and monetize your email list in a way that works best for your website. You can often mix in different strategies to find a solution that works for you. For example, creating a weekly newsletter filled with relevant content, then incorporating ad space on the bottom of these inbox newsletters.
Achieving your website monetization goals can be a long, and at times arduous, process. It is one that takes a crystal-clear plan, dedication and consistency. The key is to make sure that you balance the ROI of your site and the wants and needs of your audience. As long as you aren’t sacrificing the integrity of your website and are keeping your followers at the forefront of your efforts, the right monetization strategy can launch your new website into an exciting new era.