You really want to know how to monetize your website? I will be doing a good breakdown of 7 proven ways to consider if you are truly willing to build up a legitimate online brand or business.
Disclaimer: You will get to see instant results by implementing these monetization strategies unless you don’t have a good and solid background for setting up a business. Let’s assume you have an idea and you’ve also found a profitable niche. I will recommend you filling out the 1 page freedom plan to get super clear on how your business is going to hit the plug.
7 Most Proven Methods to Monetize Your Site
Listed below are proven ways to monetize a site:
- Market Coaching & Consulting
- Sell Information Products
- Build a Membership Community
- Affiliate Marketing
- Create a Software Subscription (SaaS)
- Sell Physical Products (E-Commerce & Funnels)
- Live & Digital Events
Website Monetization Tactic #1: Sell Coaching & Consulting
Right from the moment you start engaging visitors or building an audience, the easiest way to leverage members of your audience in a reasonable way is through Tutoring, consultancy, mentoring or any name you may call it.
This is because there is basically no infrastructure requirement.
All that’s required of you in terms of infrastructure in offering coaching and consulting services is just your phone and you figuring out ways on how to make payments.
You can take it also beyond the 1-1 model; this involves helping a lot of people at a time using the group coaching. What is needed is just a bit more infrastructures that can help you host all the calls at a go. A great example of that platform is “Zoom”, and it is very easy and convenient to set up.
So what do you think is the potential here? You can conveniently rack up to six figures through coaching and consulting alone. If indeed you have the necessary skills and experience, it is certain that you will create an online success.
Pros & Cons of Monetizing Your Website with Coaching & Consulting
- It helps monetize very fast
- It requires low cost to get started
- Just little infrastructure needed
- It takes a lot of time and energy to serve clients
- Doesn’t scale indefinitely
Website Monetization Tactic #2: Sell Information Products
One of the most reliable ways of monetizing your website is through information products.
Information product is something that gives people clue on how to do something. It can be packaged up in various ways:
- Webinars & Master Classes
- Membership Communities
- Online Courses
- Virtual Summits
- Workbooks & Templates
- Audio Lessons
- Live Event Recordings
One of the good things about information products is the fact that they rank up indefinitely.
For example, you can build an online course that can engage 100 people or 100,000 people. There is no limit to how many people you get to engage. And the moment the work is done, it is done but you still need to update at intervals so as to keep it relevant.
Another major benefit of information products is the fact that they don’t require a lot of money or tech knowledge to create. It mainly costs you your time.
The amount of time it will take solely depends on you. There are diverse ways and tactics for creating and marketing information products so as to hasten and facilitate the process and to authenticate the whole idea first.
Pros & Cons of Monetizing Your Website with Information Products
- Getting paid to create the product with pre-selling
- It scales up indefinitely
- It is quite easy to create and sell
- It entails constant update every fucking year to stay relevant
- Sometimes it can be more complicated to effectively communicate the value
- Often needs overcoming customers’ limiting beliefs
Website Monetization Tactic #3: Create a Membership Community
Another strategy or a next step to building information products is to create a membership community
The membership community is more like a platform where information products are compiled to a certain forum where members can engage with one other.
Members’ engagement on this platform is assumed to be at least equal to whatever training is available or even more valuable than that.
You’ll also get more chances of customizing the experience to every individual member than you can actually do with some other types of digital products.
One of the most important features of a community membership is the fact that it does generate recurring revenue. Once you are able to get members, they’ll continue to pay every month instead of paying once; so this is recurring revenue. But this is realistic if and only if you are still able to provide the value as each month passes by.
Though a membership community is absolutely good and an amazing tool for monetizing your website and business, in the real content they do require a lot of ongoing work. You have to engage them and keep them happy and, in most cases, this can be achieved only by creating new and useful training resources.
There is also a need to be certain that the topic or challenge your membership community is focused on is the one that people will be after and really need over a long term.
Whether you are monetizing by information products or a membership community, it solely depends on your audience and how they are best served in respect to the problem you claim to be solving for them and the opportunities that it does lead to.
Pros & Cons of Monetizing Your Website with a Membership Community
- Ability to bring in recurring revenue
- It increases your concentration by allowing you to focus on selling one thing
- Offers a more robust experience than information products
- Traction is difficult to gain in the early stages
- Needs a lot of ongoing time and attention
Website Monetization Strategy #4: Affiliate Marketing
Affiliate marketing is a skill or strategy used in selling other people’s products for a certain commission.
Affiliate marketing is also a nice fundamental strategy for monetizing your website and it comes with a firm supplemental strategy. Plus, it is advisable to use it as a supplemental strategy.
Pros & Cons of Monetizing Your Website with Affiliate Marketing
- Require less overall effort to getting sales
- There is absolutely no need to service customers
- Very little infrastructure needed
- It consumes time and energy to build a brand and audience but you only get little revenue in return.
- Place your audience into other people’s value ladders instead of your own
- Your reputation is at stake because is in the hands of other brands
Website Monetization Tactic #5: Create a Software Subscription (SaaS)
Have you ever thought that you need a lot of skills and knowledge to build a software product?
One of the best ways to monetize a website or audience which doesn’t really need in-depth knowledge or skill as long as you get the right people in your team is through software.
Though it you posses the tech knowledge and skill, it is not really needed before you can monetize a website.
The major reason the ‘software as a service’ (SaaS) is often known as such a powerful monetization strategy is that you’ll have the privilege to build a useful product that can be of great purpose in people’s lives and they will continually pay for it for a long period of time.
There are types of software that can be extremely useful, robust, and valuable and can be well integrated into a business that will make it close to impossible for customers to switch away.
In scenes where other recurring revenue models such as a membership, for example, may have a retention capacity of 3 months, 6months or 9 months at most, the software subscription’s retention ability can span up to 10 years.
Possessing a very long retention period (low ‘churn’) and high LTV (lifetime value) enables scaling to be very much easier. You can decide to spend more to get a customer and cash flow will be consistent.
Pros & Cons of Monetizing Your Website with Software Subscription
- Ability to retain revenue
- The product is more tangible which can make it easier to generate sales
- A perfect necessity for customers, highly reducing churn
- The product can be complicated and expensive to create
- It does entail a lot of ongoing routines
- Service, upgrade can be difficult to maintain.
- Sometimes it can be difficult and expensive to scale
Website Monetization Tactic #6: Sell Physical Products (e-Commerce)
For so long, time immemorial physical products have always been a strong monetization strategy for all businesses.
Marketing and selling products online is called ‘e-Commerce’ and it is an effective tactic for monetizing a website or audience.
For example, fashion can be easily monetized with a physical product you manufacture or to all basic products such as t-shirts and ‘merch’.
E-Commerce is versatile because it can either be a primary or supplemental monetization tactic.
Many people also find it very much easier to gain leads and traction with physical products in certain ways. Given for example, you can utilize or promote your products through existing or popular platforms such as Amazon, Etsy and eBay where millions of buyers get to do business.
Some people also find it easier to gain traction with physical products in certain ways. For example, you can leverage existing e-commerce marketplaces like Amazon, Etsy, and eBay where millions of buyers congregate.
Or you can gain tons of funding and exposure on crowd funding platforms.
Pros & Cons of Monetizing Your Website with Physical Products
- Tangible products can be easier to sell for various purposes
- Potential to re-sell over and over to the same customer
- Can be easier to recruit affiliates and distributors
- Lower margins and a bit more expensive to scale.
- Inventory is expensive and more difficult to manage
- Order management and fulfillment can be time-consuming and frustrating
Website Monetization Tactic #7: Live & Digital Events
Always have it at the back of your mind that you can monetize a website with offline events. You have to give your audience a convincing reason to gather offline, even though they exist online initially; this very act can be lucrative.
Some of the major tactics for offline events include:
Combining tactics is also a good idea; for example, you can decide to launch a signature digital course that includes a ticket to an offline event, more like a retreat or conference.
One of the popular tactics of recent is hosting digitals such as Online Summits. These include conferences where you get to invite top experts and guest speakers to give talks and interviews.
It will be nice if you can make the conference free to attend for that week. It’ll be a great way to build your email list and then sell an all-access pass to anyone that wants to watch all these facts.
Employ speakers as affiliates; you will get to generate a ton of revenue within a short order. We have those that are making $1Million+ off a single online summit (even though they have made a name for themselves before organizing the summit and this is enough to attract big name speakers and guests).
Pros & Cons of Monetizing Your Website with Live & Digital Events
- Creating interactive and engaging experiences for customers
- Brings in and generates a large influx of revenue at once
- It is good and excellent for brand building
- It entails a whole lot of planning and logistics
- It is tedious sometimes
- Requires Lots of upfront costs and risk
How NOT to Monetize Your Website: 5 Tactics I Dislike!
If you really want to know the ways to monetize your website, you have just been given 7 powerful tactics above
Here are the 5 tactics I dislike:
- Multi-brand, multi-product bundles
- Paid Ads / Sponsorships (on platforms with their own products)
Although I’m not saying it’s wrong to monetize your site implementing any of these 5 strategies, I hate using them for one or more of a variety of reasons. However, if you are confused about any of these or you want more explanations to any of them, simply leave a message through the comment box below this post. And I’d be more than willing to help any further.