Monetize Your Online Business
The successful online business generates net profit revenue. To achieve online business goals, one must monetize his website. Using advantages of digital online marketing strategies we can generate sufficient traffic, but we must be able to convert that traffic into the converting customers.
After creating our online identity ie. blog we have to monetize our content. There are many ways we can monetize. Not all are applicable or compulsory. We just have to pick the best suitable for our content. Most of the time it depends upon what niche type of content we are providing to our visitors.
There are some most common methods we can monetize. First of all, we will take a look at the topmost of them, then we will go to the strategy.
#1. Affiliate Marketing
What is affiliate marketing ?: Affiliate marketing is a revenue-sharing concept. Where we will get shared revenue( commission) if we lead someone to purchase product or service to our affiliate partner. It makes it possible for affiliates to earn money on product sales without creating products of their own. The cost to the customer is not affected by most of the scenario.
Benefits of Affiliate marketing: Affiliate marketing is the most common earning strategy for niche-based online business. There are many ways we can implement an affiliate program. Thousands of affiliate programs are available which we can join. The affiliate network is the hub for affiliate programs, where thousands of affiliate programs can be searched under a single account. Actual product owner gets customers they probably wouldn’t reach on their own. Affiliates can earn commissions on a one-time purchase or recurring income through sales of subscriptions or membership programs.
How to Become an Affiliate ?: Most of the sites provide a sign-up portal for affiliate registration, Most companies that offer affiliate programs indicate that with an “Affiliates” or “Partners” link at the bottom of their site home page.
Make a survey of the particular product that suits your online business, contact the seller of that product. make the inquiry by phone, email for the affiliate partnership program.
Looking for potential affiliate products at affiliate program managers that include Commission Junction, Clickbank, and ShareASale.
How to implement ?: After being accepted into an affiliate program, marketers receive a unique URL that includes their affiliate ID. We have to share that link or product along with affiliate id. whenever someone makes the purchase or click that link we will receive the fixed amount of commission or reward. When commissions reach a pre-determined threshold, the affiliate is paid.
The easiest way to implement affiliate marketing is by registering our website to following affiliate networks
- Commission Junction,
What is digital advertising?: Advertising is the method of converting one’s traffic to take a look at other product by showing attractive banners, images, and offers.
Every online business needs traffic to drive their online business in profit. advertising is the need of every online business. If someone has the traffic it can be shared with other businesses by advertising. The huge amount of money is being spent on advertising. This is a great opportunity for others. In this way, It becomes the most reliable and attractive method of earning revenue. The following are the type of advertising we can consider to implement on our website.
- Advertising banners / Direct sell.
- Text Advertisement / Infolinks
- Pay Per Click ads.
- Cost Per Metric (Thousands)
- Video Ads
How to implement advertising ?: The simplest way to make money from advertising is registering our website to
- Google AdSense
- BuySell ads
- Max Bounty
#3. E-Commerce Associate
What is an e-commerce associate program ?: Leading e-commerce websites such as Amazon, e-bay, Alibaba, etc provides a partnership program and rewards us by paying commission per purchase amount lead by our link.
How to implement?: Become an associate partner to leading e-commerce websites, such as Amazon associates. They have different programs for different countries. Many local e-commerce websites (such as Flipkart in India) provides partnership affiliate program. You have to promote and review good quality products related to your online business, blog, niche topic.
Drive your traffic to your blog post where the particular product is featured. Suggest them good quality products you have tried or tested. If a customer makes the purchase using your link, your affiliate account will be credited by a prefixed commission.
The list of top e-commerce associate programs are
- Amazon Associates
- Ali Express
- Flipkart (India)
#4. Sell Product
Sell Digital Product: While selling your own product may not be as immediately simple as the rest of the items on this list, it has the potential to bring in a lot of revenue over a long period of time. For example, you could put an eBook together (which is essentially a blog post on steroids), and make it the focal point of your website. Depending on your niche though, the possibilities could be endless.
You can sell digital products such as
- Video tutorials/ course
- Software, Tools
- Digital assets/ Graphics / Arts etc
- Media Product such as Video documentaries, Music compositions, short movies
- Prebuild Websites/ Domains
Sell Your Own Product: This is the real business and requires more effort than any other method. You can sell your own or other physical products under your brand. You need to keep an inventory of products. You have to establish a packing & shipping chain. Set up an e-commerce website. Upload pictures of the products you have. Set description & price.. drive traffic to your product.
Dropshipping: This is the most amazing idea, you don’t need to keep inventory. You just have to take orders from your visitors, customers. Then you have to purchase the same ordered product from else wherewith lower price. Then ship that product to the customer’s address. You can implement a dropshipping portal/ website or blog very easily with Shopify.
#5. Paid Content/Membership
You can set up the membership website, provide a premium membership plan to access premium content. Customer will subscribe to your plan if they really qualify their need it.