All kind of websites can be monetized in the appropriate way but a site itself does not make money, it's only a tool for your business. Most significant parts are good content and traffic. Without these, you can't make money with your site.
In this lecture, I'll show you 14 ways on how to monetize a website. You can pick any of them and use it as you want.
Your content has to be engaging so that the visitors don't leave or click away. Therefore, it's essential that you are passionate about the subject your website will be based upon.
Make sure that visitors can easily digest and share the content and you should update your content regularly.
Next step is you need to drive traffic to your site. Here you can use all your marketing knowledge. For example, email list building, giving away free content, videos, ebooks, SEO, social media marketing, Youtube, guest posting, backlinks, forums, communities and so on.
I won't go into the details now because I have other lectures about online marketing. You have to be patient and think in the long term if you want to succeed. There are many methods you can use depending on the type of the website.
1. Selling advertising space
You have several options here including selling ad space directly to a business or company for a monthly flat fee or CPC, CPM. CPC is cost per click, CPM is cost per 1000 visitors.
You can do the same with Google Adsense. This is the simplest method because Google handles all the things for you. All you have to do is to place a code on the location of your site where you want the ad to appear.
Google will find the relevant ads for your site and shows it to your visitors. When somebody clicks on it, you get paid and Google will cut a fee from your income. The best way of this type of monetization is to build a blog and placing ads on the sidebar, header and so on.
2. Selling your website
Many business owners want to buy sites. You can either create a website from scratch or buy an existing one and after some revamping, you sell it for a profit. So once your site has a good reputation, good content and a lot of visitors, you can try to sell it. Some websites deal with this type of business.
3. Starting a coaching class
You can start a coaching business by sharing your expertise with your students.
4. Offering consulting
Depending on your niche, you could make money by offering consulting and related services - through Skype, forum and so on.
5. Using content lockers
It means a visitor needs to take some kind of action, for example, clicking on an ad to be able to see the content you shared.
6. Selling an ebook
You can package your tips and advice up into a guide. The simplest way of creating an ebook is to create a 30+ page word document about something, turn it into a PDF and sell it. First, ask your audience what they want to know more about, create a guide around that and sell it.
7. Creating an online course
Videos are value-added extras that readers may be willing to pay for.
8. Offering coupons
9. Creating a membership site
Deliver products or content that your readers are willing to pay for. Membership sites provide recurring income which comes to you month after month.
10. Hosting paid webinars
Set up a free webinar series where you teach people something and then at the end you sell them into other webinars.
11. Selling your own products
Create a product around your expertise and sell it. For example, offer a downloadable guide on your website for a ridiculously low price as a front end, then offer an upsell on your backend in your sales funnel. Another option is to sell online goods.
12. Affiliate marketing
Join and promote affiliate programs. There are hundreds of affiliate programs to choose from.
13. Selling private label products
You can find a ton of private label products with resell rights. If they are digital products, you have to buy them only once and can sell them as many times as you want.
14. Selling your expertise
It can include anything such as social media manager, SEO expert, programmer, web designer, graphic designer, life coach, translator, blogger, copywriter, video editor, information researcher, virtual assistant, broker, finance specialist, writer, product tester, market researcher, contest promoter, report writer, skills trainer, voice-over specialist, business consultant, bookkeeper, editor, customer support, product inventor, live event organizer, software developer, social networking poster, webinar speaker, computer technician, business coach, online audio producer, business organizer, tax consultant, artist, viral marketing specialist, app developer, mobile advertising specialist, etc.
I recommend you to try out different monetization strategies and use the ones that work best for you. Find successful people in your niche and model what they are doing.
By studying this quick guide, you've learned the best practices on how to monetize a website. I hope you'll benefit from these tips.
See you next time.