How Do You Make Money On Your Website – 6 Ways To Do It
If you have a website or even a few websites, you are probably trying to make some money from the enterprise. There are all sorts of ways to make money with a website and they often dictate what you have to do. Although you shouldn’t focus entirely on the money in my opinion, it can often give you some structure and strategy in day to day activities and your long term business plan. In effect, deciding on a monetization strategy is also a bit like adopting a business model. In this article I’ll list 6 monetization methods or business models that you might want to use or think about adopting if you are unhappy with your current monetization strategy.
This method doesn’t even require a website so for this reason, it is something that anyone can try if they want to spend a bit of money but it may not be effective. It’s also getting a bit long in the tooth these days too.
Direct advertising is using some form of pay per click or pay per view advertising to send people to a sales page for the product you are advertising. The product could be your own but more than likely is someone else’s and you are acting as an affiliate.
It’s a bit outdated these days and companies like Google don’t allow direct linking. It is also known as bum marketing when you just use articles rather than paid advertising. Even article directories like Ezinearticles seem to frown on direct linking these days though.
A Content Website With Advertising
This is almost the reverse of the previous example. You create a website which has lots of articles or other forms of content that people are searching for via a search engine like Google. Probably the most popular way to do this is to use the Adsense program. Adsense puts text and picture adverts that fit the context of the article thus making it more likely that a person will click the ad. When they click, you get a share of the advertising cost.
Niche Affiliate Site
As the name suggests, this is a website that focuses on a specific niche, often the more targeted the better. The site can make money by reviewing products that are relevant to the niche and affiliating to a company that sell the product. The products could be real, physical products or virtual items like ebooks or downloadable videos.
Information Products Website
Again, this type of website will be one up from the previous example. It will have focused on a particular niche and created some kind of information product around this niche. The website could be as simple as a salespage that directly sells the product to a visitor or a squeeze page that gets an email id and presells the product. It is one up from the niche affiliate website because it will get traffic from these websites and pay them a share of the profits generated by the visitors.
An authority website is all of the above you might say but the defining factor is that it is seen as an influencer within a certain niche. It could be the website itself or the person behind the website that is the authority but people see it as a go to resource whenever they think about the particular niche. Authority gives you an opportunity to monetize the website with advertising, recommend other peoples products as an affiliate and probably sell it’s own products too if it is a genuine authority on a subject.
Whilst the monetization opportunities are great, getting to the status of an authority is easier said than done.
Most people know what an e-commerce site is. It’s the equivalent of a real store online. You sell real, physical items. It’s easy to set up an e-commerce store these days with services like Big Commerce and Magento but getting the infrastructure set up around can be complicated.
It can be easier if you already have an existing physical store but if you don’t you have to work out a drop shipping arrangement with companies or buy stock. Drop shipping will eat into profit and take some of the control of your business away. Buying stock can be costly and risky if you can’t sell the stock.
This idea has been alluded to in many of the previous methods but there is more focus on list building.
You could have any kind of website from a simple squeeze page through to an authority site but ideally something in between the two. It’s sole purpose is to get an email lead. Once you have the email lead, all your efforts revolve around email marketing. This doesn’t mean sell, sell, sell but build a relationship with the list so that they know, like and trust you.
I’ve listed the methods in levels of complexity. The more experience you get in internet marketing, you will find that you move down the list.
With this said, some people may start off doing e-commerce because they have a real store and bypass the other stages. Or maybe they find selling real goods as a more tangible activity than the other methods.
Other people may prefer a less hands on approach and prefer to act as an affiliate or only handle virtual products.
Others may only want to be paid via advertising for their ability to drive traffic or visitors to a website.
The point is that you do what you like to do or grow to like to do.
Understanding how you will make money helps you understand what you have to do and whether you can stick at it through thick and thin.
What method do you use ? What do you like or dislike about the method ?