Basic Website Monetization Features
The basic website monetization features consist in the fact, that there is a number of approaches and strategies (inside of these approaches), to advertise the products and services on a website. In general, there are four main approaches for monetization: Selling Own Products, Selling a Service, Affiliate Marketing and Advertising. Of course, there are many other approaches, that people use to make money with their websites, but, certainly, any of them can be accommodated into one of these four website monetization approaches.
Also, another important feature of the website monetization, is that it can be done either by yourself, or by engaging a third party service (that allows marketers mainly to concentrate their efforts on creating and updating content).
Of course, if you are thinking about how to monetize a website, you need first to analyze what website monetization ways (strategies) would be best for you. If on this occasion your intuition tells you nothing, you need to test different monetization strategies. It is not difficult, but it will take some time. Chances are that you may come to a combination of several monetization strategies use at one time. Of course, you should choose the monetization strategies that are less wasteful of time and more profitable.
So, here we discuss:
- Monetization by Selling Your Own Products
- Monetization by Selling a Service
- Monetization by Using Affiliate Marketing
- Monetization by Using Display Advertising
- Conclusion and Notes
1. Selling Your Own Products
Selling your own products can mean selling either physical or digital products. It can also mean selling access to content.
a) Selling Physical Products
Of course, selling physical products can mean selling anything, for example, from toys for children to heavy duty production equipment. In order to do this with the WordPress website, you’ll need to look for a WordPress e-commerce plugin like MarketPress. This plugin also will let you sell digital products.
If you already have a WordPress site, there are also a lot of eCommerce toolkits available. The Woocommerce and Jigoshop seem like a popular and well-loved options. You can start with just one product. This won’t look as dumb as you might think. Launch with one and see how it goes. This way, if it fails, you won’t have sunk a lot of cost, and if it succeeds, you can expand.
b) Selling Digital Products
Selling digital products would consist of selling ebooks, audios, videos, images, etc. But this business model operates not only with books and training, but with tools, themes, plugins, software and so much more! You can see on the Internet a plenty of creators selling everything from Photoshop paint brushes to music to WordPress plugins, often making $3,000 or more per month!
If you are not going via any third-party service that will handle your downloads for you, then you’ll want to choose a digital download plugin like Easy Digital Downloads to support you do that right through your website.
The Access to Content is also a type of Selling digital products. Selling access could cover membership websites, training workshops, webinars, simply news or information and facts, etc. The easiest way to do this with WordPress is to go with a Membership Plugin, which transforms your WordPress website into a fully functional membership website.
2. Selling a Service
Selling a service, as a website monetization, could include all sorts of things, from selling, for example, article writing services to selling room cleaning services. Various niches may require various approaches, but no matter your market, when you’re selling a service, you have to make getting into contact with you easy. For this you need to have a contact form on your website. The WordPress does not come with a built-in contact form! Not to get worried, however, there are lots of plugins that will do the job for you, and does it well. One of the most preferred (but also very simple) contact forms is the Contact Form 7 plugin.
Also, the service description should be short, clear, shows the price and how to contact you. If you want to take getting in touch even further more, you could include a chat plugin like Quick Chat. Or you could even add a Skype widget to your website like Skype Online Status. This WP plugin will allow your visitors to call you on Skype right from your website.
Selling a service can also get into many other areas, such as using the Multisite function offered in WordPress in order to run a website, where you permit users sign up for free and then place ads on their websites, or let them upgrade to premium services and then charge for them. Or, of course, you could do them both.
Other alternatives that fall under the “services” banner include running a classified ads website (or running a directory). In these cases, you can get both plugins or themes (with a functionality built in) to support you do that. Also, you could open up free to the public and then run advertising, or you could run a premium service and charge users per listing. So, you have many options for website monetization ways using selling a service.
3. Affiliate Marketing
Affiliate marketing – means getting a commission when selling another’s products or services, and it is one of the most popular ways to make money online! While some websites do run their own private affiliate programs, most people make the main selling through the larger marketplaces such as Amazon, Clickbank, Commission Junction, LinkShare, ShareASale, and other.
For effective implementation of the affiliate marketing a lot of special affiliate tools (website monetization tools) and training programs developed. For example, many marketplaces have their own free plugins and widgets to help their affiliates to realize monetization strategies. There are also the universal plugins, that can handle products and services from multiple marketplaces at the same time, making website monetization more capacious, for example, WP Robot.
While there are different types of plugins out there to help with affiliate marketing website monetization, many of the top affiliate marketers often say that – solid content and a good simple link work the best. Also, these marketers believe that at least one of the tools for website monetization that should be in any affiliate marketer’s toolbox – is a redirection plugin, such as Pretty Link Lite or Simple URLs. What these plugins do? They turn long, ugly URLs into clean, short URLs that look like they are going to another section of your website. They also track those links for you.
4. Conditional Advertising
And ultimately, we come to Conditional Advertising, as one of the solutions to the question how to monetize a website. Advertising comes in many types. Some of the most common are:
- CPC (Cost Per Click, like Google’s AdSense)
- CPM (Cost Per Thousand Impressions, M – in this case is from the Roman numeral for 1,000)
- Time Based Ads (Ads, that stay up for an agreed upon time)
- Sponsor Ads (Things such as paid reviews or simply general sponsorship of content)
a) CPC (Cost Per Click)
The CPC advertiser pays the owner of the website on which the ad is placed. In other words, by placing ads the on your website it gets monetized. For example, the leader of these services Google AdSense pays you when your users click an ad to go to another website, driven by contextual relevancy. This is the easiest business model of the four, but is also likely a low earner compared to the potential of some of the other business models.
Also, the model with CPC advertising is the main means of monetization of search engines. Search engines show ads next to the search results. That is the best option, as the advertisements are perfectly responding to customer questions, thus increasing the chance of a click. In addition, search engines are placing advertiser’s ads on partner websites of its advertising network, which further increases the scope of audience. This is the one of the basic website monetization features by using CPC advertising model.
b) CPM (Cost Per Thousand Impressions)
What is a CPM?
It is a price of 1,000 advertising impressions on one web page. If a website charges $2 CPM, that means an advertiser must pay $2 for every 1,000 impressions of its ad. The “M” in CPM represents the roman numeral for 1,000. CPM is the most common approach for pricing web ads. On the other hand, an advertisement’s success cannot be measured by CTR alone, because an ad that is seen but not clicked on may still have an effect.
The CPM makes the most sense for a marketing campaign targeted on heightening brand awareness or giving a specific message.
c) Time Based Ads
The Time Based Ads – means advertising on your website for a certain time (frequently for one month), for example, placed banner on your home page for one month on agreed payment.
This website monetization approach is quite effective, especially if your website has a high level of attendance. To find advertisers for this kind of services is not difficult, as they seek for the websites on their business topic with a high rating. It is much harder to bring your website to the level when such advertisers will show interest to your website.
d) Sponsor Ads
Sponsor Ads – is a sort of advertising where a company pays to be associated with a specific event, as in fact, sponsorship advertising is very prevalent with non-profit events. Besides from non-profit events, companies may sponsor local sports teams, sports competitions, exhibitions, and other area events.
As a rule, in order to receive such ads for your website, you must meet certain requirements on: Relevance, Brand fit, Mission alignment and Business result. Relevance – means the event, organization, or cause, you are considering sponsoring must have some degree of relevance to the services or products you provide on your website. Brand fit – your brand fit must suit the event. Mission alignment – the interests of the event should not conflict with the interests of the company. Business result – the company must have a reasonable basis to believe that the sponsorship will create a tangible business result.
5. Conclusion and Notes
The knowledge of the basic website monetization features will allow you to select the most successful monetization strategies for your website. As you can see from the information above, there are just a few of the basic methods of website monetization, but they are characterized by a number of variations. The detailed knowledge of these variations shows how to monetize a website and determines the resulting success of monetization.
So, carrying out the work on your website monetization, you should keep in mind:
You need to experiment with different monetization approaches to achieve results. But if you decide to use AdSense, then you should study the rules carefully, as this service is very capricious, and it can be disabled at any time without any special explanation (or by providing very general remarks).
Taking into account that the website monetization process can be very time-consuming, you should use the best tools to automate chosen monetization strategies. If you use the affiliate marketing for website monetization, then the tools should be selected based on their orientation to a specific marketplace.
You can also read:
Lesson 15: How to Find Quality Offers
Lesson 16: Affiliate Marketing Niche Selection
Lesson 17: Build Your Free Website
Lesson 18: Build Wix Affilate Website
Lesson 19: Build Affiliate Blog