There are more ways to monetize your online business other than the sales of your products and services. But before you can reap the benefits of monetization, you will have to make efforts to create value for the audience.
Always Remember: “Content is King”
Good content attracts an audience and audience traffic is the foundation of both monetization and revenue. Once you have a substantial audience flowing, you can direct your efforts towards monetization. It is wise to use multiple monetization methods to increase revenue for your online business.
Your monetization options also depend on the number of digital properties you own and run. Digital properties include websites, apps, Facebook page, Instagram accounts, youtube channel, and so on….
Facebook Instant Articles – Valid for: Website
Monetization with Facebook Instant Articles is relatively new, so not many people know about this. While most bloggers and content creators are running after Google Adsense, you can be the early bird to monetize your online business with Facebook Instant Articles. Here you integrate your blog website with a Facebook page. Facebook displays articles from your website on its instant article platform. These articles will carry ads by Facebook and you will earn from these ads. Monetizing your online business with Facebook Instant Article has a double benefit as it also brings traffic to your website and your Facebook page. This method also doesn’t come in the way of monetization with Google Adsense. You can earn from Facebook ads on instant articles and google ads on your website. So you will be able to make money on both platforms.
Sponsorship – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
Sponsorship is a hit and miss method. You do need a substantial audience on your website or social media accounts. And you need to find a company or brand who’s products/service are relevant for your audience or wait for them to find you. Many brands sponsor content in exchange for featuring their logo or advertising their products/services. Majority of sponsors do require a long-term commitment. They also pay is substantial amounts. Most youtube and Instagram influencers have revealed that they earn more from sponsorships than any other monetization method.
Sponsored Content – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
Sponsored content is like a sponsorship deal, but for a specific content post. A brand would sponsor a single blog article, Youtube video, or Instagram/Facebook post. This again would feature their logo along with advertisement of their product/service. You may even contact relevant brands for the content you are about to create. This method allows you to work with multiple sponsors and create a variety of content.
Featured Content – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
In this method, you post content already from a brand’s page, website, or social media account. You don’t have to create content yourself, just share their content with your audience. You will be paid based on the size of your audience and sometimes on the link clicks in the featured content.
Sponsored Content Links – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
In this method, you don’t share entire content from your sponsor, just the link to their website or social media accounts. You can share links in the description on Instagram and Youtube. On Facebook, you would be sharing a post. This can take more elaborate forms on a website. You can put links within your articles or images. You can also share widgets of their content on your website. You may have come across “Sponsored Content” sections in various websites. You are paid either based on your audience size or per link clicks.
Donations – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
You can accept donations on from your audience by linking the website or social media accounts with a donation platform or tools like Welance. There are many such platforms besides these three. You will then have to appeal to your audience to make donations. You can also incorporate this appeal with your content. Before you set up this monetization option make sure your content itself is appealing or worthy enough to justify a donation.
Subscriptions – Valid for: Website, Apps, Instagram Account, Youtube Channel
You can add a paid subscription method for your content. The audience would have to pay a subscription to be able to view your content. Youtube has the option of converting your channel into a paid membership channel, where the audience is required to pay a fixed amount to view your content. You can do the same for your website, offer exclusive content to paid subscribers. For an Instagram account, you will have to make the account private first and then only allow those followers who have submitted subscription fee. You will have to use a Welance Subscription management module as Instagram doesn’t this feature. The subscription can be one time or can be collected periodically. You will need to have unique and engaging content on your digital properties. The content should be such that it cannot be found anywhere else. Why else would someone pay for your content?
Backlinks – Valid for: Website
This method is similar to sponsored content links, but it exclusive to blog websites alone. A backlink is when another website features a link to your website. These are very valuable for SEO as well as for traffic. You can charge companies, brands, organizations, or individuals to have their links posted on your website. They get SEO value and traffic from your website and you get paid for creating that value. Here again, the amount you can charge for backlinks depends on your website’s SEO ranking and audience size.
Ad Space – Valid for: Website, Apps
You can designate a specific area of your website or app for advertisement. Brands can display their advertisements in this space as images, text or video. You can charge a fixed amount or set a pay per click or pay per view system where you are paid based on the audience interaction on the ad space.
Affiliate Marketing – Valid for: Website, Apps, Facebook Page, Instagram Account, Youtube Channel
Affiliate Marketing pays you a commission when someone buys a product or a service via your website, app or social media account. The most popular website for affiliate marketing is amazon.com. But you can work out affiliate marketing with many other e-commerce websites or companies. You can feature the link to these products/services in the form of images or text links. Your revenue depends on how many people make a purchase on the affiliate website via your digital properties.
Facebook Audience Network – Valid for: Website, Apps
Facebook Audience Network pays you to display ads on your website or in your app. The payment is based on the number of clicks or the number of impressions you generate for the advertisement on your website or app. The pay per unit is very low so you will need a large audience to be able to gather a substantial amount.
Google Adsense – Valid for: Website, Apps, Youtube Channel
Google Adsense or more commonly known as Google ads is the most popular platform for monetizing online business through a website or an app or a youtube channel. It is most people’s go-to option for monetization through advertisements. It is old and reliable. But, it is also crowded. So the pay per unit is lower compared to Facebook Audience Network. Plus the eligibility criteria for Google Adsense is also very demanding. Though if you do have a large audience following, you won’t have a problem earning significantly well from Google Adsense.
Apple Ads – Valid for: Apps
When compared to Google and Facebook, Apple pays the highest amount per unit for displaying ads on your digital property. But, it only works for iOS & macOS applications. The eligibility criteria for Apple ads are also strict, but the pay off is equally rewarding.
Pre-Monetization
Before you can even think of monetizing your business, you will need a substantial audience on digital properties. No audience means no interest from advertisers which means no revenue. Content is the key to creating a loyal audience and a loyal audience opens doors for numerous options to monetize your online business.