At the end of the day, all that matters is profit. Isn’t it?
But profit is not something to think of or add on at the end. Rather, it is something to plan for at the beginning itself. And, it is connected with doing everything else right. Running a business well means knowing when it’s time to make a profit. Has it been a long time since you’ve launched your website but it isn’t getting you many profits? Well, you may want to read further in that case.
Here are some amazing ways to monetize your website:
1. Affiliate Marketing
When you incorporate this revenue model into your website, you make money by driving traffic and leads to an affiliated company’s website. This can be done by placing a link of their website on yours and every time a user purchases something on their website via the link placed on your site, you earn a commission in return. However, for this model to be effective, you need to first have high traffic flowing on your site or blog. Some of the popular websites that use affiliate marketing to make money include Groupon (and many other coupon sites), BGR Store, Android Authority, The Wirecutter, Appsumo, etc.
2. Google Adsense
This program is run by Google that allows publishers to serve targeted advertisements (including textual, display, or a mix of both) according to site content and audience. These ads are administered and maintained by Google itself. This program can help you generate revenue on either a per-click basis or a per-impression basis. You can choose suitable types and formats of such ads and also the place that you want them to appear on your site. The billing part of this program is handled by Google. When these ads that are placed on your site get seen or clicked, you’ll earn money automatically. Then, after you have collected a certain eligible minimum amount, you will receive the payment. You don’t have to figure out any complex process for the same.
3. Running your own services
You could sell a number of your services via your website, for example, consulting services, training courses, booking systems, customer relationship management, online seminars, SEO services, digital marketing services, article writing, graphic designing, etc. Recognize what it is that your website specializes in. There surely would at least be one thing you would have good expertise or knowledge in.
4. Subscription model
Under this model which has been around for literally hundreds of years, you get users to subscribe to your website by paying a monthly or yearly fee and offer them various products or services in return. To get users to subscribe to your newly launched site, you will need to give them a good enough reason of doing so. This could be done by offering great deals, vouchers, freebies, or other things in return for their subscriptions. Also, ensure that you target the right audience that is looking for the kind of products and services that your site offers. Or else, why would they readily subscribe to your site? Some popular examples of successful websites that are working on subscription business models include Netflix, Copyblogger.com, Guitartricks.com, Shoedazzle, eDiets.com, etc.
5. Selling your own products
Another way to earn a good amount of profit via your website is by selling your own products, which could be physical products or digital ones. It could include digital products like themes, templates, ebooks (guides, magazines, stories, manuals, scripts, comics, checklists, articles, novels, short stories, etc), music and audio products (songs, jingles, beats, soundtracks, ringtones, covers, recordings, etc), lessons, research documents, software, tutorials, recipes, graphics, digital arts, tickets, coupons, videos, professional photographs, etc. Or physical ones that are tangible, like, auto and parts, apparel, books, furniture, toys, office equipment, consumer electronics, food & beverages, groceries, jewelry, electronics, etc. You can even sell on third-party websites, such as Amazon. But this will require you to give away a part of your earnings as commission to them. So, why not embrace that entrepreneurial spirit and start selling your own products by getting your own e-commerce website developed by a professional web development agency? Sounds good, doesn’t it!
6. Freemium model
This is one the most common business models adopted by websites around the world. Under this model, a basic product or service is offered for free to as many customers as possible and the premium features are kept locked exclusively for paying customers that are willing to pay a price for the same. If you wish to incorporate this business model into your website, you will have to offer a basic service or product for free to as many users as possible and try to get those users addicted to your free offering and get them curious for more. This will encourage them to further purchase your additional premium features. Some popular websites earning huge via this business model include Dropbox, Adobe Flash, Evernote, LinkedIn, Slideshare, WordPress, Evernote, and Google Drive, among others.
7. Selling data
Companies have, for long, woken up to the importance of digital data and in this digital age, data commercialization has become a high-earning industry of its own kind. By collecting valuable user data, you can analyze it and gain insights from it to identify all possible problems and bottlenecks, which will ultimately help you to improve your business operations and in turn, improve your business efficiency and profits. Many companies earn huge by selling customer data to third parties that readily purchase such data for huge money. Such data can also be used to create marketing solutions. some of the popular websites that earn huge by selling customer data include White Pages, PeopleFinders, Spotify, Tinder, Pandora, Intelius, etc.
A pro tip here:
Using advertisements on your website should be the last thing you might want to do.
Here, I’ve listed some possible reasons why your website might not be making money:
- A poor website design might be responsible for not being able to make enough profits even after adopting effective business models for your website. Your website needs to look appealing.
- If your site is not responsive, you will lose most of your mobile visitors who wouldn’t prefer browsing your site on a desktop. Losing mobile visitors would mean losing a lot of your potential profits.
- When the loading speed of a site or a specific page is painfully slow, visitors do not like to stay on the site for long and thus, end up leaving your site. This results in an increased bounce rate. And when your visitors won’t even stay on your site for long, how will they get to the final phase of purchasing your product or service, or taking any required course of action?
- Another factor that might be responsible to stop your website from making money is if you do not know your audience well enough. When you do not know your audience well enough, you hardly understand their specific needs and requirements. And thus, you wouldn’t be able to target them well effectively.
- A website browsing experience is also an important factor that decides the earning capacity of the site. A poor or complex browsing experience discourages users to find things they are looking for. And thus, they leave the site before even reaching the point where they are required to take a course of action.
- If your website has poor visibility, it will not have a good ranking on the search engine results page and thus, will not draw a big enough traffic as compared to the sites and pages that have high visibility in Google. Less traffic means fewer prospects & leads, which ultimately means fewer earnings.
- Your contact page is probably one of the most important pages of your site. It is time and again suggested to make the contact page easy to locate. Because users will need to contact you when they have issues purchasing something from your store, making a payment, enquiring about any specific service or product, etc.
- The conversion process on a website has to be simple and short. Because you want to encourage your users to purchase on your site, don’t you? If the checkout process is annoying or lengthy, users might get frustrated pretty fast and leave it halfway, later, purchasing the same item from some other website whose checkout process would be shorter and simpler.
- An effective Call-To-Action (CTA) gets the users to perform the required course of action. The ultimate aim of a CTA is to bring different sets of audiences down the marketing funnel. If your site does not have any clear CTAs, then it is pretty obvious that your site will not be able to earn many profits.
Here are some steps that you can take to fix the above issues that are stopping your site from being able to earn big:
- Have an appealing website design for your site. Hire a professional web development agency in India to get your website designed exceptionally well.
- Ensure to make your website responsive to not lose your mobile visitors.
- Optimize your website and take appropriate steps to improve the loading speed of your site. Make sure it loads within a maximum of two to three seconds.
- Know your audience well enough.
- Pick your audience well. Once you’ve picked them, let them know you well and be comfortable with you. You could do this by starting with a free offering or giving them a good deal. Eventually, you can increase it as they get comfortable with your product or service. This is called creating a funnel.
- Have simple navigation and give your visitors a great browsing experience.
- Search engines optimization your site to improve its visibility on the search engine results page.
- Have an easily findable contact page with complete contact details on it.
- Have a simple and short checkout process with multiple payment options.
- Make sure to include multiple effective CTAs throughout your site, on each page of your site.
Some factors to consider while selecting the revenue model for your website:
- While selecting the revenue model for your site, consider the value you are offering to your customers. Try to understand what is unique about you and why your customers will choose you over your competitors.
- Scalability is another factor you will need to consider here. Ask yourself what are your plans for the coming few years in terms of your site’s growth.
- Also, it is important to consider the customer base and market potential for your site.
- Look out for specific characteristics and qualities of customers you are going to serve before selecting and incorporating a revenue model for your website.