Generating revenue from websites and online platforms is not a myth. There are so many ways you can generate income right after developing a proper website. The process of earning revenue from a website is called website monetization. Many of us are more or less familiar with the term monetization.
Those who work over online tend to monetize their asset in order to generate some revenue. If you are not familiar with the forms of website monetization, go through the article. We have compiled a comprehensive list of the forms of website monetization. We have taken the most efficient methods in our list.
1. Advertising & Ad Space
Paid advertising is the most common form of monetization technique to earn revenue from a website. When a user visits a website, sometimes they see contents that do not belong in that particular site. They come in the form of advertisement. Clicking on them will take the user to a different website. Advertisements are usually shown to promote any product/service or any brand. Now even in the realm of advertising, there are many forms of it.
A. Pay-Per-Click (PPC) Advertising
You earn revenue when users who visit your website click on the advertisements shown on your website. You get money for every click on the advertisements. Every click is worth some money, from a few cents to a few dollars. This is called cost per click.
These ads are displayed through advertisement networks. For example, Google AdSense is one of the best ad networks in the world. There are other Ad networks as well, like AdThrive, MediaVine, or Bidvertiser. What these Ad networks do is they provide you an HTML code that you need to incorporate it with your website. What happens then is when the advertisers display ads; they tend to show up on your websites as well. When any user will click on those advertisements, you will earn money.
B. Private Advertising
This is a quick method to earn a lot of money but it is not easy. Comparatively, this one is harder because your websites need to have a large number of visitors.
This helps to attract private advertisers. Private advertisers tend to pay a large sum of money to advertise their brand or product/service.
C. Cost-Per-Impression (CPI)
If your website gets a large number of visitors or traffic as one might say, you can earn money just by your audience viewing your contents. They don’t even have to click on any advertisements.
It is simply based on the impressions on your website. Even though the CPI is quite low compared with previous methods, for example, 20,000 views on different pages might only earn you up to $20 - $30. This is still a great way to generate revenue even without the need for any clicks on the advertisements.
D. Selling Ad Space
When you feel like your website is getting a good amount of visitors and they are staying at your website for a while, you might want to let other companies advertise in your site by buying the ad space in your site.
You can set a different price for each space on your site. The amount of money you can earn depends on the number of visitors you get and how much the company is willing to pay. The best thing about this method is that when your visitors start to increase, so will your ad space pricing.
2. Selling Tangible or Digital Products
Websites are amazing platforms to not only promote but to sell your products as well. Generally, there are two types of products you can sell – physical or digital. While the digital products are somehow limited, but you can sell a wide range of physical products; starting from clothes to electronics to household items to whatnot. Digital products can include software, eBooks, graphical images, etc. You can benefit the most by selling your own product instead of being a third party dealer for someone else’s products.
It is quite a simple and easy process to sell directly to your customers. However, to actually sell your own products, you need a good amount of resources to produce these products, not to mention the storage space. The cost will be more to produce these products and sell but if you are able to sell the products properly, the benefit is higher as well. There are more barriers like shipping, payment gateway, a good landing page, etc.
3. Through Various Forms of Marketing
Marketing is a wonderful way to generate income, especially if you are not willing to go through the hassle of selling your own products. However, that does not mean you will be only being a medium of marketing of other companies. You can promote your own product and services as well. Here are some forms of marketing that can help you generate money.
A. Affiliate Marketing – Affiliate marketing is a way to promote other’s products on your own website. You can approve those products on your site for your visitors. If your visitors are interested in those products, they’ll click on the affiliate link. You will earn a share of profit from each product that got sold through your affiliate link. Your share of profit or commission can bounce even up to 50% depending on the producer and the company. In short, you will receive commission from each conversion through your affiliate link.
B. Product Review – An interesting way to earn money is by doing product reviews. The work is quite straightforward; you let your audience know about existing or upcoming products. You provide in-depth product features, what it can do or the benefits that can be gained from it. You can shed light on exciting offers and discounts and many more. You can do it by putting an affiliated link in your product review content. The way to earn through affiliated links is written above. You will be earning money through typical affiliated way – commissions.
You can also provide reviews for sponsored products. For example, Google is launching a new product. Google wants to spread product existence among the general public. Google will pay you a certain amount of money to display the review of the product for a period of time to your audience. This will help Google to expose their products to a wider audience and you will receive money for reviewing.
4. Donations and Contributions
If you have a strong community and loyal fans, you can simply request them for donations for the improvements of your content. It may not work as much as other methods for the long run but it can help the content creator to sustain in the market for a temporary period of time. Basically, your fans will help you out in the short run. However, before doing this, you need to ensure that your website has quality content that will benefit the user. Otherwise, people will not be generous enough.
5. Selling your Website
When you finally feel like you have reached your goal or cannot maintain the website anymore, you can just sell it! Selling website will give you a boost of money. Your website worth will be determined by its previous two years performance. Your website must be popular though to find a buyer first. When a buyer is found, you will be able to sell your whole website with the contents within.