Every business wants their website to increase their revenue, but for many businesses, your website can actually become a new source of revenue.
There are three ways to monetize your website, whether it’s a simple blog, a business promotion website, or a robust social platform.
Advertising and Sponsorship
The easiest money online is advertising. Placing automated ads on your website generates revenue proportional to your traffic. It’s ideal for blogs or for businesses that have regular visitors to their website.
Some business websites prefer not to advertise other products for fear it will cannibalize existing shoppers. Actually, however, eBay and Amazon have both studied the practice and found it can be very lucrative. In fact, affiliate revenue can sometimes have better margins than stocking products and selling them yourself.
Two types of websites can generate significant revenue.
- High-traffic websites and/or those with an intensely loyal user base
- Highly specialized demographics such as a geographic location or a niche industry
If your business sells product, you should sell your products online as well. This is ideal for local businesses who want to sell nationally or even internationally. It’s also a great way to subsidize a service company’s revenue. Hair salons for example often carry inventories of hair care products. Having a convenient way to reorder online can create additional revenue streams.
Two types of stores generate solid revenue.
- Extremely unique products (that can be shipped easily)
- Products that are purchased repeatedly. Supplies you use or food you eat can be a source of recurring income.
Information Products and Software As a Service.
Service businesses can monetize using their proprietary knowledge. Whatever service you provide can be translated into products. A divorce attorney writes an e-book about winning custody of your dog. A landlord can teach others how to purchase property. A college professor can sell videos of their lectures on pay-per-view. A Photoshop expert can sell their custom filters and textures.
Two types of websites can benefit from e-products.
- Experts in virtually any field can package their knowledge. The more niche the field the better.
- Any task that can be done using a computer can be turned into online software, and those that can solve a recurring problem will thrive.
Mediastead has built websites that create extra revenue for many types of business and professions.
Call us for a free evaluation to learn how to turn your products, services, or knowledge into a moneymaking website.