Monetization Guide for Beginners in 2021
Articles / Posted 2 weeks ago / 36 views
Whether you have a new website, an e-commerce site, or a new app, you want to make money from it. Surely you heard the word monetization when it comes to earning a profit from your digital properties.
If you get confused with all the monetization options, don’t worry, we at CodeFuel prepared this guide with all you need to know to get started.
What Does Monetization Mean?
If you are in the digital marketing industry, chances are that you heard the word monetization. Monetization refers to the process of making money from your website or other digital property. It doesn’t necessarily refer to selling your product or service but earning revenue from your website in other ways.
Actually, your website or app can be the perfect place for marketing products, and there are myriad strategies for doing it. You can monetize your application, your software, or your browser extension.
How Does it Work to Monetize a Website?
If you are a publisher or a non-e-commerce site, you may wonder how to make money from their websites. Your digital property is valuable, and there are many strategies to monetize it.
#1. Affiliate advertising
Affiliate marketing means you get paid for every referral you make to another company. When you add affiliate links to your website, you’ll receive a commission from each person that clicks your affiliate link. The link can open a product page or an offer where the user can buy a product.
Affiliate advertising do’s and don’ts
- Do make clear on your website that you are using affiliate links and with whom.
- Do recommend products and services that are relevant to your audience.
- Don’t overpromote, cluttering your website with all kinds of affiliate links.
This is one of the most common ways to monetize a website. Simply explained, it means you partner with an advertising network that displays relevant ads on your website and banner and get paid every time a viewer clicks on them. Ad networks pay publishers a rate per click, called Click-Through-Rate.
One of the most popular ad networks is Google Adsense. Want to know how to make money with Google Adsense? Check out our How To Make Money With Google AdSense article.
AdSense isn’t the only advertising network you can choose, in fact, we compiled a list of the best ad networks for publishers in 2021.
PPC do’s and don’ts
- Do choose an ad network that caters to your audience
- Do choose an ad network that meets your percentage needs.
- Don’t start with PPC if you don’t have enough traffic. Every network has different requirements, and it can take a while to build enough traffic to get a nice income from PPC.
You can sell ad space on our website as another way to improve your income. This can allow you to arrange the prices directly with the advertisers, getting the entire pay instead of a percentage. Of course, this also requires promoting your ad space and negotiating with advertisers. You can sell space for different types of ads, video, interactive, rich media, and banners.
Pop-up ads are another way you can make a profit from advertising. Although pop-ups can seem annoying, the fact is that they are effective. Pop-ups can get an advertiser’s message right in front of visitors and that’s why the engagement and click rates are usually high.
Advertising do’s and don’ts
- Do use this model if you have high conversion rates. For example, if you have a solid community of followers or recurring customers.
- Don’t use CPM if you don’t have very high traffic numbers. While you can earn $5 per click, you will get the same but per a thousand impressions.
- Don’t implement too many pop-ups or you risk annoying your visitors.
#4 Sponsored Posts
Sponsored guest posts can bring you a steady source of revenue. How does it work? You collaborate with a business to create or publish promotional material. It can be a review, a sponsored post, or a feature.
You can publish the content on your website or create the content yourself. If you create the content for the brand, you can ask for a higher rate than just publishing.
Sponsored Posts do’s and don’ts
- Do invest in your website strategy. The more popular your site or blog is, the more you can charge for your sponsored posts.
- Don’t be sneaky. Identify sponsored content as such. If you charge to promote content, tell your viewers. Avoiding disclosing sponsored content can eliminate the trust they have in you.
#5. Search monetization
Adding a search box to your website can give an extra source of revenue. Every time a viewer uses your search page is served relevant ads according to their search keywords. When you use a monetized search box, you earn a commission every time the person conducts a search.
Search monetization do’s and don’ts
- Do customize the search feed for your site. The feed will look like part of the page.
- Do use search monetization if your site gets a lot of traffic.
How Does it Work to Monetize an App?
If you developed a great new app, chances are you want to make money from it. So here is where monetization comes to help. App monetization is the process of generating revenue from your app.
Since every app is different, some monetization models can work for one app and not for another. How do you know which monetization model can work for you? Are you going to charge for your app? If not, how can you generate revenue from it?
The key is to plan the monetization from the start of the development process. Thus you can ensure your app generates a growing income, and you keep the user experience great.
App monetization strategies vary, you can focus on one or combine several. For instance, you can add in-app ads and also allow for in-app purchases. More on app monetization methods below.
There are three monetization channels you cannot miss for your app or website:
It seems that every day we spend more and more time on our phones. Americans spend an average of 5.4 hours on their mobiles daily. With such numbers, is not a surprise that Google implemented a mobile-first algorithm that penalizes sites that are not mobile-friendly. Ensuring your site is mobile-friendly helps you reach your users where they are most: their phones. That’s even more true with app monetization.
When you try to monetize your app or site, don’t forget about social media. Facebook and Instagram allow now e-commerce features, seamlessly connecting your social media page to your site. You can use their video platforms, shoppable posts, and other features to increase your income.
Video and social go hand in hand now and you can add video channels to your monetization strategy. YouTube, specifically, has a channel monetization program you can join. The opportunities of monetizing YouTube are huge. According to a Google survey, 70% of shoppers would learn about products and brands on YouTube. And despite the crunch of 2020, YouTube ad revenues are expected to grow to $6.87 billion in 2022, from $4.04 billion in 2020.
Top 10 strategies to monetize and engage users on websites
1. Make sure your website is responsive
Mobile has overtaken desktop in most areas now, including media consumption and search. Make sure your site is responsive so you not only can reach your audience but also rank higher on SERPs.
2. Include images and media
Images are a staple of digital content, catch the attention of the viewer and give context to the content. This increases blog posts and social media impressions. Videos make the info easier to consume, are increasingly becoming the top channel for content, so make sure you include videos in your strategy.
3. Add visual data
Infographics, charts, and other visuals tell a story with data. They present the information in a format that is easy to understand. That makes them very popular with users. In fact, 65% of marketers use infographics in their marketing. So ensure you add infographics and charts to your content.
4. Interact with viewers
Your viewers are potential customers, so give them a way to contact you and interact with them.
a. Allow comments and comment back
Make sure your website or app allows users to comment. Engage your users in conversation by answering back. This will help you create a community of users.
b. Integrate social
When you integrate your social media to your site, you expand the reach of your marketing efforts. Be sure to have a strategy that includes social media channels.