Three Ways to Make Extra Money from Your Website

To get rich, you have to be making money while you’re asleep

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3 ways to make extra money from your website - marketing from ybkbs magazine for small business and smes's and entrepreneurs
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By Jess Dixon

I’m sure you know by now that your website is an essential business asset. It’s the first place many prospective customers will land, and it’s one of the most important tools when it comes to converting leads into clients.

But did you know that you can also utilise your website as an extra income source? Read on to learn three of the best ways to do exactly that.

Affiliate marketing

Affiliate marketing is a revenue sharing scheme. You (the affiliate) advertise products for a third party company (the merchant) on your website using a special link. You then earn a small commission for every purchase that is made using your link.

Affiliate marketing is a great choice for active bloggers and those with high-traffic websites. You can sell almost anything through affiliate marketing – physical products, digital products, and even services. You can also join as many programmes as you wish.

You should choose affiliate programmes that are directly relevant to your industry and the subjects you talk about on your website. They also shouldn’t be in direct competition with your own products or services, though.

Your affiliate links can be embedded in your blog posts and static website pages, shared in the form of banner ads in your sidebar, included in your email newsletter, and even posted on your social media channels.

You’ll need to be patient, though – unless you have a huge number of followers already, it can take a few months to see results from affiliate marketing. Persevere and keep growing your audience, and you’ll get there in the end.

Display advertising

Experts believe that most people are exposed to thousands of ads every day, many of them online. There’s no doubt about it – advertising is big business.

Taking part in display advertising means allowing third party companies to share relevant ads on your website. As the website owner, you sign up with an advertising network (the Google Display Network is by far the biggest display advertising network in the world, with Facebook coming in second.)

The network then serves ads to your website visitors based on their demographics, browsing habits, and interests. Have you ever done a Google search for a particular term, and then found advertisements related to that search following you around the internet for days afterwards? That’s display advertising in action.

Display advertising is usually performance-based, meaning you get paid based on particular metrics. The most common is cost-per-click (CPC) where you only get paid when someone clicks on an ad from your site. There’s also CPM, or cost per thousand impressions.

Display advertising is the least time and effort-intensive of these three monetisation strategies. However, success with display advertising is heavily dependent upon how much traffic your website gets. If you’re just starting out or have very low traffic, it’s probably not worth it. But if you’ve built up a decent audience, it can be a nice way to earn a bit of passive income.

Create a paid membership section

This is the most labour-intensive of the three strategies I discuss in this post, but it works incredibly well for some businesses. This option works particularly well if you have niche expertise or if your business is built around sharing your knowledge (such as through coaching or courses.)

Creating a special members-only section of your website and then charging a small monthly fee for membership can be lucrative if you can make the content behind the paywall worth the price tag.

So what should a members-only section contain? The three most common types are:

Paid communities: Spaces for like-minded individuals to discuss a shared interest or field. This type of site typically includes forums, discussion boards, private messaging functionality, and a members’ directory.

Educational materials and resources: Bonus content over and above what you share on your public site that provides real value to your members. As well as written content, you could include video, webinars, audio content, and downloadable resources.

Courses and coaching programmes: On this type of site, members have access to the site owner or another resident expert who guides them through a course or programme. This could take the form of a masterclass, accountability group, or small group coaching sessions.

Make no mistake: running a membership site is a lot of work. In some instances, it can be a full-time job in itself! You have to put the work in to make the site worth what your members are paying for it. But you don’t need a lot of tech know-how to get started. A tool like MemberSpace can help you build your members-only section.

These are just three of the tried and tested ways to make extra money from your website. I won’t promise you that any of them will make you rich. But since you need an active website for your business anyway, it makes sense to monetise it if you can. Diversifying your income streams and building sources of passive income is always a smart move for a business owner.

Let us know what strategies you’ve used to make extra money from your website.

Good luck!

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