STEP: How to take advantage of ONLINE MONETIZATION with your New Business
While selling your product may generate adequate profits for your business, you can make extra money online with your new business! Online Monetization is basically a new way of opting ways to use your own sites, social media accounts and blogs to earn money. You can now offer services, space or assistance online in return of money and this can earn you huge profits if used and handled properly! Here are some ways to take advantage of Online Monetization with your new business.
Companies that wish to promote their businesses create ads to market themselves. While the internet is all about maximizing reach and utilizing space on the audience’s screen, some companies can pay you to be helped with that. You might create a website, page or blog of your own to stay connected with your customers. Allowing these companies to place their ads on your pages or sites can earn you a lot of profits. You can use any ad network, such as Google AdSense for instance, which places ads that are relevant to the content on your page or site. While overloading your site with ads is a bad practice too, you must know what ad to place and where. You can construct a package for advertisers that contact you, and allow them a banner ad maybe combined with a sponsored post or mention in your newsletter. This will earn you more money than just ‘costs per click’ where you might be paid to generate specific amount of traffic.
This is the most cost-effective way to make passive income. All you need to do is join an affiliate program you find online. Whatever company’s affiliate program you join expects you to use the link to their site on your own site in a way that it promotes their company’s product, making your audience direct towards them. The company may then pay you as per click or per sale, which is pre-decided. The tip here is to always choose the right merchant!
Sell Digital Product:
A digital product could be anything, an information product you sell or services you can offer online only. Firstly, to create an information product that you can successfully sell, think of the questions you are asked the most. For instance, if you are working with providing a food product, and you’re often asked health question, use that! Make a small product, like a manual or an E-book and launch this product using marketing techniques like free give-away for the first buyer or something. You can use affiliate marketing in combination with such a product of yours too. Also, whenever you’re asked the question again, refer your clients to this information product you have reasonable priced. You can also use the online media to offer services that relate to your business concept. If you are a content creation company for example, bring this service of yours online. You can attract gigs or freelance projects to add to your clientele.
You can use subscriptions to one of your digital products, free services or any sort of assistance that your business can provide to earn money too. You can offer subscriptions in return of purchase of your product, combining it with affiliate marketing. The tip here is to use a dedicated subscription service. You can offer subscription to your information products online or services that the customer values. Making a package deal attracts the customer, allowing you to earn more money.
You can design your entire business model around the concept of loyalties. Let’s suppose you wish to start a company selling a particular drug to a drug development companies. You can enter a license agreement with this drug development company when you enter a contract. This will enable you to earn monetary royalties from companies that market your product online. Any product or intellectual property can be used for such monetization by using the idea of earning royalties.
A freemium is when you create an application or product that is for free, attracting maximum customers, however, you earn the costs of enabling further features of your product. If for instance, you sell a mobile application, you may sell it for free and then further provide services at a fixed cost to enable extra features in the application
You can sell your data directly to online advertisers or whoever you choose to earn money. This data may include the traffic you generated on your sites, what content was viewed the most or what ads on your site were viewed the most. You can sell such data online to many brokers who would pay you money according to the data provided!
Explain what online monetization is and the different ways to make money online
Explain how advertising is monetized online.
Explain what affiliate marketing is, and how it is used to monetize
SELL DIGITAL PRODUCT
Explain what types of digital products can be sold online and how one can go about selling the digital product.
Explain what types of subscription products can be sold online and how one can go about selling the subscription, like which services enable to sell the subscription based service.
Explain what royalties are and how a business model could be developed around this monetization method.
Explain what freemium are and how a business model could be developed around this monetization method.
Explain what types of data can be sold