How To Choose The Right Monetization Method For Your Blog
There’s quite a range of monetization methods and usually bloggers try one or two of them or a combination of methods. However, not all methods work for every kind of blog, if you are blogging about data-fusion solutions then you might need to think outside the box. Here’s how you decide which monetization method is right for your blog.
Make a list of all the monetization methods that you’ve researched and evaluate them based on your blog. Weed out possibilities as detailed below till you have a fine-tuned shortlist from which to choose.
1. Evaluate Your Blog’s Brand
You’ve probably spent years building your brand, its look and feel, tone of voice and philosophy. Evaluate a bunch of monetization ideas and see if your brand can represent those without compromising the message it sends out.
2. Evaluate Your Blog’s Goals
Evaluate the monthly, quarterly and yearly goals for your blog. Will the monetization method you have in mind help you achieve those goals within the timeframe you’ve set? For example, if your goal is to earn X amount of money by year-end, which monetization method has a better chance of getting you there?
3. Evaluate Your Audience’s Expectations
Your audience will have its own expectations out of you, along with product preferences. You will have to take these into account when you consider your monetization method. If you think of something that might work for them, launch it slowly and gauge their reaction. Your audience will welcome that product only if it meets their needs, not otherwise. It might be a good idea to check with your audience as to what they would like.
4. Evaluate The Monetization Method Against Your Current Offering
If you’ve already got a product or service offering on your site, you need to evaluate if your planned monetization method will work with it. You don’t want to take up something that clashes with your existing method of earning. You don’t want your blog to come across as a money-making machine. That’s the quickest way to lose your audience.
It’s a good idea to leverage what you have and expand outwards from it. For example, if you have a photography site and you’re already selling high-quality pictures to other bloggers, think of creating a video tutorial on photography. Or, sign up to sell high-quality cameras or film. An idea like this will flow well with your existing monetization strategy. It’s possible that the sales from your second product may eat into the sales of your first. If this happens, evaluate your overall profits and drop the lower-margin offering.
5. Evaluate Your Competitors’ Offerings
At any time during your consideration, it’s important to take a look at what your competition is offering. What monetization options are being accepted by their audiences? What products have not taken on so well? What’s been the audience reaction to certain launches and launch timings? Study reader comments, follow your competition on social media and know what people are saying. All this will help you understand several things: what works, what doesn’t and how stiff is the competition for what you have in mind. The best part is that this study will help you understand what your competitors have ignored – untapped opportunities within your niche.
6. Evaluate The Right Time To Launch Your Offerings
Evaluate your time schedule based on your goals and the timeframe by when you need the money. Then look at how much time your monetization method will take to develop. If the development time overlaps your schedule, it just isn’t practical. This study will also help you understand if the market is ripe for a new idea you have. If not, schedule it for later in your calendar.
7. Evaluate Your Commitment Levels And Current Resources
Any monetization method, especially the launch of a product or service offering requires effort. You will need to promote your offering, popularize it, deal with affiliates, write guest posts, increase and monitor traffic volume. You’ll also have to keep an eye on the sales and provide after sales support and service. Do you have the time and effort this will require? Do you have anyone to help you or do you need to hire someone? A study of the effort that you’ll need to put in will help you decide between low and high maintenance monetization methods.
8. Evaluate If You’ll Be Able To Scale Your Offering Quickly
When the sales pick up, can you quickly up your offering to the numbers required? With an affiliate program, it’s the affiliate company’s responsibility to provide you with the numbers. If it’s your own product, you need to think if you can keep up with demand in order to grow sales. Again, consider how you can reuse or repurpose your product in the long run, along with all its associated support services and systems. This study will help you understand the risk involved in developing your own product or service offering.