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Guidelines for Choosing a Blog Monetization Strategy

<> on November 26, 2012 in Chicago, Illinois.Nowadays, more and more people are making money through their blogs. Here are some of the most popular ways for monetizing a blog:

  • Selling ad space – Many companies advertise their products and services on blogs in an attempt to reach the blog readers. Some of the most popular types of ads include banner ads, wallpaper ads, page peel ads, text link ads and video ads
  • AdSense – This involves displaying Google ads on your blog. Whenever someone clicks on any of these ads, you get a commission
  • Affiliate marketing – As an affiliate, you earn a commission whenever you refer customers to a merchant. You can join one of the many affiliate programs and then promote different products and services to your readers
  • Selling your own digital products – Besides being an affiliate, you could also create your own digital products for sale. This could be how-to videos, online courses and eBooks
  • Offering premium content – You could create a members-only section on your blog and charge visitors a fee to access premium content. This could be exclusive webinars, videos or resources not available anywhere else
  • Sponsored content – You can make money by publishing announcements and product/service reviews sponsored by advertisers

You can make money on your blog using one or a combination of the strategies mentioned above. Here are some of the things you need to consider when choosing a monetization method for your blog:

Income potential

The amount of money you can make should be a key consideration when selecting a monetization strategy. Are you looking for a way to generate a little extra income on the side? Or do you want to make a full-time income through your blog? If you want to make a significant income, you should consider creating and selling your own products. You could even get affiliates to help promote your products. Another way of making good money is by creating a membership website with high quality content. The more your members increase, the more you will earn. However, if you are only interested in a small part-time income, promoting affiliate products or AdSense would be appropriate.

Time commitment

Before choosing a monetization strategy, consider how much time you are able to invest in maintaining your blog. For instance, if you decide to sell ad space, you will need to invest a significant amount of time writing posts so as to attract traffic to your site. Similarly, running a membership site will require you to spend much time creating valuable content for your members. If you are not able to invest much time on your blog, you could sell affiliate products or monetize with AdSense.

Expenses involved

Consider the amount of money which you need to invest in each monetization strategy. For instance, selling your own product might involve significant expenses in creating the product. In addition, you will need to invest more money in creating an ecommerce site where customers can access the product. If you decide to create a members area, you might be required to buy plugins and software to run your site. However, using AdSense or selling affiliate products does not require much financial investment.

Check what others are doing

One of the best ways of choosing a monetization strategy is by looking at what other blogs in your niche are doing. If most of them are using AdSense, it could be an indication that this is the best method for topics in your niche. If banner ads are common in most of the blogs, it could mean that there are companies out there which are targeting your audience. However, you don’t have to copy what others are doing. Identify a monetization strategy which is relatively untapped and take advantage of it.

Conclusion

Whatever monetization method you select, it would be advisable to diversify with time. Using 2-3 strategies will ensure that you are always making money from your blog.

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