There are several ways through which you can monetize your website or creative work. However, it is important to first understand what we mean by monetization and examples.
What is Monetization?
Monetization is the making of money from your creative work. It can be content, photos, videos, graphics, etc. If you have ever wondered how you can make money from your blog, Facebook page posts, YouTube videos, etc, then that is what is referred to as monetization.
Monetization is used for US English while Monetisation is for UK English.
Types of Monetization
Some of the types of monetization include;
- Third-Party Ads
This type of monetization involves using third-party advertising companies like Google Adsense, Taboola, Ezoic, AdThrive, etc to run ads on your website. The third-party advertising companies will pay you about 50 to 60% of the income generated from the ads placed on your website. This type of monetization is ideal if you publish informational articles.
- Direct Ads
This involves selling Ad spaces on your website. Advertisers can bid and place ads directly on your website without involving third parties. This type of monetization gives you 100% of the revenue generated through advertising. It is ideal for established websites.
This involves selling your products. For example, if you are a photographer, you can create a photo book and sell it on eCommerce websites like Amazon, Etsy, etc. If you are a developer, you can write web development guidebooks and sell them on Amazon or eBay.
- Affiliate Marketing
This involves recommending products from partner companies to your audience. In return, you will be paid a commission for each successful sale generated from your recommendation.
For example, if your website shares content about web hosting, you can refer your readers to recommended hosting companies and you will be paid a commission for each referral that purchases a hosting plan.
- Sponsored Content
Sponsored content can be on a blog or social media. For a blog, you can charge people to share their articles on your blog. This is only possible if your blog has high traffic which will make businesses want to feature their services or products on your blog.
For social media, you can charge people to share content on your page or profile if you have a large number of followers. This is what is normally referred to as influencer marketing.
Sponsored content is an easy way of generating income but you should always review the content that you share on your blog or social media pages so that it does not harm your brand.
- Subscription (Freemium)
This is one of the best website monetization methods for reputable brands. It involves publishing free and premium content. Users can pay a monthly or yearly subscription fee to access premium content. If your website has a high percentage of return visitors, then you might want to give the method a try.
Finally, as a creator, you should test and choose the monetization strategy and type that suits your niche and which can generate more income.
Useful post: Best advertising networks for publishers