My 6 Best Ways To Monetize a Niche Website
On my previous blog post I talked about how to find a hot niche market, and as promised, on this post I'll show you different ways you can monetize your niche website.
The term monetization has different meanings but in our context, to monetize is to take an asset (which is the niche website) and convert it into money, either by selling the asset or making it a source of income.
Once you've chosen your niche, created your website, have some content and getting traffic then you might think about monetizing it. That's one of the reasons you started an online business anyway, to make money
Some may argue about monetizing your niche site from the beginning and some will tell you to monetize when the website becomes popular. But I say there's no wrong or right way, before or after it doesn't matter.
Simply make sure that your Ads don't distract the user from getting what they came for. If your content is good, they'll browse the site looking for more info about the topic then end up clicking your Ads.
Now, let's look at my 6 best ways to monetize a niche website. But I won't get into too much details about the strategies I'm about to share or else the article will be too long. We'll look into some ninja tricks for each strategy in future blog posts.
1. Affiliate Marketing
This is one of the most popular ways for marketers to make money online. Affiliate marketing is when you promote other people's products for a certain commission or fixed price. Commissions range anywhere from 1% up to a 100% depending on whether it's a physical or digital product. Some vendors offer 100% commissions because their end goal is to build a buyers email list.
As an affiliate marketer it is always better to promote a product that will give you 30% commissions for a $997 product, where you make $299.10 per sale as compared to getting 100% commissions for a $9 product.
Another type of affiliate marketing is CPA, which stands for Cost Per Action/Acquisition. In this case, the traffic you send to the vendor doesn't have to buy in order for you to get paid.
You get paid whenever the visitors takes action like filling a form with their email address, zip code, phone number or by taking a survey. With CPA offers you get paid a fixed price, there's no commission.
2. Building An Email List
This is by far one of the best (if not the best) way to monetize your niche website. Email marketing allows you instant traffic and you're able to follow up or promote to this list even long after they've visited your website.
So instead of having your website filled with affiliate banner ads, you can replace some of the banners with your optin forms. The best places to add your optin forms on your site are at the top of the content (header) and below each blog post.
You can add one on the side-bar as well just in case, but it doesn't bring a lot of subscribers like the one on the header or below each post. You can use pop-up optin forms but I don't use them for my niche websites except on sales pages.
To get more subscribers you need to create a free giveaway, it could be a video tutorial, PDF guide or and audio file. This is better than saying "subscribe for my newsletter", people want to see what they're going to get after they give you their email address. Give them a good reason to join your email list.
3. Create Your Own Digital Product
This is a great way for you to build a responsive buyers list. Create a product that is related to your niche website. Make sure that your product offers great value and gives a solution for a specific problem.
If you're looking for ideas for your product simply go to amazon and search for books that are related to your niche site. Each book on amazon has a "look Inside" feature, use that to come up with great ideas for your digital product. You can also look at Yahoo Answers and forums to find out what questions people asking about your niche.
Digital products are easy to make, simply choose something you're comfortable with. It could be an interview product, video course, webinar, recorded live event, ebook or even a magazine.
You can sell your product on platforms such as Clickbank, JVZoo and Forums to gain more exposure or simply straight to your paypal account. Replace some of the affiliate banner ads as well as links with your product banners and links.
4. Monetizing Your Website With Contextual Links
This is where you get paid each time someone clicks a link/banner on your site. You can get paid +- $0.50 per click, this differs with every Ad provider and your niche. There's a couple of websites who are still making a full time income with contextual Ads.
For this to work well for you, you're going to need to drive a lot of traffic to your website. There's a lot of success stories where people have made over 6 figures with this monetization strategy.
Great websites that offer contextual ad solutions are Google Adsense, Yahoo! Bing Network Contextual, Chitika and Infolinks.
5. Sponsored Guest Post & Product Reviews
Once your niche website is popular and getting shared all over the internet you can also offer sponsored articles/guest posts and sponsored product reviews. This is whereby marketers will pay you to guest post or create a product review on your site.
You can simply create a page with all your traffic stats, audience profile, social proof and different advertising options. Include your contact details as well and maybe some testimonials or an example of past reviews/guest posts.
Then simply drive traffic to the page by posting it on social networks, forums, use ppc and other traffic generation strategies. You can also create a sticky blog post on your homepage to promote the offer.
6. Sell Your Niche Website
Another great way to make money with your website is to flip it. This can be really tricky especially determining the worth of your website. You don't want to end up selling the site for less than it's worth after putting in your hard earned money, time and energy on it.
An electronic business like a website is known to be worth 3 to 6 times its gross profit or average revenue. That means if your website is making around $10K per month then you can sell it for about $30K or even more. Depending on whether the business is growing and looking at whether your market is full of buyers or sellers (demand vs supply).
Your website will be worth as much as the buyer is willing to pay, so just show them the stats, income data, let them know why you're selling, the vision, subscriber list, how much work will be involved and the money they need to spend after they purchase. Simply name your price and let the buyer decide, negotiate if you have to.
You can turn this strategy into an income strategy and just deal with flipping websites. There's a lot of places where you can sell website like internet marketing forums or websites that specialize in selling websites like Flippa. You can also use this as an exit strategy if ever your business fails and doesn't generate revenue as you expected.
As mentioned, I won't get into too much detail on each strategy. This article was more about how to monetize a niche website.
Remember, there are tons of ways you can monetize your site but these are my best strategies or should I say my favorite?
You can also try things like selling ad space, ask for donations, e-commerce/online store, text link ads, rss feed ads, offer a service/coaching/consulting, premium content/membership and many more.
Hope you found this tutorial very useful and if you have any question or would like to add something I might have missed then please leave a comment below and I'll get back to you, I always respond.
Written By: Gugulethu a.k.a Nytshade
Official Site: 5 Step Secret Formula For Getting 1+ Email Subscribers In 3 Days