BlogPodium 2016 speaker Gemma Bonham-Carter joins us today to share her tips on monetization. Find out more at her seminar “Beyond The Blog: How To Monetize, Diversify, And Get Paid For What You’re Worth“
Want to actually start making a profit from your hobby blog that you are pouring your heart and hours into? Have you recently started blogging and have no idea how other bloggers are actually bringing in paycheques? Wonder what monetization tips out there are still current?
Well, the whole blog monetization question can be a complicated one, and with A LOT of opinions on the subject.
I want to break it down to the basics here for you.
Every blogger in every genre makes money a little bit differently, but generally speaking there are 4 main streams of income generation.
Let’s go over them.
STREAM 1: DISPLAY ADS
This stream is all about selling advertising space on your blog. So you know when you see those little boxes on the sidebar, in the header, or within blog posts? Those are display ads. You can get them either through a network or agency (examples would be BlogHer, Media.net, Google Adsense) or sell them privately to smaller companies.
Ad revenue can be great if you have really high page views, but for most bloggers this is a small supplemental source of revenue. The other streams can be much more lucrative and can allow bloggers who don’t have huge numbers to still make good money.
STREAM 2: SPONSORED WORK
Sponsored work refers to blogger + brand collaborations. This can look different from collaboration to collaboration – but might include a product review on your blog, shout-outs on social media, an instagram campaign, etc. Basically, the blogger is highlighting a brand to their readers – telling the brand story within their content.
STREAM 3: AFFILIATE MARKETING
Affiliate marketing is when a blogger incorporates affiliate links within their blog so that when a reader clicks that link and purchases the item, they receive a commission. Commission levels vary enormously from around 5-10% for a physical product to 50% for a digital product like an eBook or eCourse.
Affiliate marketing can be done within a blog post, or throughout social media (Pinterest just recently changed their policies on this, now allowing affiliate links!), through your email newsletters, etc.
It can be a very lucrative and non “sales-y” way of monetizing your blog, when it’s done naturally and within your regular content.
STREAM 4: SELLING YOUR OWN PRODUCTS + SERVICES
You guys, selling one’s own products and services is the secret sauce to building a blog biz and really making money. Yes, this stream is going to take a lot more work, but the potential for major revenue is soooo much greater. There are loads of potential product and service ideas, and it’s just a matter of figuring out what is going to work for you and your audience.
Here is just a list of ideas to get your wheels turning:
- Freelance writing
- Online Courses or Webinars
- Digital Artwork
- Handmade Goods
- Interior design services (online and in person)
- Virtual assistant services
- Web Design
- Graphics, Fonts, Clip Art Design
- Selling sewing or crochet patterns
- Online shop with 3rd party fulfillment products
- Subscription based newsletter
- Membership community
- Public Speaking
- …. and more!
This is where you get to be really creative with your blog biz and where you can turn your blog into a brand and thriving business.
To get more details on each of these monetization streams, grab my free 7-day email course – “Create Your Profitable Blog”. It’s packed with actionable advice to get your blog biz off the ground and running.
AND be sure to come to my talk at BlogPodium! We’ll be deep diving into the advantages and disadvantages of each of these streams, quick tips to get you making money fast, how to start a product line or service, and look at some case studies and tips from other bloggers. We’re pulling back the curtain and getting down to business.