Any website owner, whether you are a small start-up or a big one, would want to monetize the website in one way or another. There is no hard and fast rule in generating site revenue, and there are many ways to do it. There are companies which have successfully earned revenue through their site, and they show that it’s not easy as it seems. It requires careful planning and implementation of strategies.
Here are a few ways to increase your site revenue:
Know Your Audience
Marketing is a value exchange process, where your product or service answers the customers needs or wants. Knowing who is at the receiving end, the person you are communicating to is very important. There are companies who totally get it. Your target market’s interest should always be the driving force in building your site. Your audience will always ask – what value does this website give to me?
Craft Your Messages Well
Knowing the end receiver isn’t enough. More importantly, you should know how to communicate with them. Are you talking the same language? Your website, as a customer touch point, should speak the language your audience is familiar with. Apple, for example, has successfully mastered crafting their messages. They have consistently delivered powerful, on-point communication on their website, and it mirrors what their buyers are looking for.
Leverage on Social Media Networks
Companies have used their websites for immediate sales conversions. It’s very logical to do so, because it’s automated, requires limited or no manpower at all, fast, and very convenient for both the company and the buyer.
So, how do you drive people to go to your site?
One major tool is to make use of social media networks. In this study, from Insights from Stanford Business, researchers say site owners can do things to stimulate users themselves to post more information. This can be done by giving users incentives to increase the number of online “friends” they connect with through the site, and consider targeting advertisers to post ads on the web pages of the most prolific users.
Airline companies take advantage of free tools such as the social media networks to drive visitors to check out their website. Most of their cheap fares are offered on their sites compared to their other distribution channels. Southwest, for example, has almost 5M followers in Facebook, and each post has the end goal of adding value to its equity, and ultimately drive customers towards their website.
Formulate an Overall Strategy
While making use of the social media networks help grow your site revenue, it should be part of an overall strategy. Best to formulate an integrated marketing communications plan that ties everything together. Have concrete, quantifiable, smart goals. Analyze your current resources to find out what you have, where you are, what you want to achieve, and where you want to go. Would you like to increase your site visitors by 20% from last year? Increase online sales conversions by 15%? Once you have defined your goals, it will be easier to plan for your next steps.
What marketing activities should you implement? In this article from Web Marketing Today, they have outlined 3 primary ways that you can choose from – e-commerce, affiliate marketing, and advertising as methods to increase revenue.
Since your website is online, and your audience is online, then you should consider including native advertising in your marketing mix. Copyblogger defines native advertising as paid content that matches a publication’s editorial standards while meeting the audience’s expectations. So, the next question is—what types of native advertising should you engage in?
You can choose from several examples such as advertorials, sponsored content, branded content, product placements, in-feed ads, sponsored content through Facebook, or Promoted Tweets.
Growing your website revenue is not easy. It requires creating a master plan that focuses on your business goals. From there you formulate strategies based on your target audience’s interest, behavior, and overall persona. You should provide value to your customers, speak their language, be where they are, and know how to communicate with them – be it through native advertising or any other medium.
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