Your business or your personal brand may be focused on creating a popular website or application. The idea here is to generate users or generate interest; you might encourage people to read your blog frequently because you offer fantastic, in-depth posts that are written for your ideal customer and Google for SEO purposes, or you might have an app that makes people’s lives easier in some crucial way. Here is how to start monetizing a popular website or app
In any case, making an app or website popular is a challenging, multi-step process. But translating that popularity into a consistent stream of revenue is even more challenging. How can you take a popular online asset like this and effectively monetize it?
Monetization in a Nutshell
Monetization is a term that refers to the simple process of making money from something that didn’t make money before. If a person walks dogs for fun, then begins to charge money for their services, they’ve essentially “monetized” the service.
This is an ambiguous term, but it’s ambiguous for a reason; there are dozens, if not hundreds, of ways to monetize a popular website, app, or other online service. Generally speaking, if your channel is popular enough, you should be able to monetize it.
How Popular Is Popular Enough?
How popular is popular enough? That’s going to be different for every app and website; it depends on the nature of your audience, the specific appeal of your content, and of course, the monetization strategy you choose. If you’re selling a major service to wealthy clientele, you may be able to make money with just a handful of leads and sales. However, if you’re interested in monetizing the data you collect from your users, you’ll need a base of hundreds of thousands—if not millions of users to do this effectively.
In any case, if you have thousands of regular users, you can definitely count on being able to monetize effectively. You may be able to do it with just hundreds of regular users.
Let’s take a closer look at some of the most popular monetization options available to websites and apps today:
Can You Monetize in Multiple Ways?
As you can see, most of these monetization strategies have strengths and weaknesses. You may be interested in using multiple monetization strategies simultaneously, allowing them to compensate for each other’s flaws. There’s generally nothing wrong with this; however, you’ll need to make sure that stacking monetization strategies has no measurable negative impact on your average user’s experience.
Choosing the Right Strategy
Whether you’re investing in one or several monetization strategies, how can you be sure that you’re selecting the right tactics?
The Importance of Measurement and Analysis
Additionally, you’ll need to carefully measure and analyze the results you get from your strategy. This is a business, and there’s no guarantee it’s going to be successful. Only by objectively measuring your results will you be able to definitively determine whether your monetization strategy is actually making money.
If the strategy isn’t making money, see if you can figure out why (and correct the error). For example, if people aren’t clicking on advertisements, is it because you’re displaying ads that aren’t relevant? Or is it due to poor positioning? Experimenting with the variables and measuring the differences can help you figure this out.
Monetization strategies can help you make money from any app, website, or other online asset that’s sufficiently popular. Choosing the right strategies can be difficult, but if you invest in the right techniques and consistently improve with the help of ongoing measurement and analysis, you can build something both profitable and sustainable.
Image Credit: mayofi; pexels; pexels
Originally appeared in ReadWrite