Monetization Strategies for New Businesses

Featured article by Andre Smith, Internet Marketing and E-Commerce specialist

The key to monetization is building a following. While social media followers are nice, the best way to begin earning money is to have a robust email list. This should be the priority whether the business is focused on selling products or services because both require consumer interaction.

One way to create an email list is to offer visitors something in exchange for their email address – this is called an opt-in. While you can simply ask for their information when they visit the site, the process is often more effective when they receive something of value. This can be a short e-book, video, e-mail course, printable, infographic, or exclusive content.

Partnerships

Partnerships are ideal for both the companies who are being paid to disseminate information to their followers and the businesses which are soliciting the advertising. When you partner with a company, you agree to give their information to your followers. The method of doing this varies based on the agreement but may include a recommendation in a monthly email or including inserts with packages that will be delivered to your customers.

For new businesses, it may feel intimidating to ask larger brands if they would be interested in partnering. Reaching out to companies like Red Crane Media that specialize in facilitating this type of partnership can make the process much more manageable. When working with a management company, it is also easier to find multiple options and to find new methods that work best for your brand and client demographic.

Teaching

Another way to quickly monetize your new business is to utilize one of the many teaching platforms available such as Teachable or Udemy. Choose a platform that allows you to create a class that best fits your needs and capabilities. Classes can be taught as lectures, presented as slide shows, or be primarily graphics with voice over audio. Virtually any business has something of value they can teach their target clientele. Manicurists can teach about nail art, plumbers can teach basic maintenance tricks, copywriters can teach word processing hacks. Evaluate your skill set and offerings to identify those tasks that are easy for you that others have shown interest in learning.

One of the benefits of providing a paid course is the content is perpetually available after creation. While the initial process will take time and effort, it is possible to reap the benefits continuously after creation. It can also help build authority and reputation within your chosen industry. You may even notice that new customers find your primary website and offerings by registering for one of your courses and seeking you out to learn more or make a purchase.

When companies are just beginning to find their way in the world of online commerce, it is natural to be a little overwhelmed. Starting any new endeavor is both challenging and exhilarating. By thinking slightly outside of the box, it is possible to begin to earn additional revenue aside from your primary products or services.

Andre Smith is an Internet, Marketing and E-Commerce specialist with several years of experience in the industry. He has watched as the world of online business has grown and adapted to new technologies, and he has made it his mission to help keep businesses informed and up to date.