3 Smart Strategies to Monetize Your Business That You Might Have Overlooked
For business owners of all shapes and sizes, more money in your pocket is always a good news.
That said, it’s only natural to feel a bit stuck in terms of your earning potential. After all, there’s an inherent limit to how many products you can sell, how hard you can pus them and the resources necessary to make it happen, right?
If this sounds like your business, there’s probably a chance that you’re leaving money on the table without even realizing it.
How though? Think about how mobile apps make money through the freemium model that’s all the rage right now. Taking your free services and turning them into a premium offer represents the lowest hanging fruit for business owners today.
Do you have a blog? An email list? Then you have awesome opportunities to monetize your existing and future audience time and time again without hiring new blood or pushing a bunch of new products.
But where do you start?
Building Up Your Blog
If your company blog is driving significant traffic in the hundreds or thousands per month, you can sow the seeds of some serious passive income. Sprinkling in links for affiliate offers and products relevant to your readership makes sense if you integrate them naturally and don’t sacrifice the quality of your content in the process.
There’s also the opportunity to convert your old posts into a premium e-book or knowledge base to sell on-site. If you have a hungry base of readers already there’s a good chance that you can sell what you know for people who’ve never heard from you before. Doing so not only creates a new revenue stream but builds authority for your business.
And you can get even more money out on your blog without lifting a finger by soliciting guest posting opportunities from eager, paying contributors. Don’t underestimate the power of your current traffic and how much others might want to tap into it themselves.
Switching “On” Your Email List
Your email list represents arguably your hottest leads as your subscribers obviously volunteered to engage with your business’ content.
Don’t assume that “selling” to your list is spammy. There are tons of way to monetize your email list through exclusives such as subscriber-only offers, lead magnets and email discounts. Providing these incentives to purchase signals your list as valuable; meanwhile, bear in mind that not every email needs to be sales related.
Pump Up Your Podcasting and Broadcasting
Podcasts and video marketing are booming for businesses right now, both representing fantastic ways to both grow your exposure and score some passive income in the process.
Let’s start with podcasting. If you regularly speak your mind about your business or industry, you’ve automatically got some serious clout in your space. By hosting fellow speakers and industry insiders, you have a natural opportunity to not only get paid by promoting others but also their products. You can then, in turn, promote those same offers to your email list and blog.
A big takeaway here is that once you monetize one marketing channel, it becomes so much easier to monetize them all.
Same rules apply to the likes of YouTube. Promoting your business via video makes sense given video marketing’s high conversion and engagement rates, right? But also consider how YouTube ads work to build yet another additional revenue stream. If your videos center around education and how-to’s, you’re more likely to score serious ad dollars over time.
Monetizing more of your business just plain makes sense if you’re looking to squeeze the highest ROI possible out of your marketing channels. With these tips in mind, you may be surprised at how quickly you can effortlessly grow your bottom line.