Given that my first major goal for this blog is to hit $1000/month, I thought it would be fitting to discuss all the different monetization strategies that are available for bloggers.
Granted I won’t be using all of these, but I will definitely be using most of them.
So here goes…
Advertising through display ads is going to be one of the monetization strategies I use on this blog. However, it won’t be for a while until I decide to put them up.
I need traffic first.
Advertising is ONLY profitable when you have a lot of traffic. Even 100 visitors per day is not really enough to make ads worthwhile. I’ll start putting them up when I get around 15,000 pageviews on the site.
Should you use ads on your site?
Putting up ads is really a personal decision. Some people hate the idea of having ads on their site. They hate taking away from the user experience.
And I agree! It’s distasteful to plaster banner ads all over your site.
However, if you can get the ratio of content to ads correct, ads won’t be too much of a distraction for most readers.
The majority of the clients I work with on a daily basis make their money from ads. Granted they’re also doing a lot of direct sales for sponsored posts, but ads are where the money is at for most big media companies.
For personal blogs, I would say choose wisely. There may be other opportunities to make money such as affiliate marketing or selling products.
Which ad networks will I use?
Google Adsense is the highest paying ad network for new blogs. It’s also the quickest one to implement since I already have an account.
Once I reach 25,000 pageviews a month, I’ll likely apply to MediaVine, which usually pays a little bit better.
Then, when I reach 100,000 pageviews/month, I’ll apply to AdThrive, which pays even better than that.
I may also do some direct deals with sponsors since I’m experienced in that space. But for a tiny niche like mine (blogging), it may be time-consuming to continuously find sponsors. So we’ll have to see about that one.
This is going to be a major source of revenue for this blog.
I use a ton of different tools, and I’ll be sharing and recommending some of the best ones on this blog.
A lot of these tools have affiliate programs. So I can swap out the links to my affiliate link. When readers click through and make a purchase, I’ll get a small commission.
Commissions for software typically range from 10 to 20%.
So if I recommend a tool that costs $50, I’ll make around $5 to $10 if someone joins based on my recommendation.
It may not sound like a lot, but these can add up nicely once you have a lot of traffic.
This is a monetization strategy that I probably won’t be using on this blog, even though it can be the quickest way to get to my goal of $1000/month.
For example, if I sold a one-hour consultation for people who want help growing their media businesses and blogs, I could charge maybe $150 for an hour of consultation.
That makes the numbers game go waaaay down. All I need to do is book 7 one-hour consultations per week to hit my goal. Depending on the client, that might mean I only need 2 to 3 clients if they book several sessions in a month.
However, this isn’t something I can even consider doing at the moment as I just don’t have the time for it.
Even this blog is a part-time side project for me.
This is something that I may strongly consider down the line. Productizing my service into an ebook or online course.
So basically I would take what my consultations would normally look like and package all the advice, strategies, tips, information into a digital product.
That way, students can join anytime they wish, even when I’m not available. They can go through the course on their own time, and for me, it’s beneficial in that it doesn’t take up anymore of my time.
A lot of bloggers (that run personal blogs) use this method. Some have grown 8 figure businesses around selling digital products.
So this is something that I will likely try out myself.
Conclusion: Which method is best?
There are many different ways to make money with a blog. All of them can be profitable.
Based on my experience, a combination of multiple methods is best. It diversifies your income, and it also multiplies your income.
It also depends on your niche.
For some niches, selling products doesn’t make sense. For others, having ads on the page doesn’t make sense.
It’s all about testing out different things, finding what works in your niche, and then doubling down on the things that work.
For Budgeting Blogger, I’ll be going with a mix of ads, affiliate marketing, and selling products.