Certainly our Monetize Your Knowledge course can send people’s heads spinning with all the things you can monetize and how you can monetize them.
This question was posed by Kathryn and this what she asked:
Our second lesson, Delivering Your Knowledge, covers this well, but I think it’s worth further discussion in the form of 3 rules I’ve put together for you.
3 Rules of Monetization
Disclaimer: These are rules I’m putting out there for you on what I believe will guide you to the best monetization plan for you. It’s based on my own experience and those of my clients and students. You may find the need to break any or all of the rules if it is in your business’ best interest. Your business…your decision!
1. Start with One and Then Grow
If you’re just getting started or finally ramping up your monetization efforts, you don’t have to tackle every monetization method. Pick something based on the pros/cons charts in lesson 2 based on your interests and profitability potential…then run with it. Add more once you have some results and have time/resources to start working on more.
2. You don’t have to monetize EVERYTHING
While I think most online business owners lean toward not monetizing enough, sometimes when they get rolling they shift to the other extreme and want to monetize every single thing.
Many people might think I suggest this because you don’t want to overdo the monetization or you’ll alienate your readers. This may or may not be true and is not my primary concern.
What I am concerned about the time spent in adding multiple affiliate links, for example, to every single article or piece of content. You can get bogged down in spending so much time adding promotions, but they don’t produce enough in return. Your time is incredibly valuable and if you’re not seeing a return right away, it can get very frustrating.
For example, if you’re just starting a content site and you’re publishing large volumes of content, you can spend a LOT of time adding links to pages that aren’t getting much traffic. While you work on traffic, choose a monetization method that doesn’t require laborious per page work. Instead, add Google Adsense or some other site-wide promotion and then go back and work on specific pages as you build your traffic to those specific pages.
Yes, targeted promotions are key (that’s why Adsense is a good option), but your time is the most important thing to consider. Get it out there and get it seen…then you’ll know what to monetize further.
3. Review and Improve
Track your progress and review what’s working and what isn’t. And yep, you guess it…do more of what works and a whole lot less of what doesn’t. Track your links, check your stats and adjust.
If you’re an affiliate, set up a tracking link where they are available. If you’re selling your own products, set up your own tracking. Knowing what’s working will allow you to grow by leaps and bounds.
You’ll never know what works until you get started. If you haven’t started yet, go back to Lesson 2 and let’s get this thing going!