In more ways than one, the 2020s have been tough. The online business world is now more populated than ever before as people from every corner of the globe seek new and inventive ways to generate income from the safety of their own homes. But with the spike of interest in online shopping comes saturation – making competition much steeper than it was just five years ago. This has left many small businesses, content creators, and freelancers in the dark about how to move forward. Monetizing your online business is one of the best ways to increase your momentum, and these tips will help you to improve your income and diversify your revenue streams.
Experiment With Search-Based And Paid Ads
Paid, online ads can increase brand awareness by 80%, and are currently categorized as one of the top three most effective ways for marketers to connect with customers. While paying for advertisement slots online might not feel the most engaging, studies have shown again and again how successfully they reel in paying consumers.
Joining an ad network that puts your site above others in search findings can contribute to significant traffic on your site as well as a higher chance of someone buying your product or services. You can create search ads via Google, Yahoo!, Bing, and others for a bigger pool of potential customers.
The most used platforms and the types of the ads
The Rise Of Affiliate Marketing
According to Statista, affiliate marketing is a multi-billion dollar industry. With a little bit of practice and a good pinch of know-how, this relatively new form of marketing can help you generate a substantial monthly income or additional revenue stream for your online business. Affiliate marketing allows online merchants to dramatically expand their consumer reach. You, the affiliate, signs up to an affiliate network (such as these) which provides you with an original URL that can be tracked. When somebody clicks on your URL, you earn a commission.
This form of marketing is easy and often does not require a start-up fee. It also forms a part of the greater integrated merchant services network, which grants consumers the ability to pay you via a myriad of different payment methods. Integrating your merchant services means providing a broader variety of payment options for consumers, such as credit card payments directly from their existing software. An integrated approach to online services is a reliable way to receive consistent sums of money from online customers.
Examples Of Success
When you’re trying something new, it helps to witness examples of success in your field. Currently, there are an estimated 12 million eCommerce websites live, and many of them are only one or two years old. Blogging and online shopping are both industries that have exploded over the past two years. Michelle Gardner from Making Sense of Cents has earned over $5 million since starting her blog in 2011, and
Jonah Peretti from BuzzFeed makes a whopping $100 million annually out of businesses that didn’t exist on the internet until two years ago. Whether you are a beginner blogger with modest goals or an ambition-fueled eCommerce platform starter, 2022 is certainly shaping up to be the year of online merchants.
