4 Easy Ways to Add New Revenue Streams
“Never put all your eggs in one basket.” It’s a common saying today, and it’s as true now as when Sancho Panza said it over 400 years ago. Monetizing your website with ads is a great way to generate revenue, but it doesn’t have to be the only method you use. There are several ways you can add new revenue streams and protect your bottom line.
Here are four simple ways you can diversify your revenue.
If you’ve monetized your site, you’ve likely already heard of direct partnerships. It’s one of the trickiest ad revenue streams to add to your site. Instead of working through a network, you need to find and communicate directly with advertisers. That means convincing them to work with you, building relationships, and negotiating premium bids for your inventory.
Unfortunately, the amount of work and the barriers to entry often scare away publishers from trying to develop direct relationships with advertisers. Despite its challenges, it can also be one of the most rewarding revenue streams for a publisher, in our experience.
In fact, Rev·Amp works with an extensive portfolio of direct advertisers in the tech industry. We’ve built and nurtured these relationships over many years, and now our partners know they can trust us with their ads. Better yet, we offer our publishers access to these direct partnerships and all the benefits that go hand in hand with those relationships.
If you have a large enough audience, sponsored content is, arguably, one of the easiest ways to add a new revenue stream to your website. Businesses are often looking for ways to expand their online reach, and they’re willing to pay for article links from popular blogs and sites with high domain authority.
The hardest part will be convincing these businesses and websites to pay you to write about them. You’ll need to provide enough information that they’ll see the value in using your platform to advertise their brand. Audience information, visitor statistics, and examples of your work can go a long way to convincing a brand to work with you.
Remember to keep the information relevant! Telling a tech company about your food blog following is a great way to get off on a very wrong foot.
Like sponsored content, affiliate marketing aims to create content about a specific product, platform, piece of software, or service. However, you don’t get paid for writing the articles or posts.
Affiliate programs and networks give content creators access to a wide variety of paying partners. Typically, you’ll need to meet specific requirements before your application gets approved.
When you’re accepted as an affiliate, you’ll receive a unique link for anything you decide to market. Once you have your link or links, you can start writing content about that item, whether it be a product, service, or subscription. When visitors to your site use that link to sign up or make a purchase, you get a commission.
Remember to research a network before joining. Check the commission structure, user reviews, and ensure that they have items your visitors will be interested in.
Your content is a product. If people really enjoy your product, stop giving all your content away for free. Instead, offer some of your best posts as “exclusive content.” Are you afraid of chasing away your loyal readers? Don’t be.
According to the Reuters Institute for the Study of Journalism, both small and large online publishers will benefit from switching to subscription models1 – if their content is worth paying for. In fact, subscriptions are now considered the most important revenue stream, ahead of both display and native advertising1.
Does that mean you need to get rid of your ads? Absolutely not. However, while the ad industry figures out alternatives to third-party cookies and the impact of P3PC on ad revenue, subscriptions are a great way to keep your income from dropping.
Adding a few additional streams is a great way to protect your current income or boost your revenue. We’ve mentioned four of our favorite easy and effective methods in this article. Which one is the best? Only you can decide that. Consider your options carefully, and pick those that suit your content, site, and needs the best.