The advent of the Internet and its refinement over the years have given rise to many new professions. Just how companies made money by creating content for television and radio, people started dedicating their time to creating content for the Internet. But, at first, they didn’t make any money from it.
Monetization began with ads, and it has now expanded to other methods. A myriad of types of ads and platforms produce revenue. And let’s not forget other strategies like affiliate links. Here are the five biggest trends in content monetization in 2020.
- Direct Advertising
Direct advertising is the most common strategy in digital marketing. This strategy has changed with the development of different technologies and automation tools. Direct advertising basically refers to content creators hosting advertisements directly on their website, videos, or posts. For example, on Youtube, you can activate ads in your videos.
Depending on the platform, you can earn money per visit, view, or interaction. Each platform has its own rules—you must know how your platform operates and make the most of it.
The downside of this strategy is that your audience may not like seeing ads on your site. In addition, you run the risk of having your brand associated with a product that may have a dubious reputation.
- Affiliate Links
Affiliate links are a fairly new content monetization strategy that has become popular in the last couple of years. E-commerce companies offer people the opportunity to partner to promote their products. In exchange, people receive a percentage of sales.
They give each person a personalized affiliate link to share with friends and families. Each company has its own rules on the commission and products that the person can advertise. For example, Amazon gives commissions even if the purchased product is not the same as the one advertised in the link.
This type of content monetization is perfect for influencers with big audiences. They simply add the affiliate link to their content, becoming passive income.
- Selling Exclusivity
Another trend in monetization that a lot of content creators have started using is selling exclusivity. In other words, they create “premium” content that can only be accessed via subscription or fee. It becomes “extended material”; something followers can purchase if they crave more content from you.
For example, if you are a full stack developer who blogs about programming tips, you can create a complete course on learning Python. You can then sell this content to your audience and make money from exclusive content. Keep in mind that you can apply this strategy no matter the type of content you create.
Some influencers also used this strategy to offer their most loyal followers special deals. For example, an influencer may have an affiliate link for a specific product that they offer only to followers subscribed to premium content.
- Donations
The difference between donations and premium content is that the audience can donate whatever amount they want, and they will still have access to exclusive content. Even those that don’t contribute donations have access to some content. This strategy is most common for content creators that use Youtube and podcasts.
Some platforms that allow you to receive donations are Patreon and Paypal. Patreon is more popular because once the person donates, they can access exclusive content through the platform. It also allows your audience to contribute according to how much they believe your content is worth. In addition, Patreon doesn’t put a cap on how much people can donate.
You can also hire your own web developer, if you aren’t one yourself, to create a personal website where people can donate directly. That way, you don’t have to use other platforms like Patreon to implement this strategy.
- Merchandise
If you have some creativity and design abilities, you can also create your own merchandise. It can be anything, from clothes to accessories, makeup, or hair products. It depends on who your audience is and what they like. You then offer it to your followers, and it becomes another revenue stream. This is best if you have a large audience—even if only 5 percent of your followers buy your products, the revenue will be significant.
In Summary
Being a content creator and trying to make a living out of it means that you should be a pro when it comes to digital marketing strategies. You can learn on your own or attend a coding bootcamp, but knowing how to monetize your content is essential. Some strategies that you can start implementing are direct advertising, affiliate links, premium content, donations, and creating your own merchandise.