Most businesses understand the importance of having a website these days, and a significant portion of new businesses today get their start exclusively with an online storefront. Websites can be great money-making tools, putting your business in front of more people and offering faster, more efficient transactions for your products and services. Accordingly, most entrepreneurs invest in their online presence to increase the amount of revenue they can generate there.
The Traditional Way to Generate More Income
The traditional route to make more money from a website is to increase traffic and conversion rates for that website.
Marketers will use long-term methods like SEO, content marketing, and social media marketing to gradually increase incoming visitors, and maximize their chances of buying the product or service in question. This is effective, but there are a few issues with this approach. What do you do in the meantime, while your momentum and growth are still developing?
What happens if you hit a plateau? What if you’re missing out on other potential money-making opportunities on the web?
Passive Income Strategies
The solution here is to seek more passive income strategies, which can help you set up additional lines of revenue to keep your business moving. There are a number of distinct options here:
- Set up a separate specialty site. Your main website serves one niche function, so why not set up a separate, specialty site, to serve a separate niche and generate passive income from the opportunity? “Of all the ways to create a consistent and passive income stream, purchasing an existing, revenue generating website is the smartest,” according to Income Store. There are many options here; for example, you could establish a separate site for your personal brand, using it as a niche blogging platform that complements and enhances your main site. Or, you could branch out into a different service industry altogether and either introduce new branding or co-op your existing branding into it.
- Create an eBook or other landmark content. If you’re in the content marketing game already, this strategy is ideal for you. Rather than creating an endless series of short, one-off blogs, work on a highly valuable, “landmark” piece of content. Usually long-form (several thousand words or more), this landmark piece could be an eBook, and extended whitepaper, or even a full-fledged research study. If it’s valuable and in-depth enough, you can use it both as an extension of your content marketing strategy, and as a separate sales item. Even charging $1 per download can generate some new income fast.
- Sell advertising space on your site. One of the most popular ways to generate more income on a website is by selling advertising on spare space you have in your headers and margins. Why is it so popular? Because it’s available to pretty much anyone, and it’s a pretty accessible strategy. Granted, you’ll stand to gain much more income here if you have lots of traffic headed to your site in the first place, but the same can be said of almost any strategy on this list. The only real risk here is turning off some of your customers—but if you keep your ads to a minimum and display them tastefully, you can mitigate this risk.
- Partner up with another company. If you don’t mind collaborating with another business, consider forming a partnership with a brand from a related industry. The two of you can work out an exchange, such as forwarding leads to each other, or advertising each other’s brands on your separate sites. Working together, you’ll be able to generate more traffic and interest than either of you would have accomplished alone.
- Create more landing pages for your individual products. The more specifically you target an audience, the more effective your messaging will be. Therefore, one of the best ways to sell more products is to set up specialty, niche-targeted landing pages for every product and audience segment you have. This can help you laser-focus your audience and maximize your conversions from traffic streams.
These are just five options you can pursue to establish more lines of passive income for your business. The truth is, the possibilities are limitless. Put your creativity to the test by brainstorming some alternative options to turn your online presence into an even bigger money maker. As you gain more experience, you’ll learn more about your customers’ needs and discover more opportunities for passive income through new technologies and trends, so commit yourself to never stop improving your online marketing efforts.