Digital Marketing, it’s everywhere (including here), everyone talks about it, but how as a brand do you actually make sustainable cash from it…? This is still a question a lot of small businesses battle with whilst trying to navigate through the digital realm. Unfortunately, there’s no secret formula that will equate to money. However, the good news is that once you’ve found a way to monetise your brand’s digital efforts, you can make multiple streams of revenue, beyond just sales.
We’re going to touch on 4 ways you can monetise your brand and actually generate cash specifically through online marketing:
A simple, yet incredibly important way to monetise your social media is by making sure your products are easily accessible to purchase through your social media channels. Essentially, you want to make the customer experience is seamless, so if someone were to stumble across one of your posts and liked a product that was featured in it; they should easily be able to buy that product without having to leave the app.
You don’t need to have thousands of followers to get money through promotions, especially if you’re already part of an existing affiliate scheme. Think about how you can creatively promote your affiliates products on your social channels and drive clicks and sales in-app as well. This also gives you a better chance of getting affiliate revenue, because you’re not relying on just your website’s content to generate affiliate clicks, you now also have other platforms to generate traffic from.
If you create consistent valuable content, don’t be afraid to offer a premium subscription service for it. This isn’t as simple as you may think though. In order to do this, you must be providing original content that would be hard to find elsewhere on the internet. Why would people pay a fee for your content when Google is free? Think about different packages that are exclusive to the subscription, and charge accordingly. But remember, premium content needs to feel expensive but not be expensive. It’s a good idea to research premium subscription packages and see what’s already out there in your niche. You may also be able to use premium content as an affiliate strategy, offering *exclusive* discounts on partners products, in turn generating you two revenues of income.
Do you know what a lot of businesses do wrong? They focus so heavily on acquiring new customers that they neglect their old ones. Of course, getting new customers is pretty essential to a business. However, why focus all your attention on people who are not giving you money, when there are people out there who were. The ability to retain customers is equally if not more important than the ability to get new ones. If you can figure out how to get you current and old customers to keep coming to you, then you can make so much revenue through them alone. Remember the most effective form of marketing is still word-of-mouth! If you keep providing value to your existing customers they’ll pave the way for you.
To conclude, there’s a number of ways you can make money through your marketing but the key is to start with looking at aspects of your brand that you can monetise. Once you’ve picked the right strategy you’ll find you can make money passively through marketing whilst hitting sales.
Written by Maya from Digital Maestra
Maya Landers Price is (maybe more than) a little geeky when it comes to digital marketing. With a love for creativity, analytics and storytelling, this passion transpired into a business specialising in helping startups level up with their marketing. You can find & reach her over at her business Digital Maestra.