The ultimate goal of any business is to make money. However, just because you’re running a business doesn’t mean you have to be limited to just one way of monetising your product. You can use more than one strategy, and each one can bring in a different type of revenue.
Affiliate Marketing
This type of marketing earns you a commission when someone clicks a monetised link or buys a product that’s promoted on your website. If someone clicks a monetised link or buys a product that’s promoted on your website, you’ll earn a commission.
The great thing about this strategy is that you don’t necessarily need a huge budget to get started. You can literally set up a small affiliate marketing blog with a free WordPress account. You’ll then need to choose a product to promote and build your audience around it.
A popular choice for affiliate marketers is something to do with fashion — specifically clothes and accessories for women. With so many people interested in fashion, it’s easy for an affiliate marketer to find an audience and tie them into buying products they may not have considered before.
Display Advertising
This form of marketing isn’t as straightforward as affiliate marketing. With display advertising, you don’t actually promote a product – you place ads for products that are relevant to your target audience. When a person clicks on an advert or buys a product that’s promoted via display advertising, you’ll earn a commission.
The best way to get started with display advertising is to look at the budgets of the companies you admire most. If you watch their advertisements or visit their websites, you’ll see that they spend a lot of money on great graphic design, catchy slogans, and high-quality content.
Because of the great demand for content strategists and copywriters, it’s a perfect opportunity to begin freelance work. You can find clients and get hired on a temporary or permanent basis.
Product Reviews
If you’re passionate about a certain product, why not share your experience with other people who are also interested in buying the same thing? You can take advantage of the fact that people are more likely to trust and listen to reviews than they are to read marketing material and ignore the reviews. If someone reading your review decides to purchase the product you’re reviewing, you’ll earn a commission.
The best thing about product reviews is that they provide great content for numerous platforms. If you have a website, you can simply link to a particular review and encourage readers to learn more about the product being reviewed. On social media, you can share a link to a review and gain exposure to a larger audience.
Viral Marketing
This form of marketing promotes a product or service by tricking people into sharing and recommending the material to their friends. Essentially, you’d be creating a buzz around the product or service you’re promoting and steering people towards social media sites like TikTok and Instagram to drive traffic to your website.
The great thing about this strategy is that you don’t necessarily need to choose one particular product to promote. Instead, you can choose a topic that interests you and then choose products that relate to it. For example, if you’re passionate about fashion, you could begin a blog focused on style and fashion. Within that blog, you could discuss the most popular items on the market as well as the newest designs. From there, you could branch into reviewing products related to fashion and sharing your insights on style and fashion.
There is a lot of opportunity in regards to marketing strategies. It’s well-established that businesses can earn money through affiliate marketing, yet many choose not to. In the same way, some businesses choose to ignore product reviews while others choose to use them. With so many options, there’s bound to be something that will suit your needs.