Is your community website generating revenue from ads or other sources? If you haven’t yet figured out how to monetize your community website, don’t worry. There are plenty of ways to monetize a community without compromising its integrity.
Community websites allow visitors to post their feedback and opinions about new products, services, brands, etc. The aim of these sites is to provide helpful information for the community. Many companies rely on community websites to generate free advertising for them. In fact, they pay a commission fee every time someone clicks through from their website to your site. This means that you get paid for giving away free marketing opportunities.
In this article, we will go through some of the best ways to monetize your community website. Well, that’s enough with the introduction, let’s head straight into the main content.
What Is Community Monetization?
Community monetization is a term that has been used to describe the business model of some online communities. It’s also sometimes referred to as “social commerce,” but I prefer the former.
The idea behind community monetization is simple: if you can get your users to spend money on your site or app, then you have an opportunity to make more money than if you only relied on ad-based monetization.
The most common way to do this is by offering discounts or deals to people who visit your site. For example, if you sell shoes, you might offer 10% off all purchases made at your store during Black Friday. Or maybe you could give away one pair of sneakers for every 100 likes you receive on Facebook.
Also Read: Monetize Your Membership Website Today
Monetize your community to earn money and gain recognition
The first step in monetizing a community is understanding what you’re trying to achieve. Do you want to make money, or do you just want to be recognized? If it’s the former, then you need to understand how you can turn your community into an online business that will generate revenue for you.
If you just want to be known, then there are many different ways you can do this. You can create a blog, start selling physical products, or even become a brand ambassador.
You can use your community website to promote your own product or service. For example, you can set up a page where you list the features of your product, and ask your members to rate them. Then, when you find a high rating, you can send them a discount code that lets them save money.
You can also try affiliate marketing. Affiliate marketing is a great way to make money because you don’t actually have to sell anything. Instead, you simply refer potential customers to a merchant’s website, and you get a percentage of whatever sale happens as a result.
Also Read: How to Use Facebook for Affiliate Marketing?
9 easy ways to monetize your community website today!
There are many different ways to monetize your community website. Here are just a few examples:
1. Sell Online Courses
Well, you can sell online courses if you don’t want to charge money from members to join your community membership site. Online courses provide comfort and hence have been the trend in today’s age. People love to sit at their homes, in their comfort space, and work.
You can produce exclusive content that you want to share with your members, and then offer them courses using the sell courses online WordPress plugin. However, you must take care that your target audience must love your online presence. If they are interested in listening to your experiences, they are more likely to invest in your coaching services.
Also Read: Top 5 WordPress Donation Plugins
2. Become a Consultant
Consulting or providing coaching sessions is another brilliant way to monetize your community website. You can earn a quite good amount if your target audience enjoys talking to you. Several online communities run the coaching and consultation option for members who are hard stuck with something.
Start this by offering one-on-one consultation conversations with your members. Moreover, you can also sell webinar tickets to your members. If they are well aware of your educational content, they’ll willingly pay to see you talk.
C’mon guys, let us not forget the supreme monetizing option. Native advertising will help you earn money easily by displaying advertisements and posts on your community’s activity feed. There are multiple ways in which you can advertise on your community website. If you have a well-established community, you can use this monetization option to generate a good income.
Most companies promote their products or services by buying a few posts on your community’s activity feed. They also ask for a space to put banners on your online community website.
4. Request for Donations
Last but not least, if do not want to sell to your community and you’re unable to imagine any products that are branded or items you’d like to market Consider making the possibility of making donations. Asking for donations is considered a shameful act in many online places. But, trust me it is okay. You can ask your members for donations and leave it up to them if they want to give it or not. It is quite similar to YouTube’s super chat function.
We have gracefully explained to you in our “Why you shouldn’t sell a ‘free’ community” blog. Well, selling memberships helps you in multiple ways. One is the monetary gain and the other is potential audience sorting. Memberships will bring your community a lot of money. You will be protected from problematic content, i.e., some accounts just log on to a community to start a fight on the server.
Add easy payment options for your members, so that they can renew your subscription every time with ease. Assign exclusive benefits for members who buy a membership. You can even allow different types of membership levels. And, sort the content you want them to access group-wise. It is quite similar to a tournament asking for entrance fees before the match.
5. Sell Products or Services
If you own a business or are thinking about the kinds of services or products that your target audience would like then it is not necessary to act as an intermediary for advertising. You can offer your own digital products or services directly to your customers. And, you can do that by getting our product and service selling add-on for a community website.
6. Sell your Community’s Merchandise
If you grow a strong community, then you’re likely to find that your followers will start to feel a strong emotional connection to the brand. It could be that they’re eager to show their appreciation for your passionate community by purchasing items that feature your logo or the colors you’ve chosen to use on them.
Begin Monetizing your Community Website
Members are one of the greatest assets that a community can possess. The more loyal fans you can gather for your business as well as your brand the better you will be able to leverage their loyalty and enthusiasm for your business. Once, you begin monetizing your community using different ways. You may want to upgrade your contact because boosting your member retention rate is one important thing for community platforms.
Your online community website is going to attract a lot of new members due to your content revolution. Keep on creating smart and consumable content for your members and they will support you with complete loyalty. I hope this little guide helped you understand and imply community monetization to your business.