Monetizing a website really means looking beyond the website, understanding the advertiser's entire digital universe and then creating a strategy that effectively monetizes visitors.
New York, NY (PRWEB) July 09, 2012
Digital Media Training introduces 5 ways to monetize a website. Websites run best when they are run just like a regular business. The goal of most Internet businesses is to use content to drive monetize-able traffic to their website and their related digital properties. Successful websites generally follow one of five monetization strategies, which are: Ad supported, Ecommerce, Lead Generation, Subscription and Business to Business.
A website IS a business. Websites run best when they are run just like a regular business. They run best when they efficiently drive qualified traffic to the intended website. Qualified traffic is traffic that consistently converts into leads and, eventually, into loyal, long-term customers.
Find ways to make those leads turn into a profit. The cost of running any business, inclusive of creating and delivering the products and services, and paying for the marketing and sales initiatives that drive all that traffic, has to be less than the revenue generated by sales.
Nowadays, more and more consumer sites are using a combination of the first four; others still do focus on only one of those strategies, though.
Now, Business to Business sites often cannot process full conversions in the way Business to Consumer sites do. Meaning: the CEO of a target company in the Fortune 500 doesn't pull out a company credit card and place an order, online, for a fifteen-million-dollar consulting contract.
So therefore, Business to Business sites typically go after pieces of conversions called fractional or proportional conversions. For example, a consulting firm should expect to attract new major corporate clients with an Internet ordering system. Face-to-face meetings are needed to close those sales, but the Internet can help that company market the qualified leads, or help shape the opinions of potential future clients.
So most business to business marketers create a fractional conversion strategy that involves a series of engagement points aimed at encouraging potential business customers to keep returning to the site, or to one of the properties in the digital constellation, such as Facebook pages, Twitter feeds, micro-sites, and so on.
And let's be honest. This can get complicated. Not only thinking about initial sales, but also about the lifetime value of each customer. Businesses must be thinking about factors such as cost of goods sold, inventory and campaign management costs, as well as revenue goals. While taking all of these factors into consideration, there must also be a marketing campaign and budget in place in order to drive traffic and awareness to the website.
The great difficulty of connecting all of these factors in an effective way is the reason some agencies demand -- and deserve -- big campaign management fees for coordinating everything. Even those fees, however, must be baked into the marketing cost when computing the true ROI.
Any way it’s looked at it, it's a major investment of time, energy, and resources. Stop at some point and ask: what is the real goal here?
The point is to get people to engage at each and every one of these points in the constellation, and to do that in a way that fulfills the strategic marketing goal. So monetizing a website really means looking beyond the website. A winning campaign involves understanding that advertiser's entire digital universe, and then creating a strategy that effectively monetizes visitors, using one or a combination of the five strategies: Ad supported, Ecommerce, Lead Generation, Subscription and Business to Business.