Wednesday, 20 February 2013
Vicky Berman over at Avocadopesto.com has been focusing on diversifying her online income. She already runs two successful blogs with her partner that earn more than $1k each, but the bulk of the income generated by these blogs is through direct advertising.
What Does it Mean to Diversify Your Income Streams?
Diversifying your income streams is a simple concept. It means you should have several sources of income at any given time rather than just one. Examples of different income streams include, affiliate sales, selling your own product, contextual advertising, etc.
Why Diversified Income Streams are a Great Idea for Bloggers
Here’s the problem with relying too heavily on just one revenue stream: when it’s disappears, all of your income disappears with it. If you get banned from a specific ad network for example, your income is gone. If you only sell one product of your own and it reaches market saturation, your income stops flowing. If your readers get tired of your constant affiliate promotions, that revenue stream might stop bringing in reliable revenue. No single income stream for bloggers is guaranteed to last forever.
When you diversify your blog income, you insulate yourself from this sudden drop-off in earnings. If one revenue stream dries up, you have other income streams bringing in money. Your earnings might decrease temporarily, but they won’t disappear completely.
Solution: Here Are 5 Examples of Additional Blog Revenue Streams
- Industry directories with paid inclusion (or paid featured spots)
- Job boards / Classifieds
- Members-only content (advanced private content for paying members)
- Information products (your own e-books, reports, e-courses, and other downloads)
- Ad networks (affiliate, contextual, text links, banners, or whatever works in your niche)
Experiment with different income sources and try and make more than one work for you so that your online career has a much better chance of success.
Spencer Haws, The Importance of Diversifying Your Online Income
Wednesday, 13 February 2013
Dean Saliba, of ineeddiscipline.com, has released his latest income report for January 2013. Disappointingly, it's 50% less than the December figure, which saw Dean make more than $1k in income. However, on a positive note, Dean managed to increase the number of people visiting his website (traffic is important for monetising a website).
Dean attributes the increase in traffic to forum posting:
I did absolutely no blog comment promoting this month and instead decided to concentrate on forum posting, which although takes a bit more time I think you can see that it is already drawing some promising results.
Forum posting is something that Is fast becoming one of my favourite things to do to earn money, especially in the evenings when I have a few hours to kill, I used to play Facebook games, what a fool I was!
Other Online Marketers have mentioned forum posing as a valuable tool for increasing traffic and income. Matthew Woodward, highlighted this in his latest income report. Matthew, often posts on major forums like WarriorForum, TrafficPlanet, and BlackHatWorld, mainly providing help and advice.
If you want forum posting to work for you, you have to genuinely help people. There's no point just going online and posting quick comments like
'thanks for the link/video'
'yeah, I like that software too'
Instead find a problem and give a detailed answer. Your respect in the community will grow ten-fold and people will naturally go to your homepage because they will begin to see you as an authority. Most of the online marketers I follow are people who solved a problem for me by writing a detailed post, or creating an instructional video. I then bookmarked their website in case I ever needed advice or an opinion on a topic.
It's better to have a handful of detailed posts which engage people who visit a forum then hundreds of short nonsense posts like, 'nice post'.
Give it a try and see what effect it has on your traffic and reader engagement.
Sunday, 10 February 2013
I own a number of blogs and websites and I've always avoided using sponsored posts because my gut instinct was that readers would not read them or would be put off by the selling. That means I've unintentionally cut off an income stream because of my own prejudices about how readers would react.
This demonstrates the importance of engaging with your readers to understand what they want and how they feel about your website. You can then cater your efforts to the things that will attract more visitors and keep people on your blog longer. Additionally, you can use this feedback to better monetise your blog. If your readers like hearing about new offers, special promotions, or discounts, you'd be better offer selling these type of offers rather than using other methods of monetising your website.
But don't be like me and try and second guess what your readers like and dislike. Put together a short survey and send to your email list, or use a form embeded into a post that readers can fill out quickly to give you some feedback.
You may find the feedback very valuable.
Thursday, 31 January 2013
Kirsty Henderson from NerdyNomad.com, makes $5,000 per month …and she doesn’t even try that hard!
She travels the world and documents her exploits across a range of travel websites she owns. She admits her tech know-how is very limited, and she ignores a lot of conventional wisdom about blogging
- she doesn't pay attention to SEO
- she ignores Google algorithm updates
- doesn't blog regularly
- doesn't bargain hard with people looking to advertise on her blogs
- and doesn't even own an iPhone or a Kindle!
Despite all this Kirsty makes more than most bloggers do, who work twice as hard and own more websites.
In this video interview, with fellow blogger Mike Thomas, you'll learn
- how much to charge for guess posts
- how many websites you should own
- key metrics advertisers are looking for
- how her websites coped with Google's updates
Plus much more. Enjoy!
Sunday, 27 January 2013
Thursday, 24 January 2013
The NBA’s 10 highest-paid players will collectively earn $340 million this year alone. They each have eight figure salaries as well as equally lucrative endorsement deals. Most of the high earners are located, as you would expect, in New York, Los Angeles or Chicago. Two, have their base in Miami, which has no state income tax.
The NBA’s highest-paid player will come as no surprise - the prince himself, Kobe Bryant. He will make $59.8 million in salary and endorsements this year. Bryant’s Lakers salary of $27.8 million is $7 million higher than any other player’s, underlining his value to the Lakers.
The Top Three
No. 1: Kobe Bryant
Earnings: $59.8 million
On-court: $27.8 million
Off-court: $32 million
No. 2: LeBron James
Earnings: $57.6 million
On-court: $17.6 million
Off-court: $40 million
No. 3: Derrick Rose
Earnings: $32.4 million
On-court: $16.4 million
Off-court: $16 million
If you want to see who else makes the top ten, click here.
Friday, 18 January 2013
I was browsing the latest income report from Kirsty Henderson of Nerdy Nomad, and came across some interesting information. In December 2012 she managed to generate more than $5k in gross income. However, 93% of this income came from direct advertising deals. I'm sure Kirsty is working towards changing this; its always better to diversify your income so that your not too dependent on one client or ad program.
Nevertheless, Kirsty's December income is still very enviable. It also draws my attention to the power of direct advertising deals for generating income from your blog.
Sponsored or direct ads are one of the many forms of advertisements, and they are also one of the best methods of monetising your blog/website. There are various advantages of direct advertising which will make you want to ditch your ad network and go for sponsorship instead.
- steady income over a fixed term despite fluctuations in traffic
- it's easier to budget the costs of running your website if you know the likely income over a set period
- you can earn more through negotiating good deals and striking up a relationship/partnership with advertisers
- ad programs work on algorithms, so you can't talk to them!
This all sounds appealing, but it isn't as simple as 'getting approved' or 'setting up ads'. There's a lot more things to consider. This is not an exhaustive list but here are some of them
- your website needs traffic. 1,000 daily unique visitors is good.
- Google PR (above 1 is a start).
- Alexa rank. Your Alexa should not be something like 1,000,000. I suggest reducing it to low six figures at least before proceeding.
- A clearly defined niche, so advertisers can instantly see a connection between their product/service and your visitors.
If you have most of the above things in place then you need to start looking for advertisers. There are various ways to find advertisers
- Google AdWords. Search your niche and follow the adverts.
- Check your backlinks and comments
- Look at other sites in your niche; who are their advertisers?
- Advertisers from Advertising networks.
Next, you need to flex your negotiating skills to strike the best deal. Worth reading some books that can prepare you, try
Amazon UK or Amazon USA
Word of Caution.
If you strike a bad deal, you could be stuck with an advertiser that's paying very little for your traffic. Any other potential advertisers have to wait until you've freed up the ad space.
Despite the pitfalls, I think overall direct ads are a very powerful tool for the blogger and can become a staple of your income statement.