Top 7 Online Business Monetization Methods 2020

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If you bought every eBook that claimed to help you make millions through your website, you would end up confused about what to do. That’s because there are so many ways to monetize a website. Some of those didn’t exist ten years ago.

We’ll focus on the new monetization tactics in this article, explain how they work and whether they are worth trying on your online business.

1. Coaching and Consulting

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Tired of not profiting from Google ads? Turn your website into a coaching hub. The idea is straightforward, but there’s a catch. You must be an expert at something to be able to gain people’s trust.

More importantly, you must be able to prove you are the right person to consult in your field. Let’s have a background in coaching new parents. It’s an evergreen niche because people will always have babies.

But to attract customers, you need testimonials on your site. You would also benefit from videos of you teaching new parents how to take care of their babies. That way, people can watch what you do and feel motivated to pay for your services.

When it comes to coaching, it’s something you can do online. You can offer 1-1 consultations or use web conferences to coach multiple people at a time.

2. Sell Information

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Information sells, especially if it stands out. If it didn’t, Amazon wouldn’t have such an extensive collection of eBooks on its website. Again, no one would be able to make money from online courses.

Instead, some people have become millionaires selling all sorts of e-Books, tutorials, audio lessons, and webinar classes. Some of the courses cost $2000 or more, while others cost $4.99 or less.

Here are more products you could sell as helpful information:

  • Master Classes
  • Online courses
  • Workbooks
  • Audio lessons
  • Tutorials

Before you launch your eBook, though, do meticulous research and write a high-quality book. People only pay money for a course everyone likes. So, if you put up an online course hastily, chances are people will flood it with one-star reviews, and it will fail.

3. Value-Based Service

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A value-based service center on fulfilling customer needs first and monetizing afterward. It means giving your clients value before you ask them to buy your products or services.

An excellent example is how iGaming websites market their services. This site, for example, awards new customers 50 free spins plus up to €600 in welcome bonuses on 14Red casino. That way, you have plenty of free cash to test the casino’s games before you choose to be a regular payer.

According to Casino-Bonus.com, Boom casino matches your first deposit 100%. So, if you deposit $50, you receive an extra $50 as a gift. This way, you get a 100% value on your first top-up. It’s a sure way of attracting new customers since everyone wants to earn a good profit on their investment.

You can provide value with nearly everything that can be sold online. For example, you could give out a free eBook as a hook to attract people interested in your online courses. Or you could go the traditional way of giving out free samples before you ask people to buy.

4. A Membership Community

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Instead of selling online marketing courses, you could ask people to pay a monthly fee for an unlimited number of classes. Most eBook apps like Amazon’s e-kindle and Scribd have these options.

People find them valuable because they allow you to download as many books as you want. Again, it could also work in coaching, counseling, and virtually every other online service. The only catch is that you have to provide lots of content to keep your members happy.

To get around that, you can build a membership platform where people learn from one another. Of course, you have to contribute to topics regularly. But when more people are doing the same, it becomes more engaging.

The downside to membership communities is that you must invest a lot of time and resources. It also takes time to get traction. People have to honestly believe in your ability to help you regularly for them to pay a monthly or annual subscription fee.

5. Use a Software Subscription

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Build software costs a lot of money and time, but it can be exceedingly profitable. Think of antivirus companies, VPNs, YouTube, or Windows. Microsoft, in particular, became the conglomerate it is by selling software.

Of course, you don’t have to build an ingenious product like Windows to earn money through your website. Something simple like a photo editing program could make you decent income if it works properly.

The best part of SAAS products is that they produce recurring revenues. YouTube, for example, has been around since 2004 and might be around for the next fifty years.

6. Offline Events

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If you offer a service that could be done off the Internet, there’s a way to make more money through events. For example, you could organize a retreat where you charge your online audience for coaching or consultation.

Why hold events offline when you can do it online? It has to do with providing personalized experiences. Mostly, it’s customers who want to interact with experts in real-world places. So, if you can do that for them, they could be willing to pay more.

Of course, it costs money to organize an offline event. There are no guarantees people will turn up, or you could only receive a few guests. However, if you offer something like training dogs, it’s best done when you can interact with your clients and their pets.

7. Crypto Mining

That is a controversial monetization strategy. The ex bitcoin miner and entrepreneur Matthias Mende explains: “It involves buying mining devices which are small electronic machines which have powerful computing chips which just do heavy calculations non stop. Those devices require a lot of electricity. If you are living in a country with a high electricity cost of higher than 6cent per kW per hour then don’t even think about starting. Because especially when the Crypto coins are low traded the electricity of the operation will be more expensive than the mined coins itself and this will bring you loss. If your electricity cost is lower or you somehow manage to get free electricity, then those mining could function like money-printing devices. It’s a risky game, but was for me for almost a year very profitable”

So yes crypto mining can be profitable and exciting.

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