August 27, 2006

Add New Streams of Revenue to Your Business!

Did You Know?

You can add new streams of income to your business by advertising for OTHER companies on your website!

If you're just getting started on the Internet -- or simply looking for ways to add new revenue streams to your business -- you might consider the option of placing ads for other companies' products on your web site.

After all, who wouldn't like to make a few extra bucks? And it's so simple -- you just put up a couple of ads on your site and wait for the cash to roll in, right?

Um... wrong. At least, that's not the way it usually works.

When you're just starting out, your primary focus needs to be on promoting your OWN business -- not someone else's.

It's far better to build a relationship with your target market and generate interest in your own products than it is to try generating profits by advertising another company's items.

Not only that, but you could be opening yourself up to a whole new set of problems...

  • What if your visitors click on the ads and never
    return to your site?
  • What if you just end up sending business to your
    competitors?
  • What if your visitors are turned off by your ads
    because they see them as nothing more than a
    "cash grab"?

To make your site attractive to companies looking for potential advertisers, you'll need to have a great niche market, tons of traffic, and the promise of good ad placement on your site.

Most companies won't even consider placing an ad on your site until you can guarantee that you're receiving a large number of highly targeted visitors on a daily or monthly basis.

However, there are ways for you to make money through advertising on your web site, even if you don't have huge amounts of traffic. In fact, one of these strategies might even help drive traffic your way!

One thing, though:

While promoting other companies' products on your site might be a good way to create new streams of income for your business, it's important to remember that not all ads work for all businesses.

If you decide to start experimenting with placing ads on your site, there are three things you absolutely HAVE to do:

1. Test
2. Test
3. Test AGAIN!

You want to make sure you're testing the impact of every element of your new ad campaigns to make sure they're having a positive effect on your business.

As you start out, be sure to carefully test the following:

  • different products for different companies
  • different styles of ads
  • different types of ad copy
  • different positioning of ads on your web site

You need to monitor your conversion rates to make sure that they stay as high as possible as you try out your various ad campaigns. That way, you'll discover which Internet advertising techniques REALLY work for you and your business -- and keep working!

The most important thing when choosing which ads to place on your site is to ensure they are for products your target market is actually INTERESTED in.

You'll want to advertise products that complement your own product or service and offer real benefits to your market. Only then can you guarantee that your visitors will be happy to see your ads, instead of being turned off by them.

3 comments:

  1. Hi Aaron, this isn't related necessarily to your cuurent post, but I didn't see an email address on your blog. I've written an ebook about starting a freelance copywriting business and since your blog is about home-based businesses, I thought you might be interested in receiving a free review copy. Shoot me an email at info@mikechenwriting.com if you're interested; all I ask in return is a blurb and a link on your blog if you liked it. Thanks!

    ReplyDelete
  2. Well said, that is exactly why I don't put ads for other companies on my business site

    ReplyDelete
  3. Jacob and TeamSeptember 02, 2006

    Very useful indeed. We really like your blog, Aaron. You do give a lot of simple ways to improve upon site monetization, yet you never talk down when giving them!

    Honestly, we think this is one of the better money-maker blogs we've come across this year. And trust me, we've come across many.

    Problogger aside, your blog is certainly nearing the top of the list when it comes to blog money-making tips, etc.

    Keep rocking dude!

    ReplyDelete

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