Running a website, especially one with a large following, can be a costly process. From hosting and design to marketing and SEO, the very least you want to do is cover these expenses. Of course, simply breaking even shouldn’t be a goal for anyone.
Just like running any other business, the goal should be to maximize your profits without compromising on the quality of your content. Increasing your revenue will not only put more cash in your pocket but it can also provide the funding you need in order to invest in your website and grow even bigger.
That’s why we’ve compiled a list of tips that will add value to your content and help you build a more effective and profitable website.
Know Your Readers
It’s important to know who reads your content, why they read it, and what their alternative option is if yours isn’t up to scratch. This will help you determine how you can reach out to a larger list of readers and get your current readers to engage with what you’re offering – be it a paid subscription or an interest in your ads.
Free online tools such as Google Analytics will help you determine where your visitors are coming from, which parts of your website are the most and least effective at attracting readers, and where you rank in search results. Take some time to size up the competition. This means visiting a competitor’s website and looking closely at their offerings, the layout, the user experience, and looking for unique aspects that set them apart. You never want to be a carbon copy of your competitor’s website, but at the same time, there can be lessons to be learned there. As far as who reads your content, this is where target market analysis comes in handy. From there you start looking into the demographics of the people who buy your product. A very clear picture of who your customer/reader is will then start to emerge.
Value Your Repeat Customers
According to a study done by Adobe, repeat customers make up a whopping 41% of the revenue made by e-commerce companies in the US. They also found that the revenue from a purchase made by a repeat customer is the equivalent to five purchases from new shoppers.
It’s clear that the people who keep coming back are extremely important to your website. Building relationships with them that solidify their loyalty through newsletters, giveaways, and quality content will greatly increase your revenue. You can help encourage that loyalty by offering them the ability to set up an account. When they set up an account the checkout experience tends to be much faster, plus they will be able to come back and view things such as their purchase history. From the company’s standpoint, this is a great way to connect with them since they will be sharing their email with you. You can even offer an incentive such as a discount code if they set up an account. Another option is to set up a customer loyalty program wherein they can collect points that can be redeemed for rewards, discounts, and special offers.
Use The Best Services
When outsourcing work or finding a new service provider, it may be enticing to compromise on quality and save a bit of money. After all, your reader won’t know, right? The reality is that they will, especially when it comes to services such as your hosting provider.
If your website is slow, unresponsive and down more often than it’s up, visitors will be less compelled to come back. Opt for a professional, reliable, and affordable dedicated hosting service such as HostGator. A dedicated server for your website will ensure that it can run anything you throw at it all day, every day. It is also a lot more secure than shared hosting, which is an important factor for online businesses.
Offer Bulk Discounts For Your Products or Services
Whether you’re selling a specific service, subscription or merchandise, offering bundles and discounts for bulk purchases will increase your profits without subjecting you to any additional expenses. This is especially effective for new products. You can include them in bundles with older products to help you sell a larger variety of items at once.
Above points aside, most of your revenue comes from good marketing and providing unique, valuable and engaging content. Stick to quality over quantity, as this will create a loyal audience who are more likely to become repeat customers.