I remember the first few websites I created back in 2004-2005. I was more concerned about getting traffic than converting the traffic I was already getting into revenue.
I didn’t build a list. I didn’t test. I was 100% focused on getting traffic. And though traffic is obviously crucial, I know now that my imbalance cost me a lot of time and money.
So what have I learned over the years? Primarily this:
There are websites out there making thousands of dollars off off of less than 100 visitors a day. There are other websites out there making next to nothing off of hundreds of thousands of visitors a day!
There I was, fighting an up-hill battle month after month, trying to get more and more traffic, while most of it didn’t produce any income. It came in and went right back out, like water through a strainer.
What’s the difference between the two types of sites I mentioned above?
Three things primarily:
- Niche Selection
- Conversion Optimization
Today we’re going to discuss niche selection and monetization, which go hand-in-hand. In the near future I’ll be discussing the other two.
Niche selection is the first decision you have to make in the site building process and there are different monetization options for different niches, so they must be considered together.
This, in a sense, is the foundation of your site, so you need to get it right!
There are a few things you want to consider when determining the niche/market of your site:
- What are the monetization options?
This is probably the biggest question you need to ask yourself! If you’re selling fidget spinners (a little toy that is very hot right now in the U.S.) for $5 a piece at low volumes, and your profit margin is slim, you’re going to make very little money. If you’re selling real estate leads on million dollar homes you may be talking thousands of dollars per conversion!
This carries over to Adsense. If it’s a content site and your monetization is through Google Adsense, you could get a few dollars per click on a real estate site, but only 2 cents per click on a site that sells $5 items (for example).You also need to make sure there are good monetization options available! There are not good affiliate offers available in every niche. Adsense isn’t profitable in every niche. You can’t sell leads in every niche. Some sites just don’t have many good monetization options.
KNOW what you’re going to be promoting before you build the site.
- How am I going to get traffic in this market / niche?
You could always go with Google, but for the average IMer, SEO is harder than ever, there are no guarantees you’ll ever get much and it takes time.There are many traffic sources out there, but you need to know exactly what traffic source(s) you’re going to focus your efforts on and you need to know the quality of that traffic. Who are they and what are they looking for specifically? Do they have money? Do they spend money online or do they go down the road to their local store to buy what you’re selling?
You need to consider traffic quality OVER traffic quantity. 100 visitors who are moderately interested in weight loss coming to your ketogenic weight loss site are far less valuable than 20 visitors who are specifically looking for info on ketogenic weight loss. You also want to consider how the traffic is going to interact with the monetization you’ve chosen. One monetization type may be better, or worse, for one particular traffic source. You NEED to consider these things.
These decisions are very, very important and could mean the different between spending a few hours to make a few thousand dollars and wasting many hours to make little to no money.
- How am I going to either retain the traffic or get a steady flow of traffic without constantly working to maintain the traffic flow?
If a thirsty person plugs the hole in his cup, he can take a drink anytime he wants without having to run back to the sink after every drink. Build a list! That’s the #1 traffic retention method, and it works.
Popups have proven to be the best way to do it for us. If you sell products get those buyer emails… they’re the best ones because they’ve proven to buy from you (they’ll probably buy again, but not if you don’t retain them).
You don’t want to be the thirsty guy who has to walk back to the sink every time he’s thirsty because his water leaks out the hole in his cup every time he fills it up. Don’t be that guy.
Choose a good, profitable niche and the right monetization, and the foundation is set for maximum profits!
To Your Success,