Monetising Your Online Channels during the Pandemic
It is unfortunate that a lot of small and large businesses had to close their doors because of the global pandemic. However, closing the doors does not mean it is time to put your hands down and give up. We think it is a perfect opportunity to grow your online audience and start trading online. We came up with a list to give you some ideas on how to monetise your website online!
Probably the most obvious, but if you have a physical store, selling some kind of product(s), it is the right time to move it online. Your loyal customers are probably missing you and if they can’t find a way to buy from you, they are more likely to turn away and search elsewhere.
Let me give you an example:
Kevin is a coffee shop owner, he sells coffees and sandwiches every day to people who pass by his location when going to work. Even though he still operates on a takeaway basis, he has seen a massive drop in clients as the majority work from home. He is losing money every day and his stock is going bad because he has too much and not enough demand for it.
On the other hand we have Laura, a regular customer of Kevin who is staying home. Even at home Laura needs that caffeine kick to get her started for the workday and her instant coffee is just not helping.
Solution: Kevin introduces delivery of ground coffee on a weekly subscription basis, and as an introductory offer he includes a cafetière to make to coffee in. He also starts a video tutorial session on his website to teach clients the tips and tricks of coffee making at home. As a bonus, he starts paid classes on espresso and latte art for coffee fanatics.
Classes and Tutorials
With people staying home and having more free time on their hands, we have seen a massive increase in online classes and courses. Gyms are giving classes through video conferencing and bakeries are organising online lessons for baking enthusiasts. In the case of Kevin, he is selling advanced espresso and latte art courses through his website. It is likely that your existing clients are looking for you to take a plunge and offer them something similar for a symbolic price. After all, there is a specific limit on how many coffees you can pour in a day but there is no limit to how many people can simultaneously watch a tutorial on it, thus allowing you to achieve exponential online growth.
Combining the above two would be a fantastic option for many, as a lot of the products sold can move to a digital version! For example: a digital version of a book can be easier to produce and can be sold infinite number of times.
Here is an example:
Ali is a chef who is passionate about his work. He has a strong personal brand and a good following on Instagram. However, right now he doesn’t have as much demand for his work as he used to.
Solution: Create a home cook book that is targeted towards using simple pantry ingredients to make delicious healthy meals. Advertise it among existing followers as a downloadable “print at home” file.
Build and monetise your personal brand
Start showing what you are good at, maybe it is finances, maybe sports or make up! Start optimising your social media presence so that your followers know exactly what you do. Look for partnerships with brands you love and respect and advertise on your platform. Create a website and write blogs to raise awareness of the necessity of your skills. Grow your online presence and generate leads for your new business!
Even during this touch time, people are supporting each other! Integrating donations on your website is surprisingly easy, and can help you out during this challenging time!
We will be looking more in-depth into each one of these in the next couple of weeks, so follow us on our Social Media channels to stay up to date!