According to the data enlisted by 99 statistics, by 2040, around 95% of all purchases are expected to be via eCommerce.This means that business owners and online marketers have more reason to open a productive website or blog, run an active social media account or YouTube channel, and forget about limiting marketing to just a store.
Since the inception of the 21st century, e-commerce ventures have experimented on perfecting the accessibility of commodities, which have prolonged the interest of customers towards online purchases. Note the keyword “accessibility”, because it is the benchmark for every successful entrepreneurship.
The free market on the internet’s treadmill also provoked a spike in demand for e-commerce products, not necessarily for the value of preference, but because of how easy it is to add an item to cart, and have it delivered in less than 48 hours (standard delivery procedures).
The above points are the major reasons behind the practice of making money online, and why 65% of affiliate marketers and online retailers are generating six-figures annually, than the average employee or civil worker.
There are in-depth analysis to also consider, which we shall review briefly. These procedures entail significant aspects of a defined online career that presents the “making money online” industry as a consistent profession than a side hustle or a mere passive income plan.
Revenue Diversity / DMI
The numerous opportunities the internet continually provides, makes it evidently possible and easier to generate income steadily, depending on your sustaining influence and value.
In a previous post, I shared a monetization strategy called the double monetization impact (DMI) which basically combines commission gotten from promoting affiliate products (through affiliate networks) with commission gotten from CPM and CPC advertising programs through blogging. The double monetization principle applied properly, ensures that any online website or workspace generate income frequently regardless of the niche or brand, and regardless of being a beginner or an expert.
The sole aim of making money online is based on the premise of revenue diversification, which encourages any online entrepreneur to sometimes experiment factors outside his or her own niche, in order to increase ROI and maintain a regular income flow.
For instance, the Sovrn (formerly Viglink) monetization data analyses showed the fluctuation of RPM (revenue per thousand Impressions) during the COVID19 saga, and how it negatively affected the revenue earned by publishers. But they were able to identify that publishers (bloggers, affiliate marketers) with diverse revenue streams were insulated from the negative fluctuations.
This means that sometimes, having a niche that can accommodate external or related categories can automatically boost your earnings, some affiliate bloggers in the news and entertainment niche, earn more money, than an affiliate blogger who is in the SEO niche, while the latter is restricted to SEO contents and SEO related tools, the former can publicize dynamic contents relating to fashion, movies, home entertainment, music, etc.
See the infographic below explaining revenue diversity, including DMI value ratings (for publishers with a dynamic niche):
This is quite similar to revenue diversification, the only difference is simply targeting the goal of diversifying revenue streams with more than just one vendor or e-commerce retailer. It is very common among affiliate marketers to stick to one vendor for a long period of time, for an expert, this approach appears viable, but for a beginner or an intermediate, this approach can be extremely limiting to your earnings, why? Because the science of online monetization is simple, explore different options of e-commerce retailers, and a wide range of advertisers looking to spend on publishers.
It is not recommended to put all eggs in one basket, when trying to maximize ROI, because averagely, from primary data gathered:
*60% of high paying commission rates for publishers and affiliate marketers come from affiliate marketing networks, examples: ClickBank, ClickFunnels, JVzoo, MaxBounty, etc.
*40% make up the lowest commission programs for publishers, from prominent e-commerce retail platforms and CPM/CPC affiliate programs, examples; Amazon affiliates, CJ affiliates, and the Google AdSense program respectively.
With this data, let us assume that a publisher is strictly focused on CJ affiliate or Amazon associates, what then are the odds of an increased ROI, within the next 2 years, compared to an affiliate marketer or publisher who is working with Clickbank, ClickFunnels, CJ affiliates and Amazon associates combined? The margin in ROI of both cases is in fact, incomparable.
The Traction of E-mail Marketing
The Marketer Email Tracker of 2019, records that 91% of marketers rated e-mail marketing as the most important medium for increasing online sales (a slight 1% difference from the ratings in the Marketer Email Tracker 2015 records). This DMA tracking records also outline the primary goals of email marketing, which are simply:
*47% brand awareness.
*45% building loyalty.
(The above statistics are sourced from the Direct Marketing Association 2019).
See the infographic of this stats below:
Analyzing this data, it is apparent that e-mail marketing will continually hold the position for top conversions amidst all other mediums of online engagement, which simply means that making money online through e-mail marketing remains an irrevocable lead magnet.
The first three (3) points have provided substantial analysis for the science behind the inherent nature of establishing an online business, but what about the science behind garnering traffic and prospects?
Digital networks, PPC campaigns, and Automation provide the answer, and they are useful in reaching targeted audience faster in a distinguished and unique pattern.
Digital networks provide advertising avenues to websites or blogs, by either influencing their clients’ search engine rankings or influencing organic traffic (which is often the case). For the sake of discretion, I would avoid going into details of how this operation works, besides each digital network, have their different tactics of promoting influence. Such influence impacts speed in revenue and ROI, it draws monetization closer than having to use free tools or free means to reach your target market, which is a prolonged and time-consuming process.
PPC campaigns are useful for social media influence rather than websites or blog traffic. A lot of affiliate bloggers often make the mistake of using PPC advertising for publicizing their webpage, and it is sympathetic that most experts encourage such a strategy.
A PPC campaign performs two vital functions which are; to help your landing page convert faster, and to create a positive impression on your social media profile (the halo-effect of PPC ads). It is true that some of these impressions from PPC campaigns can reflect greatly on a webpage if it serves as a substitute for a landing page, but the chances of securing conversions may come out really poor, because PPC campaigns do not have enough effect on pivoting traffic on a webpage than digital advertising. Although, most advertising agencies and directories offer PPC campaigns at a much more affordable rate than social media platforms, but the aim is primarily focused on traffic than conversions.
Automation is not entirely based on advertising, but it does guarantee speed and accuracy in reaching any target market or audience using automation tools. The popular slogan “make money while you sleep” used by most online entrepreneurs originate from an angle of automation because using automation tools and software reduces manual effort, so that even when you sleep for 24 hours straight, you are still making money online, but this is just one aspect of the process. Digital networks often use automation tools for traffic services and promoting a webpage, however, this may not necessarily be the main mode of operation, but it is a rudimentary factor.
The Posterity in Online Entrepreneurship
It is a known fact that any online business is scientifically built to last. The durability of SEO rankings combined with the technological advancement in e-commerce trading, implies that making money online will remain consistent in aiding financial stability and entrepreneurship.
However, the posterity of an online career does not only require perseverance, but it requires the right approach that appeals to the scientific structure of how internet marketing is built. If an affiliate marketer fully becomes an affiliate blogger, i.e., releasing contents on a daily basis, such contents when indexed remains on the Google search query for years, and can be updated consequently.
It ensures that those contents will continually gain traffic in the future and serve as a revenue stream, but if an affiliate marketer or online marketer depends on only social media marketing or PPC campaigns for monetization, the profit would definitely be made, but such a business structure lacks a bit of clairvoyance because it is built on a temporal and uncertain future.
Social media networks in most cases are not built to last very long, before Facebook, there was Myspace, but who remembers Myspace? Twitter was at its prime from 2010 to 2014, but for the past six (6)years it has dropped from an average of 350 million posting users to 250 million, leaving marketers to resort to Facebook and Instagram.
Social Media platforms do not guarantee long-lasting marketing revenue than search engines. Therefore most people who prefer stabilizing an online career on social media platforms should be aware of its contingencies.