Whether you run a blog and earn from ads and sponsored publications, you sell goods in your own online store or sell your themes, illustrations and icons at the stock market, you obviously want to get passive income.
Many modern bloggers earn on referrals. This means they sign up for an affiliate program of a certain product or service provider, promote those products or services on their blogs inserting the referral links into posts and get their percentage for referred users. Some creatives make and sell stock photos, create some digital products for online sales, etc.
A blog, a stock or a Web store are the sources of passive income. You just make publications or upload your products and they work for you. The more content or goods you upload the more income you get. Your task is to make your passive income sources work as effectively as possible to bring you worthy income without unnecessary expenses.
Considering our own experience and some information sources, we’ve distinguished a few key tips on generating more revenue and profit when you passively get income on the Web. So let’s unveil them.
1. Optimize Your Expenses
The important step is to analyze your expenses and reduce those that are currently unrequired. Please check if you:
- use paid-for services for auto-messaging on Twitter or pay for ads on Facebook;
- use an expensive hosting plan for your blog;
- spend extra costs on some premium services, plugins or assistance;
or else.
Make sure that all of your costs for the mentioned above services give you a good return or you really need to use them. If not, it’s the very time to refuse of some of them and save your costs. Probably you use some paid-for services or plugins but there are some cheaper alternatives for them, this is also should be considered.
2. Save Your Time
Are there any tasks you have to fulfill every day for your online business? For instance, you check your analytics, monitor the revenue from ads on social media, correspond with customers by email, upload new products or write posts. Some of your everyday tasks should be automated to allow you optimize your time.
For instance if you send a certain amount of emails to potential customers manually, use a script for automatic mailing. If you spend too much time for creating content and there’s no time left to look for effective ways to promote your website better, think of hiring a writer. If people often ask the same questions about your products by email, create FAQ on your website and promote this page to your current and potential customers.
Depending on the time-consuming tasks, think of the most effective solutions to reduce time and efforts for them and increase your working day effectiveness. If you make your tasks run without your direct participation, this is sure to be passive income.
Once you’ve optimized your time, you get more free time to look for ways to promote your business and grow it to get more profit.
3. Be Accessible for Customers
If you sell your products on the Web, it’s highly recommended to make sure your store functions well.
- Test the website performance, make sure that navigation is simple and every product is easy to find.
- Make sure that the process of placing the order is intuitive and easy to understand.
- Make sure it takes just a few minutes for a customer to place an order.
- Remove any hidden extra fees that a customer sees only when they finish placing an order.
There are many plugins offering A-B testing. They will help you evaluate your website, help you decide whether you place your buttons correctly, use relevant tags, etc.
If you run a blog, check it for accessibility for your readers and visitors.
- make sure you’ve chosen a reliable hosting provider and your website is never down;
- make sure all of your images have alt tags and are properly indexed by the search engines;
- check out your contact forms (make sure they don’t include unnecessary fields that make a form tough to fill in);
- check the quality of your audio and video content;
- make sure your content is arranged in categories and easy to search for;
- find all broken links and replace them with working ones.
There are lots of automated programs that will check your website for accessibility in the shortest possible time.
4. Offer More
For instance, you sell your creative works on a stock market. Let’s imagine you make vector images and icons. Yes, you can upload them to the market and then wait until they are sold and you get your revenue. But there are more efficient ways to earn more:
- create a few icon sets and sell them in a bundle;
- craft a few different products (a mockup, a stock photo, an icons set and a font) and sell them as a bundle;
- offer extended license for your products and a paid-for support;
- offer related products to every single one that has been bought by your customer.
If you own your own online store and you sell, for example, clothes, you can also offer related goods and batches to your customers.
- Selling jogging shoes? Be sure to have every model in two-three colors, and a lot of sizes.
- Display the related goods like t-shirts, shorts, snapbacks, show strings, and more.
- Offer shoes + any related product at a discounted price.
You can also read more of online marketing tricks and helpful eCommerce plugins here.
5. Attract by Awarding the Loyalty
Loyalty programs are always efficient for gaining more profit. They allow to attract more customers and increase sales. Loyal customers stay with you for long and deserve some encouragement. Any bonuses and discounts you may offer will be rewarding for your loyal customers.
A great thing is to run a point system. Your customers make purchases and collect points for every purchase, when they collect enough points they can spend them to buy one more product, or a few additional products. This will encourage your customers to buy more and, as a result, you get more income.
6. Promote and Market Your Business
Many business owners use Twitter and Facebook for promoting their brands, products and services, but we also recommend to use Reddit – a new social news aggregation, web content rating, and discussion website. People here can share everything they like on the Web, add relevant sub-reddits, customize them, get votes and appear on the top of the page. It’s a great way to become noticeable and recognizable.
Depending on your type of business and passive income, you can use your most appropriate marketing strategy.
- If you sell a unique product or service, you can set up an affiliate program and encourage people to sign up for it to promote your business for a definite percentage of income.
- If you run a blog, accept guest posts or write guest posts for popular bloggers inserting your backlinks.
- Publish interviews with successful people in your niche.
- Offer new products to former and existing customers by email.
Choosing the correct marketing strategy for your business is one of the most effective generators for your good passive income.
Final Thoughts:
As you see, to increase your income you just have to cut your expenses and optimize your time to look for new efficient marketing strategies, communicate with your customers and reward your loyal ones, test your website for user-friendliness and make sure that you do your best to earn as much as possible.
