Whether you are a small business or a large enterprise, content monetization can be the key to unlocking new revenue streams and increasing your profits. But before you start monetizing, you must ensure that your content is ready. So how is your business ready to start monetizing content? Let’s take a look.
Is Your Audience Ready?
The most critical factor in deciding whether or not your business is ready to start monetizing its content is the size and engagement of your audience. If you have a large, engaged audience who regularly interacts with and consumes your content, you may be ready to start considering options for monetization. You can always test the waters by creating some pilots and teasers, asking your social media audience what they want to learn from your business or what content they would like to watch, and then start creating it.
What kind of content do you offer?
The type of content that you are producing will also play a role in deciding whether or not it’s time to start monetizing it. Suppose most of your content is high-quality, unique, entertaining, and educative. In that case, there may be more opportunities for monetization than if most of your content is low-quality and generic. Some types of content, such as video tutorials or webinars, are easier to monetize. If you are in a niche industry, making a name by sharing your and your team’s knowledge is a great way to start – look at Hubspot Academy!
Do you have a monetization plan?
Before you can start making money from your content, you will need to devise a plan for how you want to do so. This can include offering subscriptions for accessing your content, selling spots to sponsors and advertisements during your streams, or charging pay-per-view for premium content access.
Choose the right platform for your business.
Choose the right platform for your business. Once you have identified your audience and created targeted content for them, it’s time to decide on the best platform to store, create, distribute and monetize your content. There is nothing wrong with starting with a Youtube channel and social media. However, launching your video content platform with the same features as Netflix or HBO puts your business on the path to monetization and brand awareness, and a white-label video OTT platform is what you need to make it happen. It is not a coincidence that you are reading this blog and learning about FanHero! We created a complete content video platform solution for businesses and enterprises that don’t have the time or a team of developers in-house to build a platform.
With FanHero, you have flexibility when choosing or combining different monetization models and paying for the bandwidth you use – with the option to upgrade as your audience grows. Imagine offering subscriptions, pay-per-view for premium content, and even selling advertising space to sponsors. FanHero provides these options and many other features your marketing team will love, like an analytics suite, the ability to live stream from your platform to any social media simultaneously, and more – check our plans for more information.
Monetizing content takes effort but can be manageable if done with intention. By knowing who your audience is, choosing the right platform, using strategies tailored specifically towards their interests and needs, and creating enticing ad campaigns – all while keeping track of data analytics – your business is on the right path to generating revenue through monetized digital channels in no time!