The Power and Profitability of “FREE”!
Every day people are trying to think up new ways to make money online. Yesterday I wrote a post on how Markus Friend is making over $10 million a year by offering a free dating service. With the concept of FREE in mind, here are just a few examples of why FREE works and how you can make the most of it.
I just read a post over at ShoeMoney’s blog about how TwitterCounter is finally monetizing their site as a revenue source. Now that the site is well established and generating over 11,000 pageviews a day, they can offer a promotional spot on the age for $499 a week to a feature Twitter account.
Business Model: Offer the best service and product around and worry about monetization later.
MySpace Resource Sites
Social networks are huge, but it really all got started with the massive teen craze on MySpace. Soon enough everyone and their mother was on MySpace. Unfortunately for the users, not everyone knew how to create their own images, upload them to servers then host them on their myspace pages. Fortunately, early webmasters, affiliates and designers got in on the action and made free resource sites for myspace users to add content to their pages with a simple copy and paste.
Business Model: Offer something free that everyone uses, and let onsite advertising make it worth while.
The general concept for many bloggers is to make money, however blogging is one of the slowest ways to make money online. The amount of time and work involved in building up a blog and a growing reader base is a big task. On the upside, once you have that readership and brand running, you can continually sell advertising on your blog, while offering free information to your readers.
Business Model: Provide free information in exchange for on site related advertising.
Building a Forum Community
Not to keep referring back to ShoeMoney, but one of his most successful (and wasn’t planned to be) sites was his NextPimp ringtones forum. What started out as people creating their own ringtones and sharing with others, had turned into a massive community of die hard ringtone users. Building up any type of community or niche place where members can talk and contribute, is always going to do well.
Business Model: Build a quality place where people can do and discuss what they like, and provide quality advertising and services your users are interested in.
The point is, when you are trying to think of a new business model or ways to make money online, don’t always look at the bottom line, or how you can scam your site visitors into buying something. Try and create a quality product or service and you will succeed that much more, while actually building your site into something people use on a daily basis.
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