Many start-up and existing long tail web publishers openly recognise that their area of expertise is not in structuring their site/business to maximise profit. They don’t really know how to manage, price or promote their advertising real estate – and are equally as unsure when it comes to generating other forms of revenue.
‘Long tails’ should not rely on their developers input (many do) as they often do not have the specialised skill base to offer commercial advice, even on seemingly basic issues such as advertisement sizes. This can be hugely detrimental, in both the short and long term, to sites wanting to attract revenue from online advertising – particularly display.
The time to think about strategies for attracting revenue through advertising is well before you talk to your developer. Many make the mistake of developing their websites first, and then trying to apply a monetisation strategy to an already completed site.
Whether a site generates advertising revenue through automated systems, ‘in-house’ sales representation, or outsources to the growing number of ad sales networks – laying strong foundations as early as possible in the life cycle of a site is very important.
Below are 10 things web site owners should consider in order to successfully lay these foundations and monetise their online platform:
1. Revenue Streams
There are various ways to monetise web sites – make early decisions on what suits your site and audience and spread your risk by implementing more than one of these streams
2. Ad Sizes & Placement
Can your ads been seen and therefore generate interaction by your audience and do your ad sizes fit market standards? While some tailored sizes and placements can be incorporated, advertisers prefer market standard formats and sizes.
3. Campaign Measurement & Reporting
Advertising is an ‘investment’ – businesses spending money to reach your audience will expect a measureable ‘return’ on this investment. How are you helping to optimise this return and what processes have you implemented to ensure your advertisers can readily access their campaign results?
4. Site / Audience Measurement
By what method are you gathering your sites statistical information, and are you communicating this to advertisers using the correct terminology and key metrics? Many sites are using incorrect terminology and are not presenting the strengths of their sites in the best way.
5. Rate Structure
Structure your rate card so you can maximise sales from each client and present advertising options which are achievable for each ‘budget segment’ of your potential client base.
6. Site Usability
Are you ensuring the areas, sections or pages that are attracting the most potential revenue are easily navigated, subscribed or registered to?
7. Understand Your Market
What information are you gathering from your user base on an ongoing basis, and how are you utilising this information?
8. Sales Collateral
Communicate your sales proposition to your potential market in a professional and effective manner, remembering advertisers are time poor and respond to clear, concise and relevant information which is tailored to their needs. MediaScope has been created for ‘long tail’ sites to reach advertisers in this way.
9. Site Processes & Procedures
Managing online advertising can be highly manual and labour intensive – having strong processes in place can save you both time and money and ensure a consistent, professional service is being delivered to your potential client base.
10. Continually Innovate & Plan
Particularly in the fast evolving digital space it is important to keep an eye on future opportunities and trends, and have the structure and support to adapt and meet the needs of an ever changing market.
Monetising a site successfully is reliant on several factors including establishing and building traffic and ongoing support from a web developer. Structuring a well thought out site, which meets the needs of an audience and then presenting this to marketers in a highly professional and knowledgeable manner can give them the confidence to invest their advertising spend with you.
Media buyers are looking for measureable opportunities – the challenge for the ‘long tail’ is to present a compelling solution and to make it easy for these advertisers to both access and then invest with you.
[Article first appeared in www.smartcompany.com.au April, 08. Updated for SNOBS: Nov 2009]
