To tell a business owner that the goal of their business is to monetize and generate a profit seems obvious and unhelpful. But to guide a business owner to see how many additional revenue streams they’re missing out on is a whole other conversation. As a serial entrepreneur and marketing strategist, I have had the privilege to work with all sorts of individuals, organizations, influencers, and traditional businesses to generate additional revenue streams. Oh, and I can help you, too!
What is Monetizing?
Monetizing is creating additional ways to generate revenue in line with what you’re already doing. For example, you can monetize your social platforms using commissionable links that you receive credit for any time someone makes a direct purchase using your link. If they buy additional items while using your link, you even get credit for that, too! Commission or affiliate links can be generated with nearly any and every brand. But monetizing is not limited to online affiliate links, but new product ventures, new services, or a new direction with your business.
How Does That Work? What Do I Use?
There are several different platforms that are established and reputable to host, track, and generate commissionable links. The most popular platforms are LTK (LiketoKnowIt App), Amazon Storefront Affiliates, and Shopstyle. Creators and traditional business owners alike can set up a creator account, use the affiliate link, and incorporate it into your content to drive organic sales. These applications also track analytics, host folders for your finds, and direct deposit your commission to you after proper setup and tax information are entered.
What is LTK?
LTK is a global organization that has established partnerships with thousands of brands that allows LTK creators to generate commissionable links. LTK covers a wide range of brands spanning across multiple price points, styles, product types, and more. LTK hosts an annual (usually, thanks COVID!) conference where brands, creators, and industry personnel are able to connect and build relationships that are the bones of sustainable partnerships. Some of the brands at this past year’s LTK Conference were maurice’s, Tarte Cosmetics, Colleen Rothschild, QVC, Petal + Pup, Spanx, Express, and many more! At least 74% of marketers plan to use 1/4 of their marketing budget to invest in influencer partnerships in Q4 (Farley, 2022).
What is an Amazon Storefront?
Amazon is a large global retailer that established an affiliate program called Amazon Associates. After setting up your Amazon account, you can create an Amazon Storefront. This is an online storefront that allows you to post content and tag the products affiliated with the content. Amazon Storefronts also allow an option to generate idea lists which are public lists posted to your storefront linked with Amazon products. In order to receive credit for a purchase on your storefront, be sure to use the Amazon affiliate link in the left-hand corner and encourage others to shop on your Storefront page directly.
What is ShopStyle?
LikeToKnowIt also known as LTK is driving more than $3B in annual retail sales by uniting brands, influencers, and consumers through the power of distributed original content.
But, I’m not an influencer…
I know integrating affiliate links within your content may feel too blogger-adjacent. But, there are additional ways to monetize that are right in line with your brand and messaging. I am fortunate to represent some fabulous traditional (and non-traditional) business owners who don’t fit the stereotypical influencer mold.
I’m an Interior Designer
Emily Hewett is the CEO of the prestige home design firm, A Well Dressed Home. She shares alternative price points to her audience to achieve high-end looks at an approachable and affordable price point on her social media outlets. Emily understands the importance to execute a design and vision and also partnered with Perennials to launch her cloth and textile line to incorporate into her designs and styling.
I’m a Makeup Artist
Generating products is another form of monetization. Creating a product that serves a greater purpose, fulfills a need, and is in line with your brand is crucial. Lindsay Stone of Stone Beauty generated a skincare line that focuses on creating and sustaining glowy skin. Stone Beauty Skincare is a new approach to ethically made beauty products. The perfect combination of gentleness & strength. Serums that are smart and intentional. Creams are as soothing as they are strong. Ingredients that are safe for our bodies, put together with ethics that feed the soul. Lindsay does a fabulous job of creating a product that aligns with her current path and market to make it an authentic approach for a client she is working with and her consumer audience.
I’m a Hair Stylist
Photo Credits to Terra Harvell’s Team
Terra Harvell is an absolute powerhouse and the epitome of being a resource to those in her industry. Terra is CEO of Harper Ellis Hair Co., CEO of XO Britt, Podcast Host, Celebrity Hairstylist, and Owner of Harper Ellis Hair Salon. Terra began her career as a hairstylist but quickly grew to love sharing how to build wealth as a hairstylist. She has established several different ventures in line with her roots. For example, she has created the Harper Ellis Concealed Bead Method for hair extensions. Terra and her team have toured all over the U.S. teaching other hair stylists the method through a live class experience. Terra understands by being a resource that she is able to generate the most monetization opportunities. Check out Terra’s blog for more insight on the Harper Ellis LIVE Experience.
I’m a Real Estate Agent
Courtney Benson is one of the top real estate agents in the Dallas/Ft. Worth area, selling over 35 million dollars annually in real estate. She monetizes all the items she uses for staging for her client’s homes, but also her Airbnb. Courtney uses what she already does on a daily basis to create additional revenue. Courtney will be the first to tell you she isn’t a blogger but she certainly is an influence. Her attention to detail in styling a home and creating an atmosphere of a must-stay is what sets Courtney apart.
3 Items to Keep in Mind When Monetizing
A few items to be aware of when monetizing your business to generate the most return on your monetization efforts.
- Get Organized! Establish a clear vision of what area of your business you want to monetize (or monetize more of!). I love to use desk calendars and sticky notes to keep myself accountable for upcoming sales or seasons of the year like back-to-school or holiday shopping.
- Be a Resource. Generate items in line with helping someone make their life easier, cooler, and more efficient.
- Be Authentic. Stick to what’s adjacent and in line with your current brand. If your dentist’s office wants to make some additional income, use commission links to sell toothbrush and toothpaste products direct to consumers instead of trying to sell cosmetic products. If your audience knows you’re THE go-to person for something, capitalize off that.
CAPTURE. BRAND. ENGAGE
As always I cannot thank you enough for reading my blog. All thoughts and opinions are that of my own. All images and copyright are owned by Audrie Dollins. Some links may be monetized where I may receive a small commission if you make a purchase via the links
Farley, N. (2022, July 19). Marketers investing big in influencer marketing. Search Engine Land. Retrieved October 18, 2022, from https://searchengineland.com/marketers-take-notice-the-creator-economy-is-booming-386598