The next instalment of Making More Money is going to be focused on YouTube, which is one of the fastest building platforms on the internet.
We touched on and explored in little detail Vlogging in Making More Money: Part 2, but in this segment, we’re going to focus more on YouTube specifically, as there is more than one form of Vlog.
Making money on the YouTube platform isn’t as easy as you assume it is. Sure, you can make a few dollars off ads that are played before or throughout your video, but it doesn’t add up as well as you think that it does. Say a company pays $20 for every 1,000 impressions (views of the ad). When the ad is played, it may only generate $2 or $3 per 1,000 views. So to be blunt, you’re only going to make a few thousand bucks for every million views – and getting that many views is hard.
Well, how do you generate revenue? The following are some ways of making money through the platform, but be warned, it’s more work than just talking to a webcam.
Think of the platform as a catalyst, make it work for you, leverage its massive network so that it works in your favour. YouTube is the second biggest search engine behind Google, it seems a waste to ignore that audience and its resources.
– Sell Your Own Product
If you have something that you want to get out there, plug it within your YouTube video, and use this to funnel your audience to a landing page (like Shopify, Etsy etc.) where they can purchase your product.
– Direct Traffic to Affiliate Links
Have a blog as well as your YouTube channel? Perfect! Change your main catalyst from your blog (that’s static) to your channel (that’s more live), and again, funnel your audience to your other platforms through YouTube. It’s best to do this now, so that when the internet moves further down the path of video as its primary form of content, you’re already ahead of the 8 ball.
– Attract Sponsorship
If you can score yourself a sponsorship you’re getting good at this (the best, most successful YouTubers have discovered their own, don’t wait for it). The best part of a sponsorship is that you don’t have to give any of that money to YouTube, whereas with ads, you do. You can also negotiate the contracts that you want, as it’s all based on the impressions and your audience. Generally, the sponsorship revenue is substantially more than any YouTube ad can provide you with, but make sure you still have that income coming in (ads).
– Offer a Live Speaking Engagement
Yes, it’s what you think it is, have a meet-and-greet, or offer an hour-long presentation that’s in-depth and focused around expanding the knowledge for your audience. Base it around your most popular videos so that your audience is engaged and will come back to you on the web after their real-life experience.
These can be huge money-makers, if you have a good follower base of 5,000 people, you ask $20 a ticket, and all of those people come, that’s $100,000 just for speaking for an hour about yourself and your content.
– Think Outside the Box
You’ve got to use that brain of yours, if you’re wild enough to start this journey, make it worth it. Identify ways that you can leverage YouTube’s network to work for you and create your own revenue streams.