Let's talk monetization.
More specifically, let's talk affiliate programs. Up until the development of this widget, the Network sites have had no way to take advantage of the (dare we say) thousands of affiliate programs out there. They promise a stream of income for work you're already doing - trying to get more eyes on your site. Sounds too good to be true? Well, the truth is, it isn't quite as easy as it sounds. Due to there being, quite literally, thousands of programs out there that you can participate in, the difficulty comes with choosing the right affiliate program for your organization. When the widget is release next month, we will have more to say on that subject. For now, let's do an overview of the widget functionality:
But what is an affiliate program?
Affiliate programs are run by corporations that have products or services they would like you to help them promote online.
How does a site make money off of affiliate programs?
Think of it like an extension of the company's existing sales and advertising efforts. Like most sales people, you make a commission when someone purchases an item because of your efforts to draw their attention to it. There is actually 3 kinds of way to make money with affiliate marketing, depending on the program:
- Pay per sale - the person must actually complete the purchase once they click away from your site.
- Pay per lead - the site requires the user to come a task before you get credit ie. sign-up for an email list or a free trail, etc.
- Pay per click - The user has to click over to the other company's site. This tactic increases that site's overall traffic.
How will the Product Marketplace Widget open up this opportunity for Network Members?
In order to get credit for your efforts displaying products for these other companies, you have to use an embed code to display these products on your site. Previously, out Network sites did not have this capability. The widget will soon give you the control to decide the kinds of affiliate programs to be a part of, the kind of products you choose to display on your site, and our widget also allows you to change the title of individual products, if you would like to. All this in a clean looking display, that seamlessly integrates with the feel of your existing site, without it feeling overbearing to the end user.
This new way to monetize your site will be available to everyone in the Network to use for FREE! (Note: The new widget will only be compatible within the Event Calendar Module.) And just in case you're wondering, whatever income you make from this new widget is all yours. We developed this widget to give our Network Members a new way to fund the good work that you are all doing.
Watch next month's newsletter for some advice on deciding which affiliate programs are right for your organization.