Once you’ve decided on the concept, you need to decide how you’ll make money from your book review platform. Review sites typically use the following monetization models.
Advertising. The oldest and easiest way to make money from your site is to use traditional banner ads. To do this, you need to attract a large enough volume of traffic to the site and sign a contract:
- With an advertising network. On the Internet you can find many advertising networks such as Google AdSense, to which any website can connect and set up automatic display of contextual advertising on their platform. You will then receive money from them for each click or display of an ad. It’s quick and easy, but you should understand that if you choose this option, you will have no control over what ads are displayed on your website. In addition, part of the advertising revenue will be taken by the ad network, charging a mediation fee.
- Direct to brand. If your book review site is popular enough, third-party companies (such as book sellers) will be willing to work with you directly by renting advertising space on your site. Direct advertising sales give you more control over your content and bring in more revenue, but with this approach you have to find and negotiate with advertisers yourself.
Affiliate marketing. This monetization option assumes that you will promote another company’s products or services and receive a commission when someone buys them. This is one of the most profitable ways to make money from your website. Many major online book sellers, such as Amazon, The Book Depository, and IndieBound, have their affiliate programs that you can join, choose your books, and start promoting them with referral links.
Selling your own products. You can also integrate a small online store into your site to sell your products or services. For example, you can sell branded T-shirts, cups, hats or logos. You could also sell your own books. You might also want to start a service like TLC Book Tours, which a couple of bloggers started.
Advertising through your influence. When your book review site gets some publicity, what you say will have much more value-you will become an influencer. Many companies are constantly looking for influencers to promote them through publications on their platforms and/or by participating in advertising campaigns. These companies are willing to pay substantial money to help promote their brand, products or services.
Paying to write reviews. This is another earning option for popular book review sites. Many little-known authors will be willing to pay for you to do a review of their new book on their site. And it doesn’t necessarily have to be a laudatory review. It’s enough that you do it the way you always do.
Freelance writer. If you write all the reviews yourself, you’ll probably improve as a writer. And once you gain popularity, you’ll have a great opportunity to promote your writing services.