This guest post is by Michael Alexis, producer of WriterViews.com.
They thought that I cared about making $300 or $500 a month. Honestly, I didn’t give a damn about that.
– Ramit Sethi, iwillteachyoutoberich.com
How many of your readers tell you that you have to monetize your blog? Do they call you crazy when you don’t? After three years of giving away free content, these are the exact comments blogger Ramit Sethi was getting from his readers. So, he surveyed his audience and from the results started developing systems and processes to monetize. After all, when you call your personal finance blog, I Will Teach You To Be Rich (IWTYTBR), you have a lot to live up to.
Since then, Ramit has leveraged his blog’s popularity to display ads, run profitable courses, and launch a best-selling book. I invited Ramit to do this audio interview to find out exactly how he grew his blog, inspired the kind of readers that begged him to sell to them, and monetized in a way that creates lasting value.
Here, I wanted to explain the specific strategies Ramit used to monetize IWTYTBR, and spans from his earliest trials with display ads, to his recent success with video courses.
Don’t try to monetize too quickly
If it’s not going to cover my rent, then why do I care?
– Ramit Sethi, on why he doesn’t use display ads any more
Ramit suggests a wholesome approach to making money from blogging, and that means starting by truly understanding the world of monetization. Research the options, try out a few of them, and realize that your first three or four attempts are probably not going to be the level of success you want. Your options include ads, products, speaking, consulting or coaching, and they each have both direct and indirect costs.
For example, despite Ramit’s friends at Google saying all his traffic was going to waste, he didn’t want the negative perception that comes with display ads. When his friends persisted, Ramit decided to survey over 1000 readers and asked if they minded him testing some unobtrusive ads. With 81% of responses being yes, he experimented and found ads only brought in a few hundred dollars every month. So he stopped using them—it just wasn’t interesting money. In Ramit’s