Are you looking for ways to monetize your growing WooCommerce store and make more money?
Those using WordPress already know the value that WooCommerce, the most widely used eCommerce platform, provides online business owners. And chances are, those same online shop owners know that WordPress is the most popular CMS in the world thanks to its affordability, versatility, scalability, and flexibility.
But what they may not realize is that there are boundless opportunities to turn their existing WooCommerce stores into a money making machines, beyond selling products.
If you’re interested in learning how to monetize your WooCommerce shop, keep reading. We’ve rounded up some of the easiest ways to earn extra cash from your online store, so that you can turn more profit than ever before.
1. Create a Paid Membership Site
Creating a membership site is one of the best ways to further monetize your existing WooCommerce store.
With WooCommerce Memberships, a plugin that seamlessly integrates with your WooCommerce shop, you can restrict content, products, and services to paying members only.
Check out its best features:
- Restrict content to members or drip content over a period of time to schedule when members can have access
- Define membership types: standalone purchase, as part of a product purchase, as a recurring subscription, or manually as an invite-only
- Create free trial options
- Offer certain products and services to members only
- Release new products early to paying members
- Offer members a way to test-run new product ideas
- Reward members with deals and discounts, like free shipping
- Give members an easy way to access their membership status in the Member Area
- Communicate with members within the plugin interface
People love the idea of being a part of a special club, and creating a membership site is a great way to capitalize on that. And the truth is, many people are willing to pay for access to premium content and exclusive products.
2. Get into Affiliate Marketing
There’s a saying that all businesses should have a website, and all websites should have a blog.
Having a blog gives you an easy and affordable way to nurture customer relationships and provide more value to those that remain loyal to your brand. It also provides you with an opportunity to recommend products and services that complement what you have to offer in your own online shop.
After all, selling your own products isn’t the only way to make money.
Pushing other people’s products and earning a profit off any sales that result from your recommendations is as easy as inserting affiliate links into the content you’re already publishing. In addition, you can add affiliate links to product banners and email campaigns to encourage more clicks.
Want to hook up with Amazon and start affiliate marketing for extra cash? Try using the free Amazon Associates Link Builder plugin to get started.
With this plugin, you can generate text links, create custom ad units, and even use the out-of-the-box widgets.
In addition, if you want to get into affiliate marketing with multiple retailers (and not just Amazon), you can use the ThirstyAffiliates WordPress plugin to manage your links and make inserting them into your content a cinch.
Just make sure you’re only recommending high-quality products and services you think your own target audience will benefit from. If people get the feeling you’re just out to make money, not only will they refuse to buy the products you promote, they’ll stop buying your products too.
3. Display Advertisements
Though your customers don’t want to be bombarded with a ton of advertisements when they arrive at your WooCommerce site, there is a lot of additional revenue to be made by displaying ads on your site.
There are two ways to display ads on your WooCommerce site:
1. Sell Ad Space
You can sell ad space to other retailers that want to capitalize on your site traffic. The more people that visit your site on a daily basis, the more you can charge for the empty retail space on your site for advertisements. You might even get paid per impression too, adding to the revenue you generate.
Here’s a list of WordPress plugins that can help you with ad management:
- AdSanity: insert network and self-hosted ads on your website.
- AdRotate Banner Manager: place ad banners anywhere on your website.
- Ad Inserter: include any type of ad on your website, including Google AdSense, Google Ad Manager, contextual Amazon Native Shopping Ads, Media.net, and rotating banners.
- OIO Publisher: sell and display ads on your website.
2. Use Google AdSense
With Google AdSense, you can display PPC (pay-per-click) ads in the form of text, images, and videos on your website that are relevant to your site visitors. Every time someone clicks on one of the ads, you make money.
Take a look at how Cat Forum includes AdSense ads on their forum website:
The only drawback to displaying ads on your website, no matter which method you use, if that it might increase your site’s bounce rate.
Remember, not everyone likes to visit websites that have a lot of advertisements as they can come across as unprofessional and overly promotional. That’s why we always recommend tracking your eCommerce KPIs.
4. Publish Sponsored Posts
Who ever said you had to write all the content on your blog?
If your WooCommerce site and corresponding blog have enough site traffic, and you’ve established enough authority in your industry, you will find that others will be willing to pay you to write blog content for your site.
The only catch is that they receive a backlink to their own site, so they can reap the benefits of your site traffic.
If you’re worried about the quality of the content, you might even offer to write the promotional post for your customers, like WP Mayor does:
In the end, as long as you accept content that fits your niche, adds value to your own audience, and either entertains, educates, or informs, sponsored posts have the potential to generate extra cash for you and drive traffic to others looking to grow their own online businesses.
Monetizing your WooCommerce shop, beyond simply selling products and services, is a great way to generate more profit and help your site grow. Just be aware, the bigger your site becomes, the more work you’ll have on your plate. This is especially true of you run your WooCommerce store on your own.
If you’re worried about scaling your WooCommerce site, securing your site’s data, and ensuring your site’s speed and performance stay up to par as your business grows, check out our managed WooCommerce hosting. Not only do we aid you as your site scales, we make sure your site is always up to date, automatic backups are performed every 6 hours, and you have access to expert support 24/7/365, just in case there are problems.
Don’t sit idly as opportunities to make more money pass you by. Instead, diversify your monetization methods, generate additional revenue, invest it back into your growing business, and place everything else into your bank account. You won’t be sorry you did.