Maximize Your Blogging Income: Insights and Strategies for 2024
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Chapter 1: Understanding Blogging Monetization
If you're reading this, it's likely that you're interested in earning money through your writing. Just a few months back, I found myself in a similar situation. I began posting articles on Medium as a means to supplement my earnings. One of my pieces gained significant traction, generating around $100 in just two months. I thought I was on the brink of earning thousands monthly without any hassle.
However, my viral article's success was short-lived, as I eventually replaced its content with links to two articles detailing the journey of its virality and my mistakes along the way. This left me with only my less successful articles. This experience piqued my interest in understanding what makes content go viral and how that correlates to monetization. After conducting research and experimenting, I decided to create a startup focused on how individuals can profit from online content creation, particularly through blogging. Here’s what I discovered.
Section 1.1: Monetizing on Medium
How can you turn your writing into income? There are two primary approaches:
- Craft longer pieces that take more time for readers to engage with.
- Attract a larger audience to your shorter content.
Countless articles discuss ways to boost your earnings on Medium, yet many are misleading. The authors of these pieces often write about money-making strategies because that’s what attracts readers. Consequently, they earn more by discussing how to earn more. It’s a fascinating feedback loop, and it doesn't necessarily mean their advice is sound.
Your shortcut to generating income on Medium? Simply write about making money on the platform. Yes, even I’m doing it!
Section 1.2: Exploring Alternatives Beyond Medium
Have you ever pondered what would happen if Medium ceased to exist? Until recently, I believed I couldn’t monetize my writing without it. However, I have started exploring additional revenue streams alongside Medium.
Personal Blogging
If I weren't launching a startup, I would likely start my own blog and explore ways to monetize it. The challenge with personal blogs is that monetization often relies heavily on advertising. To be successful, you need to drive significant traffic to attract attention to the ads.
Paid Newsletters
This is an avenue I’ve been investigating. I run a newsletter for my company as a revenue source. Initially, I utilized Substack but later shifted to Ghost for greater control. While Substack offered newsletter and payment functionalities, I struggled to convey the value of my newsletter to potential subscribers. Building trust with my audience is critical, and until I establish that, monetizing a personal paid newsletter remains challenging.
Other Writing Platforms
My experience with platforms like News Break has been limited, as I was rejected after applying. However, I know some writers successfully contribute to platforms like Vocal. If this interests you, I suggest reaching out to those who have experience on these sites.
Knowledge Products
Creating products based on your expertise can be highly profitable. This can include writing physical or e-books, developing courses, and offering consulting services.
Chapter 2: Challenges in Blogging
There are two significant challenges I’ve identified. Medium excels at providing an effortless entry point for new writers. They offer built-in distribution channels and a straightforward payment setup, along with a means for readers to connect with you.
However, the drawbacks include:
- They control the distribution channels, dictating who sees your work. While they have allowed some publications to assist with this, it still places you at the mercy of others’ marketing strategies. Should you succeed in gaining traction, you remain reliant on Medium’s platform, which can hinder your ability to build a writing career.
- Medium also manages your connection to your audience. Depending solely on them for audience engagement gives them excessive control over your future prospects. Many writers counter this by maintaining their own email lists, which leads to higher engagement rates and allows for a more direct connection to readers and their products.
The Solution
It’s essential to address the challenges without offering solutions. Here’s how I’m navigating these issues:
Step 1: Take ownership of your audience connection. Build and regularly update your email list.
Step 2: Develop your own distribution channels. This goes hand in hand with your email list but is broader. In addition to your list, actively market your work. Different styles of writing thrive on various platforms. For instance, I engage on Twitter, cultivating a following around my content related to technology and startup development. This serves as a distribution channel for my writing. Additionally, consider creating collections of your work to give your audience a hub for exploring your topics.
The first video, "Make Money Blogging in 2024: Advice from a Six-Figure Blogger," discusses changes in the blogging landscape and offers valuable insights for aspiring bloggers.
The second video, "How to Start a Blog & Make Money from Day 1 (0-$10K a Month in 2024)," provides a comprehensive guide for new bloggers aiming for immediate financial success.