Hey there sea changers… Many of my recent posts have discussed how to get yourself started with an online business. Today however, after chatting with a friend about all things to do with websites and making money online, I wanted to just break things down a little for those who may already have a website up and running and now wish to make some money from it. This is a common problem especially within the world of CBD oils as many start writing about them due to their experiences and then realise that they may be able to turn it into an opportunity to work from home as well. So with all of that in mind let's check out my post on how to monetize a CBD oil blog.
Before we begin however it is important to note that you may not want, or need to set all of these up right now. Some may not be viable for your site and some may not be accessible if your site is new, or not generating a lot of traffic as yet – but you can certainly keep these options in mind as your site starts to grow.
So grab a drink, a notebook and let's see how we can make some money…
Note: This post is assuming that you have a working a website, blog or social media account within the CBD oil niche (or any niche for that matter really) and are looking to generate income from within it. If you need assistance with the development of an affiliate marketing or online business website, click here.
Even though CBD oil is not considered dangerous or mind altering, many countries around the world still do not recognise it as a safe medicinal product, or even as a legal one. The obvious advantage you have here is that online marketing has no real geographical boundaries so you can still successfully monetize your site via sales that are undertaken within another country if your own does not allow it.
However, it is always worthwhile being aware of some of the jurisdictional legal implications as you manage your promotion from country to country. For example, where I live in Australia, CBD oil (and other medical marijuana programs) are strictly monitored and can only be accessed via a few centralised government initiatives. It is Iegal to import CBD Oil based products into Australia however allowable CBD concentration levels are far lower than many other countries making this process a little difficult. The U.S. manages it on a state by state basis where some allow CBD Oil to be sold openly without a prescription whilst others ban it altogether. Canada allows recreational Cannabis however does not allow some other medicinal uses.
The monetizing options below have been written on the assumption that you have performed your due diligence for whatever location it is that you wish to sell into (if that is your plan).
1. Affiliate Marketing
Our first method, affiliate marketing, is the process of earning commissions based on the promotion of CBD Oils that are sold directly via a vendor. In this case, you can utilise your website or social media account to provide information and solve problems in regards to the use CBD oils and their associated products by your readers.
There are a good number of CBD Oil affiliate programs available and to find them, simply type “affiliate: CBD oil” into your search engine:
From here you can search through and find programs that:
- Relate to your niche/problems that you are solving.
- Have quality products – your brand can be severely damaged if you promote poor quality product.
- Have solid payment and customer service arrangement.
- Pay decent commissions.
- Have good testimonials covering commission payouts and quality of product.
How is revenue earned?
As mentioned above, the trick here is to attract readers to your site via the provision of information and solving problems. Within the CBD Oils niche, this can be undertaken via the inclusion of:
- Product reviews
- ‘How to‘ posts and lists – such as “How to find the best CBD Oils for your body type”
- Products rankings and comparisons of CBD Oil related products from different companies etc.
- Process information outlines – e.g. discussing CBD Oil use and application regimes etc.
- Tips, tricks, hints and other general information.
Money is then earned by placing affiliate links to merchant/vendor sales pages within these posts. If your website visitor then chooses to make a purchase, they click on the link for redirection to the vendor site which processes and manages the sale, delivery and customer service requirements. Commissions are then paid to you as the website owner based on that sale.
When to action
Affiliate links can be loaded to a website as soon as it has been setup or a post written. Some affiliate merchants however will not accept you into their programs until your site generates a certain amount of traffic. Others, such as Amazon, will accept you immediately but on a trial basis which is terminated if you do not drive at least 3 sales to their site within the first 180 days.
2. Multi Level Marketing
Multi-level marketing (MLM) programs are the mainstay of the ‘party plan’ world of products such as Tupperware, Mary Kay and Amway etc. and are also extremely popular within the CBD Oils market. From the point of view of someone with a website, MLMs provide access to products that can be marketed via post types as discussed in the Affiliate marketing section above. The basic premise of a MLM program is as follows:
- You join the program, either via referral from another person (known as your up line) or directly through their website.
- You promote the products of the company via your website.
- As you make sales, you offer incentives to your customers to sign up as a member of the program (there are different names for this but they all mean the same thing).
- That new member is then placed ‘underneath’ you in a hierarchical arrangement (known as your down line).
- You, and a number of levels of your up line, then gain extra commissions for everything they sell as well.
- If they manage to refer their customers into memberships, they also become a member of your down line allowing you to make up line commissions as well.
I think it has to be made clear here that MLM is not an easy platform to make money in and many require minimum monthly sales and recruitment targets in order to qualify for commissions. Not to mention that less than 1% of those that join the program make enough money to earn a living however if you are passionate about the product or company and have access to a good email or customer list, then there is definitely some money to be made.
How is revenue earned?
If you use them in their basic capacity, MLM programs mirror affiliate marketing platforms in that you make a commission on every sale that you refer to them.
It is however the secondary aspect of these programs – and where the multi-level influences come from – that can really boost your revenue earning capabilities. As above, once you can build a downline then commissions are not only earned on the sales that you make but those that are made by your down line as well.
If this is something that you were interested in adding to your current website, there are however some things to check out before you join the program:
- Some programs will not allow you to sell via your own website or social media – or online at all.
- Others will only let you sell via a website internal to the program – i.e a personalised version of their main website.
- Many require you to make minimum purchases per month.
- Some charge cost to join the program.
- Many pay commissions on a portion of the sales price only.
When to action
MLM programs can be joined at any time and generally will not be concerned with website traffic numbers. As mentioned above however, check their sales rules and regulations before attempting to implement their products onto your site.
3. Sell your own products
This is an interesting one and something that can definitely assist you in monetizing your website via the sales of your own products. Here you actually purchase ‘brandless’ CBD Oil products from a vendor, add your own label and then on-sell them via your website or platforms such as Amazon etc.
This process requires much higher setup costs as you will need to purchase your products, create and affix your labels and manage orders and shipment. Some however will affix the labels that you send them and then manage the packaging and shipment for you (known as dropshipping). This will cost you less to set up but obviously you will make less on the sale once they take their processing fee.
To find these, simply search for “white label: CBD oil” found the following:
How is revenue earned?
This method mirrors basic retail operations where you:
- Source your products and add labels.
- Write about the products, their benefits, uses and problem solving capabilities.
- Provide links where customers can purchase them via sales pages on your own site or marketplace sites (Amazon, Shopify etc.).
The disadvantage here over affiliate marketing is that you will need to do all of the work in regards to packaging, shipping, sales and customer service. On the plus side however, you do hold the ability to set your own price meaning you can increase and decrease as demand rises and falls.
When to action
Obviously this method can be organised at any time that suits you and your website. Some actually create their websites with their own products ready to sell. The only real influence here would be to ensure that your products have a good shelf life so that you are not stuck with stock whilst your site takes off.
Tip: One method that can be very effective in driving online traffic and sales is via the implementation of more traditional sales methods such as kiosks and market stalls etc. As people see and try your products, they can purchase from you there and then be directed to your website for future sales.
4. Placing ads on your site
Should you not wish to actually sell products on your site, placing advertising on your pages and posts can be a good way of making some passive income if your website has some decent traffic. The trick here obviously is to have enough advertising on your site to make some income, but not so much that your site just becomes annoying or worse, unreadable. There are a number of ways that you can make money from advertising on your page, including:
Pay per click ads
Pay per click ads are placed on your site or within search engine results based on the interests, internet use/search history, search behaviour and/or location of the reader. This process is managed via the addition of pay per click banner ads. Banners are placed on your website and are shown to readers as they view your page and posts. You, as the owner of the site can generally determine how many ads are incorporated and what they look like but not on what types of ads they are. You are then paid a commission each time a reader clicks on the ad.
Companies that manage this form of advertising include:
- Google Adsence – Google's website ad product.
- Microsoft Advertising – Bing and Yahoo service.
- Infolinks – Offers both website ads and in post ‘text' ads – these are where they place ads within your posts on relevant keywords – keyword ads are usually double underlined.
Selling page space
These ads work in a similar fashion to pay per click ads however in these instances you are actually selling space on your site for more permanent advertising. These ads pay a higher commission but do not change based on the online behaviours of your readers. Companies offering this type of advertising include:
Using Ads to sell products
Alternatively, if you are selling products (your own CBD Tinctures via Whitelabelling for example) then you may wish to set up your advertising where links to your site are displayed at the top of search engine results pages based on the searches undertaken by the reader. If their searches match your chosen keywords (“natural remedies for insomnia” for example), then your site will be placed at the top of search engine results. This option really only works if you have saleable options on your page as unlike banner advertising, you will be charged a fee every time a reader clicks on the link to access your site – anywhere between $0.01 and $100 depending on the popularity of the keyword and competition.
Social Media Advertising
This can also be a good way to increase traffic to your site and sales pages as well. Social Media platforms such as Facebook and Pinterest will allow you to place advertisements to boost your online presences and drive sales .
How is revenue earned?
This one is simple – each time a reader clicks on your ad, you either get paid or redirect a reader directly to your purchase (money) pages to increase your chances of sales. If I am being honest, pay per click banner advertising processes are generally a set-and-forget type scenario as they really do not generate any real income until your site starts to attract serious traffic.
As an example, on one site I placed 3 ads from Google adsence once it reached abut 200 monthly viewers and it made about $1 per month. However, for another (currently running at about 3000 views per month), I paid $25 to place my site at the top of search engines and generated an extra 2000 clicks per week generating an extra $230 in sales.
When to action
Generally, the advertising brokers will not accept your site unless there is some traffic generated to it. I started at 200 monthly viewers but it is really up to you when you start. My main recommendation however would be to really consider where you want to have ads placed on your site – especially if it is new and you are still tweaking the set out.
5. Email lists
Email lists are one of the most effective means of generating revenue for you and your website. This is because once you have the ability to send your readers a direct email, you are able to then promote products, promotions and special deals directly to them without the need for them to search and locate your site. In general, you will need to do the following (in extremely abbreviated steps):
- Set up your email autoresponder and email list. Common Autoresponders include Aweber, iContact and Mailchimp.
- Add an ‘optin' to your website with an incentive to join (many sites give away product samples, e-Books, information guides etc. for free in return for their email address).
- Send emails to your list with extra information, bonuses and sales offers/promotions.
Note: It is critical that you only send emails to those who have ‘opted in' to your email list via your website or social media. Unsolicited emails are known as SPAM and generally not accepted or appreciated by those who receive them and can do your website and brand irreparable damage. Autoresponders will also cancel your service if they think that you are spamming.
How is revenue earned?
Revenue is not actually earned via the emails as such rather provide the opportunity for higher sales due to the ability to market directly to your reader list.
When to action
Most seasoned online marketers will tell you to wait until you are generating a decent amount of traffic before setting up this type of marketing. This is usually for two reasons:
- The cost of the autoresponder software – If you have a new site that is not earning any revenue then this might be a cost that you don't really need at this point. There are however some free ones out there with limited functionality.
- You don't yet have anything to offer – With so many websites and social media platforms out there, readers are becoming more and more hesitant to give out their email address information for fear of receiving yet another raft of emails. Unless you have a pre-prepared product such as a book, fitness/nutrition programs to match your CBD products or training materials you may not have the necessary means yet to lure someone to sign up.
That said, as with all other traffic reliant revenue raising methods here, if you feel your site is ready for it, give it a shot.
6. Offering coaching/assistance
Online coaching is a booming industry and one that you can certainly use to monetise your CBD Oils site. Within the CBD Oil market, this can include:
- Use of CBD Oil products.
- Overarching nutrition.
- Health and well being.
- Fitness and CBD Oils.
- And so on.
Online coaching is generally offered via website posts, banners, popups or via your email lists with offers one on one or group coaching or mentoring.
How is revenue earned?
Revenue is earning by way of once-off training or recurring membership within your coaching program.
Note: This section refers to coaching and mentoring programs that you personally undertake with your readers and not affiliate marketing links that you may have to the coaching courses of others.
When to action
I once saw a post in an online Facebook marketing group that went like this:
“Hey guys, can anybody tell me how I could promote my new course on FaceBook marketing?”
Online coaching is all about credibility. Unless you are already an expert within your niche/field (especially within this niche where you are dealing with the health and well being of real people) then it is probably not feasible to set up an online coaching course if you are just starting out in your new business. You need to have good quality content, high levels of knowledge and the runs on the board. However if you do have that expert knowledge at your disposal (CBD products, supplements, nutrition, fitness etc.) then this could be what sets you apart from the rest.
So there it is. Some fairly solid methods that you can utilise to monetize your CBD Oil based website. As always, keep in mind that making money online is a long term process so just because you have some of these revenue earners on your site, it doesn't mean that you will see any immediate income. As always, patience is the key.
Have you tried any of the above methods? What worked well for you? What didn't work so well? Please share below.
Do you need some extra assistance with the right ways to monetise your CBD Oil site or do you need help in creating your very own affiliate marketing website?
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Want to know more first? Then click on the following link to read more about Wealthy Affiliate.
Until next time
Note: If you make a purchase from this page, there is a very good chance that I make a commission from it – these commissions do not increase your sale price.