Is it really true: Can digital marketing make you rich?
The COVID-19 era has created a new set of challenges for the marketplace that is unprecedented in our history.
As industries such as retail, travel, and hospitality took a severe knock, other sectors were suddenly faced with a need to invest in digital marketing technology. The changing landscape of modern technology has made the digital marketing field more lucrative than ever before.
Digital marketing can make you rich if you are in tune with the changing face of the digital marketplace. Traditional marketing such as blogging, content marketing, SEO, social media marketing, and mobile and email marketing are still solid methods of earning money online.
There is certainly money to be made in digital marketing as the world, commerce, and industry move increasingly onto the digital stage.
Each branch of digital marketing systems has its own methods of monetization that you may harness to build wealth. We will discuss some of these key methods below.
Can Digital Marketing Make You Rich? Here Are 7 Ways To Earn Money
A blog is a reduction of the word weblog and is an information-based website that takes the form of informal style posts to engage online interest. There are many ways to make money through your blog, but your wealth potential is based primarily on accumulating a substantial follower base, and this doesn’t happen overnight. You may monetize your blog by:
- CPC/PPC ads – Cost per click (or pay per click) ads are placed in your content or sidebar, and you are paid per click of the reader.
- CPM ads – CPM ads or ‘cost per 1,000 impressions’ are ads that pay a fixed amount according to the number of readers who viewed the ad.
- Private ads – If your blog is thriving and you have high traffic to your site, you may approach advertisers to place their ads on your website. You may also sell sponsorship space in your email newsletters.
- Affiliate links – Affiliate links provide bloggers with a commission for sales of products through a unique link provided by the seller. This link can be placed in your content or as banner ads.
- Sell digital products – You can bypass advertising and sell digital products such as eBooks or online courses via your blog.
- Market your business – You may use your blog or create your blog to promote your own business and drive visitors to your business website.
2. Content Marketing
Content marketing focuses on creating relevant and consistent content to attract and maintain a chosen demographic and create profitable interactions. The future of content marketing will be increased authenticity and a shift of focus to real people that evoke more in-depth responses from an audience.
Unlike blogging, which tells a story about your company or services, content marketing provides useful content to engage an audience at various buying stages and drive them to your site. Digital marketing trends in this field include:
- Affiliate links – The Amazon Affiliates Program is the most common platform in use and delivers revenue to content marketers through a sales percentage. The problem comes in if no one is interested in the product; you may end up advertising for free. Other popular affiliate marketing programs are CJ Affiliate, Shareasale, eBay Partner Network, and Clickbank.
- Subscription – Another way to make money through content marketing is through offering paid subscriptions to your content visa paid subscriptions for set periods.
- Content products – These are products created from your content and sold for a fee. Examples of this kind of product are ebooks created from collected content or licensed content sold to other media entities.
- Related products – As a content marketer, you may use your audience and their targeted interests to sell them related products such as conferences, events, and classes.
3. Social Media Marketing
Social media marketing involves using social media platforms to connect with your audience, drive website traffic to promote your brand, and increase sales.
There have been quite a few changes in social media marketing post-COVID, and the significant trends to take advantage of to earn money are:
4. Online Video Content
Online video is on a star trajectory with some analysts estimating daily trends of 100 minutes video per user will be on the cards for 2021. Marketing analysts video as the fastest growing digital channel for advertisers. These trends include AR/VR 360° video AR/VR 360° video
The future trend in content marketing is increasing video-based and, in particular, Augmented Reality (AR) and Virtual Reality (VR) marketing strategies.
Increased Use of Social Media in Customer Service
Many brands have started looking at social media as a platform for customer service delivery. Social media’s heightened visibility has created a need for brand presence and response to queries and complaints.
Social Commerce Is Set to Expand
Social media has become the new retail avenues for brands, and this trend is set to expand. Shoppable posts and other pro selling features will take center stage.
5. SEO Marketing
SEO stands for ‘search engine optimization’ and focuses on optimizing your site to drive organic (free) traffic to your website by maximizing ranking in Google search results. In the early days of SEO, rankings were relatively simple, but with Google Algorithm updates and changes in search engine results pages (SERP), things have changed somewhat.
The focus now is on high-quality content, website authority, and excellent user experience (UX).
Once you have created a site optimized for organic traffic, you may earn money in several ways:
- Adsense or Google advertising – Advertising revenue-earning depends on your content niche and the amount of traffic you accrue. Many topics are more profitable but have high competition for that very reason.
- Through sponsors – If there are companies that would benefit from your niche you may invite them to share their products on your site for remuneration
- Affiliates – Although product sales will never be as high as the originator, you may seek a commission-based agreement with other companies that benefit from exposure on your site.
- Sell SEO services to companies – Many businesses, especially the smaller local ones, will benefit from an SEO specialist to gain more visibility and more organic traffic. You may offer services to optimize other businesses to achieve their SEO goals. Once you have a portfolio of several companies whose business you have improved, you may try larger corporations.
6. Mobile Marketing
Experts have estimated that 5.7 billion people will have mobile subscriptions worldwide by 2023, so there is no doubt mobile marketing is a platform where serious money can be made. Trends to take advantage of mobile marketing are:
- The growth of m-commerce – Social media commerce integrations have accelerated the growth of m-commerce, and mobile-based sales are projected to grow by $284 billion this year.
- Mobile-first formats are growing – Stories and short vertically orientated videos are taking center stage in digital marketing trends.
- In-app advertising – With the decline of bot fraud in mobile platforms is creating an increase in the quality and sophistication of in-app advertising. These include rich media ads, video ads, and native advertisements.
- Location-based advertising is key – Location-based advertising is set to grow by $32 billion by 2021. Geo-fencing, geo-marketing, and proximity marketing are setting the stage for the future of mobile marketing.
7. Email Marketing
Email remains one the top means to reach consumers and boasts an ROI of 38:1 and is set to grow to 44:1 this year alone. The trends to watch in email marketing are:
- AI software – AI software is on the rise to predict subscriber actions, pinpoint correlations, and anticipate trends in the market. AI is increasingly being used to create engaging content and engage and retain customers via email marketing.
- Personalization – Hubspot Marketing is one example where multi-tiered marketing can customize email marketing by such factors as time, content consumed, purchase history, and demographics
- Mobile optimization – Prioritization of mobile formats is critical in mobile marketing into 2020 and beyond due to the increasing ratio of mobile to desktop percentage traffic.
Final Thoughts On Earning Money With Digital Marketing
The main thing you need to remember is that in order to earn a substantial income with digital marketing you need to be willing to put in the effort over the long-haul.
With the increased digitization of our post COVID world, digital marketing is an area that is set to grow exponentially. If you manage to harness the trends in this field, you may have many opportunities to become rich in the process.
Here’s the last tidbit for you about the future of digital marketing in 2020 and beyond:
If you’re interested in getting started with blogging or a YouTube channel to drive traffic, then I highly recommend Project 24 to get started.
I hope you enjoyed this post. This post may contain affiliate links, meaning I get a commission if you decide to purchase through my links at no additional cost to you.