10 Best ways to Monetize Website: Donation-Based Monetization
You’ve already heard that there are multiple ways to monetize your website. Some of the monetization methods we have uncovered and some are on the short waiting list:
- Google Adsense PPC
- Sponsored posts
- Monetizing with affiliate offers
- Creating and selling your own digital product
- Making money on donations
- Building your own e-commerce platform
- Selling online courses
- Providing quality consultation services
- Offering password-protected content membership content
Today, we will explain what donation-based monetization is and how to use it right.
If your content is of value and you require support to grow your website, there’s no shame to ask for donations. Yet not every visitor will donate. But if you have sufficient monthly traffic (or rather an engaged community), you’ll get all chances to gain funds to cover the website’s operational expenses.
What is donation-based monetization?
While selling space for advertisement or implementing affiliate marketing on your website mostly relies on high website traffic, donation-based monetization is built, in fact, on a truly engaged community.
Image Source: Synergy Way
Wikipedia is apparently the best-known example of a nonprofit site that makes money from donations. The free online encyclopedia is purely funded by generous donations from the public. Without it, the biggest open-source knowledge pool may even cease to exist. Can you imagine?
FYI: Except for non-profit organizations and charities, donations are quite common among podcast websites.
Pros and Cons and Hardships
A donation-based monetization isn’t the fastest way to earn online. Nevertheless, earning enough funds to cover your website’s operational cost can be considered as the first achievable step to your future income.
- Does NOT require a large amount of traffic
- You can keep your website ad-free
- A few satisfied visitors might determine the donation amount
- Independence from the banks and investors to fund your website
- Communication and engagement with your readers on different conditions
- Oversaturated market
- Requires engaged community or website audience
- High traffic doesn’t guarantee donations either
- No precise estimate of how much you will earn
- No recurring income expected
- Low chance of campaign success
Taking into account that a few satisfied visitors, literally, can define the donation amount (your income) you have to focus not only on traffic boost but also on delighting visitors with your content.
The easiest way to raise your website revenue through donations is to give your visitors reasons to donate. Simply tell people why they should contribute and assure them that their money will help you and your business to achieve the mission.
How to Set Up Donations on Your Website
Setting up your online site for donations is as easy as setting up a payment button for PayPal, Stripe, or Fundly. You can set up donation buttons on your website that allows readers to contribute directly.
In reality, most of the payment gateways provide a donation-specific button exactly for these occasions and allow you easily embed donation buttons on the website. Add the buttons as widgets and place them anywhere you like. But, make sure the readers can find them easily.
Then customize your very own donation button and start earning, let’s say, for your website operating costs or website features enhancements.
One of the most popular payment providers is PayPal – due to its ease of use and ease of implementation.
While setting up your PayPal donation button you can change the button text, add set donation amounts, and allow your website visitors to choose the amount they are ready to contribute to your website. The next step is to embed the HTML code into the button on your website and you’re done.
PayPal User Interface
After users click the button, they are sent to PayPal’s website, where people fill in their bank details and complete the donation. It will take you minutes to set up. Nonetheless, to make people want to support you, you need to produce great content and have a loyal following.
PayPal buttons aren’t the only way to fundraise online, though.
Another popular platform to accept donations is Patreon. In essence, Patreon (and platforms alike) allow website owners to accept monthly donations in exchange for additional content. This typically means extra content and supplemental bonuses.
Prior to engaging with one of the payment gateways, make sure to check out which provider best meets your needs or get a free consultation on how to boost your website revenue here.
And after all …
The greatest thing about donation-based monetization is that you don’t need a big amount of traffic. You only need an audience supporting your mission.