- Step 1: Know your assets Identify the assets that you can offer to advertisers looking to buy online advertising space. Use an internet marketing research firm to provide buyers with data on your visitors, including their ages and locations and the time of day they visit your site.
- Step 2: Price your inventory Use the number of pages your website has to determine the inventory of online ad space you can sell. Then, devise a pricing plan for your assets based on your inventory and marketplace demand.
- TIP: Be careful of having too many ads on your site, which can turn visitors off.
- Step 3: Use a third party Approach a third-party ad network, which manages and provides advertising for numerous websites, about purchasing your online advertising space to begin earning income from your site.
- Step 4: Promote yourself Learn about more profitable potential buyers through trade publications, trade shows, and industry networking events. Then, connect with these buyers and publicize that you have space to sell that can help them meet their marketing goals.
- TIP: Try to leverage personal relationships in sales pitches -- buyers are more likely to purchase from people they know.
- Step 5: Present a media plan Found someone interested in buying your online ad space? Devise a media plan that meets their goals and present them with a proposal that you can deliver on; then, negotiate until you're both satisfied, seal the deal, and launch the campaign.
- Step 6: Work with customers Once the campaign launches, provide customers with metrics on how their ads are performing, and make suggestions on how they can improve their advertising to achieve better results. Remember: a satisfied customer is more likely to become a repeat customer.
- FACT: In 2009, Yahoo.com generated revenue of $6.5 billion from online ad sales.
You Will Need
- Online assets
- Internet marketing research firm
- Online ad space
- Pricing plan
- 3rd-party ad networks
- Media plan
- Personal relationships (optional)