This has been a hot issue for a while now. Sure, everybody loves blogging - 8 million Americans are doing it - and millions more are reading blogs. (Apparently, 27% of Internet users are reading blogs, according to Pew.)
But can you really make money with blogs? Sure they're great for branding, they add a fabulously sticky element to your site, they're awesome for PR, etc., etc. -- but when it comes to the bottom line, do they create quantifiable return on investment? (Debbie Weil has a whole blog on this topic.)
The obvious solution to the problem would be to have advertising on your blog. But here's the caveat: The hottest blogs are the most controversial. And in the age of Howard Stern and Sinclair Broadcasting, advertisers who'll pay big bucks will generally steer clear of controversy. While edgy Gawker has its share of advertisers, it's also a beeline target to the 18-24, reality TV set. In terms of successful blogs, I'd say it's the exception, rather than the rule, as is MarketingVox. (But then, I haven't seen either company's tax return.)
The second-most obvious solution would be to enlist Google AdSense to serve up some advertising revenue. While you may not make big bucks, you'd certainly make a few, assuming your blog is reasonable popular. And yet, there are snafus here, too, as MediaPost reported this morning. It seems relevant is not always relevant, especially when you're publishing a politically conservative blog. (Let's face it, when you you do a search on George W. Bush, you'll probably end up with more roasting than toasting in your results. 'Tis the way of the Web.)
Plugging affiliate products might be another solution, but I wonder if that wouldn't sour blog devotees. Having subscribed to several list servs over the years, I know how product plugging on, say, the Online-Ads list always fell flat. I imagine the same would hold true on blogs. I suppose bloggers would just have to be conservative -- and upfront about their intentions -- if they went this route.
Monetizing blogs? We'll find a way to do it, I'm sure. Right now, we need to think of them more as direct marketing than direct response,
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