Another 5 Blogging Tips (from the Savvyblogging Twitter Party)

The next installment of the Savvyblogging Twitter Party recap is here. Took me a while, but I hope you'll find it worth the wait! (Here's the first part and here's the second.)

These are tips about blogging and making money blogging from real life bloggers.

And stay tuned for the last part on Monday — talk about a treasure trove of information and links!

Question 10: What are the different ways you can monetize your blog?

• Private ads (read more on this below)
• Affiliate sales (more in the next installment!)
• Selling products/services – use your blog to promote the stuff you make
• Ad networks (more in the next installment!)
• Paid reviews
• Sponsored posts
• Charging for giveaways
• Speaking – use your blog to gain credibility
• Teaching classes (ex. teaching a couponing class/workshop)

My take: Obviously, there are countless ways to monetize. By all means, use the "traditional" methods, but always be brainstorming new ways you can add income. Be a pioneer and take risks. Making money on your blog can involve so many income streams that if you take a chance on something new, hopefully you'll have enough coming in from your other streams that even a failed attempt won't be a complete disaster.

Question 11: Why should you diversify your monetization options?

At the party, this question went by fast and the quick answer is: because you don't want to put all your eggs in one basket and you greatly increase your chances of making an income if you do.

My take: If there's one thing I've learned about monetization, it's that multiple income streams is key. You must think of blogging differently than a "regular" job and be comfortable with the idea that money might trickle in from various sources. Add 'em up, though, and you can make a nice chunk.

Question 12: Are you a sell out if you write a sponsored post?

There wasn't a whole lot of discussion on this question either. I think the overall feeling was, no, you're not a sellout as long as you:

• Keep your readers first and don't do it only for the money.
• Be upfront and honest about a post which has been sponsored.
• Keep sponsored posts to a minimum.

My take: I have no experience with sponsored posts so I can't speak to them directly. My feeble 2 cents on the subject (with a "ditto" on the above three) would be to caution against agreeing to write something you can't be 100% truthful about because money is at stake. Money makes us do funny things sometimes. Be courageous — patiently wait for the online opportunities that won't make you compromise.

Question 13: How much should you charge for private ads?

Private ads are on many websites; no doubt you've seen them. They are often small squares (might resemble a blog button) in the sidebar of a site.

"CPM" is generally the method used to figure out how much to charge for a private ad. CPM = Cost Per Thousand, with "M" being the Roman numeral for 1000. Let me explain.

Various sources say $2-$3 CPM is the "average" cost for private ads. (Many people at the Savvyblogging Twitter Party said this is way too high and $1 CPM is more realistic.)

But using $2-$3 CPM as an example, if my site receives 10,000 pageviews per month, that would be the same as saying my site receives 10 (sets of) 1000 pageviews per month, right? Therefore, I would multiply my 10 (that's how many 1000's I have) by $2-$3 and I would charge an advertiser $20-$30 per month to advertise on my site. If I look at my weekly pageviews, I would do the same thing, but charge weekly.

To find the monthly price you would charge an advertiser on your site using $2-$3 CPM:

1. Divide your monthly pageviews by 1000. (Ex. 35,000/1000=35)
2. Multiply that number by 2 or 3. (Ex. 35 x 2=70; 35 x 3=105)
3. That's the dollar amount you would charge per month. (Ex. Between $70 and $105.)

My take: I say go with what works for you. $2-$3 CPM might be the "average," but don't feel like you're less than if you can't find someone who will pay that much. "Average" isn't always what it's cracked up to be anyway. Be creative. The point is to figure out ways to make advertising on your site appealing and go for it. If that means charging a lower rate, go with the lower rate! After all, a little money is better than no money at all, right?

I think there are plenty of small companies or self-employed individuals for whom an advertising price in the double digits (or even single digits), as opposed to the triple, quadruple (or above) digits works better for them.

Experiment, talk to others in your niche to see how they do it and decide what works best for you.

Question 14: Should you charge for giveaways?

These are the answers people gave:

• Only charge if you aren't getting a product to review.
• Absolutely charge because it's advertising and it takes your valuable time.
• Don't charge at all.
• Make sure you at least charge what your taxes will be on it. (In case you were unaware, you are responsible for taxes on items you receive from companies who want to do a giveaway on your site. Therefore, choose wisely!)
• Determine your hourly "blogging rate" and charge that amount.

My take: Personally, I say yes, by all means, charge — at the very least, don't be afraid to charge. And don't let the promise of nice things lead you to sell yourself short.

As I see it, a giveaway is absolutely advertising for a company…and companies know they must pay for advertising. It's one thing if a company decides to market their product by handing out t-shirts and you get a free t-shirt. Take the t-shirt and wear it — you obviously wouldn't charge them when you wore their t-shirt.

A giveaway is different, though. Yes, they are giving you a product to use, however, they are also asking you to provide a service to them in addition to it (i.e. spending your valuable time to field their emails, communicate with them, write a post (or posts), follow up with giveaway entrants, etc. etc.). Personally, I think they should pay you for providing that service to them.

But then again, I don't do giveaways, so what do I know? I do work for someone who does giveaways and let me tell you, it's no small task! Unless just plain enjoy doing giveaways or if receiving the item for yourself is payment enough, charge them for it.

Don't forget to come back Monday for the final installment. There will be links to affiliate networks (and other money-making programs) that have worked for others…and more!

Update: Read the last installment here: 6 More Blogging Tips (from Savvyblogging).

So, what do you think? And what'd I miss? What's your experience?