The latest YouTube stats show that the video platform saw 95% more new channels trying to build an audience in 2020 (compared with last year). When people were stuck at home, they were compelled to spend more time on screens. And YouTube was their source for learning new skills, getting entertained, and even a replacement for live events. That means the appetite for online videos has also increased.
While the competition seems to have increased for new video creators, there’s still a great opportunity to make money on YouTube.
In the infographic below, you’ll learn fifteen ways to monetize your channel. There’s something for every kind of creator: whether you teach, entertain, or inform your audience. Indeed, even beginner YouTube creators will find a couple of ways to generate an income from their video editing and YouTube marketing skillsets. There’s an indicator of the difficulty level beside every tactic, and you can get started choosing a couple of ways initially.
Remember to run your YouTube channel as a creative entrepreneurship project. You want to have multiple income streams to create a sustainable business, not rely solely on monetization from ads or sponsorships from brands.
My personal recommendation to you for creating a thriving YouTube channel in 2021 is to create a tightly-knit community around your channel. It calls for the following steps:
- Find your 1000 true fans: These will be the people who will watch each of your videos. And purchase every product you launch. They alone could create a sustainable business for you.
- Create content that appeals to them (and them alone): Yeah, niche down your channel instead of trying to appeal to a wide audience. Instead of creating a channel on “YouTube marketing”, create one on “YouTube marketing for real estate business owners.” Get the drift?
- Listen carefully to your audience’s demands: Use YouTube analytics to figure out the type of videos your audience likes, and find out where your audience’s attention drops. Remember the YouTube algorithm “follows the audience”, so doing the same yourself is the fastest way to grow your audience.
- Validate demand and launch a product: Along the way of listening to your audience for creating your videos, ask them what they are willing to pay for. Maybe they want you to launch an online course on one of their pain points. Or maybe they want you to create some templates and offer them for free. Research, validate their demand and give your audience what they want.
- Keep adding more ways of monetization in the mix: Once you find something your audience likes, keep repeating the process to inculcate more ways to monetize your channel choosing strategies from the infographic below:
Designed By: The Creatives Hour
Infographic Source: Elite Content Marketer