Before we get into the actual lessons that were learned from the journey, we’ll take a brief look at how I make.
Income stream one — Medium:
Now I’m not going to go too much into this.
You’ve read so many articles about how to make money on Medium.
I’ve read so many articles about how to make money on Medium.
Let’s just both agree that you can make money on Medium.
I’m not going to lie and the bulk of my monthly take-home comes from Medium.
However — I do want to emphasize how important it is, if you want to make money here, that you write:
- For an audience (you write for specific topics and niche-specific)
- To solve that audience’s problems (your readers are always asking themselves, “What’s in it for me?” You should address that question with every article).
I make currently, looking at Q3 of 2020 — I can generate anywhere between $4,000-$6,000 straight from my Medium articles. It depends on the amount of content I can put out and the reception and posting with the publications I work with. Generally — I will write four 2,000–3,000-word articles a week. I personally find that you can provide more value to your audience with detail and the algorithm of Medium is putting more an emphasis on read time over just views.
I would recommend you consider your audience above all when thinking about your articles — one of the fatal flaws of this space is making the article for you and not the reader.
Income stream two: sale of digital products
In this section, we’re going to get a bit more transparent and dig a little deeper.
If you’ve read anything that I write, you know I swear by the email list.
I always think that at a moment’s notice, there’s going to be a change in an algorithm or something is going to get pulled from under me and I’m going to lose the cash cow that is Medium.
A safeguard to that is your email list and proprietary digital products.
I sell both an ebook as well as an online course. These two products are priced as follows:
I get sales from both of them.
How do I do that?
I have follow up email sequences with my audience that “pitch” the products because I know I’ve created something of value and the new subscriber will find its value as well.
It’s a symbiotic relationship.
I’m an [self-proclaimed] Internet Cowboy — I’ll go into the Wild, Wild, West with my keyboard six-shooter and wrangle those pesky writing, digital marketing and general money-making questions for the damsels back in the saloon.
With the sale of my digital products, I use both Stripe and PayPal for my payments.
I know there are a lot of the 60 million unique monthly users of Medium that can’t use Stripe due to nation-imposed restrictions of the platform. I want to include PayPal here in hopes that you do have access to that platform. Below you will see figures 2.1 and 2.2 noting earnings of the last 30 days (August 16 — September 16, 2020).
And here is Stripe:
Now I want you to notice — these aren’t the same payments and I’ve just doubled them.
Some individuals choose to use Stripe when making their payment and some PayPal. If you’re going to sell proprietary digital products, I highly recommend you go with both payments processors (if applicable) so you can make the customer buying experience as seamless as possible for your customers.
We can see if we add these two figures that we are north of $3,000 in the last 30 days in digital product sales alone.
Now that we’ve broken down the two income streams, let’s take a look at the lessons that were acquired in order to get here.