In this digital era, dating sites have become part of the definition of modern love. The everlasting pursuit of love is now coupled with the presence and convenience of online dating sites. With over 59% of Americans associated with online dating, these sites have a good number of audience and a plethora of marketing and earning opportunities.
Secrets of getting profit
The online dating industry has become a vital business segment in the global economy. As per research by Melissa Lin, the dating services were expected to generate $3 billion or more with a 25% growth by 2020. The secrets of getting profit out of your online dating site are because of many factors, including but not limited to, the following:
- Increase in online dating usage
- Increase in millennial spending capacity
- Delay in life milestones
- The growing acceptance of online dating
While there is also an increase in the older adults to be active with online dating, the propagating of ‘hookup culture’ in the society has made it a profitable industry because it attracts many heterosexual and homosexual people to connect comfortably.
The main course to get money: Memberships – Free and Paid
The monetization strategy for your online dating site might revolve around several factors. Still, the main course to get money: memberships – free and paid, and a combination of the two will lead you to devise a profitable plan for your website.
It would help if you made the dating service features available on your online dating site based on membership subscriptions, freemium (advertising, and upgrade).
- Membership Subscriptions
This is a business model where the users pay for renewable membership to use the service features regularly. You can offer discounts if the payments are made for 3/6/12 months upfront. You may also offer free access to restricted features for a defined duration, and free trials for all the features for a specified period.
This is a pricing model where the users are only required to register on your dating site to access all the main dating service features without paying. You may offer advertising on your dating site from the potential advertisers of the same niche for the pricing and revenue generation. You may offer enhanced and value-added features on your site that may be unlocked upon payment of a specific fee for a limited or unlimited duration. As a marketing strategy, you may want to look for other dating sites’ services to check for the available paid features. This will help you in deciding which features you will want to offer to your target audience.
- Freemium – Advertising
As a dating site owner, advertising under the freemium model will allow you to generate revenues with potential advertisers. The pricing model is based on swiping features, clicks, or views.
- Freemium – Upgrade
Under the freemium model, if any additional or value-added feature is to be used, the pricing model asks the users to make payments to allow access to that feature. This special access can be for a limited or unlimited time based on your marketing and pricing strategies.
An example of the freemium model is the Tinder application, where users do not have to pay for the main dating features. However, their profile may become prioritized in the search area if they pay for the Boost feature.
Alternative ways to get money
Though the earnings of your dating site mostly rely on the subscriptions of your members, there are alternative ways to get money with your dating site.
- Affiliate Programs: Other companies of your niche may have affiliate programs for their services, and you can participate in them to earn using the traffic on your dating site.
- Direct Cooperation with Advertisers: Publishing a pricing list and information guide for advertisements on your dating site will help you find your niche’s potential advertisers.
- Contextual Advertising: Displaying relevant ads for your dating sites can help you generate good online traffic, which will simultaneously allow you to earn money per click on your website.
You must have realized that you now have all the necessary knowledge to generate profits out of your dating site. To understand how to earn with a dating site, visit site to check list of the most popular dating sites with high rates from users. Remember that the main course to get money is membership, so their opinion is necessary. Go through various reviews and try to plan the best business model for your online dating site. Happy earning!