If you've played Monopoly you probably know that most players want to snag the coveted Boardwalk and Park Place properties.
However, just owning that real estate is never enough; it's what you do with it. It's about buying houses and hotels so there are amenities for your visitors.
Here's a concrete example: Say you own both Boardwalk and Park Place. Your combined rental income from both those properties is $85 compared to just $8 from Connecticut Avenue.
However, as you can see in the graph below, if you continue to add value to your Connecticut Ave property over time by adding houses and hotels, you reap exponential benefits (7x rental income) compared to doing nothing with the other two!
In fact, there is a huge differential in the investment versus return in both these scenarios. The reality is it's about adding value and becoming an attractive destination for visitors and customers. The same goes for your business website.
So here are some simple ways to grow the value of your web real estate:
- Create remarkable content. People learn from it, share it and find their way back to your site.
- Publish frequently so there is a constant trickle of information from your site as a source.
- Provide free helpful resources to everyone, whether they be potential customers or not.
- Give love to get love. Feature industry figures so they can share their expertise on your site.
- Create a forum for discussions so your website is hub where the community can congregate and interact.
- Continue to diversify you content asset portfolio so you have audio, video, eBooks besides your regular content.
- And lastly, be transparent.
Have you been adding value to your website? Let us know your thoughts in the comments!
Photo credit: bob the lomond
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Originally published Aug 26, 2009 1:07:00 PM, updated June 10 2021