I think the best and easiest way for me to monetize a site is through selling digital and physical items because it is very in demand nowadays and we only need to have some good strategy to have sell them.There are quite a few ways to earn money, IF your site has a lot of traffic.
1. Google adsense
2. Selling digital or physical items
3. Selling ad space
Site owners makes so much money from selling space on their sites to advertisers so leverage on this.
Yes,you are right that is why site owners need to work on them pushing and attracting organic traffic first before thinking of monetizing to avoid counter productivity.You can sell ad space only if you have big number of visitors. Rare who would paid for banner on low traffic website. If somebody pay something, he want see result.
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