Monetizing your website traffic means turning the traffic into revenue sources. If you have a blog or website and you get a good traffic on it then you can use it to earn revenue by signing up for affiliate programs. When you sign up for such programs then you basically allow the other websites or blogs to advertise them on your page. Their link is placed on your page and the people who visit your page notice it and may click on it. This sends them to the advertised website and helps you to earn good revenue through your page.
If you want to earn better then it is best to sign up with related networks. This means that your website or blog is related to health and lifestyle then you can promote related website by signing up with the right networks. This allows you to enjoy a better click through rate and earn more revenues easily. The website who advertises on your page is also able to get better traffic and promote itself better. when you sign up with good programs then they maintain the links on your webs and also helps you to keep a track of the completed transaction and the commission you earned through your site.