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How to promote and monetize a blog?

Build up multiple social media accounts (facebook, pinterest, instagram, google+, linkedin) and connect them all using ifttt.com. Start a YouTube channel, share vids about your content, link it to your blog. Continue to create good content and share it on all your social accts. You can use ifttt.com to help automate some of it. Apply for adsense if you haven't, then once you're approved display Google ads, and maybe sprinkle in some relavent cpa offers throughout your content. Set up a newsletter with an autoresponder, and promote to your subcribers.

BOOM!
 
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Great content, social pressence and making contacts in your niche seems to be the constant among many successful bloggers.

Everything else should come after the fact. The easiest way to thoroughly answer your own question is to look up successful blogs and see what they're doing. Whatever your niche is, you should look up IM blogs because most of the time, a large part of their content is sharing their own strategies.
 
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