In order to maximally monetize a domain name what are the best steps that must be taken so as to earn maximum benefits? I know content is the king but after that?

Monetizing a website or domain name?

For Indian websites, I've found Google adsense works best. You can see some alternative here:
Indian Domain Name Blog » Monetizing Indian Websites

Traffic can be increased through SEO and SMM. SEO basically boils down to getting quality links to your website. For SMM, you want to create content that particularly appeals to people who are active on the social media websites.

Thanks a lot Jeff, I was asking about actually starting a website , get traffic to it and then sell the domain with the content.

If you are going to sell it afterwards then you have to do your SEO first by doing some signature posting and blog commenting. This is just he basics, you could also pass it to a directory and some book marking sites so that it could be crawled easily by spiders. If you got a pr then you could sell it on a fair prize.

Well, obviously, content is king. After you've gathered the good content, use SEO strategies on your website, to make sure it's picked up by search engines. When that's done, start advertising it, and start getting traffic. After you got the traffic, well, enter an ad network, use adsense and so on.