Subscriptions are a widely used model for publishers. By harnessing their earning power, publishers can grow subscriptions while cutting back on advertising cost. In this article, we will explain the best ways publishers can grow subscriptions.
The media industry has taken full shape in the digital world. With the rise of internet advertising, online businesses, and streaming models, essentially everything has moved to the digital landscape. Still, with the rise of a brave new digital world, many industry professionals are seeing the fall of online advertising revenues. This drop has become a problem for business but a bonus to consumers.
Overall, advertisers are spending less on internet ads and consumers are figuring out how to avoid ads altogether. It is estimated that 80 million people will use ad blockers this year. This mass block is projected to cost advertisers $12.2B in revenue. So, how are media outlets and publishers filling in the gap? With subscriptions.
Grow Your Publisher Readership & Revenue
Although advertising revenue remains risky, it is assured that consumers will continue to want more digital content. In the United States 43% of consumers say they are willing to spend more on their current media subscriptions. In order to maximize profits it is important to know the ins and outs promoting subscriptions. Here are the best practices for growing publisher subscriptions.
Creating different plans and bundles within a digital subscription has two purposes. The first is to grow customer retention and subscriber acquisition. Offering plans and bundles allows subscribers to join in on more than a basic plan and explore different content that a publishing site has to offer. If they like what they see, they are more likely to stick around. Plus, offering more than one product or service upon subscription entices new customers to buy in.
The second purpose of plans and bundles is data collection. Digital publishers can collect third and first party data to determine the best bundle/plan to grow subscriber acquisition. Correct analysis and strategy based on user data can help grow publisher subscriptions.
Promotions and trial periods allow publishers to gain interest for their digital content immediately. With this strategy many publishers will see a bulk increase in acquisition and then a plateau as publishers slowly reduce the discounts over time. Hopefully, publishers will see high numbers of subscription retention after promotions and trials and in the end it is a great way to boost content monetization. The goal is to get audiences’ eyes immediately on a product and have them like it enough to stick around for more.
Subscription gifting is a win-win situation for publishers and consumers. The primary benefit it gives to publishers is the ability to capture new readership and receive free word of mouth marketing. An average of 74% of consumers in the United States identify word-of-mouth as a key influencer in their purchasing decision. Subscription gifting allows friends and family to share content they enjoy and publishers receive both recurring revenue and subscriber acquisition.
In order to diversify revenue and keep up with publishing trends, media companies are always trying t o push new titles and content to their subscriber base. The goal of this is to maintain subscribers and recurring revenue.
Another bonus is that with new titles comes new audience members. The more premium content a publisher can produce the better. Especially considering that the majority of adults in the United States spend over 8 hours a day interacting with digital content.
A publisher’s best marketing tool lies in analytics and data. As publishers continue to develop subscription plans, bundles, and new content, it is crucial to measure the success of your offers, subscriber behavior, and how content is resonating with your target audience. Looking at key publishing metrics such as monthly recurring revenue, subscriber churn, and more, ensures that publishers are making informed marketing decisions.
When a newsite diversifies their revenue streams and develops subscriptions they open themselves up to a wealth of earning possibilities. Knowing exactly how to monetize news websites is crucial to publisher and business success. These best practices should give news publishers a boost in creating their subscription models. For more publishing trends and premium content information, head to Invisibly’s blog page to discover more.
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