Whichever content monetization strategy that publishers choose to embrace in 2020 as they look to grow reader revenues, there are a number of do’s and don’ts that they need to take into consideration.
From managing expectations in terms of when they’ll see results and making sure they have the right team in place, to not just “launching and forgetting” their platform. In all cases, publishers need to go in with their eyes open, understanding what it entails and what they will be expected to commit to. Think of it like a new gym membership – whatever type of exercise you do, if you expect to look like Arnold Schwarzenegger after only 6 weeks, then you’re going to be disappointed in the results. But that doesn’t mean that you’re on the wrong track, or that the efforts you’ve been making aren’t helping you.
Build the right team – plan on carving out a dedicated team to run your monetization program.
Make sure you have an audience – to be successful generating steady reader revenue, you need either high numbers of regular users or very exclusive niche content for a small but very engaged community.
Offer the right content – it must be exclusive, enticing, or relevant in order for your audience to engage.
Be strategic – address the critical questions you’re facing and identify a way to tackle them in order to generate revenue.
Don’t expect audiences to stumble into your paid content offering – spread the word about your paid offering across all of your properties.
Pay attention to the data provided by analytics – you need to understand how people react to your paid content offering so that you can improve it.
Don’t set it and forget it – listen to the data, interpret what it is telling you, and from that determine how to adjust your offerings, pricing, volume, timing, and more.
Never underestimate the power of individual pieces of content – if you make it easy for people to buy single articles, you can ultimately bring in more revenue than selling an issue of the publication.