With an increasing number of digital publishers choosing to implement various subscription models, the monetisation debate can only continue.
From the general public to bloggers, publishers to technology providers, everyone has scrutinised the advances of subscription technologies. If you have been following the debate, you might be aware of the successes (NYT, Gannett and the Telegraph Media Group’s subscription models) as well as the failures (the Hollywood tabloid Variety).
Technology is now an intrinsic aspect of every business but does not provide a one size fits all answer, and neither does a subscription model. Without a carefully planned strategy around your subscription implementation, you hinder your chances of success. But what components of a subscription strategy make it a success in the short and long term? How should you plan your strategy?
Introducing the Subscription Eco-system
A subscription eco-system is made up of a wide range of component features. Understanding this helps media organisations carefully plan their tactics and implement a successful digital monetisation strategy. Below is a checklist of eleven steps publishers should consider when creating a successful, easier to implement monetisation strategy.
1. The Drawing Board – considering a monetisation strategy.
2. The Decision Making – what type of model to implement?
3. Testing the Waters – how will your audience react?
4. Implementation – getting the project started.
5. Feedback and Refinement – listen to your customers say.
6. Winning the hearts of a younger audience – creating an audience spanning generations.
7. Engage or Die – how to keep and grow your audience.
8. Post Implementation UX – creating a unique customer experience.
9. Empathise with your readers – to create a stronger brand image.
10. Analyse and Adapt – make the best decision according to your circumstances.
11. Innovate – keep the cycle going.
Stay tuned to Evolok; a breakdown of the first 5 steps will follow in Part 1.
Evolok is proud to create a world-leading digital subscription platform, combining identity management, access management, engagement and monetisation capabilities, that enables online publishers to leverage their content's appeal and maximise subscription revenues.