Amid evolving attitudes towards paywall platforms, media organisations grasp both new, and tried and tested methods for paywall subscriptions whilst reducing churn.
From music streaming services to content platforms to home delivery of shopping items, the online subscription model is thriving across various markets.
This is great news for media publishers, who are re-targeting on the premise that subscription paywalls for both print and digital content can bring an important source of revenue.
An increasing amount of publishers are charging consumers for reading some of their content. With declining ad revenue, shifting the process has to be enforced by publishers to find new avenues to profit from their content. The subscription paywall industry is now the fastest growing and most significant source of income.
Building The Paywall Model To Suit Your Subscription Business
Establishing a metered paywall model under which users can get access to a certain amount of articles each month before purchasing a subscription, has enabled media organisations to find a balance between growing digital advertising and subscription businesses.
The metered path allows companies to deliver the requirements advertisers want while still giving readers a fascinating reason to subscribe.
A membership method enables publishers to follow and learn from their readers which uses a combination of metered paywalls and gated content. Transactions take place, readers gain access to articles in exchange for information, such as their email address or the profession they are in.
Custom Built To Fit Your Customers Needs
Digital subscriptions have advantages in some ways because you know so much more about your readers than you do in print, with a meter, readers create their own bundles of content that they want, and publishers then really understand how to market to them.
The best models for getting users on board for content vary by brand, with many publishers using a combination of different models such as paywalls, tiered subscriptions, membership programs and micro-payments, as well as traditional print subscriptions with digital access included.
Targeted Campaigns To Increase Subscribers
As with the plans themselves, publishers are also exploring various new ways to fuel subscription growth, including less traditional avenues such as experiential marketing and podcast advertising. Email newsletters have become a significant subscription driver, with optimised newsletters converting more often than not.
While companies still rely heavily on direct mail, they have also begun finding success in digital marketing efforts, including on social media. Part of that stems from the ability to use audience matching and other tools to specifically target potential readers.
Once readers have subscribed, they need to be retained by creating engaging content and a product that they find valuable, communicate regularly in multiple media's that offer great customer service.
The Need To Evolve To Be A Success
Looking ahead, publishers should plan to keep tweaking their subscription models to find strategies that continue to meet the needs of a changing audience. With any subscription offering, you have to constantly be testing and evolving to succeed. You are making changes on an almost constant basis.
The goal is to build a body of knowledge around factors things like language, images, stories that drive subscriptions and use that knowledge to change tactics.