As a digital publisher, your primary concern may be providing information to your readers, but you still have to make money to survive. Luckily, there are several different revenue streams you can use to increase the amount of money coming in. Here are six ways to make more money with your publication:
Selling ad space and implementing pay-per-click ads might not be how you want to raise your revenue streams, but publishers have been utilizing this strategy for years. Even print publications use advertisements to help support the business. While this form of revenue probably won't be enough in itself to give you the boost you're looking for, it can help you reach your revenue goals.
If you have enough loyal readers, consider implementing paid subscriptions. This can drive some people away, and it's better to start offering a premium form of content that is available to subscribers. Let non-subscribers read blog posts and other content, but save the in-depth articles for people paying a monthly fee. You can also set up a payment gateway for people who don't want to see advertisements. Although this fee will have to be small, it is another way to diversify your revenue.
Focus on retention
According to the Harvard Business Review, acquiring a new customer is between five and 25 times more expensive than retaining your current ones. Also, it noted increasing customer retention by 5 percent has the potential to increase profits anywhere from 25 to 95 percent. Those two statistics make a good case for trying to keep current customers – or readers in the case of online publishers – happy. Try your best to monitor social media and keep an eye on the comments and discussion around your publication. Give your readers what they want and interact with them when needed.
Sell information products
Ebooks, long tutorials and other digital informational products can be a good source of revenue for online publishers. Just make sure the price isn't too high and you're providing real value in the documents. The more you give customers what they're looking for, the better the chances of you collecting a significant amount of online payments.
Online publishers are perfect for selling products. Your readers trust your judgment and therefore, you need to make sure to push them towards products you truly stand behind. Don't become an affiliate marketer for a product you know doesn't work or you don't personally like. If you recommend poor products, your readers trust will wane and you'll be stuck without anyone to read your content or buy the products you're promoting.
Generate leads for other companies
According to WebsiteSetup.org, another smart way of increasing revenue is to generate sales leads and then sell those leads to other businesses and organizations. The good thing about this is visitors to your site don't have to go anywhere. All they have to do is provide you with some personal information and then you can pass that data along.
Allow sponsored posts and articles on your site
If you have a large following, other publishers and companies may want to post an article to your site, WebsiteSetup.org reported. Basically, they pay to post an article to your website and access the audience you've garnered directly. When posting sponsored content, make sure readers understand it is sponsored and not content you wrote. Usually this is done at the top of the article, but it can be placed near the end of the article. Make sure the company posting the sponsored content has a legitimate reason for wanting to reach your audience. Just letting anyone do it could hurt your reputation.
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