Growing your subscriber base after moving content behind a paywall requires continuous research into customer satisfaction.
Instituting a paid subscription model online is frankly unwise unless you’re focused on customer experience feedback. It is that simple.
So many media companies are experiencing the same evolution: declining traditional ad revenue, clients becoming their own media brands, influencers becoming advertiser darlings and a business model that requires holding on for dear life to dreams of the past. What’s the answer? Gated premium content?
Our industry is buzzing with conference programs, consultants and articles focused on media companies’ unique position to migrate into “all-access” paid subscriptions. Many media companies are enthusiastic about the potential revenue stream, but don’t fully understand the significant shift in thinking that is required.
For example, the shift means you can no longer look at your subscribers as a volume target focused on satisfying advertisers and giving confidence to your ad sales team. Instead, you need to look at transitioning them into “membership” within your brand’s unique association. This requires active communication that will go in the face of the old school thinking of, “We don’t need to ask anyone what is going on in the industry, our publication sets what is going on in the industry.” In this model, “members” need to understand the benefits of their investment and be confident that for every one dollar of a subscription investment, they will gain back three in privileged knowledge, access and professional authority.