Key Executives Mega Conference: Paid Content

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Reynolds Fellow Matt Sokoloff discusses how to market paid content and shares paid content best practices at #2013MegaConf.

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  • Time based - Free for specific amount of time
  • Start as if you are building a new product...you are
  • Interest based on UVs Uniqueness based on Conversion Rate of landing pages Can dive in deeper Add dimension of Cost/ROI Potential
  • 9 hours a month for free offer?
  • If they won ’ t give an e-mail to look at 5 stories/month would they ever pay?
  • sigup, subscribe free trial
  • Maybe people from facebook links never convert but twitter does
  • Increase LTV - e-mail offerings, phone call, publisher letter, test what works Decrease CPA - Understand what is effective eliminate what isn ’ t Think digital - Rack cards, newspaper inserts won ’ t cut it Conversion Rates should help set goals
  • Print vs. online advertising commission problem If everyone is focused on growing print subscribers then that ’ s what will happen
  • Key Executives Mega Conference: Paid Content

    1. 1. Paid Content Key Executives Mega-Conference Matt Sokoloff, Reynolds Fellow @MattSokoloffUniversity of Missouri Missouri School of Journalism
    2. 2. Paid Content Building a Marketing for Local Paid Content Your Product News ProductUniversity of Missouri Missouri School of Journalism
    3. 3. Paid Content Model Adoption•In 2012 nearly half of all newspapers surveyed charge users for content. Source: 2012 Daily Newspaper Publishers Annual Index, Donald W. Reynolds Journalism InstituteUniversity of Missouri Missouri School of Journalism
    4. 4. Tipping Point for Paid Content•Early estimates show that more than half of the nations dailies require users to pay for content as of todayUniversity of Missouri Missouri School of Journalism
    5. 5. Smaller Papers Lead the Way Source: 2012 Daily Newspaper Publishers Annual Index, Donald W. Reynolds Journalism InstituteUniversity of Missouri Missouri School of Journalism
    6. 6. Most NP Groups Adopt Paid ModelsUniversity of Missouri Missouri School of Journalism
    7. 7. Setting the Meter Source: 2012 Daily Newspaper Publishers Annual Index, Donald W. Reynolds Journalism InstituteUniversity of Missouri Missouri School of Journalism
    8. 8. No Revenue Impact •Page Views down but sometimes recover •Loss usually just remnant inventory •Shifting sold inventory may have been required •Subscriptions easily make up any difference •No ones reported net revenue lossUniversity of Missouri Missouri School of Journalism
    9. 9. Success? •Immediate revenue needs •Small percentage of active online users are now subscribers (print) •Necessary but not sufficient •A digital paid content model doesn’t mean you have a digital productUniversity of Missouri Missouri School of Journalism
    10. 10. Paid Content Building a Marketing for Local Paid Content Your Product News ProductUniversity of Missouri Missouri School of Journalism
    11. 11. Build a Digital Product • Solve a problem and/or provide a real benefit for your users • Need to sell more than “All Access” • Designate and remind users that your content is unique • Your newsroom isn’t representative • Traffic doesn’t mean users will pay for itUniversity of Missouri Missouri School of Journalism
    12. 12. What’s behind the wall?• About 70% of surveyed sites are charging for breaking news or wire stories • Better off putting less behind the wall but setting the meter lower• Less than 15% charge for tablet or mobile products • People are more used to paying for tablet and mobile products Source: 2012 Daily Newspaper Publishers Annual Index, Donald W. Reynolds Journalism InstituteUniversity of Missouri Missouri School of Journalism
    13. 13. Change from Page Views to Quality •You may have lots of people on your site but they might be the wrong people •Goals in the newsroom need to change •Build franchises and sub-brands that you can monetizeUniversity of Missouri Missouri School of Journalism
    14. 14. Paid Content Matrix Premium Watchdog Obits Columnist A Community Local In Depth News Coverage LocalUniqueness Columnist B Event Listings Sports Classifieds Breaking News Commodity Photo Galleries Weather TV Listings Wire Stories Low High Interest University of Missouri Missouri School of Journalism
    15. 15. ExamplesUniversity of Missouri Missouri School of Journalism
    16. 16. SiriusXMUniversity of Missouri Missouri School of Journalism
    17. 17. SiriusXM • Paywall at zero • Free Trials to get you hooked • Premium/Exclusive content • Commodity content with a benefit • Tiered Pricing • Aggressive marketing • Understand the lifetime value of a subscriberUniversity of Missouri Missouri School of Journalism
    18. 18. Hulu+ • Show/Brand specific • Other sites offer recent shows for free • Hulu+ • Entire season • All Devices • Original ProgramingUniversity of Missouri Missouri School of Journalism
    19. 19. Hulu+ Premium Original Devices Programing All Episodes UniquenessCommodity HD Recent Episodes Low High Interest University of Missouri Missouri School of Journalism
    20. 20. Consumer ReportsUniversity of Missouri Missouri School of Journalism
    21. 21. Premium Consumer Reports Ratings Guides Uniqueness Expert Reviews Consumer NewsCommodity Low High Interest University of Missouri Missouri School of Journalism
    22. 22. Subscription Based Sites•ESPN Insider•Netflix•eHarmony•WeightWatchers•DailyBurn University of Missouri Missouri School of Journalism
    23. 23. Paid Content Building a Marketing for Local Paid Content Your Product News ProductUniversity of Missouri Missouri School of Journalism
    24. 24. Tiered Approach — Chicago Tribune• Non-subscriber - Commodity content• DigitalLITE (free registration) - Metered premium content• DigitalPlus (paid) - Access to all premium content, apps, achieves, e-books, events• Built a funnel to paid subscriber• Capturing e-mail on prospects University of Missouri Missouri School of Journalism
    25. 25. E-Commerce Funnel Branding/ Prospecting Awareness Consideration Intent PurchaseUniversity of Missouri Missouri School of Journalism
    26. 26. Awareness• Drive to landing page• On site messaging• Icons for exclusive content• Designating paid users in comments• Promote content behind the Pay Wall• Paid online ads (monitor CPA) University of Missouri Missouri School of Journalism
    27. 27. Consideration• Drive to checkout• Expressed interest...convince them to purchase• Landing page MUST match how they got there • Ad creative • Content type• Online Display Re- marketingUniversity of Missouri Missouri School of Journalism
    28. 28. Landing Page Optimization•Tease content•Benefits clearly explained•Signup ATF•No navigation•A/B test and track everythingUniversity of Missouri Missouri School of Journalism
    29. 29. Intent• Drive to purchase• Make it easy• Capture e-mail asap• Test & Track cart abandonment• Re-marketing and e-mail follow up • Lowest CPA• Remind them what they are getting• Only as good as the weakest link University of Missouri Missouri School of Journalism
    30. 30. Smart Prospecting •Drive new users to your site who will eventually subscribe •Market to lookalike purchasers •Find users who don’t regularly visit •Track everything •Determine the best entry pointUniversity of Missouri Missouri School of Journalism
    31. 31. Metrics to track •Lifetime Value of a Subscriber (LTV) — Crucial number to determine how much money you can spend acquiring members •Cost Per Acquisition (CPA) — Ensure that CPA stays below LTV.University of Missouri Missouri School of Journalism
    32. 32. Metrics Cont. • Conversion Rate • Overall, landing page, traffic source, marketing campaign, demographic • Useful for • Setting newsroom and marketing goals • Understanding what content to put behind the wallUniversity of Missouri Missouri School of Journalism
    33. 33. Invest in Technology, People & Ideas • Technology — Build, buy or partner to test, track and manage the relationship with your customers • People — Invest in people internally and externally who are focused on growing your digital subscription products • Ideas — The fourth most serious threat to newspapers according to publishers is lack of resources to develop new products (only after declining ad revenue, circulation, print readership)University of Missouri Missouri School of Journalism
    34. 34. RJI’s Efforts •Marketing Case Studies •Paid Content Best Practices and Guides •Paid Content Research and Database •RJIOnline.orgUniversity of Missouri Missouri School of Journalism
    35. 35. Matt Sokoloff SokoloffM@RJIOnline.org @MattSokoloffUniversity of Missouri Missouri School of Journalism

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