Great post from Ad Age. Enjoy the exerpt! Read the full blog here.
To monetize content requires a shift in thinking because one must move from sticking with the traditional push business model to accepting the web’s “pull” approach. In making this transition we uncover where people will place value (and their dollars).
Use content to attract audiences
Content is really good at attracting audiences — but it’s not so great at directly generating revenue through gated-content subscriptions. Sorry, but you just need to get over it (unless you are the exception: The Wall Street Journal). Most people can get most content one way or another and circumventing the gated-content model is not that hard for users. Media companies trying to figure out how to plug all the naturally leaky ways content gets out there is like trying to win at whack-a-mole. Frustratingly unsatisfying.
Create a community to coalesce audiences
This is the magic moment when content can begin to drive revenue because once you have the audience — thanks to your content — you have the mechanism to create compelling community experiences. The benefit of a community is that this shifts users’ loyalty from just your content, available in lots of online places, to your site because of the community. The revenue possibilities expand as your community creates the all-important “sticky” user experience.
Successful communities utilize all the new social-networking tools and technology to create vibrant user interactions. They introduce technology that lets members engage in real time with each other, they permit many forms of self-broadcasting and publishing, and they provide a platform for members to connect around a shared passion or issue.
Ignite passion in your community and the content monetization engine begins to stir.
Leverage the power of your community to drive revenue
Once you have established a core community of users, this is where monetization can occur because now you are in a position to: a) offer a variety of services or products to your members; b) leverage the power base you have created; and c) you will probably see more ad revenue (though probably not for some time).
Here are some examples of effective community revenue opportunities:
* Provide services to enhance community connectivity using video and audio
* Offer products to introduce “fun” into user interactivities (Facebook does this better than anyone)
* Integrate technology to provide members with video, broadcasting, and content creation tools
* Enable new ways for members to access content via multiformat services
* Create new programs where community members can be rewarded for their participation (e.g., converting members into affiliates)
Anything that captures your community’s passion is an opportunity for new revenue.
In case you are wondering whether this monetization engine works in the real world, there are great examples to study. Sites such as TechCrunch, Huffington Post and Mashable are particularly effective at attracting users through content and then sustaining user engagements profitably through enriched community experiences.
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