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6 Undiscovered Revenue Opportunities from Joe Pulizzi
Published on 4/6/2016 by Brittni Castilaw
Publishers, both big and small, are looking at revenue opportunities that they can implement to see high-value return. Joe Pulizzi with Content Marketing Institute dives into 6 ways to generate revenue for niche publications.
1. Online Training
The online training market has huge revenue potential. Joe suggests to figure out what you can teach your audience and do it.
Publishers have the ability to teach through content, events and influencers just like a university. Leverage your experts and put them directly into your curriculum, from publishers to editors, the people within your organization have insight that your audience is hungry for.
Consider experienting with a pricing model. Whether you offer your online training 24/7 or online during certain 30 day sessions, you might be surprised to see which model drives more revenue.
2. Benefactor Program
Joe states that one of the most successful things they've done for their publiction was implement a benefactor program. The key? Limit your online inventory in order to drive demand and price your program higher to see bigger revenue.
Many publishers will sell to advertisers using a CPM model, yet Joe doesn't recommend that. Offer your sponsors value from event booth space to content distribution.
3. The Super Event
"If you are going to do an event, you need to go big." Joe Pulizzi
Content Marketing World is the largest industry event that CMI set out to put on in order to provide content marketers with the latest and greatest tools and ideas in the marketing industry.
Everything that CMI does drives back to their profit driver, Content Marketing World. Social media, email, blog content, and podcasts are just a few examples of the channels that drive straight back to their "super-event".
"Stop doing stuff on social and do something strategic with it." - Joe Pulizzi
Social media is about driving email signups and CMI has created an asset in the form of a hashtag: #CMWorld. He uses the same asset across events, twitter chats and anything else. The key to creating a hashtag asset is to stay away from those that use a year, like #IndustryEvent2016.
4. Industry Research
The best thing about research is everybody will cover you. When other publications distribute your research, you will begin to dominate search.
Take your industry research and splice it to continue monetizing the same content. Before starting your research, pitch your industry research ideas to your vendors to leverage it even more.
"I will continue to live and die with print." Joe Pulizzi
When Joe was considering launching their weekly podcast, he asked himself, "What could we do in the audio delivery that we aren't currently doing in any of our other channels?" CMI's content gap was covering industry news.
They do a weekly podcast and discuss the latest content marketing news, filled with rants and raves.
Now, monetize your weekly podcast with monthly sponsorships and content from your partners to promote during each podcast.
The best part? CMI uses the weekly podcast to insert shameless Content Marketing World plugs to their audience, because CMWorld is their profit driver.
6. Strategic M & A
Joe says the best opportunities to look into? Bloggers.
Bloggers are great at building an audience, but they struggle with monetizing their blog. This is where publishers have an opportunity that they can take advantage of.
There are times when it makes more sense to acquire businesses that are already doing something rather than recreating something from scratch. Likewise, Joe suggests the value of databases that are included in acquisitions.
Joe Pulizzi leaves the Niche Media audience with some key takeaways at driving revenue generating opportunities.
- Limited inventory
- Run your training like an event
- Don't sell CPM
- Think "Super Events"
- Research once, repurpose multiple times
- Start with one podcast offering
- Always have at least 2-3 buying options