27 Sep Generating Content Licensing Revenue? Now What?
Give yourself a pat on the back – you’ve done it. You are successfully generating substantial new revenue from content licensing.
But now what? Are you taking advantage of all the opportunities available?
Keep in mind that there are two ways to grow your content licensing revenue organically. Here’s what I mean.
Let’s say you have a publication devoted to the health industry. Your content spans topics from doctor reviews to healthy living topics and everything in between. You’ve successfully positioned yourself as the most trusted name in healthcare. Consumers seek out your content prior to making a decision.
This is exactly where you want to be.
It has taken time, resources and likely failures to reach this point, so don’t let the value that you’ve built go to waste. Many times, it’s exciting to work towards an increase in licensing revenue, but some publishers get comfortable when they reach a certain milestone.
Getting comfortable will cause you to miss an opportunity.
Now, as shown above in our example, go back and list all of the topics that fall under “everything in between.” If you cover topics such as pharmaceuticals but don’t see direct licensing revenue from that topic, it’s time to look at the opportunity.
You have already proven your brand has value, so creating licensing opportunities centered around specific topics that you don’t currently monetize is how you will see organic growth in licensing revenue.
On the other hand, your publication might be generating licensing revenue from every topic you write about, which is ideal, so what’s your next step?
If you’re generating licensing revenue, you understand that it takes time to build trust and create value that translates into revenue.
Planning now for new licensing opportunities in the future takes a strategy. Perhaps you see a natural extension of your brand into a new topic. Start delivering value to the audience within that space. Become a trust agent across that topic for future licensing opportunities.
When consumers see your brand as the expert, they expect brands mentioned across your publication to leverage it, but you already understand this concept.
Don’t let your content licensing strategy become stagnant. Siphon through your current opportunities and begin to conceptualize future licensing plans.