13 Oct How Do You Measure Success?
Success is measured in so many different ways across your organization. Your marketing department likely looks at website conversions, email open rates and digital referrals while your IT department might look at efficiency in software enhancements. No matter what department you are in, it all comes down to revenue.
As a publisher, the revenue you generate from subscriptions, events and ad sales is the driving force of how you measure success.
Overtime, you have invested the time, energy and resources needed to continuously increase revenue from the above channels. If you’re in that boat, success is also measured in the authority you’ve built across your magazine brand because without that integrity, you wouldn’t be successful in driving revenue growth across any channel.
No matter what vertical you find yourself in, the goal is to become the trusted authority, or rather, the trusted name in your industry.
So what does this mean from a licensing perspective? Simple, content licensing generates revenue from the content you’re already generating. That means if you aren’t currently monetizing your assets, you’re actually missing out on revenue.
From a content perspective, magazines historically have generated lists, reviews and in-depth analysis within their vertical (building authority, right?), but several brands don’t reap the benefits in terms of revenue from this type of content.
Marketers find themselves doing anything they can to build a trusted brand. They generate substantial amounts of content with the sole purpose of providing value to their audience and increase their authority within their space. What better way for marketers to build trust than to associate their brands with trusted magazine brands throughout their marketing channels?
Marketers crave earned media and they want to intertwine those mentions and award wins throughout their brand story because they understand the impact it will have on their bottom line. Their success depends on leveraging your brand.
Success is about revenue. Content licensing generates incremental revenue for publishers, but content licensing also generates revenue for brands who choose to leverage your content.
“Too often, a publisher will give away the right to use an award logo in order to sell more ad space” says Wright’s Media COO, Brian Kolb. “They’re leaving money on the table in the form of licensing fees.”
There are numerous ways your content can be used, all while building awareness for your brand and generating revenue that is tied straight to your bottom line.
Already successful in ad revenue and subscriptions? The good news is that your brand is primed for content licensing. The bad news? You’re leaving money on the table.