18 Aug Publishers – Don’t Trade Your Content (Monetize It)
Publishers – Don’t Trade Your Content (Monetize It)
Let’s say that your company, although fairly small as measured by sales, is considered to be a thought leader and expert in (for example) high-end home audio. You have considerable credibility in the industry because of your “take no prisoners” product reviews, engagement on social media, and supporting editorial policy. Best of all, many of your customers display a fervent devotion to your brand, much to the dismay of your competitors. So the competition for your quarterly product awards is fierce. Recently, a large, multi-billion dollar software company bested a half dozen smaller firms to win a coveted award, and now they’re on the phone with a proposal.
It goes something like this – we are a multi-national software juggernaut and we can get you enormous publicity because of our global distribution channels and enormous marketing budget. Can we use your award logo on our packaging for the next three months? Just think of the exposure your small company will get when we put your award logo on all of our packaging and promotional material.
No, no and no. As a publisher, you don’t trade sales for eyeballs, because eyeballs can’t be spent or invested. The software company is going to enjoy a sales bump due to winning this award. That could mean 10,000 more units sold, or 50,000, or more. This is real money that is directly attributable to your work, your research, and your reputation within the industry and with your customers. Want proof that your award has real value to the recipient? Here’s a few stats from searchenginepeople.com:
- 97% of people making a purchase based on an online review/testimonial found it to be accurate
- Online consumers trust reviews/testimonials 9x more than celebrity endorsements
- 70% of purchasers consult reviews or ratings before they buy
- 70% of those who consult reviews/testimonials share them with friends
For a winner, your award is not just a nice addition to the corporate mantle, it’s botox for the bottom line. So don’t trade it away – be sure to license its use. Here are just a few of the ways your logo can be displayed by the licensee:
It doesn’t matter whether it is an award, an article, a blog post, a testimonial – when you license your content you are extending your brand equity by placing your name in front of new customers and into new markets. At the same time, you are creating a new revenue stream by monetizing your previous work. You also have the option of piggybacking on this new exposure by incorporating it into your existing marketing campaigns, or you can launch an entirely new effort to capitalize on your unexpected publicity windfall, perhaps by creating a new landing page for new searches, or with a targeted Facebook ad. The possibilities are endless, but be sure to take advantage of this opportunity, as it is being subsidized or paid for by a third party due to your new licensing income.
You can’t spend eyeballs, but licensing income can become an annuity-like income stream for your business, funding operations or new marketing initiatives. This activity will plant the seeds to assure continued growth far into the future.
Wright’s Media is a full-service content licensing solutions provider representing approximately 1,200 publications worldwide. Working with print and online publishers in both business-to-consumer and business-to-business industries, Wright’s Media helps grow their revenue through creative content licensing and brand management. They continue to be the leader in the content licensing space by providing comprehensive solutions and the latest technology to their clients. For more information visit wrightsmedia.com or call 877.652.5295.