Top 5 revenue hacks for digital magazines
Your digital magazine is gaining momentum and you’ve established a decent subscriber base. Where do you go from here? It can get tricky to navigate the monetization journey when you’re on the web. At Quintype, we’ve built solutions for that not only identify their struggles but also help fix them. Manage your print and digital copies with our . Not sure how to monetize better? Get to manage your subscriptions.
While generating revenue from print editions can be straightforward, the approach to creating revenue on digital platforms can be stifling. This is why we’ve come up with 5 effective ways you can monetize your digital magazine better!
1. Not just paywalls - memberships and community
When it comes to digital publishing, one of the main revenue sources are ads or subscriptions. It's time publishers treat their subscribers as a community. This helps establish and appreciate the relationship and communicate with ease. Be it with payment reminders or scaling up a plan, creating a sense of community helps both publishers and readers.
You can find creative ways to acknowledge and appreciate your members. Giving member exclusive benefits, scratch cards, offer codes (affiliate marketing is a great road to try) and ofcourse event tickets from event tie ups. Publishers have started small with 100k subscriber parties at their head offices! Remember that a subscriber may leave you but a member might not.
2. More sponsorships
Often, brands focus on one big sponsor. If you’re a magazine publisher then you know what this would look like - your issue turns into an advertorial and moves away from native content. Having multiple sponsors helps you in many ways. You can dilute the influence of sponsors on your magazine due to the diversity. You get to promote every sponsor in the right space and in the right way. Your readers aren’t bombarded with monotonous gimmicks and can actually benefit from a wider range of options. This also helps you get more frequent sponsorships.
We don’t mean sporting events that tear through your wallet. You can host events for your membership circle, as mentioned above. You can also co-host events that your subscribers would benefit from. This helps you make use of other channels as well like - video and streaming platforms. But remember the point of hosting events - it’s to make the present audience feel appreciated and the newer audience enticed to join in the community.
4. Native Advertising
If sponsorships are way too much of a burden for your magazine’s bandwidth at the moment then consider additional revenue streams to monetize your online magazine. Native advertising is a good option to look into. Native advertising can be explained as a paid media ad that ensures a quality experience that follows the natural form and function of the user experience with regard to your magazine. On your magazine website, this would mean that some of the articles could be paid advertorials – a piece that provides information to a product/service which is relevant to your user and supports your advertiser to target better with in-depth coverage of what they’re offering.
5. Up-selling and cross-selling
If you’re a magazine publisher, you might want to look into customer retention management (CRM), because it’s all about cross-selling to existing audience members on related content and items, or up-selling from a free subscription to a paid subscription for premium content.
What does that mean? You care about your subscriber base and you make sure that they’re collectively growing as committed consumers by providing them different offers based on their behavior on your platform. Up-selling and cross-selling are great ways to monetize an online magazine.
Are you ready to try these monetisation hacks? We've helped publishers like Vikatan improve their workflow efficiency. Schedule a demo with us today and find out how you can get better results and a premium platform to get the best revenue results from your magazine. Manage your print and digital fronts with Quintype's Bold CMS today!