IAB Annual Leadership Meeting 2010- classic print publishers and how they can make more money from online subscriptions
Gordon McLeod, President, The Wall Street Journal Digital Network
The Evolution of Content
1. Paid content should be free. Once free, always free is a myth.
The hybrid model is the ultimate access with a paid and free model in the same market. Drive traffic with free but keep the audience with paid. Try to also think of different levels of pricing to create a lot of value but let the client decide how much they want to pay. The highest level is also a great driver for the overall brand.
2. Platform agnostic
Print, mobile, web, e-reader, etc. All of these can work with content. The key is to make sure you understand the consumers on each platform.
3. Forget free, build a pay wall (2010)
Don’t literally build a brick wall. Low traffic, no inventory is terrible. Transparency and allowing customers to see the value helps attract higher value. Make it easy for consumers to use your product. Constant improvement and showing value is critical here. Hybrid models could be a good fail safe. Find a way to get new people to the site to see the value.
4. Paid content is easy, charging is hard.
One view of the customer, the value of that customer is tremendous. Take control of your business so you can set price. Add in products that are complimentary but maybe not obvious. Could industry bundles work as a solution? Bundling is the secret to paid content success. Also, paid content actually adds value to the business. With paid content, you get a higher premium.
Book entitled Information Rules. Best quote, “Technology changes but economic laws do not.”
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