5 Revenue Opportunities Publishers have with Consumers (Readers)

In part 1 of this series we talked about 14 different revenue opportunities publishers have with digital advertisers. In part 2, we’ll review the revenue opportunities publishers have with their readers (consumers). In parts 3-6, we’ll cover print advertising opportunities, offline revenue opportunities and opportunities for selling marketing tools and services to local businesses. On to part 2...

When we look at community publishers, we typically see a two-sided business - advertisers on one side and their audience (readers) on the other. While most publishers generally focus on generating revenue from the business side, you’d be remiss to ignore the consumer side when it comes to generating revenue. Here are 5 revenue generating ideas that target consumers:

1) Classifieds

Classifieds are probably the most commonly thought of idea when it comes to monetizing consumers. However, with sites like Craigslist this has become a less viable revenue stream. That said, as a local publisher you have the opportunity to slip into this market if you are able to differentiate your services/community from the more generic sites like Craigslist.

2) E-commerce/Local Crafts

With the rise of sites like Etsy.com, DIY (do-it-yourself) e-commerce has become popular and publishers are uniquely positioned to provide a valuable market place to promote local crafts from local people. Not only can this be an additional revenue stream but it also gives you plenty of material to write about. Think about how you can use this information to create local shopping guides, highlight local people and the like which we talked about yesterday. Plus, you will be helping them make a living which will endear you to your community.

3) Fundraising

Fundraising is a great way to grow your revenue while also giving back to the community. Think about all the “groups” out there (schools, churches, non-profits, teams, etc.) that could tap into their networks to find and recruit new business. By allowing groups to sell business listings and other digital packages you can help them create a recurring revenue stream while growing your business.

4) Announcements

Announcements such as births, graduations, weddings, obituaries as well as a variety of other types are another way to monetize the consumer end of your business. People love to celebrate their achievements with their community and if done thoughtfully can represent a great opportunity for you to share in their excitement.

5) Subscriptions

Unlike the other opportunities listed above, subscriptions are more of a way to monetize your print publication vs. grow your digital revenue. However, in this case I’m assuming that you are distributing your magazine for free and making your money through advertising so I’m really talking about using your website to expand your distribution. You can sell subscriptions to readers outside your normal distribution area or sell gift subscriptions so people can share what they love about your publication with others.

In any case, its important to monetize the consumer side of your business thoughtfully. How you would want a specific feature to work and what you'd be willing to pay for it? Maybe your willing to pay more if your announcements will also appear in print, on the homepage of the publishers site, or in an online article. People will pay for something that has value to them so a good rule of thumb is to think about the benefits you can provide above and beyond the various free options available. Hint: You have a local advantage!

What did we miss? Share your ideas below (and don’t forget to come back Friday for part 3).