Can you really double your digital revenue with simple adjustments to your business model and without burning out your list? Eric Shanfelt knows you can.
Eric, a recent Niche CEO Summit speaker and Founder and President of eMedia Strategist, has worked and consulted for dozens of media companies and built several multi-million dollar digital media businesses. He has seen what works….and what doesn’t. We asked him to share some easy ways for niche publishers to kick their digital revenue into high gear.
NMHQ: What are the most important things to remember when developing a digital strategy to boost revenue?
First, make sure to follow the digital media revenue blueprint:
- Attract – Get the right audience to your website.
- Engage – Get them to opt in to a relationship (e.g. email).
- Retain – Deliver valuable content and nurture the relationship.
- Convert – Turn that relationship into revenue (advertiser or reader revenue).
There are so many ways that media companies can improve in all four of these areas … any one of which will significantly increase their digital revenue.
Second, focus on the fundamentals and avoid “shiny object syndrome.” There are so many options that media companies can pursue today … social media, apps, etc. … but most of them are distractions that take away valuable time and resources from what really builds an audience and drives revenue.
NMHQ: Do you have any tips to help publishers improve their digital business?
Sure. Here are the ground rules that I always stress with any company I work with.
First, email drives revenue. Email sounds so 1990’s, but the reality is that it works and is still the best way to drive revenue. I will take one email over 10 Facebook followers, 100 Twitter followers, or 1000 page views.
Second, email list building is your website’s #1 job. It’s not delivering content, selling advertising, or selling to the visitor. Why? Because I can only monetize a website visitor once. But if I get their email address, I can monetize them over and over again: email advertising, increased web site visits, lead gen, ecommerce, event registration, subscriptions, etc.
My third rule is everything must be mobile-friendly. That includes your website, emails, landing pages … everything! If you’re not mobile-friendly then you’re losing revenue. Search engines will penalize your site, and visitors won’t engage, won’t come back, and you won’t be able to monetize them.
NMHQ: Is there any other advice that you can give to publishers about their digital strategy?
I recommend that everyone download my free book, 10 Proven Website Revenue Tactics. It goes through 10 real-world examples of changes media companies can make … just to their website! … that will build a bigger audience and drive more revenue. Implementing just a few of these changes will significantly grow a media company’s digital business.
More about Eric: Eric Shanfelt is founder and president of eMedia Strategist. For the past 20 years he’s worked with dozens of consumer, B2B, and book publishers helping build their digital businesses. He’s also helped multiple media companies launch, highly-successful, multi-million-dollar online content communities with advertising, ecommerce and subscription revenue streams using proven, practical, audience-building and revenue-generating strategies to grow digital business.
Niche Media has created super niched-out events specifically for magazine publishers for over 12 years. We’ve helped pave the way for the era of boutique events that connect specific audiences and provide great educational, friendly and super-fun environments! Plus, Carl Landau– Niche Media’s Grand Poobah–also created a blog all about creating and marketing targeted events: blog.NicheEventNation.com Check it out!
Image from freedigitalphotos.net