With the transformation of magazines into multi-channel media brands, there is greater opportunity for new kinds of revenue. Working across platforms is not a choice–it’s a necessity. But the flip side is there is also far more demand for successful ideas and product development.
Jim Sulecki, one of our expert speakers at the Niche Media Conference this year, inspired our audience of creative niche publishers to find the best ways to maximize these new revenue streams.
Here are some quick highlights from Jim’s presentation on expanding your revenue diversity:
1. Niche your niche! The offspring can generate more revenue than the “mother.” For example, Vegetable Grower magazine spawned Greenhouse Grower that evolved into a Spanish edition.
2. Spin off vertically within your same product. You have the economies of scale, maybe even the same staff. Stay in scope, don’t allow mission creep. And the product must be differentiated!
3. Prioritize ideas. Beware of “pet projects.” Someone has to play traffic cop. Find the balance between empowering employees and practicality.
4. Stay within scope. This is especially important for developmental and custom projects. Watch out for the “But this client is spending $XXX with us!” argument.
5. Coordinate ACROSS platforms. Vertical excellence is needed, but horizontal consistency can make a product / project sing! Expand horizontally–“next door” markets. Expand vertically by finding new demographic strata within your core market. Think core market needs, then platforms.
6. Harness the power of co-workers’ ideas and get buy-in. Reckon with the time and money to get something new off the ground, which is usually 30% more than originally estimated. Judge by results. “Brand-building” sounds good, but…must…produce…measurable…results!
Editor’s note: To learn more, you can download Jim’s full presentation here: A dozen or more new revenue ideas for publishers–and tips on how to pull them off!
More about Jim: Jim Sulecki is Corporate Content Director at Meister Media Worldwide, an organization of 11 print, online and event business media properties serving U.S. and global audiences in commercial horticulture and agriculture. In 2009 he was named “Top Innovator in Business Publishing: Online Executives” by BtoB Media Business magazine.
About this blogger: Diana Landau is the Content Wrangler for Niche Media. A former sales director and corporate marketing hack, she has now found nirvana in writing and wrangling quality content. Diana is a food, wine, art and SF Giants enthusiast…who sometimes gets carried away.
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