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You reach out to your readers by embracing a multi-channel strategy. Connect with them by embracing the link, and by demonstrating your value on things that matter to them
The big question every media company is asking themselves is: "How much of our traffic can we convert into paying subscribers?"
I, too, asked this question when I was planning Baekdal Plus. Could this be a viable business model, or would people just go away and never return? We have all seen the catastrophic effect it had on Murdoch's Times of London. And conversion rates for other newspapers haven't been that impressive either.
No doubt it is exceptionally hard to get people to pay for content.
One big problem is that media companies apply traditional conversion metrics to their online audience. Murdoch believed that he could convert 5% of his visitors. It turned out that the number was much closer to 0.5%. Gigaom has a 0.3% conversion rate and Financial Times has a 1.7% conversion rate.
So, in this article I am going to illustrate how much of your online audience you are likely to convert, based on the calculations I made before launching Baekdal Plus.
Let us start with a nice round number-like one million absolute unique visitors. How many of those will turn into subscribers?
Register to try out Baekdal Plus completely for free for one week.
Baekdal Plus is your premium destination for trends and analysis for the media industry. Every year you get 25 reports about the future media trends, business and editorial strategies, monetization analysis and insights about how to use analytics specifically for publishers.
As a subscriber, you also get full access to all the Plus reports (more than 200) published over the past 8 years, as well as the ability to share what you read.
Yes, of course, please write to plus@baekdal.com and I will send you a regular invoice that you can pay via your bank. I will need your company name, address and VAT number (if within the EU). Also, please note that due to this process being manual, this will be for an annual subscription only.
Yes, please write to plus@baekdal.com for details. But for 25-99 users: the price is 20% off the subscription price ($79/year per user), 100+ users is a fixed price at $5,000 (for all combined).
Yes, please head over to Baekdal Media to read about consulting where I can help you with strategy reviews, trend and strategy reports, and strategic guidance for you media company or a specific publication.
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The advertising is slowly slipping away from publishers, so what do we do to change that?
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How we can rethink the role of curation to be more than just a filter.
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When publishers discuss young people, they often forget that they live in a world of choices.
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Why publishers shouldn't rely on consent dialog boxes, but need to rethink their overall structure.
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Most publishers define trust in terms of facts, but real trust is about value.
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Founder, media analyst, author, and publisher. Follow on Twitter
"Thomas Baekdal is one of Scandinavia's most sought-after experts in the digitization of media companies. He has made himself known for his analysis of how digitization has changed the way we consume media."
Swedish business magazine, Resumé
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