7 things publishers should do to transition their business model
A few years ago, in 2014 to be exact, I wrote a post about what publishers should be doing to transform their businesses to a new multi-platform business model. Many of the tasks mentioned in 2014 remain the same in 2018, but a few have changed in light of new innovations and best practices. An updated list is presented in this post.
It should be noted these items apply to both print and digital products. We believe the discontinuation of print editions is not a foregone conclusion, and they can remain profitable components of the long-term news media business model.
1. Use targeted subscription pricing. Many of you know Mather Economics for our work in this area, which we call market-based pricing. Just as airlines sell tickets at different prices, publishers should not have the same price for all subscribers. Individuals vary in their ability and willingness to pay for your products. Forcing one common price on all subscribers overcharges customers that are not able, or are not willing, to pay the stated price, which will cause them to stop their subscriptions.