1. Realistic optimism

Most b2b publishers are particularly concerned about developing revenues from digital editions,  how to charge for online content, and how to convert free to paid, while consumer publishers are most worried about declining online ad rates.  The majority of respondents, however, expect their overall revenues to grow over the next two years, and 71% are optimistic about the future of their business

2. Print and events still biggest revenue source but in sharp decline

For b2b publishers, print advertising is expect to decline sharply - by 42% - and conferences and events will slip by 6%.  However, print subs are expected to grow by 52%, so overall “traditional” media revenues will still contribute 44% of overall revenues.  Consumer publishers also expect strong growth in subs (+19%) while print news and print ads both fall by 20%, so again the “old media” will still contribute 65% of revenues.

3. Rapid expansion of digital revenues

Business media owners expect dramatic growth from digital editions, and online subs - but they will only account for 15% of revenues.  Online advertising will continue to expand, contributing 9% of revenues.  Consumer media are changing more slowly, but they still expect online ads to expand to 9% of revenues, and most are exploring paid online content, mobile and ereader versions, even if the volumes are still slow.  Factory media now see that 6% of their paid circulation is from mobile apps, so this will gradually become a more important source of revenue.

4. Business media revenue models will shift dramatically in longer term

We asked media owners about longer term shifts in their business.  There is a clear consensus that newsstand will gradually disappear as a channel for b2b mags, with 66% expecting printed b2b mags to be subs only in 10 years’ time.  38% think this will happen in 3 years.  A significant minority (36%) think all printed b2b mags will cease in 10 years’ time.  Within 10 years, 49% expect 50% of online b2b content will be paid-for by users rather than free.

5. Print will be more resilient for consumer media

The shift to subs will also be seen for consumer print, albeit more slowly - only 31% expect consumer mags to be subs only in 10 years time.  Only 18% believe that consumer mags will cease to exist in print in that timescale, and 53% think this will never happen.  Specialist markets will hold out for longer, with  44% agreeing that in 10 years time only specialist mags will exist in print.  Charging for online consumer content is more of an uphill battle, with just 33% thinking that 50% of consumer online content will be paid-for in 10n years, and 34% feeling that this will never happen.

What is your opinion?  Does this seem unrealistically optimistic - or a pragmatic response to a gradual realignment of how readers consume media, where agile publishers can reinvent their business rather than just close it down?  Do comment below, or join the discussion on the Specialist Media Network on Linked in, where over 300 specialist media owners can swap ideas and tips.

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop new revenue sources for your specialist media business please contact Penmaen Media for a chat.

1. Media owners are in the audience business

Content is just a means to attract a targeted audience.  You may have to give most of your content away for free and make your money on extra goods and services, such as events, conferences, books, commerce and the like.  The quality and frequency of content has to be maintained to hold that audience’s attention.  More on Miles’ ideas on specialist audiences in this article.

2. A host has to provide a comfortable environment

So your role as a media owner is to provide a meeting place, online or in real life, that is conducive to discussion, has the right sort of members, and some stimulating content.  Colin Bradshaw of game fishing forum Fish and Fly, feels that their forums are like an online pub, where members drop in to catch up with each other and discuss a wide range of topics.  The media owner’s role as host is to provide interesting content, and let the members guide the debate. Live events can get this wrong if they neglect the hygiene factors of parking, transport and catering, undermining the quality of the experience.

3. All audiences want to be entertained

Even b2b events need a little bit of theatre.  Well designed stands create a sense of occasion.  A little imagination from exhibitors - such as competitions, demonstrations or dramatic stunts - can start a conversation with a visitor that could lead in unexpected directions.  Media owners organising events need to coach their exhibitors to invest more effort in how they entertain the audience.

4. Provide content they can’t get elsewhere

Many conferences fall into the trap of allowing too many suppliers to speak.  As James Ormiston of Circdata points out, why should a company send delegates to a conference to hear sales pitches, when they can call the suppliers and get them to present in their offices?  Far better to hear real life experiences from one’s peers who are facing the same issues - whether they succeeded or failed.

5. There’s real value in networking

Whether online or in real life, being part of a specialist community is as much about meeting and swapping ideas with each other as it is about listening to the “official” content. So make it easy for people to get in touch, either by providing online tools, or just plenty of seats in a cafe area at an event!

If you have experiences to share in how media owners should treat their audiences, please comment below, or join the Specialist Media Network on Linked-in and discuss your ideas with over 300 other specialist media owners.

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can nurture the audience for your specialist media business please contact Penmaen Media for a chat.

Jancis Robinson’s Purple Pages for wine enthusiasts

Jancis Robinson is well-known as a wine expert and writer, with many books and TV programmes to her name.  Over 10 years she has built up an audience of 60,000 visitors a month to her website www.jancisrobinson.com, who spend just over 4 minutes per visit to the free sections. They are rewarded with new articles on the world of wine and food, published every day, written by Jancis and her restaurant critic husband.  Jancis has built up a database of 20,000 registered visitors, whom she emails regularly. She also mentions her site and the subscription section - the Purple Pages -  in her own press articles.

Exclusive searchable databases, plus insider articles

Site visitors are reminded of the benefits of subscribing to the Purple Pages, which cost £69pa.  Subscribers rate highly the searchable database of 45,000 wine tasting notes, which are linked to popular cellar management service Cellar Tracker.  They like the ability to search online two major wine reference sources, the Oxford Companion to Wine and the World Atlas of Wine, both of which Jancis edits.  They also appreciate the insider’s view of the wine world in the twice-daily articles that Jancis adds to the subscription section.  Jancis also adds podcasts and video clips.

The most civilised wine forum on the planet

A big draw is the members-only forum, which allows wine enthusiasts from across the world to discuss hot topics and swap notes.  It has built up into a very convivial, civilised and knowledgeable community, and members are keen to keep it fenced off from the outside world.  A good proportion of Purple Page subscribers are in the wine trade, but there are also many amateur enthusiasts, and the members are spread across the world.

Tips for specialist media businesses

So what can other specialist media businesses learn from Jancis’s success?  The exclusive online rights to her reference books are a big draw, and almost justify the subscription price alone. The tasting notes are highly valued, and this really is the benefit of having been in the market and built up this resource over many years.  Obviously, Jancis is a prolific writer, and members value the topicality and sheer frequency of her updates.  The quality of the content has drawn a loyal membership base, with renewal rates over 50%, and this helps keep the forum active, as contributors feel part of a community.

Are you the next media pioneer?

If you feel your specialist media business deserves recognition, and you would like to enter the 2011 Media Pioneers awards, please contact me with a brief overview of your activities.  Overall winners will be announced at the Specialist Media Show in May 2011, but nominees will be featured on the show site.  Read more on last year’s Media Pioneer winners.

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop new revenue sources for your specialist media business please contact Penmaen Media for a chat.

1. Exclusive searchable data

If you have exclusive online access to info that otherwise consumers would have to pay for in print or other media, you are onto a winner.  A key element of the membership package for Jancis Robinson’s Purple Pages (£69 pa) is exclusive online searchable access to the Oxford Companion to Wine (£40 for the book) and the World Atlas of Wine (£19).  Members also gain access to Jancis’ 45k database of tasting notes - not available elsewhere.

2. Tailored or customised content

Runners World ask subscribers and registered members for information about their interests, and then use this to customise the content they see on the site and the emails they receive.  Birdguides allow members to specify the species and regions they are interested in, and then they only get email/text alerts about sightings that are relevant.  Saving customers time to search for specific topics clearly has a value.

3. Convenience: info anywhere, anytime

Consumers may want to access information when not at their computer screen. Birdguides offers mobile text alerts and mobile web access to its premium subscribers.

4. Privileged tools

A key facility on the Runners World website is the online event booking for key races.  Free registered visitors can see events 2 months in advance; and subscribers can see events 12 months in advance - and book onto the most popular events online.  Subscribers to K9 magazine can book online at pet-friendly hotels.

5. Members only events and forums

Jancis Robinson runs a popular, convivial and expert forum for members - they do not want to make it open to all.  Guardian Extra provides an impressive range of members-only events allowing exclusive access to journalists, authors and experts.

If you have any other examples of successful online membership packages in consumer markets that go beyond online content and offers and discounts, then please comment below, or join the discussion on the Specialist Media Network on Linked-in and swap your thoughts with 300 other specialist media owners.

See also previous articles on this topic:

http://www.penmaen-media.co.uk/index.php/2010/02/what-online-content-will-people-pay-for/

http://www.penmaen-media.co.uk/index.php/2010/04/5-reasons-the-times-paywall-wont-work/

http://www.penmaen-media.co.uk/index.php/2009/11/subscriptions-v-micropayments-which-way-forward-for-online-publishers/

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop new revenue sources for your specialist media business please contact Penmaen Media for a chat.

1. You are the brand

You represent your company best; remember that people buy people, and it’s individuals that are remembered rather than products.  Work out what are your particular individual strengths, skills and expertise, and plan all your online activity around your specialist subject.

2. Know who is buying you

Be laser targeted about who your dream client is, what is important to them when buying your services, and understand where they spend time online.  Some people don’t go near facebook, twitter or linked-in and industry forums or discussion groups are a better place to find them.

3. What makes them contact you?

Next work out what their problem or question is, and why they might contact you to help them solve it.

4. Organise your online presence

Tidy up your online presence - get your website in order, create a good profile on Linked-in with recommendations and links to your site, start posting on twitter and consider a company page or group on facebook.  Get listed on professional directories, and keep all this up to date.

5. Create useful content

Use your unique expertise and match it to your dream clients’ problems to create useful, practical content, both on your own site, and published by reputable third-parties.  Talk about your new content on your social media pages.

6. Take part in discussions

Find out where your clients spend time online, and contribute to relevant discussions about their problems and your expertise.  Answer questions on linked-in and yahoo, and even review relevant books on Amazon.

7. Build your network

Invite all your business contacts, past colleagues and clients and suppliers to linked-in, ask for recommendations, and use online “friendfinder” tools to expand your network.  This takes time, but if you work within a defined industry you will soon cover a good selection of people.

8. Be helpful and connect people

Answer questions, put people in touch with each other, send them useful articles and tell them about your blogs and presentations.  Keep yourself top-of-mind but don’t be pushy or sell too hard.

9. Use events strategically

Real life events provide great opportunities to speak and show your expertise, or just to network.  If you can’t make them physically, check the twitter hashtag and strike up conversations with interesting people.

10. Repeat from the start

All this takes time, so be patient.  Referrals can come from third or fourth generation contacts, and people take time to make big buying decisions.  Enjoy the process and you’ll be pleasantly surprised when the phone rings!

If you have experiences to share or other tips to add please comment below.  Search “SME marketing on this blog for more articles - or try this link: http://www.penmaen-media.co.uk/index.php/category/sme-digital-marketing/.  If you’d like to discuss how I might be able to help you win more business through online networking please contact me for an informal chat.

About the author: Carolyn Morgan runs Penmaen Media, a consultancy specialising in developing digital strategy for media businesses.  Carolyn also runs workshops for SMEs on digital marketing - read more about our SME workshops.

1.Old revenue sources are still important, but are declining

Research commissioned from Fusion on how media owners see their revenues in 2 years time show a gradual but inexorable shift from traditional sources. B2B media believe events and print advertising will still be their most important revenue sources, but print ads will decline by 42%. Newstand sales are collapsing. Consumer media will still see print ads and newstand as their main revenue sources, but both are declining by 20%.  Print subs are looking brighter with strong growth, and online ads are still growing fast from a low base.

2. Media owners are investigating new revenue sources

With traditional revenues in decline, no wonder there is focus on new sources. 64% of specialist media owners expect to charge for online content in future; while only 26% currently have mobile apps, 77% will have one soon.  64% are planning to add video and audio content. Top worries are how to grow revenues from the web, digital editions and mobile.

3. Build an engaged audience before monetising

Drawing on experiences of successful online publishers, Miles Galliford stressed the importance of building quality content and focussing on engaging visitors and building relationships before diving into ecommerce or subscriptions.  A key aim is to acquire  an email address from every visitor by offering more top-notch content.

4. Develop multiple revenue streams

Once their quality content has built an engaged audience, a clever online media owner will start to test a range of different ways to build revenue, from advertising and affiliates to commissions on ecommerce, one-off downloads, regular subscriptions and one-off events.  Miles lists 35 possible revenue sources in his new book, The Funnel of Trust.  Read more about his ideas on building trust for online content businesses here.

5. Journalists must become entrepreneurs

Many of the new revenue sources require strong integration between the content on the site and commercial opportunities, but without undermining the trust of the audience.  Riva Elliott’s research among editors shows that their role is shifting - as well as broadening their journalistic skills to cover writing for the web, social media and using video - they need to become entrepreneurs, ready to spot revenue opportunities and work with the rest of the team to implement them.

My conclusion of this is that media owners need to diversify revenues as old sources decline, and that using quality content to build an audience, then testing multiple revenue sources is the best strategy.  If you have strong views on how specialist media businesses will develop in future then please comment below, or join the discussion on the Specialist Media Network on linked-in, and swap ideas and tips with over 300 other specialist media people.

Read other articles based on debates at the Specialist Media Show here:

Secrets of launching events from media brands

Beyond the paid content debate - how to build value from free content

How publishers can make digital media pay

Secrets of successful commercial partnerships in specialist markets

Bright future for specialist media: build audiences, develop many revenue streams

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop new revenue sources for your specialist media business please contact Penmaen Media for a chat.

1. Don’t just sell space, help your client’s business grow

Advertising is there for a purpose - to provide leads, data, sampling and awareness for clients to help them grow their business.  Commercial teams who start with an understanding of the clients’ business and an insight into how their media channels can attract, inform, inspire and engage new customers are more likely to win a slice of the marketing budget.

2. Audience is meaningless; engagement is the key to profit

Reach is not everything - a small number of interested customers beats a million cynical passers-by any day.  This is great news for specialist media, who attract enthusiasts who are hungry for information and ready to purchase.  Other media commentators concur with the engagement vs reach shift - see my earlier article on a debate with Tim Brooks and Stevie Spring.

3. Every client wants a bespoke solution

This could be considered bad news, as it implies extra work, but it is also the way that a clever specialist media business can add editorial and marketing value which is difficult to replicate through ad networks.  If your tailored marketing solution works, then the client is likely to come back for more.

4. Be prepared to experiment and share the risk

Innovation is the way to engage audiences.  Bike Magic turned a tool for designing a custom bike from Trek into a competition for their readers.  Magicalia parenting sites used surveys to communicate surprising benefits of MAMs soothers.  And 3am used a jukebox tool for visitors to sample and buy tracks from Universal music. This doesn’t mean costly development: the Trek tool came from the client, and the providers of the jukebox tool accepted a revenue share deal.  The media owner may also have to agree a revenue share as part of the campaign, but this does mean objectives are aligned..

5. Reward innovative commercial teams

This approach to commercial partnerships requires different skills: understanding client’s business, insight into the user, creating innovative solutions, working well with editorial and marketing teams, impeccable execution and a longer-term time-frame.  So it is important to reward commercial teams who demonstrate these skills, rather than focussing simply on short-term revenue.

For more ideas, read my earlier articles on commercial partnerships and creative commercial campaigns.  I’d be interested to hear further examples of successful multi-platform campaigns in specialist media - just comment on this blog, or join the Specialist Media Network on Linked-in to swap ideas and tips with 300 other specialist media owners.

Read other articles based on debates at the Specialist Media Show here:

Secrets of launching events from media brands

Beyond the paid content debate - how to build value from free content

How publishers can make digital media pay

Secrets of successful commercial partnerships in specialist markets

Bright future for specialist media: build audiences, develop many revenue streams

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop successful commercial partnerships please contact Penmaen Media for a chat.

1. Sampling via digital media can benefit print

The Spectator brought out a basic iphone app and e-reader version; as their USP is quality of writing, design was not crucial.  They sold 2000 editions, but more interestingly, they saw growth in print subs and newsstand sales.  The app store and e-book stores reach new people who may not traditionally pick up the magazine - and the digital versions acted like samplers.  So don’t always think of digital editions as cannibalising print sales.

2. Price digital versions of print publications confidently

Dive Magazine offers a digital edition as an alternative to print for BSAC association copies - at the same price - and has seen high conversions.  Overseas subscribers also prefer the immediacy of digital editions and pay a fair price.  Christian Aid magazine is now largely distributed digitally.  Beware of devaluing your digital versions by bundling them for free or charging too little.

3. Designing for the medium increases engagement

PDF copies as digital editions are a quick way to test the market, but they are missing the opportunities of the medium.  Peter Houston of Advanstar argued passionately for short copy, video, interaction, and using the landscape format of the screen rather than 2 portrait pages.  His experience shows that reducing pages and increasing frequency can grow time spent with digital editions, and Advanstar’s controlled circulation digital editions are profitable based on advertising revenue.

4. Start with single copies and build subs gradually

Factory Media, who publish in action sports markets, started testing iphone apps around a year ago, and now 6% of their paid circulation is from mobile.  To begin with, most sales were for single “copies”, but 6 month and 12 month subs are now growing rapidly.  The global reach of the app store helps Factory internationalise their brands efficiently.

5. Plan video content to minimise production costs

Mobile devices such as the ipad are increasing pressure on publishers to create video, but the cost often appears prohibitive.  Fiona Ryder of Stream Exchange advocated careful planning to create several packages of content at once which can then be published on multiple channels across web and mobile devices.

I’m interested to hear other examples of publishers making digital media pay - please comment below, or join the Specialist Media Network on Linked-in, to swap ideas and contacts with 300 other specialist media owners and some of the speakers from this session.

Read all the 78 insights from the conference programme on the Specialist Media Show show site, and read the comments from visitors and exhibitors.  Or watch the video highlights.

Read other articles based on debates at the Specialist Media Show here:

Secrets of launching events from media brands

Beyond the paid content debate - how to build value from free content

How publishers can make digital media pay

Secrets of successful commercial partnerships in specialist markets

Bright future for specialist media: build audiences, develop many revenue streams

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can create a digital media strategy please contact Penmaen Media for a chat.

1. Use quality free content to amass an audience

It’s a slow burn, but creating top-notch targeted content on a consistent basis will build an audience.  Econsultancy’s blog is highly rated and drives their 100,000 registered database of digital marketing professionals.  They only sell content and other services to 5% of these, but that is enough to build an attractive business.

2. Look for multiple revenue streams

Traditional advertising will become a smaller proportion of revenue.  Econsultancy now finds most of its revenue comes from membership, events and training.  Media businesses need to manage multiple revenue streams and identify all the ways they can provide services to their core audience.

3. Cross-promote relentlessly

The free content has to reach a large audience to drive a substantial paid business, but this means you have great opportunities to cross-promote.  Econsultancy’s blog articles carry links to their paid-for reports, and drive substantial revenues.

4. Be agile - test new stuff constantly

Pick up on ideas from your audience - econsultancy uses twitter for npd - test them quickly and you might just identify your next revenue stream.  Louise White from Incisive also recommended using social media to identify opinion-formers in your market and listen to their ideas.

5. Build relationships gradually with email

Email is a powerful tool for gradually building relationships.  Steve Kemish of Cyance offered plenty of helpful tips: segment carefully so your messages are relevant, get to know your recipient before selling too hard, don’t ask for too much data upfront, and test out different subject lines for the same content.

If you have experiences to share from using free content to build a niche audience and then making your revenues from other services, then please comment below, or join the Specialist Media Network on Linked-in and swap ideas and tips with 300 other specialist media owners, including some of the speakers in this session.

Take a look at the 78 insights from the conference programme, and read the comments from visitors and exhibitors who attended the show.  Or watch the video highlights.

See also an earlier article on creating an online content business through building trust.

Read other articles based on debates at the Specialist Media Show here:

Secrets of launching events from media brands

Beyond the paid content debate - how to build value from free content

How publishers can make digital media pay

Secrets of successful commercial partnerships in specialist markets

Bright future for specialist media: build audiences, develop many revenue streams

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop revenues from free content please contact Penmaen Media for a chat.

1. Event organisers must become entertainers

All events - consumer and b2b - need to have outstanding content, provide top-notch networking, and offer entertainment value.  Making an event memorable through inspiring speakers, real-life interaction and a little bit of showbiz will mean it stands out and becomes a must-do.  In spite of the rise of online networking, live experiences still have a special quality.

2. Events reach new audiences

However thorough your database, live events will appeal to new people beyond your current print and online publications.  Marketing Week Live generated 10,000 new names for its database.  The regional Homebuilding shows have driven subscriptions on the magazines dramatically.

3. Databases are key to successful event marketing

Business conferences live or die on the quality of their databases for visitor marketing.  Media Owners have a fabulous advantage with their subscription and registered user databases.  This was the key to the success of Time Out Live.  If you don’t have great databases in the market where you want to launch an event, find a partner or sponsor who does…

4. Great b2b events play on fear and greed

The best business conference propositions are where delegates or visitors have a real hunger for information - maybe their industry is subject to legislative or technological change, or they need to acquire new skills to develop their career.  Sponsorship propositions are strongest where new suppliers have a complex message to convey to a hard-to-reach audience.  The holy grail is to be able to provide a solution to both “fear” and “greed”.

5. Events create enthusiastic advocates

The first year of an event is the hardest, but visitors remember a quality experience and tell their business contacts and friends.  This word of mouth marketing is the key to the explosive growth of successful events like the Gadget Show, Grand Designs and Top Gear Live.

If you have experiences to share on launching events from media brands, then join the Specialist Media Network and swap ideas with 300 other specialist media owners including some of the speakers from this session.

Read other articles on events from Penmaen Media.

Take a look at the 78 insights from the conference programme, and read the comments from visitors and exhibitors at the show.  Or check out the video highlights.

Read other articles based on debates at the Specialist Media Show here:

Secrets of launching events from media brands

Beyond the paid content debate - how to build value from free content

How publishers can make digital media pay

Secrets of successful commercial partnerships in specialist markets

Bright future for specialist media: build audiences, develop many revenue streams

About the author: Carolyn  Morgan runs Penmaen Media, a consultancy advising media owners on how to profit from digital media and marketing. She is also content director for the Specialist Media Show. If you’d like an informal discussion about how you can develop live events from your media brand please contact us for a chat.