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
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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.
As a PLUS member, you can share anything on baekdal.com, with anyone, everywhere. When you share a plus article with a friend, they can read the full article for free. They will even get notified that you are the one who shared it - with a link to your Twitter profile. Just in case they want to follow you, now that you are being such a nice person!
Check out my new book: THE SHIFT - from print to digital and beyond? Free for Baekdal Plus subscribers, $8.79 on Amazon.
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What the shift in media is really all about.
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It is not about creating a shop in a tab. It is about turning communication into sale.
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