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A couple of weeks ago, we explored how to really think about conversions in 'Everyone Measures Conversions the Wrong Way. Let's Fix That!'. So, this week, we are going to look at this in a bit more detail by focusing on the challenges of getting people to pay.
I have already written extensively about this, in fact, I have an entire section of Baekdal Plus talking about monetization. But in this xx-page report we will specifically look at the path to lifetime value, and all the many steps that you need to consider to get people to commit to you 'for life'.
Lifetime value is very different from just a simple conversion, because it doesn't really matter how much people pay upfront. Now, let's get into the details of this...
Before we start, we need to talk about two critical elements that you have to keep in mind at all times.
The first thing is that paying is rarely your primary problem. Unless you are running a very high-end business site, or a very expensive newspaper subscription, most forms of media today cost so little that the money is pointless to even focus on.
For instance, right now you can subscribe to a year of Wired for only $5. That's like two cups of coffee at Starbucks ... for an entire year of content.
It's ridiculous to even think about.
In most cases, the amount of money involved is so low that it's not the reason people aren't subscribing. The problem is with the product that you offer.
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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Pricing a newspaper is almost never about the price itself.
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What if something was free for one period and paid for another?
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Why do people pay for media? Let's map it out.
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Many newspapers have opened up their paywalls because of the pandemic. But this is a bad idea.
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The market for podcasts is growing, but we still haven't found a good way to do premium podcasts
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taxing advertising will not give publishers more money.
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A deep dive into the data behind The Correspondent's crowdfunding campaign.
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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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