The future of online news is shrouded in clouds.
As a seasoned PR professional, I depend on keeping up with the news. I would pay for access to a news site … if the news site could give me what I want.
This article will demonstrate just how much a news publisher has to offer—without resorting to hiding news stories behind paywalls.
Let’s get into it:
We Need Smarter Paywalls
In my digital-first universe, such as it is, a premium business model for journalism doesn’t include paywalled news.
Instead, we should entice news lovers with a fuller experience of what drew them in. For a news publisher, the news is the equivalent of ‘content marketing’ for a regular business. It’s not something you ask users to pay for; it’s what makes users favour you with their attention.
However, I’d love to pay for premium news site access.
News publishers must rethink how they convert news junkies into premium subscribers.
Examples of Premium-Only Features
A premium community for news lovers—The future of online news must attract “news lovers” (news consumers who crave a deep and total news experience. 1Please note that this is a crucial bridge of focus between freemium and premium users.
The value proposition should include many (if not all) of the following features for premium-only users:
A premium community for business accounts—Many brands love news. If signing a premium account is hassle-free and gives awards to all employees premium features, the value for a brand could be substantial. Here are a few examples of a better news experience for business accounts:
Prerequisites for a Premium Business Model
Free news—All essential editorial content (the news) must be free and not paywalled. The premium offering is focused on features extending and deepening the news experience.
New ad model—The primary purpose of ads is to drive conversion of freemium users to premium, and the secondary goal is to allow premium business accounts to place programmatic ads.
Aggressive conversion objectives—The future of online news must learn to convert freemium users (news readers) to premium users (feature users) at a competitive level which means converting 1% of all unique visitors at a minimum. This is a far cry of what the industry is capable of today. 2This also becomes a challenge of keeping premium users on a monthly subscription model (churn)..
New KPIs—We should calculate success via a) growth of premium users (acquisition) and b) churn of premium users (retention) instead of free content reach and ad views.
Partner collaborations—Besides offering premium business accounts programmatic ad placements, key account managers should manage priority business partners for editorial collaborations.
A Provocation for News Publishers
Why isn’t anyone adhering to an actual premium model for news? This type of business model seems provocative for most traditional news publishers. They’ve been enjoying the traditional role of having passive news consumers as gatekeepers. They’re not used to giving their readers so much power over their news experience.
Another aspect to consider is that news publishers are used to existing side-by-side with advertising, but they’re not used to offering business-to-business type services. The former is regarded as ‘normal’ while the latter is considered ‘dangerous’.
A third consideration is that most news publishers are homeschooled in traditional publishing. They haven’t been exposed to high-level online business models in highly competitive areas like e-commerce, fashion, or enterprise software.
|Please note that this is a crucial bridge of focus between freemium and premium users.|
|This also becomes a challenge of keeping premium users on a monthly subscription model (churn).|