A McKinsey Global Survey found that due to the COVID-19 pandemic, the share of digitally enabled products in company portfolios accelerated by seven years in a matter of months.
Building collaboration between marketing, advertising and editorial can help publishers retain and optimise their new customer bases. Firstly, publishers should understand their readers well to deliver value to them and secure long-term revenue. For instance, publishers can separate their titles into “reach” – dedicated to ad-financed content, and “quality” – content financed by reader revenues.
Conducting A/B tests can help publishers determine the success of different pricing options and presentations across customer segments to create more effective customer retention strategies. For example, registered readers are more likely to subscribe than non-registered ones, while users who pay for trials are more likely to convert than those who do not.
Finally, publishers can leverage machine learning to deliver content recommendations based on reader behaviour and their areas of interest. Such personalised recommendations can help encourage subscriptions and boost revenues.
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