|Targeted promotions and content bundle upsells are two ideas to test in optimizing sales.|
- Do we need different pricing depending on customer type?
- Will we offer discounts and promotions?
- What pricing strategies do we want to experiment with?
- Will we be selling internationally and need to support multiple currencies?
Let's examine 5 Strategies for Monetizing Content:
- Free + Paid Combo - Some publishers, like Orca Book Publishers (see Orca case study), offer a combination of free and paid content. Free content can include free trials, free sample chapters, or just a subset of content that is always free with premium content that is monetized. Ideally, you want a delivery system like Tizra that is equipped to handle all pricing models within a single platform.
- Subscriptions - Subscriptions come in different forms. Associations such as ARL (see ARL case study), might offer monthly subscriptions to journals or newsletters to members, including libraries and other institutions. While educational publishers like Gibbs-Smith want to offer classroom subscriptions for shared access, as well as individual subscriptions for teachers.
- Content Packaging - Having the ability to unbundle and remix content provides publishers with a great deal of flexibility when it comes to creating content packages that are appealing for different customers. Publishers could deliver one chapter-at-a-time, blend together relevant journal articles and e-books, or create content packages for specific curricula. HighWire Press uses Tizra to offer both journals and e-books through its Folio product (see HighWire Press Release.)
- Tiered Pricing - Some publishers, especially associations, want to offer different pricing tiers dependent on set factors such as one price for members vs. non-members. These types of marketing strategies demonstrate the value of membership for associations like IASP and AAOS.
- Coupon and Redemption Codes - Many publishers, like OEM Health Information (see case study), utilize coupon codes to run promotions for new or targeted content. Others, like Goodheart-Wilcox (see case study), manage customer access through redemption codes.