In order to survive in the modern marketplace, publishing companies both large and small need to practice almost constant innovation to remain financially viable.\r\n\r\nWhether yours is a large for-profit Fortune 500 company or a small town non-profit weekly newspaper, you simply can\u2019t afford to only rely on your existing monetisation strategy. Anyone in the publishing industry knows that it\u2019s hard work to create great, compelling content. What\u2019s even trickier to perfect is writing great content whilst simultaneously running a successful business.\r\n\r\nHowever, there is revenue to be gained out there \u2013 you just need to know how to tap into it.\r\n\r\nIn this blog, I\u2019ll be looking at 8 tips that will allow your publishing enterprise to generate revenue and secure your long-term future.\r\n\r\nIf you\u2019re ready, let\u2019s get started.\r\n1 Paywalls\r\n\r\n\r\nOver the last decade or so, the publishing industry has seen many companies like Handelsblatt in Germany or Wired Magazine\u00a0using paywall-based services.\r\n\r\nWhether put into place as a soft paywall where access to articles is provided in exchange for registration or a hard paywall that requires a paid subscription, significant revenues can be generated in this way.\r\n\r\nOther options are available, such as metered paywalls that allow a particular amount of articles to read per month for a set fee. You\u2019ve also got new trends such as\u00a0data-driven paywalls that utilise A\/B testing\u00a0to ensure that the most appropriate type is in place for the target audience.\r\n\r\nEssentially, get the blend right and you\u2019ll see,\u00a0as did the data analysts at the Economist, publishing companies can gently and successfully encourage readers to pay to read their content.\r\n\r\nAnother natural consequence of this is that the content provided is seen by the reader to be exclusive and of premium quality. But Paywalls are just one effective way to monetise your publishing business.\r\n2 Subscriptions\r\n\r\n\r\nAnother monetisation channel to generate revenue is via subscription services, which as you imagine, allows the reader to access your content for a regular fee. This umbrella term covers a few different models, each with their own benefits. They are:\r\n\r\nCorporate Subscriptions: This variety of subscription is perhaps the most widely used online and it involves a set monthly fee, whereby the subscriber can access as much content as they like. It\u2019s the\u00a0model that platforms like\u00a0Netflix\u00a0and\u00a0Spotify\u00a0use.\r\n\r\nSelling on 3rd Party Sites: Another profitable route to take is to sell the services of 3rd party sites via your own. When done correctly, this can appear as a seamless transition from your services to a strategic partner, so long as the services offered are closely related to your own.\r\n\r\nMicropayments: A further subscription model\u00a0exists in the form of micropayments\u00a0that enable readers to only pay for what they read. After loading up credit onto their account, your subscribers read the articles they want, with the cost being deducted from their balance.\r\n\r\nHistorically speaking, news has been seen by readers as something they\u2019re not willing to pay for. But times have changed somewhat in recent years, and subscription models \u2013 and there are many more besides these \u2013 are becoming much more popular with publishing companies and readers alike.\r\n3 Digital advertising\r\n\r\n\r\nWhen the internet was young back in the early 2000s, banner ads were everywhere and they were an effective way to sell goods and services\u2026at the time.\r\n\r\nFast forward to modern times and these banner ads are just viewed as an irritation, meaning that you\u2019re not only wasting your advertising budget, but you\u2019re also annoying your readers.\r\n\r\nModern publishers can still use digital advertising, but it needs to be done a bit differently. More suitable digital advertising options now include:\r\n\r\nContent Recommendations: An effective method of encouraging your readers to read more is via content recommendations that are based on metrics such as your past reading subjects, authors and genres. Using platforms like\u00a0Outbrain,\u00a0Taboola\u00a0and\u00a0Revcontent, you can guide potential readers to exactly the kind of thing they like to read about.\r\n\r\nNative Advertising: Another modern paradigm in online advertising is\u00a0native advertising, which can be really profitable when used correctly. What will usually be created in this scenario is an article that is paid for by the provider of the service or product \u2013 the advertiser \u2013 and presented as an editorial. Just be sure that you clearly display the fact it is native advertising or it can come across as disingenuous.\r\n\r\nHowever you look at it, digital advertising is gaining popularity all the time, in fact digital advertising spending\u00a0rose by 13% in the UK in the first half of 2019\u00a0illustrating the fact.\r\n4 Events\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nThe next monetisation tactic on my list deals with events, such as industry conferences, ideas festivals and award ceremonies, which can be accessed exclusively by your existing members as a perk of sorts.\r\n\r\nThis helps your members feel like they\u2019re part of a club, as well as enticing others to join your subscription service for what it offers.\r\n\r\nAn example of what I mean by exclusivity would be to offer\u00a0early bird\u00a0discounts to your subscribers or guaranteed places at certain seminars or ceremonies. Whatever it is that you think your readers will be interested in \u2013 be it a webinar or a physical event \u2013 providing access to it will help to increase your subscriber numbers and drive your revenue in the right direction.\r\n\r\nOf course, events are not an alternative at the moment due to the ongoing corona crisis. Nevertheless: in the medium-term, they will certainly become an integral part of your monetisation strategy again.\r\n5 E-Commerce\r\n\r\n\r\nAnother often forgotten potential monetisation tactic is the marketable commodity of archived publications and prints. Be it for sentimental, personal or business reasons, there is a value attached to not only the iconic nature of certain images, but also to events that took place on certain dates. This can be seen on sites like the one\u00a0run by major publication \u2013\u00a0the New Yorker.\r\n\r\nThe British music and fashion magazine\u00a0The Face\u00a0is an excellent example of the sentimental value placed on iconic images and stories from yesteryear. After having folded back in 2004 due to poor circulation figures, it has been relaunched online on a quarterly basis and\u00a0publicised via Instagram\u00a0with its unmistakable white on red branding. This relaunched publication has been well-received with a whole host of current pop music stars included amongst its virtual pages.\r\n\r\nThe Face has certainly shown that it still has its finger well and truly on the pulse of what\u2019s\u00a0in\u00a0and what\u2019s not, which has undoubtedly been a contributing factor to its renaissance.\r\n\r\nHowever, the cover price is not the only monetisation tactic the magazine\u2019s publishers have created, as there is a wealth of opportunity available for a significant income to be gained via affiliate marketing with the latest cool brands able to be bought on the site via affiliate links.\r\n6 Podcast advertising\r\n\r\n\r\nPodcasts are a popular modern phenomenon that provide value to the services offered by many different businesses across many different sectors. Listeners get to hear not only the interesting topics of conversation included in your podcasts, but you can offer exclusive discount codes and offers that only they will be able to enjoy.\r\n\r\nYou can include adverts, messages from sponsors and as many\u00a0calls to action\u00a0as you think will naturally fit into your podcast.\r\n7 Newsletters\r\n\r\n\r\nWhilst a newsletter might seem like a communication medium from another time, it has experienced something of a renaissance in recent years. Newsletters can still be an extremely effective monetisation tactic for your company.\r\n\r\nThere is much evidence to suggest that it\u2019s far from an obsolete communication medium and actively encourages your readers to visit you more frequently, engage with you more often and increase their spending with you.\r\n\r\nIt\u2019s also a medium that you can analyse and perfect for best results, with your email newsletter open rates, click rates, unsubscribe rates and disappeared reader rates all\u00a0elements that can be tracked.\r\n\r\nAgain by using A\/B testing and adjusting your email newsletter strategy, you can ensure that you\u2019re putting out exactly the kind of content value your readers are looking for.\r\n8 Research and analysis\r\n\r\n\r\nThe last hint on my monetisation list relates to the evaluation of what emerging methods can be used to increase the profitability of your publishing business.\r\n\r\nThe relationship between publishers and advertisers is in a constant state of flux and whilst the publishers\u2019 main output is content, the main power they have comes from the relationships they have with their communities via events, newsletters et al.\r\n\r\nEstablished websites like\u00a0Skift,\u00a0Business Insider\u00a0and\u00a0The Economist Intelligence Unit (EIU)\u00a0produce in-depth reports that can be bought for a reasonable one-off cost or viewed as part of a subscription. Those with a vested interest in keeping a close eye on the precise movements within any given industry will view these kind of reports as having high value.\r\n\r\nThis means that significant ongoing revenues are possible, provided the reports you are producing are in demand.\r\n\r\nThe skillset of your team is a valuable asset and if there are ways, such as reports like those mentioned above that you can produce highlighting movement and trends in your industry, you\u2019ll be able to showcase your authority in your field and your value to your readers.\r\nConclusion\r\nYou simply cannot afford to sit on your current revenue streams in the publishing sector, because the volatile nature of the industry can quickly lead to your company becoming outdated and value-less to your readership.\r\n\r\nWe\u2019ve been through 8 of the most crucial tips to monetise certain aspects of your operation, but there are certainly more.\r\n\r\nIf there\u2019s one takeaway from reading this blog, it should be that if you stand still, you\u2019ll soon end up going backwards in the publishing industry.\r\nThis article was first published on\u00a0purplepublish.com.