Magazine publishers for the education sector cannot be in a more opportunity-rich moment than right now. And yet, many still struggle to grow their revenues. If your magazine is one of those that are either struggling to keep the printers on or grow your stagnating or falling profits, then you have the opportunity to turn things around.
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Overall, the publishing industry is undergoing a transformation. Change in content consumption habits requires publishers to migrate from being a solely print publication to one that’s also available digitally. Digital magazines are the way to go.
People have tablets, laptops, mobile phones and phablets which point to an increasingly on-the-go society. This is isn’t just about your readers. It’s about how people, in general, are changing their habits. They want everything to be convenient and portable.
They want to achieve more with the limited time that they have - make bill payments through their phone, read the latest Buzzfeed article sent to them by their friend, buy that gift for their mom’s birthday, all while walking home to the cafe, going to the gym, or on the train going home from work.
Now, compare that with how your magazine demands to be consumed. If it’s a print magazine, then it’s likely that it doesn’t fit well with your readers’ lifestyles and reading habits. Print magazines are bulky, more expensive and involve a more complex delivery system than having a digital magazine. So, aside from being better for your current readers, here are some other ways you can better earn with digital publications:
1. Expand your geographic reach
When you switch to digital, you can think about having a wider reach and expanding the scope of your focus topics to cater to readers that aren’t just within your delivery man’s area since you no longer have to be limited by your geographical reach. And of course, having a wider reach means new advertisers that may be interested in tapping your expanded readership.
2. Increase your ad space with negligible costs
Having a printed magazine sometimes limits the amount of ads we can display. More pages mean more printing costs after all. Digital magazines, on the other hand, don’t incur the same costs. Of course, we’re not advocating saturating your magazine with ads but at least you have a bit more of a leeway to include more ad pages if you wish.
3. Offer more engaging (and premium-priced) ads
With printed magazines, you are only limited to static image ads or advertorials. With digital magazines, you can start offering more creative and engaging ads such as videos or interactive animations. Since it’s a new form of advertising, you can even put a premium on these kinds of ads allowing you to further earn with digital publications
4. Open new ad revenue streams
Since digital magazines allow clickable links, you can offer advertisers with lower budgets to purchase links where you will place an advertiser’s link within your related articles. If it links to a landing page for a school-management software, then you can look for certain related words or phrases and link them in exchange for a small fee than what you would charge for an image ad.
5. Leverage affiliate marketing
Through tracking links, you can take advantage of affiliate marketing where you get a cut of the profits once one of your readers clicks an affiliate link and makes a purchase. There are many affiliate products to choose from such as online courses, ebooks, actual books and various products. Even Amazon has its own affiliate program so you can definitely find something that fits your magazine. Depending on the affiliate program you choose, you can get 10% of the profits up to even 80% for things like online courses.
6. Up-selling opportunities with subscription packages
Many in the magazine publishing industry have seen the advantage of offering both digital and print subscription packages. A good example to look at is The Economist. You can provide digital only or print only subscriptions but you can also offer the other as an upsell for an added fee. Some readers would want both editions since they like to both have an actual print version on their hands while also being able to peruse through digital archives for past articles.
As you have seen, simply opening up a digital version of your online magazine opens you up to potential revenue-generating opportunities. An educational publisher with a digital magazine will be more successful in the long-run than someone who concentrates solely on print issues.