18 Buckets of Money: Subscriptions
For many people, once they launch a website, they do so thinking that “Ok, now the money will just come rolling in.” Depending
upon the business, they may just do very well. But, having spent the best part of the last 20 years working with websites, I can tell
you that more often than not, it takes a bit of time. Unfortunately, for many businesses (web or otherwise) the number one reason for
failure is under-capitalization. Thus, making money right off the bat serves the long term vision of the business best of all. Because I
wanted my customers to do well (and therefore be able to pay their bill), I looked for ways to create alternative revenue streams,
while the core business would grow in the time they needed. Over a period of time, I was able to discover eighteen of what became
known as the “Buckets of Money”. This is column three in an eighteen column series… so with that said, on with the show.
As a bucket of money, subscriptions is fairly self-evident. So, for that basic part, here goes; with subscriptions what you are tying to
get accomplished is to have people pay a fee to allow them access to some content. As I said before, self-evident. Now on to what I
think of as the exciting part. Let’s visit about some different directions you can go:
- Newsletter – Just because you have the website, does not mean that you have to leave your opportunities to get a message in front of the audience to when they come to you. Consider setting up an outbound campaign, and if your material is compelling enough, charge for the content via a subscription.
- Sectional – Look into building up areas of your website, where specific content is available to those who pay a fee for the access. Of course, as with any subscription arrangement, you need to be certain that you have content that is desired. If you are not certain that your content is worthy, ask your audience. If they express desire in getting more, then you have a shot!
- Micro-Sites – A micro-site is an area of your website, where you give another party editing or publishing permission of their own content. What you want to aim for here, is to have others who create content, that your audience will find interesting. You may need to create multiples of these “micro-sites” so that your audience finds enough value. It could be a case of depth of content in a single area, or it could a case of not much depth in any one field, but with a wide range of fields from which to pull interest. Not only can you charge for the subscriptions to these micro-sites, but you could also find revenues from the entities who are providing the content in the micro-sites!
As you can see, there are multiple ways to make money with subscriptions. Each of these, can prove lucrative. You may even find
significant value in having more than one type! As you will read in a future article, you will also learn that one of these directions
could even produce additional streams of revenue! Those are my favorites, when one bucket spills over into another!
Stay tuned, the next time we are together, we will get to a look into eMail Marketing!