A diverse portfolio of revenue is key in long-term success for a variety of industries these days, and publishing is no exception.
Putting all your eggs in one basket has rarely been a smart idea in business, but many companies have recently spent a bulk of their focus on generating revenue from only a handful of sources, such as social media channels.
And with these channels charging more and more each year for advertising — with fewer returns on investment — it’s vitally important that publishers change their approach.
Here are a few simple steps publishers can take in order to diversify their revenue sources and have a higher chance of growth in the long-run.
Awareness and Evaluation
As is the case in most challenging circumstances, awareness of the current situation must come first.
If you’re a publisher that has been spending a bulk of your time and money advertising on walled gardens like Facebook or Twitter, then you’ll need to know whether or not doing so is actually benefiting your organization.
And maybe it is a benefit, but you should also evaluate how well it is working as a revenue-generating tactic. If it’s not working as well as it should, it’s definitely time to begin exploring additional options.
Test New Strategies
Consider trying out various solutions to see what delivers the highest revenue.
Maybe consumer revenue programs, such as membership paywalls, or utilizing commerce strategies are the way to go. Many publishers are beginning to have success with adding revenue streams like merchandise, events, and subscriptions.
Invest in Native Advertising
Not only is RevContent a leading provider in the native advertising space for publishers, but our native advertising widget is effective and easy to use. It’s no wonder some of the top publishers out there today (think: Forbes, The Atlantic or Newsweek) rely on us to generate more revenue for their businesses.
With over 250 billion content recommendations per month across dozens of the biggest websites, RevContent is the go-to for successful native advertising campaigns. We’ve created a technology that helps advertisers gain exposure while offering website owners a way to monetize their content and audiences.
Learn more about who we help and how you may be able to benefit from native advertising today.