In response to declining print sales over the last few years, publishers have experimented with new business models. A trend has emerged, and indications are that it’s here to stay: memberships add value and strengthen the relationship between publishers and their customers.
Proven Benefits of Memberships
In 2014, DigiDay reported that membership models are successful revenue drivers that increase customer loyalty. By offering membership perks such as access to exclusive content and events, publishers engage their customers and dramatically improve subscription renewal rates. These perks also open previously untapped revenue streams
A year later, journalism professor Jake Batsell explained to media association FIPP that membership offerings are beneficial to both non-profit and for-profit publishers. Jake found that membership models help identify a publisher’s most valuable customers and then allow those customers to be targeted with personalized offers that are based on content consumption, event attendance, and membership participation. Memberships therefore increase customer loyalty, and for non-profit publishers, loyal members could become valuable donors.
At around the same time, Craig Barnwell, head of customer knowledge at Dow Jones, described how membership models strengthen the relationship between publishers and their customers. He confirmed that these strong relationships can be monetized by creating a mutually beneficial environment for publishers and consumers. In a world where consumers are less and less willing to pay for content, creating strong relationships is critical for both sides---members get access to meaningful, tailored products, and they are willing to pay for this premium access.
So what’s the takeaway message?
Memberships are becoming ever more relevant for the publishing industry, and membership models can take many shapes and forms depending on an organization and its customer base. To help you implement the right model for your organization, AdvantageCS is launching Members Advantage. We have you covered if you want to give your members access to exclusive content, organize member conferences and events, or offer special membership pricing and other benefits.
Please contact us to discuss your ideas and requirements, and we’ll be happy to schedule a free demonstration.