Explore the full range of revenue possibilities — continuously
Douglas K. Smith, Quentin Hope, Tim Griggs, Knight-Lenfest Newsroom Initiative,It’s essential for your habits of mind to shift from automatically limiting revenue possibilities to subscriptions and advertising to consistently, comfortably and confidently considering, exploring and testing additional possibilities. The innovation team must guide itself and everyone else toward practices that are more inclusive.
One way to begin is to use this table (also included earlier) as a checklist and prompt:
Generally speaking, any product or service or business you might pursue can earn revenues in a full range of ways. Consider, for example, eCommerce possibilities such as selling products and services directly or through referral. You might monetize through one or more of the following approaches:
- Single unit sales in the manner of most consumer goods
- Commissions and/or referral fees for sales
- Membership dues for access to an ongoing set of offers
- Selling data to third parties
- Fees for group purchasing discounts