Here’s an idea to steal and adapt: Rethink how you’re delivering content. Scalawag is discovering new audiences and building new relationships through its virtual events.
Diversify and grow the ways you earn revenue from the audiences you buildSubscribe to Updates Innovate, test and develop as many ways as possible to gain revenue from the audiences you build, and the relationships you develop. Avoid the search for silver bullets – for the answer to the new business. Do this by collaborating across all functions of your enterprise with a focus on innovating to growing consumer revenue and advertising and creating, testing and growing a range of new products, services and businesses of value to your target audiences and community.
Big Picture A primer on why news organizations must diversify and grow revenue
No business can survive without revenue and cash to pay for the work – an urgent challenge for metro news enterprises whose revenues and cash are declining.
Here’s an idea to steal and adapt: The Indianapolis Star created a playbook that helps journalists build a business plan for multimedia projects, including how to engage target audiences, acquire subscribers and increase advertising and sponsorships.
Here’s an idea to steal and adapt: Inspired by the Minneapolis Star-Tribune, the Detroit Free Press published its first community impact report to show its readers — and funders — how its journalism drives social change and makes Detroit a better place to live.
Plan Understand the gaps in your news organization and how to close them
What gaps do you have in diversifying and growing revenue? Use these tools to find out.
In order to overcome them, first understand the barriers to succeeding at diversifying and growing revenue.
A quick grid showing the FROM > TO view of success in maximizing revenue from the audiences you build
This section describes ways to track progress and measure success at diversifying and growing your revenue.
Do Actions to close the gap
Here’s an idea to steal and adapt: You have great reporting and writing skills. Use them to get grants and other funding for your newsroom.
The Correspondent reveals how more than a year of relationship building and foundational work led to their successful $2.5 million crowdfunding campaign.
This case study outlines how a nonprofit news organization serving Vermont grew its audience, diversified its revenue base, and secured a game-changing financial investment with an entrepreneurial approach.
You must dedicate a pool of financial and human resources for innovation and name a cross-functional team to guide innovation across the enterprise.
Continuous improvement efforts must be pervasive; everyone has to find better, more effective ways to respond to today’s digital realities. But you also have to pursue fundamental innovation.
Force yourself to explore and consider the full range of revenue possibilities for the products, services and businesses you’re in or might begin.
Drive both continuous improvement and fundamental innovation efforts from a customer-first perspective.
You must manage distinct products/services/businesses from the whole enterprise perspective, including building and monitoring economic performance with ‘whole P&Ls.’