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Make Your Web Magazine Better Today

In the summer of 2014, we launched what we believe to be the first-ever web magazine, I like Crochet. I Like Crochet was Prime Publishing’s first foray into premium content, aimed at readers looking for a higher level of access to unique and exclusive patterns and advice. The web magazine provided this access through fully responsive page-by-page navigation and a searchable library. Four years later, I Like Crochet has undergone a series of upgrades focused on components that will have the most impact on increasing their revenues and profits.

There have been many updates over the last six months, but the first three strategic adjustments we made, are ones that many publishers can benefit from:

First, we updated payment processing systems.

If you’re not on a tier-one payment processing and fulfillment system, you’re leaving money on the table that’s incredibly easy to pick up if you make the best choice for your business. I Like Crochet moved its fulfillment and payment processing to Strategic Fulfillment Group (SFG). This was a massive upgrade based on the success of our other clients who have seen an increase of 20 points from a retention rate of 50% to 70%! This represents a 40% lift over the base in year one and a 121% lift by year five. This is the easiest money you’ll ever earn.

Second, we took advantage of SFG’s “FlexPage” system.

SFG sets the standard on allowing clients and agencies to create new subscription order pages that easily facilitate testing. The faster you test, the more you learn; and the more you learn, the more money you make. This is especially useful if you want to leverage Six Sigma testing.

Finally, we enabled single-copy pricing. 

If someone wants to subscribe to a single issue of I Like Crochet, they will get an offer to sign up for an annual all-access subscription (which includes both web and app editions) for $34.97, while yearly access to a single web issue is $8.97. We did this to create parity around access so that a subscriber to a single magazine issue can get it for 12 months, just like an annual subscription. However, when users see that they can access three or more years worth of back issues in the web library for $34.97, they may do the mental math and decide that if they read just four issues in the next 12 months, it’ll be cheaper to get an annual subscription. Plus, if they were to buy all 28 issues in the archive individually, it’d cost $251.16. It is this overwhelming value creation, a phenomenon from economic behaviorism, that dramatically increases consumer adoption and response rates. We expect the single-copy sales to generate less than 10% of all transactions, but they will create a tempting comparison value that will increase annual subscription sales.

We are already seeing the positive results of these adjustments. If you’d like to explore how we could double or triple your online magazine, newsletter and membership sales, please schedule a free consultation with a member of our executive team.

Posted in Multiplatform Publishing Strategy

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