It’s the elephant in the room of every newspaper across the country: revenue. With the industry more in flux than ever before, publications are constantly searching for new ways to generate revenue beyond traditional print advertisements and subscriptions.
While there’s certainly no single solution to newspapers’ money flow problem, it’s crucial in this day and age to keep an open mind.
“In today’s environment, newspapers have to be aggressive and proactive,” says Dan Martini, Vice President of Sales for VoicePort, an interactive voice recognition (IVR) technology provider. “Just starting a new project will show what may work and what is possible. There is nothing lost by at least looking into the possibility of trying something new.”
In the market for profit generating ideas? Here are a few tried-and-true tips, according to Martini and the rest of the VoicePort team.
1. Actively seek out inspiration
Don’t wait for lightning to strike; go out looking for it. “The newspaper industry is full of inspiration!” says Martini. He suggests getting out of the office and attending industry conferences to brainstorm with peers in person.
“Publishers should also ask their vendors and business partners what products they offer that can help newspapers with revenue streams and monetization,” he adds.
2. Don’t be afraid to try new things
No newspaper is too small to take big risks. “Small papers can and should thoroughly consider the big ideas before dismissing them as too expensive or too risky,” says Martini.
That doesn’t mean jumping in head first to every opportunity that comes along. It simply means thoroughly considering an idea before openly rejecting it. Do your research with A/B testing, consult papers that have tried similar projects and start small.
3. Find a strategic partner
Another way to mitigate risks when trying out new projects is by collaborating with a knowledgeable business partner. “Business partners want to help their newspaper clients succeed,” says Martini. “Newspaper business partners have worked with numerous other papers and can provide insight into best practices with regard to their offering.”
VoicePort frequently partners with newspapers to help make their big revenue ideas a reality. “VoicePort has a highly talented team of engineers who listen to our clients to better understand their challenges as well as their opportunities,” explains Martini. “Working in partnership, we develop and configure solutions that are flexible and adaptable to address the changing market space and create long lasting partnerships.”
The New York-based company offers a variety of tools and services to help newspapers succeed in today’s challenging landscape. It’s CircPort suite, for example, features a comprehensive package of newspaper solutions, including IVR – an advanced voice recognition product designed to improve customer experiences and increase retention.
“VoicePort’s IVR gives you the ability to look at customer service not just as a cost center, but also as a revenue center to monetize customer service transactions, improve stop saves and minimize discounting,” adds Martini.
To learn more about revenue opportunities and VoicePort, call 585-248-9289 or visit voiceport.net.