{"id":215001,"date":"2021-06-23T10:14:00","date_gmt":"2021-06-23T14:14:00","guid":{"rendered":"https:\/\/www.lionpublishers.com\/?p=215001"},"modified":"2022-01-21T16:40:33","modified_gmt":"2022-01-21T20:40:33","slug":"spending-money-to-make-money-how-a-smart-paid-acquisition-strategy-can-help-grow-your-news-business","status":"publish","type":"post","link":"https:\/\/www.lionpublishers.com\/spending-money-to-make-money-how-a-smart-paid-acquisition-strategy-can-help-grow-your-news-business\/","title":{"rendered":"\u2018Spending money to make money\u2019: How a smart paid acquisition strategy can help grow your news business"},"content":{"rendered":"\n<p id=\"7579\">It\u2019s a classic chicken-or-egg problem for news businesses: You need an audience to make money, but you often need to&nbsp;<em>spend money<\/em>&nbsp;to grow that audience at some point in your journey.<\/p>\n\n\n\n<p id=\"5a8a\">In&nbsp;<a href=\"https:\/\/newsentrepreneur.slack.com\/archives\/C023MA96SP9\/p1623948402160600\">our latest \u201cAsk Me Anything\u201d chat<\/a>&nbsp;in the&nbsp;<a href=\"https:\/\/lionpublishers.com\/join-our-news-entrepreneur-community-on-slack-7f2867619c91\">News Entrepreneur Community Slack group<\/a>, LION Resident Expert&nbsp;<a href=\"https:\/\/www.linkedin.com\/in\/phillipadsmith\">Phillip Smith<\/a>&nbsp;answers your burning questions about paid user acquisition, including:<\/p>\n\n\n\n<ul><li>How should I decide what platform to use for my paid acquisition?<\/li><li>What\u2019s a good cost per new subscriber if I\u2019m advertising an email newsletter?<\/li><li>Is it possible to convert people directly to paid products such as memberships or subscriptions?<\/li><\/ul>\n\n\n\n<p id=\"5eec\">Here are a few highlights from the AMA conversation with Phillip Smith, edited for brevity and clarity:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"6f04\"><p><strong>What tips do you have for someone who\u2019s trying paid acquisition for the first time?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"4e16\">My #1 tip always comes back to the practice of running \u201cgood\u201d experiments, i.e. follow these very simple quasi-scientific rules for not fooling yourself:<\/p>\n\n\n\n<ul><li><strong>State the hypothesis up front<\/strong>. For example: \u201cWe believe investing $1,000 in paid acquisition will result in 1,000 new subscribers in 30 days.\u201d<\/li><li><strong>Give the experiment a time constraint<\/strong>&nbsp;(in this example, 30 days) because any experiment run long enough will likely \u201csucceed.\u201d<\/li><li><strong>Run the experiment<\/strong>. And when it\u2019s done, evaluate the results objectively!<\/li><\/ul>\n\n\n\n<p id=\"10a5\">In summary: Design the experiment like you\u2019re right, test like you\u2019re wrong. Then iterate from there. If your experiment almost met the target and you decide you want to \u201cpivot\u201d (make a small change), then start by stating a new hypothesis and timeline. For example: \u201cWe believe that improving the copy and images of the ads will increase conversions by 10% in 30 days.\u201d<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"5d1d\"><p><strong>That\u2019s such good advice. Is there also danger in nottaking<em>&nbsp;enough<\/em>&nbsp;time to design the experiment, and then writing it off as a failure too soon?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"8149\">100%. A lot of publishers turn off their first campaign within days (or hours) because they see one conversion come in at, say, $30, and they freak out. But the point of the experiment is to&nbsp;<em>learn,<\/em>&nbsp;and you have to invest in that learning to improve (and to be able to estimate the future potential).<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>You can&nbsp;<a href=\"https:\/\/newsentrepreneur.slack.com\/archives\/C023MA96SP9\/p1623948402160600\">read this whole AMA conversation on Slack<\/a>&nbsp;if you\u2019re a member of the News Entrepreneur Community Slack group \u2014 or you can&nbsp;<a href=\"https:\/\/airtable.com\/shrLqAMYwPvUVRBXI\">request an invite here<\/a>.<\/p><\/blockquote><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"b78d\"><p><strong>How should someone decide what platform(s) to use for their paid marketing?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"26d0\">I\u2019d start with the question: Where is my audience (or the audience I want to reach) consuming content on a daily basis? If you\u2019re a business publication, that might be LinkedIn, for example.<\/p>\n\n\n\n<p id=\"e802\">At the&nbsp;<a href=\"https:\/\/phillipadsmith.medium.com\/introducing-journalism-growth-lab-7911ae2a52f\">Growth Lab<\/a>, we always start the publisher off with an exercise of creating \u201cavatars\u201d or personas for their current audience, and also for their aspirational audience. Part of that exercise is to think about what they\u2019re reading, watching, or listening to today.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"6d90\"><p><strong>If someone is trying to acquire email sign-ups for a newsletter, what is a reasonable cost per new subscriber?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"c1a7\">That question gets asked a lot and, unfortunately, the over-simplified answers tend to miss the mark a bit.<\/p>\n\n\n\n<p id=\"a91b\">The important thing to consider is not a specific dollar figure, but rather what a publisher&nbsp;<em>should<\/em>&nbsp;pay to acquire a newsletter subscriber. Here are the consideration points:<\/p>\n\n\n\n<ul><li>An estimate (from non-paid efforts) of how many newsletter subscribers per 100 might convert to a paying donor\/member\/customer\/etc.<\/li><li>An estimate (historical) of the&nbsp;<em>lifetime<\/em>&nbsp;value of the publication\u2019s donors\/members\/customers, or, if you sell advertising, how much an advertiser pays per 1000 subscribers (i.e. CPM)<\/li><\/ul>\n\n\n\n<p id=\"2211\">Without that information, it will be challenging to know what to pay. You could go by what\u2019s typical in the industry, but that would not be specific to your situation. For example, if 1 in 100 subscribers donate, and the donation average is $50 (and the project is too young to estimate future donations), you\u2019ve got a 1% conversion rate and $50 lifetime value.<\/p>\n\n\n\n<p id=\"8aa5\">Thus, if you are paying $1 per lead (or $100 for 100 leads), you are going to grow your list but lose money because you\u2019ll average $50 in donations for every $100 spent on lead ads. So, I\u2019d encourage everyone to do the basic math to figure what you can\/should be paying per lead!<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"9f98\"><p><strong>Can you explain how that cost-benefit analysis might work for a news site that monetizes primarily through advertising?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"1e8a\">Sure! If a publisher is selling a newsletter sponsorship on a CPM basis, it\u2019s a bit easier to do the math (and there\u2019s more incentive to grow the size of the list because that would make more CPMs available). So, let\u2019s say that the newsletter CPM was $100, meaning that your advertiser(s) pay $100 per 1000 newsletter subscribers. In that scenario, you know that there\u2019s only an additional $100 to be made from adding 1000 subscribers to the list, so the value per subscriber in terms of revenue is small, only $0.10 in this example.<\/p>\n\n\n\n<p id=\"b8f5\">So if that publisher was paying, say, $1.50 per lead, they\u2019d be&nbsp;<em>losing a lot of money<\/em>!However, if it was a fixed-rate sponsorship of the newsletter that was not dependent on audience size directly, there\u2019s a lot more flexibility in that cost per lead because they\u2019re not directly related.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"bea2\"><p><strong>The conversion funnel you\u2019re describing here involves at least a couple steps to get to monetization. Is it possible to use paid acquisition to convert people&nbsp;<em>directly<\/em>&nbsp;to a paid membership or subscription product?<\/strong><\/p><\/blockquote>\n\n\n\n<p id=\"c86c\">Yes, we\u2019ve been working with one publisher for more than a year now on just that: driving paid subscription directly. We\u2019ve just surpassed 5,000 paid subscribers. It can work, absolutely, and is often less expensive than other marketing channels \u2014 but there needs to be a strong value proposition!<\/p>\n\n\n\n<p id=\"fe4d\">Membership is harder because it\u2019s a bit more ephemeral than a physical subscription or a digital subscription that provides special access to content. In that case the membership value proposition needs to be even better! And it\u2019s often helpful to tie the membership ask\/CTA to some value provided in advance, like an event or a time-sensitive moment.<\/p>\n\n\n\n<p id=\"47d3\">The problem here is that the cost to convert someone directly to membership can be A LOT higher than acquiring emails, so you\u2019ve got to do the math first, and then really build a strong value proposition and some urgency into the ask.<\/p>\n\n\n\n<p id=\"b666\"><em>Want more paid acquisition advice from Phillip Smith? You&nbsp;<\/em><a href=\"https:\/\/newsentrepreneur.slack.com\/archives\/C023MA96SP9\/p1623948402160600\"><em>can read our full AMA conversation on Slack<\/em><\/a><em>&nbsp;if you\u2019re a member of the News Entrepreneur Community Slack group \u2014 or you can&nbsp;<\/em><a href=\"https:\/\/airtable.com\/shrLqAMYwPvUVRBXI\"><em>request an invite here<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p id=\"4869\"><em>And here are some other posts Phillip has written about paid acquisition:<\/em><\/p>\n\n\n\n<ul><li><a href=\"https:\/\/www.lenfestinstitute.org\/news-technology-innovation\/smart-investments-in-paid-lead-acquisition-to-grow-membership-or-spending-money-to-make-money\/\"><em>Smart investments in paid lead acquisition to grow membership (or, spending money to make money)<\/em><\/a><\/li><li><a href=\"https:\/\/www.lenfestinstitute.org\/news-technology-innovation\/spending-money-to-make-money-part-ii-case-studies-of-newsrooms-using-paid-acquisition\/\"><em>Spending money to make money, Part II: Case studies of newsrooms using paid acquisition<\/em><\/a><\/li><li><a href=\"https:\/\/trypico.com\/thebyline\/paid-acquisition\/is-your-newsroom-doing-paid-acquisition-right#the-time-to-start-experimenting-with-paid-acquisition-is-now\"><em>Is your newsroom doing paid acquisition right? Here are 10+ examples to check against<\/em><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Read the highlights of our \u201cAsk Me Anything\u201d conversation with LION Resident Expert Phillip Smith.<\/p>\n","protected":false},"author":673,"featured_media":215004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,135],"tags":[137,132,133,136],"coauthors":[176],"featured_image_urls":{"full":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money.png",1280,865,false],"thumbnail":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money-150x150.png",150,150,true],"medium":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money-300x203.png",300,203,true],"medium_large":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money-768x519.png",768,519,true],"large":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money-1024x692.png",1024,692,true],"1536x1536":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money.png",1280,865,false],"2048x2048":["https:\/\/www.lionpublishers.com\/wp-content\/uploads\/2021\/06\/How-to-spend-money.png",1280,865,false]},"post_excerpt_stackable":"<p>Read the highlights of our \u201cAsk Me Anything\u201d conversation with LION Resident Expert Phillip Smith.<\/p>\n","category_list":"<a href=\"https:\/\/www.lionpublishers.com\/category\/news\/\" rel=\"category tag\">News<\/a>, <a href=\"https:\/\/www.lionpublishers.com\/category\/news\/resources\/\" rel=\"category tag\">Resources<\/a>","author_info":{"name":"Ben DeJarnette","url":"https:\/\/www.lionpublishers.com\/author\/bdejarnette\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - 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