Where does innovation come from?
A lot of time, new initiatives come, only half fleshed out, from the advertising sales department, in response to something an advertiser would like to see to purchase an ad against.
This is counterintuitive to the way the process should work. After all, magazines without an audience wouldn’t exist. So how does an editor learn to monetize his/her idea?
I do think you can monetize the right idea. My company started offering Webinars and charging money for them. I was pretty skeptical about this because there are already so many free Webinars out there. But it turned out to be rather lucrative in some cases.
Monetizing new initiatives usually means taking risks and failing sometimes. Refusing to do this is where I think most publications falter.
Sometimes, the problem is that editors don't think qualitatively and quantitatively when proposing a promising idea.
Every publishing plan needs a dollars and cents section. What amount needs to be budgeted for the proposal? What are the expenses involved? What profit is possible in the immediate future?
Sometimes . . . the numbers, if they are good enough, help swing an idea.
Editorial Solutions, Inc.