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How to charge for content – or not

by Randall Craig on November 14, 2014

Filed in: Blog, Make It Happen Tipsheet, Marketing, Strategy

Tagged as: ,

You may have considered how content can be used to attract new members, new clients, or new partners.  But for all of the talk about Inbound Marketing, you are stopped by two simple questions:  If the content is so valuable, why should we give it away for free?  And if it isn’t valuable, then why would anyone be interested?

First, a definition: inbound marketing is the family of value-adding content or functionality that exposes you in the context of your expertise, when people search Google (or Social Media) for ways to solve their problem.  It demonstrates your expertise by example, and then builds participation and engagement in your organization’s community.  Content is at the core of inbound marketing.

Content comes in many forms, but is only relevant when viewed from the perspective of the content consumer.  How might a specific type of content, delivered through my preferred channel, help me?

The old paradigm of marketing was clear: if you were part of the club (eg member, client, alumni, etc), then you got things for free.  It was a perk of membership.  If you were outside of the fold, then you paid.  Yet, in today’s inbound marketing world, the more that is released for free, the more likely you (and your organization) will be discovered and credentialized.

Content pricing approach:  It is easy to price the content based on the cost of creation, versus value to the content consumer, but thankfully these are approximately aligned. Yes, the content at the top of the continuum should have a fee attached to it, while content at the bottom should be free.  But where in this list should the line be drawn between fee or free?

  • Consulting or Coaching
  • Master Class
  • Workshop
  • Live keynote speeches
  • Toolkits
  • Research and Survey results
  • Monthly membership site
  • Traditionally published book
  • Self-published book
  • Webinar and Webinar “Replay”
  • Teleseminar and Teleseminar transcript
  • Trade magazine article
  • Ebook
  • Nurture marketing email sequence
  • White paper
  • YouTube video
  • Text message
  • Email
  • Blog post/Website article
  • Tweet

Instead of the older fee vs free paradigm, consider a model where content falls into four categories, each with characteristics designed to increase engagement and affinity to the organization:

1) Free content:  Content in this area might include the organization’s blog, YouTube videos, Twitter, and possibly content on other venues.  The idea is that content lives and is propagated throughout Social Media: the primary goal of free content is to improve discovery.

2) Freemium content:  This is content that can only be accessed via an exchange of contact information – eg registration.  It may include whitepapers, special videos, newsletters (real world and email).  The purpose of this higher-value content is to credentialize the organization more deeply, while also capturing a marketing-qualified lead into a CRM system.

3) Client (or member) content:  There are privileges to being part of the group, and the availability of certain types of content is one of them.  This might include toolkits, research, directories, and discussion forums.  The purpose of this content is to demonstrate the value of membership, while also helping member retention.

4) Pay-per-view content:  This is special, high-value content that is only available to members/clients, for an additional fee.  This might include survey results, webinars, and live events.  The purpose of this content is to build revenue and improve retention for specific segments, without forcing the cost of content development on the membership (or client base) at large.

The key benefit of this approach is that it is target-led: they choose their own rate of content consumption. As they see greater value, they will invest more time, self-qualify through registration for freemium content, and ultimately respond positively to a direct contact.  And for organizations who create content on an ongoing basis, it provides a pathway to build these relationships – and then monetize them.

This week’s action plan:  Inventory the content that you currently have, along with the content that you are considering creating over the next three months.  Then divide the content into each of these four categories.  Even if you don’t have the tech infrastructure to host each category right now, at least you will be moving slowly towards this goal.

Note: The Make It Happen Tipsheet is also available by email. Go to www.RandallCraig.com to register.

Randall Craig

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Randall has been advising on Web and Social Strategy since 1994 when he put the Toronto Star online, the Globe and Mail's GlobeInvestor/Globefund, several financial institutions, and about 100+ other major organizations. He is the author of seven books, including the recently released "Everything Guide to Starting an Online Business", and speaks across North America on Social Media and Web Strategy. More at randallcraig.com and 108ideaspace.com.

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