The pandemic saw a historically high surge in media consumption and media audience growth. However, data heading into 2022 painted a bleaker picture. After two years of easy wins in the attention economy, media companies now face an attention recession. 

Getting it right in the attention recession 

Today, we face a difficult environment for media companies to prosper. That said, a few companies are getting it right and provide valuable lessons. The New York Times is one of them. The NYT managed to harness the temporary surge in media consumption and direct it into unprecedented growth for its new subscription services. While it has long been a leader in capturing subscriptions, the NYT was able to take the boom of the last two years and build upon it as part of a long-term revenue strategy. 

The key to their success? An ambitious and high-quality multichannel strategy. The NYT didn’t just farm its audience’s surging interest for clicks and ad revenue. Instead, it created a unique brand connection by remaking their product offering into a complete, multichannel media experience. They added new subscription services for games, cooking, sports and more and evolved the brand into a kind of one-stop shop for media engagement. 

And while The New York Times’ success stands out, it is also replicable. Media companies simply need to apply the core lesson: Gone are the days when customer attention was cheap and easily won with ad spend. Instead, the products that will drive revenue in the future will deliver a multi-or omnichannel experience that creates unique, differentiated value for the consumer.

Building for that kind of experience for your audience might seem daunting. But it can be done. 

Valuing customer’s attention

It starts with constructing a revenue model that values your customer’s attention as much as they value it themselves. Too many media companies are afraid to transition to premium content providers. They worry if they develop content consumers have to pay for, they’ll be left behind for whoever can afford not to set up a paywall. 

But that fear is misguided. Time and time again, consumers have shown they are more than willing to pay. However, they have to feel they are paying for something worthwhile. Most value their time, and the quality of how they spend it, more than they value saving a few bucks per month. 

So, don’t be afraid of the subscription model. Instead, focus on developing the kind of unique, premium content that makes a subscription worthwhile.

Creating strong customer relationships

That said, embracing the subscription model won’t be enough if consumers don’t feel connected to your brand. There’s just no getting around it: Strong customer relationships matter. Seventy-six percent of consumers say they would buy from a brand they feel connected to over any competitor. To succeed, you need to be more than just a content provider; you need to become a brand that customers feel connection and loyalty toward.

Creating that brand connection is one of the key components of today’s omnichannel experience. Almost three-quarters of consumers already use multiple channels when interacting with brands. Each channel presents the consumer with a swarm of touchpoints with your brand; you need to be reaching them across each one, and weaving a coherent brand story and image into each of those touchpoint encounters.

Exceptional customer experience is key

Finally, a key takeaway for any media company is to optimize for customer experience and not just views. In today’s media ecosystem, plenty of consumers are experiencing digital fatigue with how their attention is used and abused. Media consumers aren’t just downshifting their consumption patterns; they’re overloaded and overwhelmed. 

Attention-grabbing tactics won’t work any longer, and consumers are getting tired of clickbait. You want to optimize, not for views and clicks, but for a daily habit of interaction. Getting there starts with a media experience that can be enjoyed daily. And that starts with creating an owned media content experience that is high-quality and differentiated. 

Consumers today constantly engage with a wide array of digital products and services across multiple channels, devices, and platforms. Compelling customer experiences that leverage multi-channel engagement can build lasting, continuous relationships with consumers. And these relationships will form the backbone of revenue streams that will outlive the attention recession. 

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About the author

Chris Hansen is the Senior Vice President of Communication, Media, and Technology at 3Pillar Global. 

Getting a user to register is far easier than getting a user to pay—users shown a registration offer have a 1.69% median conversion rate, vs. 0.26% for a paid subscription offer.

The good news is that registered users are more likely to become subscribers. But it can take some time for them to convert. The best practices below can help you attract more registrants and ultimately push them down the funnel to become paid subscribers.

Asking the right users to register

The first thing to recognize is that a registration offer may not be the right path for all user segments. So publishers must be strategic on how to segment audiences and determine who to convert quickly as registered users, vs. those who should only see the paid subscription offer.

Email is the leading referrer when it comes to acquiring subscribers, according to Piano data, which validates the registration experience for anonymous users who are coming from lower-performing referral sources (search, social, etc.). Those coming from email could be more apt to convert, so you might show them a paid subscription offer right away. However, you should consider introducing a guest pass or trial for users who arrive on-site from lower-performing referral sources.

Another way to segment the appropriate users to show a registration offer is algorithmically, or through machine learning. If you can determine a user’s likelihood to subscribe, you can ask those who aren’t as likely to instead register. It’s a common “first ask” in the customer journey and a solid tactic to engage the user with your publication and content.

Converting registered users to paid subscribers

When you do get someone to register, how do you keep them engaged and ultimately to become a paid subscriber? It’s not uncommon to wonder whether registered users will ever subscribe, but a smart strategy can ensure that the registration experience does not impact your conversion rates for users who are more likely to become a subscriber.

Some users convert quickly on their first day or first week as a registered users, but many more users will take a month or more to become paid subscribers. These numbers can help you model potential subscriber growth over time.

Some tactics you might implement to encourage paid subscription include:

Collect first-party data

By analyzing your registered user group, define how many have hit a content lock and have not subscribed. Do they warrant a different journey? There are always going to be users that just won’t pay, so collecting more first-party data to build those users’ profiles can help you tap into more advertising opportunities and generate revenue outside of subscriptions.

Make a ‘“crazy” offer

Offer a great deal at a steep discount because it just might be an offer your audience can’t refuse. Not all users will warrant this offer. However, by segmenting those that visit often but never subscribe, this may push them across the conversion “finish line.”

Target logged-in no-access users

Running promotions outside of your content lock is a good tactic to target users who are logged-in but aren’t subscribed to your site. Less intrusive on-site messaging can show users an offer while they’re reading “free content.”

A few more registration best practices

Whatever your strategy or how a user registered, treating registered users the right way will help lift conversion rates:

Create a clear value exchange

Whenever possible, connect the registration to the user benefit. It’s not just about registering, but becoming a member, getting these exclusive benefits, getting something tangible in exchange for providing your information. This messaging tends to increase conversion rate and make user consent more likely.

Minimize friction

Utilize email-only registration or social signups for ease of registration and collect additional information over time. You might consider a passwordless initial option to get users in the door, then you can capture other data later on in the user journey.

Be transparent

If you are collecting additional information, tell the user how you’ll use it and what the benefit is for them. For example, don’t just use their email address for ongoing subscriber acquisition emails. Give them something they want and will engage with, like an email newsletter.

Treat registered users like customers

It may take time, but registered users are likely to subscribe, so treat them as you would a valued customer. Create an onboarding experience for registered users as you would for a new subscriber.  Encourage engagement, highlight user benefits and provide relevant content recommendations.

A registration experience can unlock a lot of additional value for your publication, but only if you proceed with caution so you don’t impact your existing paid subscription offer. Treating these users like customers with a clear value exchange will ultimately help audiences cross the finish line to become paid subscribers.