Thirty news organizations in the U.S. and Canada grew their total customer lifetime value by almost $10 million as a result of what they learned and applied in the Meta Journalism Project’s Reader Revenue Accelerator program.
Participants set “SMART Goals” (specific, measurable, achievable, realistic, and timely) and kept track of growth in at least three areas: new registrations (such as newsletter subscribers), new paying subscribers or new members, and customer lifetime value. In total, the cohort generated:
• $9.9 million customer lifetime value
• 24,000 new paying subscribers
• 103,000 new free subscribers and 31,000 new site registrations
Here are five strategies a news organization can execute as a way to grow reader revenue: