Posted by Maya Smart on Mon, Mar 15, 2010 @ 10:00 AM
by Maya Payne Smart
Freelancers like us were not the focus of the paidContent 2010 conference. But last month’s gathering of “serious stakeholders” in New York to discuss the economics of content generated a ton of information that our businesses can benefit from.
Here are my five top takeaways:
1. Grow multiple “legs” of revenue. For the past 18 months, I’ve been talking with freelancers about the importance of having multiple streams of revenue flowing into our writing businesses, from article dollars and book royalties to speaking fees and blog ads. paidContent founder Rafat Ali, however, uses the phrase “multiple legs of revenue.” I like this expression better because if we envision our freelance writing businesses as sitting stools, it’s clear that they would topple without at least three supporting legs. Major media companies sell advertising, subscriptions, products and services. I sell articles, courses and multimedia. How about you? What distinct, sturdy income sources will give your business legs this year?
2. Follow the money. I had an “aha” moment when James McQuivey, a vice president and principal analyst for Forrester Research, noted that “People don’t pay for content, and they never have.” People pay for access to content. Publishers have been confused about this for years because content delivery used to be so closely tied to gated analog media (books, vinyl, theaters, newsprint, etc.). With the rise of digital information and devices, it’s clear that consumers are paying for access to content. We’re also shelling out more than ever to get the movies, news and music we enjoy. Need proof? Add up your monthly bills for cable TV, broadband, wireless phone data service, Netflix, digital music and gaming services. The average American has a content bill of $96.84 — and $75.04, or 77 percent, of that is for access.
People will continue to pay for access to content, but ad revenue will drop as dollars get spread across many media and content producers (that’s us) will face considerable competition. To profit in this environment, freelancers need to create content that is not easily replicated or duplicated — and sell it to whoever wields the most control over access to content (e.g., cable and telecom companies, monopoly content rights holders and device makers). There’s a pecking order in play: Producing generic news items commands less pay than producing Lost. As entrepreneurial writers, we need to reconsider the types of content we’re providing and start moving up the food chain.
3. Go local. Globalization may be all the rage, but Hilary Schneider, executive vice president of Yahoo Americas, says that Yahoo is focused on localized content delivery. “Local is digital crack,” she said. “Audiences are consumed with understanding local information, local news, connecting with their local community, and advertisers are just as excited about their ability to localize their offers.” She estimates that this market, which includes different levels and definitions of local, represents a more than $15 billion opportunity. Yahoo is focused on the “national local” piece of this — helping large advertisers like McDonald’s use search traffic and consumer data to drive foot traffic in specific locations. In 2009, Yahoo’s Newspaper Consortium, which sends Web traffic to newspaper sites, brought the papers $100 million in revenue, and that’s just the tip of the iceberg, she said. Later in the day, Devin Wenig, CEO of Thomson Reuters Markets, outlined his company’s plan to bring in local content by creating a “professional content ecosystem” in which local providers can syndicate content. Ask yourself: How can I create sought after local content? And, more importantly, who’s buying?
4. Get niche quick. Rob Grimshaw, managing director of FT.com, said that the Financial Times’ spate of acquisitions of high-end subscription publications shows that “news journalism is not dead.” The acquired digital media companies include Medley Global Advisors, Mergermarket, Exec-Appointments.com, Money-Media and MandateWire. Notably, all relied on niche content, digital business models and intelligent aggregation to sell content for tens of thousands of dollars a year. In a separate talk, Steven Brill, co-founder of Journalism Online, made a similar point: “Online everyone is a trade publisher in the sense that they have to be tightly focused,” Brill said. Freelancers, take note: Specialization pays.
5. Keep an eye on content farms (a.k.a. super-distributors). Rafat Ali cut to the chase when he asked executives from Demand Media, AOL, Associated Content and About.com: “Are you content with driving the economics of the business into the gutter?” His cynicism gave respondents an opportunity to distinguish their offerings from those of competitors. All content mills, it turns out, aren’t created equal. Pay scales, writer credentials and editorial goals differ dramatically. About.com has been around for 13 years and its writers, with whom the company hopes to forge long-term relationships, make between $600 and $1,200 per month on average. In contrast, writers for Associated Content (“the people’s media company”) can expect $1 to $2.50 per 1,000 page views. Marty Moe, senior vice president of AOL Media’s publishing division, says its Seed.com wants to “produce the highest-quality journalism” it can. Associated Content’s CEO Patrick Keane asserts, “We are not a news site; we are not journalists. But we’re democratic and open.”
What these super-distributors share are impressive platforms for managing a high volume of content and paying a geographically distributed network of producers. Over time, I think we’ll see some of these distributors start developing premium brands that publish better, more expensive writing. So while the pay may be paltry now, they bear watching.
As you navigate the new media landscape, which of these lessons are you likely to apply and why?
Posted by Admin Team on Thu, Feb 11, 2010 @ 03:25 PM
by Loren Pritchett
It can be tough to build a stable of clients when you begin your writing career, and it's not easy to sustain one, either. Figuring out where and how to sell stories is the first step ... and the next one and the next one. The following tips offer a fresh take on a recurring challenge.
Tap Alumni Networks
Join your alumni association to find new clients and receive job posts through their listservs. Most alumni groups allow users to post resumes, company information, and career opportunities. Once you have identified a potential client, make contact (be sure to reference your connection with the alumni network), highlight your experience, and express interest in working with them.
Bonnie Newman Davis, a Richmond-based freelance writer, nabbed writing work with the National Urban League through a fellow alumna. "I landed this opportunity from having worked with the NUL's director of public relations, who happened to be a graduate of my alma mater," she said. "I recall mentioning that I'd love to work for the NUL. Next thing I know, I had the assignment."
Leverage Social Networks
As more Americans log onto social-networking sites, freelance writers can obtain significant exposure by putting professional profiles and work samples online.
LinkedIn.com allows users to post a summary of their skills, education and experience -- and connect with like-minded professionals. A LinkedIn profile can help you rub virtual elbows with other writers, collaborate on story ideas, and find jobs. What's more: By reinforcing your ties with existing colleagues, you can increase your chances of being noticed and contacted by new editors.
Facebook.com, albeit more focused on users' interests and hobbies than their careers, lets users add previous clients as "friends." Some freelancers use it to stay in touch with their colleagues and provide updates on current assignments. Facebook also allows you to post paid ads that can help attract new clients.
New York-based writer Iyna Bort Caruso, a two-time New York Emmy Award Winner, has found the most success with Twitter.com, where users "tweet" updates to those who follow their profile. "For my purposes, Twitter has the most potential. I use it to promote my work, but I also use it to share my expertise. Eighty to ninety percent of my tweets are writing-related," she said. "So I think it is important to maintain focus if you're using social networking for professional purposes."
Caruso encourages writers to try to stand out in the crowd by tweeting about their specialties, credits and versatility. Her recent tweets offer advice on getting the most out of an upcoming American Society of Journalists and Authors (ASJA) convention, let followers know she's taking an InDesign course, and that a productive week for her includes writing seven 30-second cable spots, completing two articles and pitching a new book idea. “Tweeting about the projects I'm working on and linking to select articles I've written gives me a chance to showcase my work," she explained. "I also think editors and book publishers will increasingly seek writers with large social networking platforms for cross-promotional purposes." When Caruso posts a link to a story she has written for a publication, her followers drive more traffic to its Web site, she said.
Caruso also recommends following the Twitter feeds of editors from the publications that you like. This will give you a better grasp of what kinds of stories they run. "You can better target your queries," Caruso said. Following others will also help you keep an eye out for hot topics and conversations--gossip, commentary and opinions may make good story ideas.
Be Active in Professional Organizations
Join professional organizations to narrow your focus and zero in on industry professionals. Groups like the Society of Professional Journalists, National Press Club and the Society of American Business Editors and Writers host conferences, online courses, industry events and discussion boards--all of which enable networking.
Although mere membership in a professional organization can bolster your resume, Davis stressed the importance of getting involved. "I can't say enough about the benefits of being active in--as opposed to simply belonging to or being a member of--a professional journalism organization. You will gain nothing by just paying your dues and attending a meeting every now and then. You have to take ownership and be involved."
One way to be involved is to attend the conferences and courses it offers throughout the year. You'll likely not only learn new skills, but also meet new people. Seize the opportunity to introduce yourself to editors you've already pitched or would like to work with in the future. This is your chance to make a good first impression, one that puts a face on your e-mail correspondence.
Caruso said she frequently makes connections at industry events. "If I look at my regular clients, I can see that many came through referrals, so I'd have to say that belonging to professional writers' associations and networking with other freelancers has been my most effective strategy."
Posted by Admin Team on Fri, Feb 05, 2010 @ 01:02 PM
For the past two weeks, I've been interviewing freelancers who'd like to participate in Writing Coach PRO, a group coaching program that starts Feb. 15. I'm truly impressed and inspired by their stories--not just the ones that they've penned for publication, but their personal tales of how they've navigated tough economic times. They shared the triumphs and setbacks they've experienced while working amid media industry consolidation, declining pay rates and other editorial changes. Despite the turmoil, they all expressed confidence in their potential for long-term freelance success.
In response, I shared my vision for the way forward: a small community of skilled writers working together to implement proven business strategies and hold one another accountable for taking action. Today I invite you to join our circle and commit to taking your freelance business to the next level. Only 15 spots remain.
Want more information? Check out the frequently asked questions below or visit www.writingcoach.com/gopro for details. Or, if you're ready to go PRO now, e-mail margaret@writingcoach.com to set up a time to chat with me. I look forward to hearing your stories!
Why is this program six months long?
Writing Coach PRO is designed to help writers transform their businesses. This takes time, support and accountability--something that shorter programs don't provide. Upgrading your Web site, honing your business sense, building a support team and getting your finances in order simply can't be done in a couple of days or weeks. I'm committed to seeing you through and will only work with writers who are dedicated to building their success over the long haul.
Why is the price so low?
I know that many freelancers are struggling right now to cope with declining pay rates and publication closures. I wanted to offer a high-quality course that was accessible and affordable. My research shows that $97/month achieves both: You get expert materials for a bargain price.
How did you choose which topics to cover?
I've taught the business of writing to hundreds of freelancers at conferences, over the phone, online and in person. Through our conversations, I've identified the key areas where people get stuck--marketing, project/time management, finances, technology and outsourcing. Writing Coach PRO was designed to address each of these topics in-depth with live calls, resources lists, action guides and online support.
How does the PRO program differ from other Writing Coach courses?
Length. Depth. Breadth. Other Writing Coach courses provide overviews of business concepts or drill down into a single topic in-depth. The PRO program is designed to give students a complete blueprint for establishing and maintaining a thriving writing business in today's difficult economic climate. It is intensive and ambitious. It's also selective: Each prospective student is interviewed to make sure that he or she is a good fit, and admission is capped at 30.
How do I know if I'm a good fit for Writing Coach PRO?
In general, this program caters to published writers who want to take their businesses to new heights, in terms of quality and quantity of clients and profits. The students admitted to the program so far include veteran newspaper reporters who hope to break into higher-paying magazine and Web site markets, finance and accounting professionals who hope to sell content directly to consumers online, and social media pros who are looking to turn their followers into customers. Although their backgrounds vary, they share a strong desire to get paid top dollar for the content they produce. (If you fit this description, please to fill out the application at writingcoach.com/pro or e-mail Margaret@writingcoach.com to schedule a time to chat with me.)
How soon do I have to pay?
Payment is due prior to the first class on Feb. 15 at 7 p.m. EST. If you're interested, please don't delay because there are only 15 spaces left.
What if I have a prior commitment on Monday nights?
All of the sessions will be transcribed and recorded so you can tune in at your leisure. I'm also open to hosting additional Q&A calls on other nights if enough group members are interested.
Where can I go to read about the course's features and benefits?
www.writingcoach.com/gopro
