Hidden Business Model of Medium that you can also use in your Business
Medium.com's enormous success is in its powerful business strategy
Medium is probably the best platform to start with writing. After a launch in 2012, it gained enormous success. It entered with more than 700,000 paid subscribers, making it 35 million dollars in revenue. That enormous success isn’t possible without a powerful business strategy. Here are some powerful business lessons from the medium model. You can use them in your business. They will make a great difference.
PEOPLE DON’T CARE FOR FREE THINGS
Do you remember the last time when you got something for free? Either a freebie, a note roadside or some cash from your parents. Free education, free meals, and freebies are the things for which we don’t care.
We don’t care for free is our nature. This simple behaviour is targeted by the medium. If the small subscription fee of 5$/month or 50$ annually wasn’t there, it wouldn’t have got that much traffic.
REASONABLE PRICE
The subscription fee for Medium is 5$/month. This subscription cost is fairly the best price. Anything can be sold to anybody at this cost. They are offering a very genuine price that is reasonable for most of the globe.
Till now Medium has developed the below-mentioned behaviour-
- It’s not free.
- Reasonable price for almost everybody over the globe
- People will care for the website because they paid for it.
NO LIMITATION
Anybody can publish anything on Medium. Education, money, adult content, relationship, travel, music, art, personal blogs… Art shouldn't have restrictions. Anybody from anywhere can publish anything is a great idea. This idea is probably why anyone can come and enjoy Medium either as a writer or as a reader.
THE GOVERNMENT MODEL
Medium works on a similar principle as the Government. How does a Government earn? It’s mostly by taxes.
Whatever you will do, you need to pay me. I will spend some of it. The rest is mine.
This model is also used by many companies like Apple. You will make an app. The commission from selling anything on Apple Books, Apple App Store, and Apple Music will be shared with Apple. Tell me the name of some similar examples in the comments.
Medium’s marketing strategy-
We pay the writers for their work.
Reality-
They keep the part of the Writer’s work.
So, from both the writer and reader side, Medium is earning.
QUALITY
Users are paying $5/month only because they are finding some value there. This value is created by the writers. Medium has collaborated with other outlets to increase the quality of the content on their platform. They include The New York Times, The Financial Times, The Economist, New York Magazine, Rolling Stone, Fast Company, Bloomberg, CNN, Foreign Policy, The Guardian, and many more. Without investing in quality the Medium can’t grow.
Powerful marketing can take a person to the door f your business. But quality is the one that makes the customer a loyal customer. So, quality means a lot to growing your business. It can take various forms but in the end, you can customer must be satisfied.
USER EXPERIENCE
The user will come to Medium because of simple reasons-
- Beautiful- Medium’s design is obviously one of the most beautiful websites on the web. Fonts are pretty standard. Still, they are fulfilling the demands of every reader and writer. Everything is neat and clean without useless decoration.
- Optimisation- Writing without distractions is one of the best features of Medium. The difference between Medium and Blogger is so straightforward. You will have a lot of options on Blogger. They aren’t available on Medium. But still, that thing adds to the Medium side. It’s because of a simple reason. Medium has kept only the most useful features. Rest all features from the list of Blogger have been removed by Medium. Can you tell me a similar example in the market in the comments? {Hint: Apple}
- Fast- Medium.com is probably one of the fastest social media platforms. A fast website is liked by everybody. We are losing patience in the 21st century. Now, the business owner must provide the customer with an experience that meets their expectations. This thing applies to your business also. Your everything must be faster so that your customer will come for the follow-up visits.
- Algorithm- Medium uses an Algorithm to promote the content that it wants to. Nobody knows how it works. Yeah, it indeed is one of the deciding features why the stories of many writers (especially newer ones) don’t get many views. There isn’t anything wrong with doing that. It makes sense. If every story published on Medium will get equal views as they aren’t filtered by the algorithm then the people will focus on no., not quality. Without the quality, the Medium will die. 5$/month will become a burden on the readers. They are paying 5$ every month because they are finding great value here. So, whenever you start a business (especially online) try to work with a website with the algorithm.
- Personalisation- Whenever you are going a start a business make sure that you will take care of all of your customers. They may have different preferences. But you must make them happy by selling what they love. The same thing is valid for Medium also. It provides personalised recommendations to the people based on their followed writers and the type of stories that the reader has read. This is possible because of the Algorithm itself. My experience with Medium says that this algorithm isn’t made for creating the social media bubble. It is not that much power because we can easily search for newer things on Medium. Perhaps, it usually pops out.
- Collaboration- This also makes the user experience better. Now, you don’t need to leave our platform for any sharing. This collaboration tool of Medium is especially helpful for the people that are writers and need to share the content with others. So, you can also apply the same thing in your business. Make or choose your site in such a way that your lead(client) will be in the range of your business. He/she need not go elsewhere.
- Audio- Again, it’s something that is designed to meet individual needs. Everybody doesn’t like to study but for a lot of people, listening is preferred over reading. Furthermore, it’s getting the customers that can’t read to your platform. It is really a great way to be more generous and more generous to the public. Getting a higher no. of disabled customers can be achieved by you if you will improve your business model accessible to them.
PRIVACY
The 21st century cares about some new topics like privacy and the environment. To this date, I don’t know if Medium is doing anything for the environment. But it is not stealing and selling the customer’s data to third parties.
You should also take care of your customer’s privacy. Your business must add this to your marketing campaign is another lesson from Medium. Are you thinking of a similar company with similar claims? If yes, tell me in the comments.
Getting a permanent customer is hard. But when you get one, congratulations you have expanded your brand!
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