Publishing In A Down Economy
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Publishing In A Down Economy

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Publishing In A Down Economy Publishing In A Down Economy Presentation Transcript

  • RISE ABOVE THE RECESSION Publishing in a Down Economy
      • Assess Performance
      • Innovate
      • Protect Profits
      • Revenue Diversification
      • Partnering
      • Staff Consolidation and Retraining
      • Accountability
    Getting Through Dark Times
    • Assess Performance
      • Strategy first, cost-cutting second.
        • Cutting costs across the board seldom leads to effective results.
        • Focus on balance and getting operations in their best possible shape for the long term.
    Getting Through Dark Times
    • Assess Performance
      • Strategy first, cost-cutting second
        • What's needed is a clear sense of purpose around which to rally people's imagination, so that your core activities are done very well while those things that are less central are eliminated altogether.
        • Your value proposition to management/board, readers, and advertisers must be clearly stated and communicated consistently.
    Getting Through Dark Times
    • Assess Performance
      • Beware the hidden dependencies among different parts of your operations when you are evaluating areas to cut.
      • Analyze the what’s in your business.
        • What's" are the specific things a business needs to accomplish, as opposed to the process they typically use to accomplish it.
        • Some are high value; some are not. Understanding the difference can give you great insights into where you can safely pare away and where you should leave well enough alone.
    Getting Through Dark Times
    • Assess Performance
      • Key areas to review include:
        • Finance
          • sources of income,
          • cash flow,
          • expenses as a percentage of revenue
    Getting Through Dark Times
    • Assess Performance
      • Key areas to review include:
        • Advertising
          • adv to editorial ratio within the pages of your magazine,
          • raise rates annually,
          • net income per page,
          • be strategic with targeting and time management in adv sales
          • cost of sales – range spent is typically 20 to 22% of all income for the publication
    Getting Through Dark Times
    • Assess Performance
      • Key areas to review include:
        • Content
          • are there ways you can use the content you have created for the print magazine in other formats that can generate revenue?
            • books – example: Kentucky Living, Tennessee
            • e-newsletter – example: Alabama Living
            • Web site – example: ?
    Getting Through Dark Times
    • Innovate
      • Tap into your staff and audience for revenue generating ideas/products and services
        • In a recession, everyone should be in marketing
    Getting Through Dark Times
    • Innovate
      • “ The magazine industry's problems are purely due to business cycles. Growth will eventually come back to the industry.
      • "Don't expect the economic crisis to be the end of the crisis for analogue media. This is a profound structural revolution; don't be like the auto industry that waited too long.“
    Getting Through Dark Times
    • Innovate
      • “ Think out of the box. Don't wait for a new business model to come out of the sky. There will be no new business model, no Holy Grail, no one-size-fits-all solution for the print industry. Each title or media needs to find its own way."  
    Getting Through Dark Times
    • Innovate
      • “ Don't waste the crisis. Use the time to start thinking. As an adman, I'm always surprised how little you take advantage of your great brands. You have built communities long before the internet started. Why don't you leverage this better? The optimist and the pessimist are born the same and die the same -- the difference is that they live differently. I urge you to live differently. Everything is possible."
            • Publicis Groupe CEO Maurice Levy
    Getting Through Dark Times
    • Protect Profits
      • Improve competitive tracking
        • Other publications and websites in your topic area
          • What type of content do they offer?
          • What opportunities do they offer for adv and sponsorships?
      • Realign priorities
      • Enhance customer relationships
      • Leverage pricing and maximize revenue
    Getting Through Dark Times
    • Revenue Diversification
      • Determining health of your publishing operation by print metrics alone does not place you in a good position
    Getting Through Dark Times
    • Revenue Diversification
      • More sources of revenue than ever before
          • Many consumer publishers are generating income in some combination of the following:
            • Print advertising 50-60%%
            • Data 10-15%
            • Online 5-8%
            • Subscriptions & single copies 15-20%
            • Events 5-8%
            • Custom publishing 10-12%
            • [Bold signifies increasing importance]
    Getting Through Dark Times
    • Revenue Diversification
        • As publishers continue to “evolve” publishing in multiple platforms, the foundation of all thinking is a 360 view of the audience. [Current research is necessary.]
        • How are new community members coming into your world?
        • Why are they going online? (research, price comparison, buying, etc.)
        • What are they buying, how are they using your content, information, advertising, and e-newsletters?
        • Think “mind map” vs. “road map” for business development
    Getting Through Dark Times
    • Revenue Diversification
      • What revenue streams are your customers driving now or what do you want to monetize in the future?
            • Circulation revenue Print advertising revenue
            • Online advertising revenue Data
            • E-commerce Licensing
            • Webinars Mobile/Podcasts
            • RSS Widgets
            • Video E-commerce
            • Interactive programs & services Digital editions
    Getting Through Dark Times
    • Partnering
      • Who are your partners?
        • From content development to marketing to back office functions
          • Extend your brand (open new markets), expand offerings and revenues and reduce start-up costs
          • Shared learning
    • A large opportunity exists for partnering within the SEA
    Getting Through Dark Times
    • Partnering Possibilities
        • Academic institutions
        • Non-profits
        • Aligned member organizations
        • Advertisers
        • Retailers
        • Other publishers (examples: Hanley Wood & Meredith; Economist & Uptown)
        • Other web sites
    Getting Through Dark Times
    • Staff Consolidation and Organization
      • Smaller, more flexible work force with diverse skills
          • Cross train
          • Organization: content/revenue generation/operations
          • Compensation issues
    Getting Through Dark Times
    • Accountability
      • With customers and advertisers
        • Audience measurement is evolving
        • Expanding depth and transparency
            • Cross platform
            • Engagement
            • Issue specific data
    Getting Through Dark Times
    • Publishers that embrace these realities can
        • survive,
        • develop new revenue,
        • effectively manage their resources,
        • develop a strong team,
        • position for strong growth going forward.
    Getting Through Dark Times
  • Sabatier Consulting LLC 607 Greenwich Street Falls Church, VA 22046 703.536.2635 [email_address] www.sabatierconsulting.com Thank you.