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Chris Llewellyn - 5th Iberoamerican Magazine Media Conference
1. 13 themes from FIPP’s 2013 Congress
Chris Llewellyn
CEO
FIPP – the worldwide magazine media association
2. About FIPP
For more:
www.fipp.com
Communication
FIPP.com
Magazine World
Newsletters
Social Media
Directories
Presentations
Research
Insight
World Magazine Trends
Digital Media Factbook
Innovations World Report
Proof of Performance
Licensing & Syndication Guide
Environmental Handbook
Events and meetings
World Congress
Digital Innovators Summit
Worldwide Media Marketplace
Digital Newsstand Forum
Research Forum & Awards
Innovations Forum
Asia-Pacific Digital
Ibero-American Magazine
Webinars
Professional Development
Magazine Brand Management Certificate
Executive Programme for Innovation and Change
Digital Innovators’ Tour
Join the FIPP network
Members:
700 members
65 countries
6.000+ magazine media brands
Benefit around:
Thought leadership | Networking | Development
Commercial
Advertising
Sponsorship
Exhibitions
3. 1. Re-imagine the corporate
structure
“The industry is renewing and reinventing itself and the
leaders are doing so digital-first.”
Peter Kreisky, chairman, Kreisky Media Consultancy, USA
"Successful, profitable, franchise-enhancing change only
comes with organisational change.”
“You must change from a silo'd organisation to an
integrated team.”
John Wilpers, Innovations, USA
4. Organisational innovation
What it isn’t
A couple of conference
ideas slapped onto an
existing organisational
structure
Retro-fitting a traditional
media company and
thinking you’ll become
instantly successful
What it requires
Re-thinking the organisation
Change
Organisational structure
Work flows
Architecture
Job descriptions and
expectations
Staff mix
Culture
John Wilpers
5. Adaptive strategy & management culture
• Based on predictability of market
trends and competition
• Emphasises scale as the primary basis
for competitive advantage
Before:
Classic
strategy
• Turbulence is a given
• Scale may not always provide an
advantage
• Build business model and capabilities
to manage through uncertainty
Now:
Adaptive
strategy
Peter Kreisky – Kreisky Media Consulting
6. 2. The consumer is at the heart of
the strategy
"We intend to reach consumers on every device, on every
platform and engage when it's convenient for them.”
Mark Wood, CEO, Future,
UK
"Marketers need to put the consumer in the very centre
of their storytelling.”
Laya Pavone, managing director, Isobar, Italy
“Because of the devices that consumers own we need to
think as consumer as center of their own media world.”
Duncan Edwards, CEO, Hearst Magazines International, USA
7. Consumers are in control
Consumer
Magazine
Tablet
Mobile
Website
e-
Commerce
Social
networking
Live
meetings
and events
Consumers have unprecedented
choice.
By placing the consumer at the
centre, you recognise the need to
reach them:
When they want it
On the platform they want it
In the format they want it
8. “Let go of your biggest asset (your brand), and give it to
your audience.”
“We need to let the audience change us if we want them
to pay attention.”
Marjaana Toiminen, CEO Bonnier Publications, Finland
“Crowdsourcing our magazine allowed us to find out more
about our readers and be more relevant to them.”
Tarun Rai, CEO, Worldwide Media, India
3. Information moves at the speed of
now
10. 4. Experiment with social media
“Look at social media as streams, not sites. It’s all
about sharing.”
Michiel Buitelaar, COO, Sanoma Digital Media, The Netherlands
“Facebook played a key role for executing Cake Decorating’s
strategy.”
Alessandro Belloni, CEO, De Agostini Publishing, Italy
12. Social media: real conversion happening
The Facebook conversion path: From likes to subscriptions!
If we attempt to quantify this
• 470,000 FB likes
• 188,000 to the website
• 9,400 new subscribers alone
Cake Decorating
Allesandro Belloni
13. 5. Mobile is an opportunity
“Leveraging mobile and using it as part of our multi-screen
approach. Going to be pervasive over next 5-10 years”
Bob Carrigan, CEO, IDG, USA
“For us to stay relevant in consumers’ lives, we have to be
where they are, when they’re there, in the format they
want. The speed at which we make this change has to be
accelerated.”
Duncan Edwards, president and CEO, Hearst Magazines International, USA
15. Hearst’s three digital priorities
One
Large-scale free web
Two
Curated tablet
Three
e-Commerce
All on mobile
- Duncan Edwards
16. 6. E-commerce is a legitimate
space for magazines to play in
"We’re taking baby steps with ecommerce. Know editorial
endorsement is important, but finding right model is key."
Fiona McIntosh, editor-at-large, Grazia International Network, Italy
"Ecommerce and media require different capabilities.
What are we prepared to commit, and what are the
rewards?"
Paul Keenan, CEO, Bauer Media, UK
"When it comes to ecommerce, we need to be clear about
the size of competitors we're up against.”
Duncan Edwards, CEO, Hearst Magazines International, USA
17. Others:
Elle Shop (Hearst, Japan)
Grazia Shopping (Bauer, UK)
… //and more
BrandNooz (Burda)
Shop Bazaar (Hearst)
Show Room (Burda)
18. 7. Digital newsstands: it’s not all
about Apple
"The digital newsstand of the future should promote
discovery. Experiment with social media.”
“We think a newsstand should be a place where
consumers – particularly mobile – can snack on content.”
Michelle Bottomley, president, Zinio. USA
“The benefit of a digital newsstand is millions of users
who you are able to cross-sell content to.”
Girish Ramdas, CEO and co-founder, Magzter, USA
19. 8. Advertising in magazines works
"65% per cent of our readers say that advertising
enhances the enjoyment of a tablet magazine."
Simon Carrington, publisher, Top Gear, UK
“Magazines are terrific at getting consumers closer to
brands.”
Marius Cloete, head of research, PPA, UK
20. 9. Clicks ≠ success
“The sweet-spot is where print, digital, web, mobile and
others intersect.”
Glenn Hansen, CEO, BPA Worldwide, USA
“It's time to do data-driven advertising. Take the data,
create data-driven advertising and optimise it for your
community.”
Denise Colella, president, Maxifier, USA
21. But tech continues to develop
With data
offering deeper
audience
understanding
and insight
Metrics such as
viewability, in-
view time, # and
time of universal
interactions
increasingly to
the fore
Denise Colella
Be prepared for it
22. 10. RTB is the new frontier of
media planning and buying
“Make use of automation. Don’t fear it. It’s super relevant
for you.”
“RTB is the new gold for content AND advertising.”
Joelle Frijters, CEO, Improve Digital, Netherlands
25. 11. Brands are becoming media
owners
“Content players in the game are targeting editorial
quality as a key part of the service. You will struggle to
hang on to your people because they will be looking at
your business model and worrying about the future.”
“We are now in the content creation game alongside our
clients.”
David Pullan, global head of Unilever, Mindshare, UK
26.
27. 12. Mine your natural resources
"Branded content must be: Shoppable, sharable, editable,
actionable, measurable, portable and searchable.”
David Pullan, global head of Unilever, Mindshare, UK
“We've brought our content to life. Digital has furthered
our mission, original how-to information that inspires.”
Ruth Feldman, international editorial director, Martha Stewart Living, USA
28. 13. Innovation excites everyone
“If you really want to survive as a 21st Century company,
you must innovate.”
“"The future is both exciting and lucrative...and the
alternative is very bad for your magazine's health.”
"Innovation is what you become as an organisation.”
John Wilpers, Innovations, USA
29. In summary
1. Re-imagine the corporate structure
2. The consumer is at the heart of the strategy
3. Information moves at the speed of now
4. Experiment with social media
5. Mobile is an opportunity
6. E-commerce is a legitimate space for magazines to play in
7. Digital newsstands: it’s not all about Apple
8. Advertising in magazines works
9. Clicks ≠ success
10. RTB is the new frontier of media planning and buying
11. Brands are becoming media owners
12. Mine your natural resources
13. Innovation excites everyone
30. FIPP – the worldwide magazine media association
Website: www.fipp.com
Twitter: www.twitter.com/FIPP_magazines
Facebook: www.facebook.com/FIPPmagazines
LinkedIn: FIPP group
Instagram: http://instagram.com/fippworld
YouTube: FIPP channel
Email: amy@fipp.com
Thank you
Editor's Notes
A syntheses of the themes and issues discussed by the world’s magazine media experts in ROME, September 2013.
Speakers asked to
Define the problem,
explain the solution,
show the results.
700 delegates
60 speakers.
(And 40th Congress will be in Toronto next October)
It was the best of times – it was the worst of times.
It was the age of wisdom – it was the age of foolishness.
It was the epoch of belief – it was the epoch of incredulity.
It was the Spring of Hope – it was the Winter of Despair.
It was a time when we had everything before us – it was a time when we had nothing before us.
We were all off to heaven – we were all off to that other place.
FIPP formed in 1925
44 National Associations, +600 operating companies worldwide.
Events (Beijing, Berlin, Toronto, Research Forum)
Insight (POP, Digital Media Factbook, e-newsletters and FIPP.com)
Training (MBMC, EPIC)
The major theme, set by Peter Kreisky who is here today was that to grasp the future opportunity, organisations had to change.
This was echoed by John Wilpers, also here today.
The business strategies and business models of the future will be determined by where the consumer is going.
And the consumer is increasingly going digital FIRST.
Not digital ONLY
Not digital PLUS
And to deliver, a new operating structure is needed.
Again, echoed by John.
Incremental change will not work.
(Time Inc making Editors report to Publishers is really an incremental change)
Its change at all levels.
Michael Porter wrote the definitive ‘Competitive Advantage’ book back in the late 80’s.
CA was predicated on a company having SCALE, and TRENDS were PREDICTABLE.
Scale, arguably is now a disadvantage – it slows down decision- making, and uncertainty and disruption are now constants.
I shall leave it to Peter and John to describe what companies should and indeed are doing.
This is a seismic shift. Over the years, as people have described their strategy I have seen the diagrams that first used to
show the magazine at the heart of our thinking.
By 2011 and the Congress in India, everyone had their new diagrams with the brand at the heart.
Now it’s the Consumer.
This is how advertisers now think – consumer not platform.
The consumer is in control – they pull what they want from us instead of accepting what we push.
Take what Duncan Edwards of Hearst International, said - that Hearst’s magazines
‘Make sure that we have a clear and distinct point of view, to make sure she comes back to us’.
One consequence is an increase of importance in content metrics – what’s being read, what’s being shared.
Hearst UK employing Mathematics graduates from Cambridge University.
It’s a deeper dialogue with the consumer – Glamour getting fashion students to help shape the brand strategy.
Exclusivity last for 10 minutes before your story is blogged, shared, retweeted and ggogled.
Therefore let the audience participate and build your community.
It worked in Finland and India – two markets more different you cant imagine.
RGC is the ultimate example.
We used to talk about selling magazines and building circulations – now its about building communities and how to engage them.
Its why we are seeing an explosion in live events and experiences (Grazia at Westfield) Burda running crafts weekends with their titles (Fabrizio)
Its why Social Media is becoming an important brand building tool.
And the rise of crowdsourcing –not just on message boards but even the creation of content for the printed magazine
(models different – Olivia paid their contributors, Femina didn’t – but best selling editions of the year).
Interesting in that the advice was pretty clear. Social Media is a slow-build. So don’t over-complicate, just experiment.
CMO Survey 2013 on Social Media Results
49% - No impact on sales seen
36% - Believe there is an impact on sales
15% - Have proven impact on sales.
Here is a benchmark.
From Facebook ‘like’ to subscriber is a 2% conversion rate.
Its promising – certainly the return is in line with what the old direct mail techniques used to bring, but at a fraction of the cost.
Its actually not an ‘Opportunity’ but an ‘Obsession’.
A slide from Google
90% of all media interactions are screen based.
Ad dollars will go where the eyeballs are. Smartphones undersupported (17c per minute of ad revenue) and are the focus of attention. It will change.
The delay is that of creativity - ads look awful on smartphones hence rise of ‘Native’.
Debate at this conference, but the fact is that unless we find a suitable way to play this game we will be watching the revenue walk away.
To emphasise the importance of mobile, Hearst’s top three priorities are:
So how do we make money. E Commerce.
We now see Retail meeting Media (Net a Porter) –so why not the other way around? After all, we’ve always ‘sold’ product (Fiona)
Well yes, but understand its different
Perhaps work with partners who bring the skills you don’t have. (Paul)
Be clear about your competitors – e.g. Amazon, eBay, Alibaba
Accept it is a low margin business
.Examples
Harpers Bazaar hooking up with Saks of 5th Avenue
Cosmo and Amazon for fulfilment
Elle shop Japan.
Again we have speakers here today who will talk in greater detail about the digital newsstand situation.
There is an obvious new business opportunity in a continent largely speaking the same language.
English language publisher Future discovered that 80% of the buyers of the digital edition of T3 were from outside of the UK.
The issues to face up to are
Discoverability
Pricing (the buyer expects digital editions to be half the price of the print version)
Efficient content creation (create once, publish on all platforms)
Encouragingly, we were presented with evidence that proves the advertising effectiveness of magazine media.
My colleague Cobus Heyl will be unveiling the launch of FIPP’s Proof of Performance which shows how magazines still work for advertisers
So I’ll leave to him.
First ever banner ad – 78% click rate
Now…….
Dominic Porter CEO Group M - $50 bn dollars ad billings.
‘We haven’t found ways of building brands through the primary use of digital media’.
But
Marketers want evidence of deeper proof of engagement and interaction
Marketeers want
to create brand awareness,
want to know purchase intentions and
likelihood of recommending a product.
The data and metrics they will want from you in the future are not just a click metric or unique user figure, but deeper data such as;
In view time
Viewabiity
Time of interractions
Be prepared for it.
This means that the buying and selling of digital advertising will become an algorithmic process.
It is profoundly changing the nature of our advertising relationships.
It will be talked about at this conference.
So in September 2013 we were predicting that in the USA and Europe, 50% of your digital advertising would be programmatically bought by 2015.
In May 2014 this report from AdExchanger in the USA said
Currently more than two-thirds of agencies use automated ad buying for at least 20% of their budget,
and more than a third are up to at least 60%. Almost half plan to get to 60% by 2015
AdExchanger, research, USA. May 2014.
The change is happening faster. Here in Brazil you have an opportunity to learn. We have a session on the programme which we believe will do that.
The fear is that this commoditises sales.
The bad news is that CPT’s are low, the good news is
that yields are growing.
Brands can now reach the consumer without us by using online and social media platforms.
Two consequences
1 Why do they need us?
And
2 Brands will now fight us for creative talent.
Felix Baumgarten sponsored by Red Bull (see their logo on his spacesuit).
8 million live viewers on Youtue.
58 million views to date.
Coverage on every major news channel in the world.
Above the line media expenditure -- 0.
TVC /Economist
Some advice about playing to the strengths of what we do.
David Pullan – runs the Unilever account, but worked with me in a magazine company memorably said that content now must be:
Shoppable,
Sharable
Editable
Actionable
Measureable
Portable
And Searchable.
And Ruth Feldman adds that digital has allowed them to bring their content to life (award winning app).
Finally, what always wins is innovation. People love new things.
Advertisers will stop asking tough questions about if you can show you understand their
Marketing problem and come up with an innovative solution.
The consumer will engage with you if you are exciting them.