In the United States, magazine revenues are declining. According to a Statista survey, retail magazine sales in America fell by a whopping 28 million between 2014 and 2016, despite an increase in the number of readers.
Clearly, despite a demand that continues to grow, selling magazines is becoming increasingly difficult. What can be done to turn the tables now that magazine publishers are facing those challenges? Continue reading to learn the insights shared by Sports Illustrated and Maven CEO Ross Levinsohn, for the roadmap for long-term publishing success.
But before that, who is Ross Levinsohn?
Ross Levinsohn is a television executive from the United States who has worked in the fields of media and technology. He was the Los Angeles Times publisher for a short time and, after serving as Executive Vice President, Americas, and Head of Global Media at Yahoo served as interim CEO for two months in 2012. Previously, Levinsohn was the President of Fox Interactive. Ross Levinsohn has been at the intersection of media, finance, and technology over the past three decades.
Now let's move on to the recommendations shared by Ross Levinsohn for long-term publishing success.
Levinsohn's Roadmap for Long-Term Publishing Success
The marketing experts understand that the value of media isn't going anywhere. Even with the advancement of technology, people are still enjoying reading magazine or even newspapers. However, print media are stepping up their game as people have different expectation from them today.
To remain competitive, publishing executives must act quickly. To future-proof their publications, Levinsohn suggests that executives make four main changes:
1. Weigh cost versus quality optimization.
Boosting a quality service offering while lowering costs is a strategic goal for companies all over the world. However, this depends on the industry you are having.
The average cost of a magazine issue has risen from $4 to $5 in the last 25 years. On the other hand, quality magazine subscriptions are not uncommon to cost between $10 and $15 per issue.
"Publishers must define themselves," Levinsohn says. "Do they provide a low-cost service or a high-end, luxury publication?" According to Levinsohn, the distinction has a major effect on your profitability.
If you're a high-end publisher with a reputation to maintain, it's best to concentrate on providing value to your readers rather than cutting costs. "If the content is of top-notch quality, subscribers can pay $15 per question," Levinsohn says.
2. Target niche audiences.
About whom are you writing? The more precise you can be, the better. Consider the print and online magazines you enjoy reading: are they focused on a particular subject, such as health and wellness, sailing, poetry writing, or photography? This is because readers want to learn more about a particular skill set or field of interest. Who do you want to reach out to?
However, even the most effective retention techniques can not be sufficient. Your magazine's content will be narrowed down, resulting in a premium product that loyal readers will pay for. While there might be less sales, niche content is a win for both publishers and readers due to the higher cost per issue (and product quality).
3. Create and produce quality content.
It's important to emphasize how important it is for your magazine content to be both interesting and useful to your readers. This has a significant impact on how your target audience, clients, rivals, and other market leaders perceive you. It's also how you'll keep readers interested and loyal to your magazines — and eventually turn them into paying customers.
Remember that acquiring new subscribers requires more time and effort than keeping existing subscribers. Furthermore, existing readers have a higher chance of being brand supporters than new subscribers. So, concentrate on consistently delivering content that captivates your audience while also supplying them with valuable and worthwhile knowledge in order to keep them coming back for more.
4. Create premium membership options.
To be considered premium content, the content being sold must stand out from the competition in order to entice consumers to get this subscription. By definition, premium denotes that the knowledge product you're making is superior to the majority of other options.
Every publication wishes to be around for a long time. Despite the fact that social media and new media are changing the landscape of what magazines will do for readers, the content remains crucial. Print magazines will continue to exist, but creativity is needed to get the media in front of more potential readers.
Take advantage of these four opportunities shared by Ross Levinsohn to build a long-lasting media brand that is durable and future-proof.
