While traditional advertising in newspapers remains under intense pressure, there are still opportunities to generate new print revenues.
Sandy MacLeod, vice president/consumer marketing & strategy at The Toronto Star, shared a number of print opportunities that may be applicable to your market.
Some of those were:
- Utility products: “Starweek” and “That’s puzzling!” Instead of eliminating the TV Books from its portfolio, Toronto Star decided do a market research that proved 50% of people were still interested in reading these books. Of those, 90% were willing to pay for it.
So the news media company created new TV books, which were 50% thicker. And 250,000 opted in to buy these titles. The only mistake they made? The price that was set too low.
- News products: Additional news product were created. They prepared a special New York Times 16-page section for the Saturday edition. Also, a new World section appeared in Saturday edition. Due to these enhancements, raising of the price of the product was rational and understood by consumers.
- Reverse publishing: Two years ago, Toronto Star purchased “The Kit,” an online magazine. Today, it is a multi-platform beauty and fashion magazine that includes interactive magazine app, Web site newsletter, and weekly newspaper section.
- Generating incremental revenue driven by producing event-specific newspapers. Because of special events, special dailies are produced for the time of festivals.
- Star Business Club: An integrated programme that combines print online and in-touch points. Sponsors are positioned as experts in the small business field.
Summarising his speech, MacLeod shared with delegates his thoughts on what it takes to win in print:
- Think consumer revenues as well as advertising.
- Use panel research as an inexpensive way to test the market for new products.
- Use focus groups to review concepts.
- Focus on the proper allocation of resources.
- Make room for innovation.
- Be critical with your business plan.
- Test, fail fast, and move on.