A visitor clicks through to your site and is greeted not with an article but with a dead end: the dreaded 404 error page. Most publishers leave it blank or technical, a shrug of the shoulders in digital form.

At The Economist, however, even this became a chance to reinforce its identity. The error page was rewritten in the magazine’s wry, witty tone, turning frustration into a reminder of what the brand stands for.

For Tom McCave, former vice president of media strategy and planning at The Economist, this anecdote illustrates a larger truth: Brand impact doesn’t have to depend on multimillion-pound budgets. It can begin with the small touchpoints publishers already control.

“Replace generic ‘Page Not Found’ text with copy in your brand voice,” McCave told delegates at INMA’s European News Media Conference in Dublin. “It costs nothing, but it signals everything.”

He shared how Lego did just that with its brand:

From this seemingly minor example, McCave built a broader case that resonates deeply with media executives worldwide: Brand is a moat, and if you allow it to erode in pursuit of short-term results, rebuilding will take years.

The news industry’s growing dilemma

News companies are confronting a difficult reality. Ad revenue has declined by as much as 20% in some markets, pressured by reduced traffic from AI-driven search changes, heightened brand-safety concerns, and digital platforms offering low-cost inventory. 

Marketing budgets are being cut as companies balance profitability, yet growth expectations — particularly for subscriptions — remain unaltered.

The result, McCave warned, is an overreliance on performance marketing: “Awareness starts to drop, audiences start to shrink, acquisition costs rise, brand equity erodes, and growth stalls.”

Short-term wins can mask deeper issues. 

“Never underestimate the power of brand equity,” McCave cautioned. “Once eroded, it’s costly to rebuild. Recovery takes three to five times longer than the decline period.”

The case for brand equity

To underscore his argument, McCave pointed to the work of Les Binet and Peter Field. Their influential research, The Long and the Short of It, demonstrates that the ideal balance of marketing investment is 60% on brand and 40% on activation. Brand building delivers durable growth, while activations provide temporary spikes.

For subscription-driven news publishers, the point is particularly relevant. Marketing spend that focuses solely on acquisition may boost sign-ups but leaves customers less loyal and more price sensitive. Strong brands, on the other hand, encourage habit, trust, and resilience.

“The brand is your moat,” McCave said. “Lose it, and you pay the price for years.”

Proving value to the CFO

Of course, no news company can ignore financial scrutiny. Convincing a board or CFO to protect brand spend requires credible measurement.

McCave highlighted media mix modelling (MMM) as the gold standard for proving long-term impact, alongside incrementality testing with geo- or audience-level holdouts. Yet these rigorous approaches can be supplemented with quicker “temperature checks”: share of search trends, daily subscription sales, site engagement, and brand trackers.

The goal, McCave argued, is to combine long-term proof with short-term reassurance. 

“Finance needs dashboards,” he said. “We need to give them confidence in the short term while we invest in the long term.”

4 practical plays for lean budgets

Acknowledging few publishers can realistically reach the 60/40 split, McCave unveiled his practical road map: four “brand plays” that deliver disproportionate impact even on lean budgets.

Play one: owned-channel activations

The most cost-effective brand building begins at home. Every news organisation has a wealth of owned touchpoints, from transactional emails to product interfaces, yet too often they are treated as purely functional.

At The Economist, branding infused even the smallest details. Renewal confirmations reflected the magazine’s voice. UX flows carried subtle cues that reminded users of the publication’s authority. And yes, even error pages became moments of wit.

“These are the zero-cost amplifiers,” McCave explained. “If you’re not using them, you’re leaving brand equity on the table.”

Owned channels are also where experimentation can happen quickly. A redesigned newsletter sign-up, a refreshed app notification, or a playful login screen can be piloted in weeks, not months. For publishers facing budget scrutiny, these are immediate wins that reinforce identity without draining cash.

Play two: earned media

If owned channels are the foundation, earned media is the multiplier. McCave encouraged publishers to think less about one-off stunts and more about creating an ongoing rhythm.

Internal data, for instance, can be sliced into smaller, snackable insights released regularly rather than packaged only in annual reports. This drumbeat of intelligence keeps a brand present in public discourse.

Staff voices are another under-utilised asset. 

“Editors and reporters carry brand credibility further than corporate comms ever will,” McCave said, urging news publishers to put their people forward as ambassadors, whether on trending podcasts, broadcast panels, or industry events.

Visual responsiveness is equally powerful. Being the first to publish charts, maps, or infographics during breaking news signals agility and authority. As McCave put it: “Own the moment with visuals.”

Even press releases can be rethought. By embedding expert quotes and analysis directly into them, publishers make it easier for other outlets to lift content — amplifying the brand in the process.

Play three: smart paid media buying

Paid marketing still matters, but it must be sharper. McCave’s message was blunt: Too many publishers are over-spending on under-performing channels.

He urged marketers to conduct rigorous audits, cutting what fails to meet profitability benchmarks and reinvesting in brand-building activity. In-housing buying, he said, can deliver efficiency and agility without sacrificing rates. 

“Media agencies will tell you they get preferential deals,” he said. “A lot of it just isn’t true. Going direct, you usually get the same.”

He also encouraged experimentation beyond Big Tech platforms. Niche buys on Reddit, Substack newsletters, or podcasts may not deliver scale, but they deliver attention. 

“There are really highly engaged audiences out there,” he explained. “Connecting with them in smarter ways is a more interesting way to go.”

Finally, creative testing is no longer prohibitively expensive. AI-powered synthetic panels, McCave noted, allow brands to run dozens of variations quickly and cheaply, offering insight into what resonates before campaigns go to market.

Play four: strategic partnerships

Partnerships may be the most under-exploited brand lever of all, McCabe said. “This is where everyone is probably most advanced,” he said, “but it’s worth emphasising because of the credibility it builds.”

At The Economist, partnerships with the Hindustan Times in India and the New York Times in the United States extended reach into markets that would have been expensive to pursue alone. These collaborations also added credibility by association, positioning The Economist alongside respected peers.

The model can extend beyond publishers. Universities, charities, and think tanks are natural allies for co-branded reports, events, and podcasts. Such partnerships not only extend distribution but reinforce a publisher’s authority in public life.

To seize these opportunities, McCave recommended having an “audience story” one-pager always ready. Containing core statistics on demographics, reach, engagement, and subscriber base, it equips marketing teams to initiate conversations quickly.

Brand as a growth engine

The branded 404 page that opened McCave’s talk was more than a witty anecdote. It was a symbol of how publishers can turn even the smallest interaction into a statement of identity.

For executives navigating budget pressures, the Dublin session served as a reminder: Brand equity is the ultimate moat. Once eroded, it is expensive and slow to rebuild. But protected and nurtured — even on lean budgets — it fuels sustainable growth.

“Never underestimate the power of brand equity,” McCave repeated. “It’s the single most important driver of lasting growth.”

Key takeaways

McCave’s message resonated strongly in Dublin. Protecting brand equity, he said, is not a luxury but a necessity for long-term growth. Even with constrained budgets, publishers can:

• Reimagine owned channels as brand amplifiers.
  

• Build ongoing credibility through earned media.
  

• Optimise spend through smarter buying and testing.
  

• Extend reach with partnerships that align audiences.

“Don’t be afraid to start small,” McCave concluded. “But start now.”

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