Money Talks: Driving Consumer Revenue

November 30, 2016

Beyond Advertising: Publishers Build on their Brands and Add New Revenue Streams

Susan Bidel, senior analyst, Forrester shared numbers and trends in major consumer revenue initiatives. Stressing the importance of first-party data, Bidel said, “Many people who work in large organizations are unaware of the large sources of data available to them to use.” According to Bidel, these analytics should guide a company’s decision to use paywalls, membership models, e-commerce and custom content.

Consumers and Commerce: Magazine Media's New Paradigm

In an interview with MPA President and CEO Linda Thomas Brooks, Forbes’ Nina La France and Time Inc.’s Leslie Doty discuss how consumer-driven revenue is constantly evolving to meet the needs of their audiences. “For Time Inc., our revenue diversification strategy is parallel with growing digital,” Doty said on the increasing emphasis on tech innovation. She added, “It’s not about competing with another magazine; it’s about competing with the consumer’s lifestyle.” La France agreed and said, “In terms of building consumer revenue, we’re always looking at the typical consumer and their behavior. It’s vital.”

Acquiring and Retaining Customers: Best Practices Today and Trends for Tomorrow

Using Allrecipes and Texture as examples of effective business models, Steve Booth, vice president, Vindicia, reviewed best practices to understand and grow your audience. “Use the data and analytics from your billing platform to know your audience and optimize revenue,” he said, stressing the importance of customer segmentation.

Shop Talk: When E-Commerce Makes $ense

In a discussion with MPA’s Elizabeth Tighe, Mike Huffstetler, EVP, digital, Domino Media, shared how they’ve managed to transform their readers into consumers by intertwining editorial with e-commerce. “Readers will buy from Domino [despite higher prices] because of brand love and attention to detail,” Huffstetler said. Acknowledging the issue of “church and state” when magazine brands sell product, he said, “Editors want to write about products we’re selling on Domino. They’re also on the hunt to find some really cool vendors.”

Events: From Brand Building to New Revenue Stream

In a panel moderated by MPA’s Elizabeth Tighe, Bonnier’s Terry Dorner and Essence’s Joy Profet discussed how events are a great opportunity to create new revenue streams as long as there is support across all divisions. “Full integration [with media, events and research] is like the holy grail for an event guy like me,” Dorner said. Profet agreed, saying their research department helps them figure out how consumers think. She said that when it comes to events, their primary objective is to “translate reach to relationship.”

The Art and Science of Execution

Matthew Luther, director of business development, Time Inc., used state-of-the-art data to share methods that maximize consumer relationships. According to Luther, consumers appreciate tiers, bundles and upgrades to give them a variety of choices. He said, “It shouldn’t be a one-size-fits-all mentality.”

In the Age of Cannibalization, It's Better to Have a Knife & Fork

With mobile magazine media consumption on the rise, Texture CEO John Loughlin and Editorial Director Maggie Murphy emphasized the need for Texture, an all-access app with over 200 magazine brands. Citing Texture’s “unique capability to transition portions of business across the digital divide,” the duo introduced a new program where they will pay participating publishers $70 per sub generated for Texture.

Driving Revenue From Your Brand's Marketplace Impact

Daniel J. Schaible, COO & founder, License League, Inc. shared insights on monetizing the content that marketers use and rely on. With daily consumption of media "in the billions of articles,” Schaible said it’s important to "delete the word ‘free’” and drive revenue from your content.

National Geographic on Why Membership Works

Liz Safford, SVP, consumer and member marketing, National Geographic, credits the brand’s success to their membership model: “From our research, the concept of membership is powerful in the workplace. Consumers are more likely to buy more if they’re members.” Safford noted that membership pushes their readers to consume content across platforms. She said, “We’re looking at how we bring our print people to the digital world, and membership is key to that.”