The future for subscriptions
Magazine publishers have long thought of subscriptions as an easy way to get their print products delivered to their most frequent customers, and a handy source of upfront cash. My belief is that subscriptions will be key to the future growth of magazine brands - and there are plenty of lessons to be learnt by other media businesses. Here are five predictions, and ideas for how you can exploit them now:
1. Digital editions
Digital editions of magazines are becoming far more sophisticated; often with text searching and the ability to create one’s own archive. For overseas subscribers and business audiences in particular, offering digital as an alternative to print could be more convenient. Worth testing at your next renewal. Just watch out for the VAT implications…
2. Self-service
Maintaining subs records and taking orders for gifts, extensions and renewals over the phone is costly. So is sending out paper renewals offers. Can you offer easy online account management to your subscribers through your own website - say allowing them to renew, extend, or even change the delivery address temporarily?
3. Bespoke content
Not all your subcribers will be the same. Some may be interested in an upgrade that gets them additional exclusive content or early notice of news items or limited offers. How can you segment your subs and create bespoke content packages?
4. Expert panel
Your subscribers are your most loyal and knowledgeable customers. They know your content intimately. Why not recruit them into an expert panel to help you develop your content packages and other services? Take the time to carefully analyse who is subscribing and why.
5. Privilege club
Everyone likes to feel special, and to know about exclusive events and offers. Create some “money can’t buy” opportunities for your subscribers, eg a q&a session with an expert or celeb, or an exclusive offer from your advertisers. This will build loyalty, and you’ll learn more about what interests this key group.
I’d love to hear about your future plans for your subscription business; just click on the comment button.
Carolyn Morgan’s consultancy business, Penmaen Media, advises businesses on how to use digital to grow media brands and drive revenues. Find out more at www.penmaen-media.co.uk
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Tags: bespoke content, databases, digital editions, expert panel, marketing, media brand, self-service, subscriptions
All good stuff Carolyn, and I’d just offer a couple of small observations:
1) digital editions - readers don’t seem to like these very much - however good they look to publishers - and no one has been able to really make them work profitably. Zinio in the US claim to have over a million subscribers across all of the magazines that they have on offer, but that’s a drop in the ocean compared to the number of print subs that there are in the States. All the national newspapers have tried digital editions at some point and none currently offer this facility. However, one trick is to send out a digitial edition to your overseas readers on publication day which allows you to send the print edition at a slightly cheaper/slower rate; your overseas readers can engage with the title immediately (especially any time sensitive stuff) and you’ve also got their email for renewals etc.
2) email renewals and online account management are vital (and all of the big bureaus now offer this), but don’t neglect your ‘ink on paper’ renewals. Often these get noticed when your emails don’t - the key thing is to think of the interaction between digital and paper, not treat each channel as something separate.
3) if you can segment your subs (e.g. sign up for specific email alerts) you’re a long way down the road of seeing what actually motivates your readers. In reader surveys they might claim that (e.g.) the news pages are the most important part of your magazine, but if most of them sign up to receive the ‘gossip’ email you’ve a better indication of what they’re reading first!
Don Brown http://www.magazine-group.co.uk
Hello Carolyn
From what I’ve seen on my website, digital magazines were nearly always the cheapest option however had a really, really poor conversion rate. With more and more people using computers at work ad glued to the TV on an evening, I’m sure many people are glad not to look at a screen for a while.
Regards Malcolm Ord http://www.magazinesubscription.co.uk
Hi Carolyn,
I like your points and I’m glad I’ve stumbled across your site! This is something we’re charting and debating for the B2B community - how publishers can make content pay. Locking up general content is not the answer - it will never be found.
Rgds
Jonathan