What would you do if you got laid off from your job today? You would do everything you could to conserve your cash so that you would have the money available to pay your bills. You would stop going out to eat; you would stop shopping for clothes and other items; you would cancel vacation plans; you would stop using your credit cards. You would do everything you could think of to hold on to your cash so you have as much of it as possible to meet your obligations until you found another job and your cash flow once again improved.
Businesses are no different. When an economic downturn reduces a company’s sales, most companies react in nearly the same way as if they, too, were “laid off.” They do everything they can to conserve cash so the company can survive until sales improve. They look for the most cash intensive expenses which can be reduced. In many cases, this translates into staff layoffs because that has the effect of nearly immediate major reductions in cash expenditures. They next look at other areas which can be reduced to conserve cash and one of the most obvious is to reduce or cancel advertising and marketing purchases. These companies will say that the reduction in their sales puts them in the position to have to reduce advertising expenses because they don’t have the money to pay for them. In the short term, this is true.
In the last downturn, I remember speaking to a major supplier of a product utilized throughout the industry. He cancelled his advertising and told me that he had a warehouse full of products that were not selling and until he could convert those goods to cash, he had no way to pay for any advertising. I, of course, told him that the best way to empty his warehouse was to advertise the products, but his response was that no amount of advertising was going to increase demand for a product that was not being utilized because of the financial health of the industry he served. But, what was he doing to assure that once the economy improved, his product would be the first ones purchased?
The answer to this question is the role that advertising plays today. For those selling advertising space, the pitch is no longer about utilizing advertising to sell products or services. It is about companies advertising to maintain brand awareness, increasing their visibility, and helping them retain market share when the cash flows once again. By rethinking your advertising sales strategy, you will be in the position to regain the ad dollars that have been lost and will be the publication of choice for industry suppliers when they once again have the financial ability to purchase advertising. So, don't stop selling. Sell harder by delivering a different message.
Visit our website at: www.AdSalesExperts.net
Tuesday, March 31, 2009
Monday, March 23, 2009
Beware of your local newspaper
I have been a subscriber to the Washington Post since before they began covering Watergate. So, I opened up today's paper to read that the Post will be giving up one of its daily crossword puzzles, it's Saturday Quote-Acrostic puzzle and several other features including a reduction in its television programming listings. This comes on the heels of their announcement last week that they were "merging" their business section into the A section of the paper.
I no longer need a newspaper to tell me yesterday's sports scores or to tell me tomorrow how the stock market performed today. I have always enjoyed the newspaper for its news coverage, analysis, commentary and its features. But, as they take away these things in order to reduce their operating costs, they are hurting themselves by alienating loyal subscribers such as me. It seems that as they raise their subscription rates they reduce the amount of content they provide. For the first time since before Richard Nixon resigned the presidency, I am giving serious consideration to resigning my subscription. And when enough readers also decide they no longer need their daily printed newspaper, the company will see a decline in their advertising revenues because of the smaller circulation. I don't subscribe to the Washington Post so I can get two daily crossword puzzles or the TV listings, but without these, it is more difficult to differentiate the value the print version delivers to me from what I can get elsewhere.
The point of this is that all publishers--commercial and association--must retain a proper mix of content that is uniquely available in each of the types of media they produce. Where newspapers are failing is that they have used their websites to reproduce much of the content that they deliver in their printed versions. And when they do as the Post is doing by taking away features that are well suited for print publication, they further obscure the line between print and online content.
Association publishers must remember the needs of their members/audience/constituencies and add value by delivering an appropriate and timely content mix utilizing all of their media. In these difficult times, it is easy to take the short term view of reducing content in order to lower costs. But, this economic downturn will end and when the money is spent again, you want it spent with you. Make sure the value is there to assure that you are the first place your audience comes when they are ready to return and begin spending money on dues, publications, conferences, and all of the other products you want them to rely on.
visit my website at: http://www.adsalesexperts.net/.
Monday, March 9, 2009
Print Is Dead and Other Lies
There seems to be ongoing conversations about the future of print and how the internet is threatening to bring an end to print products as we currently know them. Questions abound: will the next generation get all of their information from websites? Can print compete with the immediacy and speed of information delivered electronically? Will web publishers finally find the business model that will assure their financial success? Is print dead?
The truth is that print media is alive and well and holding on to its very important place in the delivery of content to millions of readers. In fact, according to a recent study, Looking Forward: What’s Next for the Economy and Print Markets in 2008–2009 issued by the Printing Industries of America, the total value of printed products delivered in 2007 was $175.4 billion and is projected to increase to $184.5 billion by the end of this year. This represents annual growth of over 3%. That certainly does not sound like a dying industry. In fact, the printing industry is continuing to make significant capital investments in printing presses, bindery equipment and the prepress technologies necessary to support digital printing.
Where does this leave the association publisher wrestling with how to maintain or increase advertising sales in his organization’s print products while developing a revenue stream from the association’s website? The answer lies in the integration and branding of multiple media.
Package Your Products
Successful advertising sales that span both print and electronic products comes from identifying the value delivered to the customer from each, differentiating the advantages and then integrating the sale into one strong package designed to achieve each client’s objectives. For instance, the manufacturer of electronic components could not begin to describe each one in a full page print ad, but can easily provide specifications and other information from the company’s website. That company should use print advertising in its association’s magazine to drive traffic to its own website or to highlight one or two of its products. It could benefit from advertising on the association’s website as a way to provide a quick link to its own at which the visitor would be shown the full range of products and their specifications.
Does your association have an online job bank? Sell employers on using print advertising to describe what a great company they are to work for, and use the job bank to sell them listings of specific job vacancies.
Sell the time spectrum as a strategic advantage. An advertiser can reach the market today with a web ad, but a print ad can be very valuable when it appears in an issue that will be distributed at a major meeting or tradeshow or will have long shelf life such as an annual directory.
Online Version of Your Magazine
Extend the value of your association’s magazine with an online version that is updated frequently. Brand your website (or its content) with your magazine’s name. It’s a good idea to reproduce one or two feature stories on the web, but the online version should deliver fresh content not available anywhere else. Content is the key driver to bringing traffic to your site. It has to be new and updated frequently in order to keep visitors coming back and seeing the online advertising. The more frequently new content is posted, the more success you will have with an online version of your organization’s magazine.
Pricing Policy
All advertising-based products should have a clearly established price. Web advertising should not be given away for free or as a value-added benefit to print advertisers. Just like the rate card you have for print ads, a publish rate structure for your online offerings is equally important. Once value is established, you will then be able to offer pack pricing for those advertisers which purchase across your media offerings. Just as your print advertising rate card offers frequency discounts for multi-issue advertisers, your online rates should also offer pricing incentives for the purchase of combination packages or long-term commitments. You can also charge higher fees for premium positions within your site, just as you charge higher prices for cover positions in your association’s magazine.
Think strategically when it comes to the sale of advertising. Remember that ad sales success comes when you deliver customers to your advertisers so that they, in turn, get a good return on the investment they have made in your products. By combining your flagship print product with your online offerings, you will prove that print is alive and well and an integral part of your organization’s success.
Visit me at: http://www.adsalesexperts.net/
The truth is that print media is alive and well and holding on to its very important place in the delivery of content to millions of readers. In fact, according to a recent study, Looking Forward: What’s Next for the Economy and Print Markets in 2008–2009 issued by the Printing Industries of America, the total value of printed products delivered in 2007 was $175.4 billion and is projected to increase to $184.5 billion by the end of this year. This represents annual growth of over 3%. That certainly does not sound like a dying industry. In fact, the printing industry is continuing to make significant capital investments in printing presses, bindery equipment and the prepress technologies necessary to support digital printing.
Where does this leave the association publisher wrestling with how to maintain or increase advertising sales in his organization’s print products while developing a revenue stream from the association’s website? The answer lies in the integration and branding of multiple media.
Package Your Products
Successful advertising sales that span both print and electronic products comes from identifying the value delivered to the customer from each, differentiating the advantages and then integrating the sale into one strong package designed to achieve each client’s objectives. For instance, the manufacturer of electronic components could not begin to describe each one in a full page print ad, but can easily provide specifications and other information from the company’s website. That company should use print advertising in its association’s magazine to drive traffic to its own website or to highlight one or two of its products. It could benefit from advertising on the association’s website as a way to provide a quick link to its own at which the visitor would be shown the full range of products and their specifications.
Does your association have an online job bank? Sell employers on using print advertising to describe what a great company they are to work for, and use the job bank to sell them listings of specific job vacancies.
Sell the time spectrum as a strategic advantage. An advertiser can reach the market today with a web ad, but a print ad can be very valuable when it appears in an issue that will be distributed at a major meeting or tradeshow or will have long shelf life such as an annual directory.
Online Version of Your Magazine
Extend the value of your association’s magazine with an online version that is updated frequently. Brand your website (or its content) with your magazine’s name. It’s a good idea to reproduce one or two feature stories on the web, but the online version should deliver fresh content not available anywhere else. Content is the key driver to bringing traffic to your site. It has to be new and updated frequently in order to keep visitors coming back and seeing the online advertising. The more frequently new content is posted, the more success you will have with an online version of your organization’s magazine.
Pricing Policy
All advertising-based products should have a clearly established price. Web advertising should not be given away for free or as a value-added benefit to print advertisers. Just like the rate card you have for print ads, a publish rate structure for your online offerings is equally important. Once value is established, you will then be able to offer pack pricing for those advertisers which purchase across your media offerings. Just as your print advertising rate card offers frequency discounts for multi-issue advertisers, your online rates should also offer pricing incentives for the purchase of combination packages or long-term commitments. You can also charge higher fees for premium positions within your site, just as you charge higher prices for cover positions in your association’s magazine.
Think strategically when it comes to the sale of advertising. Remember that ad sales success comes when you deliver customers to your advertisers so that they, in turn, get a good return on the investment they have made in your products. By combining your flagship print product with your online offerings, you will prove that print is alive and well and an integral part of your organization’s success.
Visit me at: http://www.adsalesexperts.net/
Saturday, February 28, 2009
Should your association reorganize around content?
What do you think of when you hear the word “publications”? Do you picture a stack of cartons delivered to your office which, when opened, have the distinctive aroma of fresh ink on paper? Does your organization have a publications department which has staff who use software such as InDesign, and think in terms of photos as being in CMYK and paper being specified by its pound weight?
Next, take a look around your organization. Do you have a meetings department that organizes your association’s conferences and conventions and coordinates the various speakers and presenters who will attract attendees? Do you have a continuing education department that presents face-to-face and online educational events? Where is the content that is posted on your organization’s website created? Is it done by someone in your IT department? Government affairs? Membership? Meetings? All of them?
The traditional view has always been that each of the above functions requires distinct skills, interact with different vendors and serve different purposes. But, in order to succeed in today’s competitive environment, association executives must realize that they are no longer in the publishing business, or the meetings business, or the continuing education business. They are now in the highly competitive business of content delivery.
Let’s look at one such example. A large association publishes several successful peer reviewed journals. Management of these periodicals is handled by the staff of the publications departments, the staff of which interact with the journal editors, keeps the peer review process moving, and produce and mail the finished product. The conference department is soliciting presentations to be given at meetings held throughout the year. The papers are then put through a peer review process to determine if they are worthy of being included in the program. Those that are selected are then published in the proceedings of the event.
Is there really any difference between the peer review process utilized by the publications staff and the peer review process utilized by the meetings department? The process is the same, only the deliverable is different. In one case the product is a printed publication received in a member’s mailbox, in the other, it is a presentation given in a face-to-face format and then followed by a printed or digital copy. The workflow management of creating and delivering the content is identical in both instances. Yet, there are two departments creating content and duplicating each other’s efforts and skill sets.
External Threats
Most associations view their content-driven products as one of the most, if not the most, important member benefit they offer. Most people join associations in order to receive the publication or have access to events. But, associations are now facing competition not only from other associations serving their field, but from commercial organizations which deliver content and information without requiring the payment of dues. In fact, in many cases, the content is free and available to anyone for just a few clicks of a mouse.
Therefore, associations must be certain that they retain their value and one way to do this is to assure their members that they are getting the best content available from their association. This means content that can be trusted for accuracy, reliability, and credibility. But, it also means that the association must be able to deliver content that is not readily available from other sources. This is what brings value to your members.
It is important to remember that content is what attracts readers to your magazine and it is the presence of those readers that attract advertising. Content is what attracts attendees to your meetings and conventions and it is those attendees that bring in the exhibitors who want to meet them.
Something to Think About
Here is the radical idea: shut down your publications, meetings, and continuing education departments and create a new “content department.” Let each of the members of the current staff who interact with content providers (writers, editors, instructors, presenters, etc.) work together to identify the best and most credible writers and presenters. Let those who purchase the printing of your magazine also purchase the printing of your association’s promotional material, conference proceedings, and other goods requiring putting ink on paper. Those with the expertise to negotiate for and manage hotel rooms and meeting space should apply those skills not only to your organization’s meetings, but also to its face-to-face continuing education events. Finally, the content department should be the single point that determines what and where information is placed on your organization’s website. After all, your website, too, is nothing more than another content delivery product produced by your association.
Applying this model may be painful at first, but it will result in a more coordinated effort for the creation and delivery of the content and information that is so vital to your association’s success. It also may have the added long-term benefit of saving money by more efficiently utilizing staff skills and negotiating better pricing with suppliers.
Visit me at: www.AdSalesExperts.net
Next, take a look around your organization. Do you have a meetings department that organizes your association’s conferences and conventions and coordinates the various speakers and presenters who will attract attendees? Do you have a continuing education department that presents face-to-face and online educational events? Where is the content that is posted on your organization’s website created? Is it done by someone in your IT department? Government affairs? Membership? Meetings? All of them?
The traditional view has always been that each of the above functions requires distinct skills, interact with different vendors and serve different purposes. But, in order to succeed in today’s competitive environment, association executives must realize that they are no longer in the publishing business, or the meetings business, or the continuing education business. They are now in the highly competitive business of content delivery.
Let’s look at one such example. A large association publishes several successful peer reviewed journals. Management of these periodicals is handled by the staff of the publications departments, the staff of which interact with the journal editors, keeps the peer review process moving, and produce and mail the finished product. The conference department is soliciting presentations to be given at meetings held throughout the year. The papers are then put through a peer review process to determine if they are worthy of being included in the program. Those that are selected are then published in the proceedings of the event.
Is there really any difference between the peer review process utilized by the publications staff and the peer review process utilized by the meetings department? The process is the same, only the deliverable is different. In one case the product is a printed publication received in a member’s mailbox, in the other, it is a presentation given in a face-to-face format and then followed by a printed or digital copy. The workflow management of creating and delivering the content is identical in both instances. Yet, there are two departments creating content and duplicating each other’s efforts and skill sets.
External Threats
Most associations view their content-driven products as one of the most, if not the most, important member benefit they offer. Most people join associations in order to receive the publication or have access to events. But, associations are now facing competition not only from other associations serving their field, but from commercial organizations which deliver content and information without requiring the payment of dues. In fact, in many cases, the content is free and available to anyone for just a few clicks of a mouse.
Therefore, associations must be certain that they retain their value and one way to do this is to assure their members that they are getting the best content available from their association. This means content that can be trusted for accuracy, reliability, and credibility. But, it also means that the association must be able to deliver content that is not readily available from other sources. This is what brings value to your members.
It is important to remember that content is what attracts readers to your magazine and it is the presence of those readers that attract advertising. Content is what attracts attendees to your meetings and conventions and it is those attendees that bring in the exhibitors who want to meet them.
Something to Think About
Here is the radical idea: shut down your publications, meetings, and continuing education departments and create a new “content department.” Let each of the members of the current staff who interact with content providers (writers, editors, instructors, presenters, etc.) work together to identify the best and most credible writers and presenters. Let those who purchase the printing of your magazine also purchase the printing of your association’s promotional material, conference proceedings, and other goods requiring putting ink on paper. Those with the expertise to negotiate for and manage hotel rooms and meeting space should apply those skills not only to your organization’s meetings, but also to its face-to-face continuing education events. Finally, the content department should be the single point that determines what and where information is placed on your organization’s website. After all, your website, too, is nothing more than another content delivery product produced by your association.
Applying this model may be painful at first, but it will result in a more coordinated effort for the creation and delivery of the content and information that is so vital to your association’s success. It also may have the added long-term benefit of saving money by more efficiently utilizing staff skills and negotiating better pricing with suppliers.
Visit me at: www.AdSalesExperts.net
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