Pressure on newspapers, magazines and other printed media companies is on an all time high, with the advent of the digital age and even competition from social media. Even when newsstand sales or subscriptions are not in the red, businesses are suffering on account of gradual audience-erosion. Digital media and social networking sites have sliced into publisher revenues and reduced profits to shreds. This is affecting print more than any other medium. Overall business is on the decline as newspapers, consumer magazines and B2B trade publications see the decline of performance in recent times.
Print players have faced a massive downturn with businesses declining faster than other ad media and customers leaving them high and dry. Customer retention strategies can make a big difference to the final outcome. Print media is facing competition from not just digital media, but social media channels, search engines, social networking sites and content aggregators or sites. How do the print media companies stay ahead of the curve? Here are the customer retention strategies from Pathwwway White Label that make a difference to the survival of print media companies and their eventual growth.
#1 Freebies, Discounts and Different Pricing Models
The status quo approach of making free content available is not an option. But if the price model does not make sense for print media companies, they can also try discounts and newer pricing models without making a dent in their profits or revenue. Newer models for pricing include day passes, multi-title subscriptions and micro payments.
#2 Deepen Relationships With Clients
Another key to develop your readership and retain existing clients is to work on fostering a good relationship. A deeper relationship with readers matters. Targeted interest areas of the readers should be used as an insight into understanding what customers are looking for. Readers remain loyal to print media publications on account of quality content targeting areas that interest them. While social and digital presence online can deepen and extend relationships, so can understanding what readers want.
#3 Move Past Ads and Circulation
The new avatar for print media companies to reinvent themselves should focus on tapping revenue streams beyond circulation and advertising. The fresh publishing models should include marketing services such as customer insights, customised content, and generation of leads. The aim should also be on not just customer acquisition or increasing readership, but also customer retention strategies such as premium matter and apps for the reading public.
#4 Play To Your Strengths
Additionally, reinventing the content delivery model, the focus should be on lowering cost, while focusing on the core of the unique, definitive content which creates a profitable core. Print media companies need to prevent formula driven approaches to cost cutting prevalent so far. The approach should focus on better aligning content cost with revenues generated.
#5 Innovation For the Winning Edge
From innovating with fresh content and new products to fresh pricing models, as the pace of change quickens thank to digital media, new devices for accessing printed content emerge and remain big opportunities for print media companies to cash in.
From tabloid news to photojournalism and slick centre spreads as well as online forums, magazines and newspapers need to beat digital media at their own game and gather up loyal customers using the new technologies.
#6 Join the Conversation
Marketers need to understand that power digital media wields has stemmed from a conversation with consumers. Marketers are now pushing innovation and creating interactions to deliver targeted content for consumers. Customer retention strategies for print media, therefore, need to focus on building print media assets and creating a deeper interaction with the client.
Private label print media publications are also growing their databases and enabling better targeted marketing messages and offers designed to attract and sustain reader interests. Advertising is the key to growing and sustaining a brand based on impressions delivered through advertising.
#7 Accord Readers Privileges
Targeted media such as newspaper publication companies need to focus on developing a privileged relationship with readers, who trust the credibility and value the publication’s content. Additionally, print media creates bundles of interest and focus areas such as technology, entertainment and politics. Quality of the media company publications create a branded environment around viral topics that attract and retain customers.
#8 Exclusive Content, Higher Retention and Conversions
Alongside the quality of the publication, exclusive content can enable print media companies to develop a more deeper relationship with the readers. Consumers are becoming more deeply engaged and are sharing personal information in exchange for expert advice and interesting data that can meet their targeted areas of interest. Print media companies need to see their customers are not just another subscription or statistic, but a relationship to be cultivated and an asset to be developed.
#9 Create Touchpoints
Print media companies also need to have touch points to drive registration and grow the relationship with the client through newsletters, sweepstakes and contests. For example, leading magazine publisher Hearst known for publications like Cosmopolitan, Marie Claire and Good Housekeeping produce targeted information and grew their database and cultivated readership based on a deeper understanding of customers through initiatives like the “Real age” test.
#10 Go Social
NYT and Business Week have established partnerships with professional networking site LinkedIn to port user profiles and enhance audience targeting and social networking capabilities. If you want to beat them, you need to join them! Social media and networking channels provide a unique opportunity for print media to engage in conversations with customers. IDG Communications which has titles like Macworld and PC World has even launched a social advertising solution permitting clients to give their feedback, called IDG Amplify which leverages its existing communities and social media channels like Twitter and Facebook.
Ultimately, the social and digital media channels have proved to be as much of a boon for print media companies, as they are a bane. Given that advanced user analytics and hi-tech Pathwwway White Label client retention strategies can make the company’s existing fan base more loyal besides increasing readership, the way ahead for print media companies is to focus on how technology can help rather than hurting them.