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Issue for May 2017

Finding Your Way Amid Huge Magazine Industry Change

Posted on Wednesday, May 31, 2017 at 12:33 PM

Five strategies that can help your publication adapt successfully.

By William Dunkerley

The magazine market is changing faster than many magazines are adapting.

That's the sad state of affairs that is challenging publications in all segments of our industry. For a long time producing issue after issue has been a replicative process. Yes, each issue is unique in its assortment of articles and ads, but the organization structures and work patterns have been relatively rigid.

In the past that may have been good management. But for many it has become a rut that works against success and survival.

A Different Choice

Felicity Thomas, editor of EPM, a British pharma magazine, editorialized: "Shaking things up: We witness changes to industry and the magazine." Her publication is facing the impact of Brexit on the UK pharma industry and is preparing internally for the challenge.

Throughout the publishing industry the changes are even more pervasive than Brexit. There's programmatic ad buying, the clamor for native advertising, and an ever-changing array of reading devices. Online is impacting retail and distribution channels. And according to Forbes magazine, since 1998 "human attention spans have dropped by over half, despite a five-fold increase in average daily information intake."

That's all a lot for any publisher to contend with, especially one still operating in a replicative frame of mind.

What to Do?

New approaches are needed to promote survival. Here are five strategies you can adopt now to reorient your operations for today's challenges:

One

Keep your hand on the pulse of the market. Constantly.

Advertisers are exploring new ways of advertising. Readers are exploring new ways of reading. It's really important to closely follow emerging trends. However, that does not necessarily mean just going with the flow.

Readers and advertisers are facing uncertainties just as publishers are. Their instincts and inclinations may not be the best for the long run. That's why you need to do careful analysis so you can apply the best wisdom on how to deal with market evolution.

Two

Make business planning an ongoing process, not an annual event.

One publisher told me of her planning and budgeting practice. Starting each fall she and her staff begin the process. By year-end it's all committed to text and numbers, and in the ensuing year staff is rewarded to the extent that projections are met. There's no incentive to beat the projections. In fact, it's deincentivized because the expectation for the next year will just become more demanding.

That's no way to run a publication in today's fluid environment. Some argue that advance planning like that is needed to anticipate the need for human and capital resources. That consideration must be tempered, however, by the pressing need for agility in response to external changes. Planning needs to be never-ending.

Three

Abandon rigid organizational structures and inflexible workflow patterns in favor of flexibility.

Well-established practices and structures offer comfort and consistency. That's helpful, though, only when you're dealing with a relatively static environment. Now is the time for approaches that are compliant with emergent demands rather than usual patterns. Let real-time experiences be a stronger guide than tradition. Allow teams to be formed and disbanded as circumstances warrant. Reward employees for adaptability.

Four

Provide sensitive, active support to staff as they are thrust into unfamiliar routines.

Always be aware that the kind of changes discussed here will be perceived as a threat to many staffers. Those who feel proficient in doing things a certain way may become insecure about leaving their comfort zone. That can result in some untoward results. It can even lead some to try sabotaging new initiatives.

An important step in avoiding that kind of trouble is to take the time to build a shared vision of your goals and the efficacy of new approaches. Involve more people in decision-making. Try to build an organizational culture that embraces change and approaches new challenges with vigor.

Five

Make optimization an ongoing activity.

One obvious limitation of employing new approaches is that they have not stood the test of time. That means you must be vigilant in monitoring results and tweak things to boost performance. Striving for significant improvement and increased efficiency is an essential part of an agile approach. Establish monitoring that is both quantifying and qualitative. Share that information widely so that the need to optimize can be appreciated throughout the organization.

I realize that these strategies may take some courage to implement. And change is always fraught with the possibility of failure. In today's publishing milieu, however, inaction is perhaps the greater threat.

William Dunkerley is principal of William Dunkerley Publishing Consultants, www.publishinghelp.com.

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Magazine Publishers Struggling in Public Equity Markets

Posted on Wednesday, May 31, 2017 at 12:29 PM

In the news: Public equity markets have proven not as lucrative as publishers would have hoped.

The recently aborted sale of Time Inc. serves as a cautionary tale to publishers considering a dip into public equity markets. Tony Silber of Foliomag.com sums up Time's failed venture thusly: "The company's three-year experiment with public equity markets has, by almost any objective measure, not succeeded. Ironically, at least according to one observer, being part of a public company -- Time Warner -- is what led to this outcome."

Time Inc. isn't the only traditional magazine publisher that has struggled in public equity markets. According to Silber, other brands that have faced similar challenges in recent years include Martha Stewart Living Omnimedia, Reader's Digest Association, and Playboy Enterprises. However, digital brands such as Buzzfeed and Vox are attracting lots of venture capital these days. If any of these brands goes public in the near future, says Silber, we may be able to draw meaningful comparisons between traditional publishers and their newer digital-oriented counterparts. Read more here.

Also Notable

Re-exploring Search Engine Optimization

SEO hasn't commanded the magazine media conversation in a while, but don't be fooled. Publishers are still looking for ways to push their content to the forefront of Google. Popular tricks include, according to Lucia Moses of Digiday.com, converting websites to https, designing pages to be AMP (Accelerated Mobile Pages) compliant, and engineering content so that readers spend more time with it. Read more about current SEO strategies here.

Print Ads Down, Digital Ads up at NYTCO

Digital revenue is on the rise at the New York Times Co., but print revenues took a sharp downturn in the first quarter of 2017. According to Erik Sass of MediaPost.com, in Q1 print was down 17.9 percent and digital revenues up 18.9 percent, for an overall ad decline of 6.9 percent. Read more here.

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