Are You Changing with the Times?
Posted on Tuesday, July 30, 2019 at 12:30 PM
Follow the industry where it's headed, but beware hyperbole about the
digital future.
By William Dunkerley
"Insanity
is doing the same thing over and over again and expecting different
results." This quote is often attributed to genius Albert Einstein. It's
easy to think some magazine publishers are guilty of that very thing.
Their editorial product was conceived in the print era. In response to
declining print revenues, they've transplanted basically the same
concept to digital and expect it to produce more revenue.
We see
another variant of this in the strategy of a client I recently worked
with. She has a print product that has performed well for many years.
She's still producing it, defiantly ignoring digital, and expects a
continuation of the historical sales results. That led me to humbly
express a corollary to the Einstein quote: "Insanity is doing the same
thing over and over again and expecting the same results amid a changing
environment."
Times are changing. It behooves us to adapt.
Where
Magazines Are Headed
Recently I ran into an associate from
long ago. He snickered when I told him I was still involved with
magazines and asserted they are a dying breed. I replied, "That depends
on what your definition of a magazine is. What about digital?" He had no
retort to that.
Unmistakably, the concept of a magazine is
evolving along with the emergence of digital. And it's obviously
important for us to grow in whatever direction the industry is taking us.
But
it is also important to understand what that direction really is. We are
presented with a lot of misleading claims about both the death of print
and the sweepingly great future we'll find by going all digital.
Drunk
on Digital Spin
The trouble is that both claims reflect a
strong element of spin that can be misleading. In part it's led many
publishers to shutter their print editions. Among those we've reported
on are:
--Newsweek
--Macworld
--Ladies'
Home Journal
--Motorcyclist
--Bride
--ESPN
The Magazine
--Glamour
--Beer Advocate
Some
of those publishers may have just been drunk on digital. For others,
going digital was simply their last resort. Take Newsweek, for
example. Its failure in print had little to do with the evolution of
digital. The magazine fell victim to rampant mismanagement and
misdirection. We did an extensive analysis back in 2010 on what went
wrong. (See "Why
Newsweek Magazine Failed.)"
Advertising
Missteps
For other magazines, the abandonment of print seems
to have been precipitated by their failure to sell print advertising
successfully in the face of ad industry changes. They tried selling in
the same old way over and over again while expecting the same result.
What they really needed were new strategies and skills.
It's true
that a lot of advertisers have been dazzled by the predictions of
digital growth and the promise of a bright digital future. In response,
many of them clamor for digital exposure.
Exaggeration has
plagued the depiction of that future, however. Growth figures have often
been expressed in percentages. They sound impressive. But if you look at
the actual revenue numbers, they tell a slightly different story.
I
recently saw substantiation of this on the WAN/IFRA website. The site
shows growth in digital advertising revenue and a decline in print
revenue. The growth reports are expressed in percentages. But if you
look at the dollars, the numbers paint a different picture. The market
size for print is $50.3 billion, while digital is just $12.0 billion.
What's
more, the growth in digital may not be entirely a result of consumer
preferences changing from print to digital. Some of it may simply be
attributable to the advent of the new digital ad medium's availability.
Print
vs. Digital Ad Efficacy
There is also the question of the
relative effectiveness of print versus digital advertising. There's been
a lot of hype involved in that too. No matter how flashy the new digital
ad opportunities may be, sooner or later there will be a reckoning about
their effectiveness. Are the ads going to sell products and services for
the advertisers?
Banner ads have already shown that they don't
measure up. Pop-ups have led to rampant use of pop-up blockers.
One
of the main benefits magazine ads have for the advertisers is that we
provide a halo effect that emanates from consumer trust in our editorial
product.
MarketingSherpa conducted a study that asked, "In
general which type of advertising channels do you trust more when you
want to make a purchase decision"?
Who consumers trust. (Click here
for an enlarged view.)
Print ads come up on top. Pop-ups,
banners, and native advertising are way below. That adds up to a clear
role for print advertising in today's marketplace.
Implementing
Smart Changes
With all that said, it is nonetheless
indisputable that consumer reading practices are changing. And it is
incumbent upon publishers to shape their content accordingly. Blindly
declaring "print forever" is not the answer. But neither is abandoning
print for a shiny digital future that may have been misrepresented to us
all.
Oh, and that Einstein quote? It looks like it was
misrepresented too.
According to Business Insider: "As it
turns out, insanity might be crediting that quote to Einstein over and
over again. He never said it."
That's backed up by
QuoteInvestigator.com: "There is no substantive evidence that Einstein
wrote or spoke the statement."
William Dunkerley is
principal of William Dunkerley Publishing Consultants, www.publishinghelp.com.
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