Making magazine subscriptions sticky

Consumers have many choices and unfortunately for magazine publishers their subscribers are having a much harder time understanding the value of their content. In most cases, they can find the information they need through search and if its community they are seeking; local discussion groups abound. Magazines have an advantage and that is they are considered a trusted resource for information; they are the authority. Subscribers however, are smart and demand more from their publishers to in turn commit their loyalty. Many publishers we work with have been reacting to this by lowering the price of their subscriptions. We advocate raising the price and provide them with more value. This is especially true in specialized niche audiences. So, where does the value come from? More pages in the magazine? Perhaps in part, but focus has to be on the web for value. The web is more scalable and able to reach every potential subscriber at a much lower cost. For years magazine publishers have used the web as a repository for their magazine content, posting it for all readers - for free. This tactic does more to decrease the value of the title than can ever be offset by the short term gains from incremental online advertising dollars. If publishers want to build long term value then they must first stop the churn rate and to do this they need to address the product they provide their subscribers. It's time to bring the magazine brand back to the center of the subscriber's relationship with their specific interest. Today this is much more than a printed book, which is filled with ads and sent weeks after news breaks. The web has so much potential to compliment print and become part of the subscription product. News, quality video, community, convenient applications, and proprietary insight are all what subscribers crave and believe it or not, the magazines are sitting on top of it. With a bit of focus and consumer insight publishers can extend their core product to deliver more value, retain more subscribers and maybe even grow their circulation. JR

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