Looking for a return on investment? Try talking to the readers...
By The Team 28 May 2010.
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"How can you stop a CEO who wants to cut the communication budget?"
Justifying your magazine's effectiveness and ROI has been the Holy Grail of internal communication specialists for some years. Tangible results may have their own form of measurement but there's also the intangible ones such as the brand loyalty and recognition that come from a regular, well-produced and targeted channel.
So how do you please your CEO, tackle the cutbacks and keep your magazine on top in an oversubscribed market?
More than 3,300 commercially produced magazines in the UK survive on the newsstand by engaging and satisfying their readers, and the corporate world is not that different. Your readership is an affinity group with a defined profile and shared information needs.
If the goal is to reduce overall costs it's also worth investigating the revenue streams that can come from valuable audiences such as these. The Team produces many funded and part-funded communication channels for a variety of public and private sector companies and organisations and while conventional ads are an option we've found there are other more imaginative ways of creating revenue from readerships.
They could take the form of reader benefit schemes, sponsorship or sponsored events and competitions - the more tailored the offer, the more credibility and enhancement for the internal brand. When it comes to larger audience databases like membership groups, B2B sector-specific and controlled circulation affinity groups, then alignment with the right brands can pay real dividends. In many cases the potential advertiser is also a key stakeholder in the industry or sector you're communicating to, and can see the value in investing in your channel.
So while a magazine might pay its own rewards in terms of loyalty and engagement, why not back that up (and help justify that production spend) by growing a little financial support too?
