This document provides a marketing plan for The Economist to attract more female subscribers. It begins with an analysis of The Economist brand and the market challenges it faces in declining print readership. Research found that women associate The Economist with business and money. The plan's objectives are to increase the percentage of female subscribers from 29% to 40% by attracting women ages 24-35. The acquisition strategy involves targeting curious, passionate women through digital campaigns. Key tactics include positioning The Economist as satisfying the naturally curious and championing progressiveness. The plan also outlines communication, creative execution, budget allocation, and metrics for measuring success.
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1. The Economist K1228101 & K1228841 Page of1 29
THE ECONOMIST -
HOW DO THEY
ATTRACT 11% MORE
FEMALES?
2. TABLE OF
CONTENTS
THE BRIEF 3
THE ECONOMIST 4
THE MARKET 4
DECLINE IN PRINT 4
TRENDS 5
PORTERS 5 FORCES 5
PESTANALYSIS 6
SWOT 6
PRIMARY MARKET RESEARCH 7
STRATEGIC B.B.C VENN DIAGRAM 8
GET.TO. BY. - PLANNING MODEL 8
THE SOSTAC PLANNING 9
THE CAMPAIGN STRATEGY 9
OBJECTIVES 9
ACQUISITION STRATEGY 10
COMMUNICATION PLAN 11
CREATIVE EXECUTION 12
THE IDEA 12
EXECUTIONALTACTICS 12
THE ACTIVITY PLAN 19
MARKETING BUDGET DISTRIBUTION 19
MEASUREMENT METRICS (KPI’S) 19
MAPPING THE NEW CUSTOMER JOURNEY 21
GLOBALISATION ROLL OUT 21
RETENTION PLAN 22
REFERENCES 23
APPENDIX 24
The Economist K1228101 & K1228841 Page of2 29
Word Count (body of work): 3792
3. THE BRIEF
Continue to grow the UK subscriber base whilst increasing the percentage of female
subscribers from 29% to 40% by the end of 2017.
To deliver upon this execution a fully
developed integrated marketing
communications plan will be devised for the
brand. This will utilise existing marketing
communication practices as well as
developing new strategies and ideas.
The Economist has been struggling for some
time to attract and retain a female viewership.
This may be down to their overall culture or
their current alignment in the market but as a
brand they are willingly to attract a newer
readership base.
With a marketing budget of £500,000 + VAT
this strategic plan will identify key targets and
message deliverables to execute this brief.
This report will include:
• The key challenges the brand will have to
overcome.
• Direct and digital strategy, including
objectives, acquisition strategy (including
data targeting and segmentation) and a
communication plan with the proposed
weight of paid, earned and owned media.
• Distribution of the marketing budget over
the campaign period / by channel to get a
maximum Return on Investment (ROI).
• The big campaign idea and creative
recommendations
• KPIs and recommended measurement
• Test and learn plan, including how we could
use the UK pilot to inform global roll-out
• High level considerations for retention of
new female subscribers in Years 2 and 3.
The Economist K1228101 & K1228841 Page of3 29
4. THE ECONOMIST
The Economist is highly regarded as an independent weekly magazine journal. However, they
adamantly call themselves a newspaper. The publication dates back to early roots all the way
back to 1843 when James Wilson founded the publication. Since it’s early formations and strong
ties to the London School of Economics it has become a major player in the international news
space with a strong foothold in the US market.
The publication is owned and belongs to The Economist Group. The group is partly owned by
the Rothschild family and the Agnelli family. 50% of the group is held privately by individual
investors. The year to date March 2016 the Economist declared a healthy operating profit of
£61m.
The main goal and aim of The Economist is to take an editorial stance of classical and economic
liberalism. All authors and contributors are published anonymously which lends it’s self to a
great real of freedom of speech. The publication actively describes itself as “a product of the
Caledonian liberalism of Adam Smith and David Hume”. This comes through their mission
statement: To take part in “a severe contest between intelligence, which presses forward, and an
unworthy, timid ignorance obstructing our progress.”
THE MARKET
DECLINE IN PRINT
Since the turn of the ‘digital-era’ there has been a gravitational shift in the consumption of print
magazines. With so much content at the fingertips for consumers without an outlay of cost it has
become a problematic area for any publication. Warcs annual study (Appendix 1) of the media
landscape has found that there is a 9.3% decline in the magazine industry from 2014-15
(Advertising Association, 2016). The same study also notes that National Newspapers are down
13.4% on the previous year which attributes to the decline in the market in which The Economist
operates in. The Economist has been very progressive in their current business expansion to the
digital era. The Economist app is one of top trending apps on both the Google and Apple App
Store and is used frequently with high engagement levels prevalent.
Ofcom’s study (Ofcom, 2015) (Appendix 2), into the use of internet as a news resource and
active social media users, found that 61% of 61-24 year olds fell into this category. However, they
furthered their study and looked at the 55+ age bracket and found that this use fell sharply with
only 26% of the respondents using the platform. From the study we can also see that 33% of the
respondents, in the 55+, category have a heavy bent towards relying on apps of newspapers
and news sites. A further interesting insight is the fact that the rise of social media platforms are
becoming a consumption vehicle for news. 16% of 16-24 year olds only consume their news
through social media with no direct alternative outside of the platforms.
The Economist K1228101 & K1228841 Page of4 29
5. TRENDS
Women are a main target for The Economist to actively pursue an increase in readership.
Women are known as the ‘catalysts’ of change. This is seen across the four key dimensions:
Decision making (workplace and economy), Communication, Identity and Innovation. Dayna
Dion, Cultural Strategy Director of Ogilvy & Mather, (Warc, 2013), found that women are “86%
more likely to start a discussion on a social network” than men. She goes on to note that women
are “the ones commenting, liking, sharing” across their networks.
Deloitte’s study into the changing face of the UK media consumer, found that 92% of females
aged 16-24 have access to a smart phone in their household. They found that 26% of this
demographic used social media to communicate as soon as they woke up. To further this pen
profile developed by Deloitte they found that 60% of these females watched short videos at
home with 40% actively watching a minimum of 30minutes everyday. Deloitte’s extensive
research lead to the findings that “5% of 16-24year olds use social media to keep up-to-date
with their favourite brands”. (Deliotte, 2015)
PORTERS 5 FORCES
Using Porters 5 Forces model we are able to analyse and assess the current competitor
landscape and trends in the industrial landscape the business currently operates in.
New Market Entrants (LOW/MODERATE)
The rise of new media outlets (Buzzfeed, Refinery 29, Huffington Post etc) has captured
consumers to engage with content across different un-traditional media platforms.
Snapchat Discover and Instagram stories has created a new entrant to markets for news outlets.
There is little to no geographical resistance as The Economist is global. However, this has
become a barrier with the perception of the brand being only for the ‘Elitists’.
Supplier Power (LOW)
Strong brand identity and is regarded as a pivotal journalistic voice amongst the current news
offerings.
A list of credible authors who are granted anonymity that adds to the element of controversial
opinions that spearhead the curious debate.
Strong retention of customers and following across social networks. There is a heavy bent
towards following the brand instead of subscribing for weekly content.
Competitive Rivalry (HIGH)
Straddles both the newspaper realm and magazine industries.
Main competitors: Financial Times, Wall Street Journal, Money Week and Business Today.
Competitive pricing with similar pricing across the board.
Competitors focus primarily on a male dominated audience who are solely interested in the
business political aspect of the news. Little to do with social change and opinionated journalistic
points of view.
Buyer Power (HIGH)
Buyers can switch their content consumption at any time and it is usually seen as luxury item -
not a necessity.
Product an Technology Development / Different Products
The rise of social media and platforms enabling everyone to be content creator.
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6. Saturation of the market as result of tech development meaning there is a lot of ‘noise’ that
consumers are exposed to.
PESTANALYSIS
Political
The Economist is a liberal journalistic publication.
Anonymity - to have the freedom to write freely.
Freedom of expression - fundamental but not absolute.
The story is more important than who writes it.
Economical
Weekly print edition - £5
Print & Digital - £5(best value)
Digital - £5
3 months for £45 (Print & Digital)
Social
The economist has to communicate itself as a global brand. Although they claim to only report
the most important news, they have to ensure that readers are able to relate to the stories
covered.
Technological
Newer readers are finding The Economist for the first time on social media (Facebook,
Instagram, Twitter).
The Economist needs to interactively engage - fully integrate itself across social media
platforms.
The Economist needs to keep ahead of how their readers are utilizing technology.
SWOT
Strengths:
- Well, respected and highly credible.
- Growing readership over time.
- High levels of engagement with their existing mobile device application.
- Un-biased opinions.
- Anonymity of their authors.
- Witt and controversial pieces.
Weaknesses
- Decline in print.
- Current perception as being money / business orientated.
- Male dominated messaging.
- Subscription based model (Consumers want immediacy).
Opportunities:
- To create a new market with aspiring females as a change in empowerment has come to a
prevalent place in society.
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7. - To grow content segments by rewording and packaging the existing content to appeal to
women more.
- To start a movement and champion what it means to be a ‘progressive’.
- Become the digital player in the content news game.
Threats:
- Decline in print over the last five years
- Rise of new media platforms such as Buzzfeed, Huffington Post, Elite Daily and independent
bloggers has spirited a change away from existing communications
- The disconnect from real world anti-establishment societal beliefs have effected media
consumption
PRIMARY MARKET RESEARCH
As part of the response to the brief we undertook primary market research to get an
understanding of what the existing overarching thoughts
are of The Economist. The aim of this initial survey was to
get a flavour for qualitative thoughts that would help
craft our strategy before reviewing the research group
once again later in the creation of the messaging.
By implementing a brief Google poll, amongst
women aged between 24 and 35, we were able to get
a feel for what women’s pre-existing thoughts are
towards The Economist. The main words that women
associated with The Economist were: Business and
Money.
Out of our initial sample poll it is noted that
81.3% think the current offering by The
Economist is too expensive.
The Economist K1228101 & K1228841 Page of7 29
Describe the Economist in one word.
Do you think that The Economist is too expensive?
8. STRATEGIC B.B.C VENN DIAGRAM
GET.TO. BY. - PLANNING MODEL
Get
Get pre-existing Economist subscribers to refer their friends to subscribe
Get businesses to sign up their employees
Get male subscribers to give the gift of The Economist to they partners
Get universities to subscribe students on their behalf at a procurement discounted rate
Get aspiring curious women who are interested in world affairs
Get environmentally focused women
Get business savvy women who want to explore money more
To
To share The Economist with a friend for a referral rate
To write their own piece of opinion work
To demonstrate their progressiveness
To own what it means to be a thought leader
The Economist K1228101 & K1228841 Page of8 29
CULTURE
CUSTOMER
The
Economist
Aspirational
Women
Liberated and
open to new
ideas
Educated
Witty
Progressive
Controversial
Opinionated
Not a
Magazine
BRAND
9. To read content for free and build up credits that offset the cost of their subscription
To only read and pay for the content they want to / pick n mix
By
By getting women to share their ‘progressiveness’
By highlighting progressive women
By championing the controversial nature of the economist with wit
By sharing what it means to be progressive
Get aspiring curious women who are interested in world affairs to demonstrate their
progressiveness by sharing what it means to be progressive.
THE SOSTAC PLANNING
Using the SOSTAC planning system we are able to create the perfect marketing plan. The plan
was created by PR Smith (Smith, 2003) and allows marketers to assess the situation, analysis,
create, implement and monitor their campaigns.
THE CAMPAIGN STRATEGY
OBJECTIVES
The main objective of the campaign strategy is to increase the subscriber-ship of The Economist
by 11% amongst women. To take this subscriber base from 29% to 40% by the end of 2017 by
implementing the campaign to attract 24-35 year old females.
Another objective is to grow Snapchat audience of the newly formed The Economist Discover
weekender page. With the swipe up function we aim to offer The Economist at the current 12
weeks for £12 offering. Using the platform and the discover features we aim to capture 34% new
subscribers through the in app purchases and landing pages.
There will be many beneficial side affects to this and measurable KPI’s that we can monitor to
ensure the strategy is on track. The aim is to become the champion of curiosity and to start the
conversation. News isn’t just a one way conversation - it is a two way communication with
differing points of view. The objective is to get women to share their ‘progressives’ and talk
passionately about their beliefs - because this is what The Economist is all about.
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10. ACQUISITION STRATEGY
Segmentation
Top line acquisition segment - Women aged 24-35years old / Who are passionate and curious
about the world.
Pen Profile
Annabel - 29 Years Old
‘Currently, living in the suburbs of London but commutes daily to work. She commutes via public
transport and is impassioned to make a change. On the weekends she volunteers at the local
netball club - as she loved playing the sport growing up. Her 9-5 is working as a media
consultant for a large organisation that has an entrepreneurial flare. She is interested and
conscious of her impact on others around her and admits she may have neglected those beliefs
whilst at University. She sees a divide in equality between men and women and wishes for
change. She’s empowered by all that’s going on around her and is active on social media - using
it as a tool to share content with friends.’
Targeting
Using the data and research we have undertaken we look to acquire the 24-35 year old female
customer. From the data we find that they are more receptive to a digital campaign.
We polled 30 respondents via a secondary Google Poll. The respondents were all between the
ages of 24 - 35 years old and have career aspirations. The respondents didn’t necessarily go
through higher education
but openly admitted to
self-studying and wanting
to be curious. The
respondents also felt that
they were passionate
about progress and
change. The
secondary poll gives
us a better insight into
how a sample of our
target market
consume content.
RESULTS:
Positioning
The positioning of The
Economist should not
shift to the left or the right
but highlight some key brand identifiers and values that they already hold. The idea and notion
that Economist readers are ‘Progressives’ will feature heavily in our communication. Conjuring
emotion and calling people to act upon their progressive nature will spearhead the idea of
The Economist K1228101 & K1228841 Page of10 29
11. curiosity. The Economist satisfies ‘the naturally curious with a distilled view of world affairs’.
This is what we want to highlight throughout our messaging.
COMMUNICATION PLAN
PAID
Snapchat (Discover and Geotags)
Utilising the existing The Economist Discover channel to build channel awareness. This will then
lead to the incorporation of Snapchat Geotags. By purchasing Geotag’s around the main
commuter train stations it will aim to drive awareness. (Appendix 6)
Digital Out of Home (DOOH)
Using Clear Channels new camera focused digital activation points around high traffic locations
it will be very important for DOOH to drive awareness for the User Generated Content (UGC).
Passers by will be entered into the ‘We the progressive’ campaign to target them and grab their
attention.
PAID / EARNED
Facebook
The Economist currently boast a very modest 7.4m Facebook likes. This is a large pool of
‘interested’ people that have shown that they like the content The Economist produces. As we’ve
noted earlier through background research and primary research we undertook with our
representative sample - it is noted that amongst our target demographic 90% of them consume
news through social media. Backed up by the point that Women are more likely to women are
86% more likely to start a conversation on a social network (Warc,2013). Boosting Facebook
posts that women are primarily interested in and purchasing ‘We the Progressive Facebook and
Instagram ads monthly will aid to the awareness of the campaign.
OWNED
The Economist App
Using the app to implement and grow existing subscribers. Each time an existing subscriber
sends a referral code via the ‘We the Progressives’ in app tool they will be rewarded if the end
subscriber signs up. This is seen as a peer to peer affiliate style marketing tactic. The referee and
the referral will benefit in this transaction as they will get the first month free and pay nothing till
month two.
‘We the Progressives’ landing page
A curation of pictures from DOOH. Facebook and Snapchats that are user generated. They will
feature on the We the Progressives page as a collective group. In real time they will be filtered
onto the page with the hover acting as a tool to see how each person is progressive in their own
words. You will also be able to create your own picture on the site for upload and can link your
picture to Linkedin for networking purposes.
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12. CREATIVE EXECUTION
THE IDEA
Get aspiring curious women who are interested in world affairs to demonstrate their
progressiveness by sharing what it means to be progressive.
Using DOOH to build awareness and digital Geographical filters we will aim to target the
desired consumer at the point of their search. Looking at our own independent qualitative
research it is noted that consumers in our target demographic are prevalent on social media.
Move from ‘Content Kings’ towards ‘Connected Maestros’. High levels of interaction and high
levels of content. (IBM, 2011 Appendix 4).
EXECUTIONALTACTICS
Snapchat
- Create Geotag filters at high commuter footfall locations
- Adapt and expand on Snapchat Discover by having stories in bitesize content pieces that allow
for click throughs to be measured.
Paid Search
- Purchase Keywords and phrases such as ‘Progression’ and ‘The Economy’ via Google Ad
Words.
Social Media (Facebook, Instagram and Twitter)
- Boosting targeted posts that speak to the female audience. Stories and articles that will have a
high foot volume of traffic.
Digital Out of Home
- Using real time cameras to put passers by in the advertisement and call them progressives. This
will then take a picture of them and be sent to the UGC page in The Economist splash page
where they can engage in the content.
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13. The Economist K1228101 & K1228841 Page of13 29
Cross uses of creative
Cross uses of creative
14. The Economist K1228101 & K1228841 Page of14 29
Facebook / Instagram Push Ad
Facebook / Instagram Push Ad
15. The Economist K1228101 & K1228841 Page of15 29
Facebook / Instagram Push Ad
DOOH (Camera)
19. THE ACTIVITY PLAN
MARKETING BUDGET DISTRIBUTION
TOP LINE YEARLY CHANNEL BUDGETS
Snapchat Year Budget: £165,182
Google Ad Words: £75,000 (75,000 CPC @ £1 a click) (Salesforce Marketing Cloud, 2016)
DOOH: £125,000 (Costed by a phone call with Caitlyn Pinner Ogilvy & Mather, London)
Facebook: £90,000 (19,389 CPC @ $5.75 a click)(Salesforce Marketing Cloud, 2016)
Facebook Content: £15,000
Instagram: £30,000 (14,705 CPC @ £2.04 a click)
MEASUREMENT METRICS (KPI’S)
CPC
CPC is an important form of measurement as it measures and determines how many prospects
have engaged with the ad. Every time a prospect clicks on our ads, CPC means that we will pay
for each click that ad has received.
Adwords
We will purchase Google Adwords that a new prospect would be searching for. This will
determine whether the effectiveness of our ads is working.
Google Adwords that we will purchase:
“Social Change”
“Progression”
“The Future”
“Family”
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20.
Subscribers
To determine and measure new subscribers, we will use mobile app tracking tools such as
Mobile app Tracking, we are able to install SDK (Software development kit) into The Economist
app. This will have to be done as part of the app update. This unique device fingerprint helps to
determine where the prospect (who intends to downloaded The Economist app) originally saw
the ad. This will also help to determine the amount of new subscriptions.
Followers Facebook
As 90% of our target audience consume news through social media we can easily track and
measure what people are saying about The Economist through the Social Mention tool. Social
Mention is a social media analysis platform which collects user generated content and feeds it
all into one stream in real-time. This will help us track sentiment amongst our audience.
In order to measure the effectiveness of our Facebook posts we will measure how many likes our
Facebook posts receive on the “We The Progressives”. We will also measure the amount of new
Facebook followers from beginning to end of campaign.
Referrals
By using tools such as Google Analytics, we can determine traffic origins. By inserting a HTML
code into every page of the website, we will track which channels are driving prospects to The
Economist’s Website. This could be referral, direct, organic search, paid search or through a
social network.
Impressions (Facebook)
We can track the amount of viewed impressions on a prospect’s desktop and mobile. For
example, we will measure viewed impressions of The Economist’s ads on Facebook (un-viewed
ads will not be charged for).
Snapchat
Unique Views - Counts how many people watch a video or see a photo. This is an accurate
measurement as, although the same user may watch the same content multiple times, this
metric only counts a single view once. It will help us to determine how big our audience is.
Screenshots - Serves to measure the level of engagement with the campaign, by measuring how
many screenshots a prospect has taken in a Story, or of a photo - the same way Facebook has a
“Like” button, and Instagram has a “favour” button.
Completion Rate - A quantifiable approach of measuring. This helps us to determine the
percentage of how many people have watched a Snapchat Story from beginning to end,
compared to dropping out of the Story halfway through.
Completed Stories - Similar to Completion Rate, this is a quantifiable means of measuring how
many people have watched a “Snapchat Story” from beginning to end. This also reinforces level
of interest and engagement, which in turn reflects the effectiveness of our campaign.
NO. OF STORY COMPLETIONS / NO. OF UNIQUE VIEWS X 100 = % COMPLETION RATE
Fallout Rate - This helps us in terms of optimization for future campaigns, depending on how
engaging our content is to begin with. This is done by looking at points in the Snapchat Story
where fallout rates are the highest in order to decrease dropout rates and improve.
DIFFERENCE FROM ONE SNAP TO THE NEXT / NO. OF VIEWS FROM FIRST SNAP X 100
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21. MAPPING THE NEW CUSTOMER JOURNEY
Awareness of the Campaign
DOOH / Snapchat Geotag / Facebook Targeting
Explore the campaign
Exploration through using the content and interacting with the discover stories to create user
generated content via the DOOH, Snapchat Geotag filters and website landing page.
Buy
By sharing the ‘We the progressives’ campaign via the landing page and sharing a unique code
existing subscribers get a two months of free. The new customer also benefits by getting two
months for free.
Engage
Share content that is specifically target at them through Facebook boosted targeted posts.
Move from ‘Content Kings’ towards ‘Connected Maestros’. High levels of interaction and high
levels of content. (IBM, 2011) (Appendix 4).
GLOBALISATION ROLL OUT
As the campaign has heavy weighting on Snapchat as platform to generate subscribers it is
noted that the US market would be an ease of roll out target. The current offering of The
Economist amongst US reader base is high and the penetration of Snapchat in US markets is
growing daily. With programatic advertising and Ad words easily targeted this campaign could
be re-targeted to attract a globalised market. However, as our primary qualitative market
research is a selective sample group taken from suburban city dwellers it is difficult to
The Economist K1228101 & K1228841 Page of21 29
Customer Journey
Map
Awareness Discover Purchase Use Bond
Website Go on to read the
story in more depth
online for free.
Read content online
and engage in debate
Instagram
DOOH
Facebook Share the Story on
Facebook with their
referral code.
Friends use referral
code to purchase a
trial subscription.
Share content with
friends
Share their opinions
on pieces.
Snapchat Watch Snapchat
Discover Stories or
use targeted Geotag
Word of Mouth Talk to peers about
what they have read.
Email Email colleagues their
referral code.
Post
22. comprehend and understand that if this is an insight or an observation. For a globalised roll out
there would be a greater need to emphasise in studying a larger user base to target areas of
attention at a more efficient scale.
RETENTION PLAN
To retain the new subscribers it is highly important that there is a proposal plan to not waste the
hard work that has been done.
Social CRM and Content Marketing
From our research and observing the insights of females in our demographic group it is
prevalent and highly important that the retention of subscribers is done via engaging content.
Creating brand relevance to the consumers is the biggest obstacle that The Economist has had
over the years. By targeting content posts through targeting tools available on social platforms it
is recommended that The Economist doesn’t put forward the wrong content to people who
would be disengaged with the articles. By publishing posts and boosting them to all users it is
seen as a negative tool due to the fact of the large disconnect in engagement between male
and female subscribers.
Year 2
This is the most important year in terms of the customer feedback and loyalty loop. This is when
customers are either going to fully buy-in to what you are selling or they are going to not see
their needs be satisfied and leave. With a heavy emphasis placed on retention in future
marketing efforts during this year. As subscribers after this year are more likely to continue their
subscription consumers are creatures of habit.
Year 3
During year 3 it should be assumed and looked at from a macro view to the point where The
Economist should look to acquire new subscriber base. With the customer life-cycle it is easily
assumed that there will be a drop-off rate of subscribers by this time.. By assessing and
analysing the situation The Economist can survey their needs and look to implement a
marketing plan that coexists with their expectations of market share.
The Economist K1228101 & K1228841 Page of22 29
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