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ABM “Year of the Editor” Northwestern University Medill School of Journalism Sept. 17, 2003. Panel Session: Brand Extensions: Creating New Revenue Streams --panelist Brian Ward . Why Extend The Brand?. You need the money. New competition keeps fragmenting your clients’ budgets
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ABM“Year of the Editor”Northwestern UniversityMedill School of JournalismSept. 17, 2003 Panel Session: Brand Extensions: Creating New Revenue Streams --panelist Brian Ward
Why Extend The Brand? • You need the money. • New competition keeps fragmenting your clients’ budgets • Extension can give you greater account penetration and even attract new categories of customers. • You’re not in the magazine business and never were. You’re in the info business. Competition is anyone who moves information to your audience in any way. • You’ve worked hard to build credibility, brand equity, etc. Why NOT leverage value you’ve already built?
Prerequisites To Strong Brand Extension • Know what a brand is • Have one • Extend in a way that complements your brand • Know where the money’s coming from • Plan for the resources needed • Do the math
FER Brand Development • October 1996 • FER launches, based on content, circulation, financial backing and personal brand equities. Advertisers take a chance they wouldn’t take with complete strangers. • January 2000 • Launch Web site • September 2002 • Launch high-end, two-day seminar for readers
Brand Extension: The FER Web Site • Not Just An Electronic Home For The Print Product • Serves a related but independent research function • Worldwide Buyers Guide • North American Services Guide • Archives for product comparison features only • Links, links, links—quick connex for spec comparison, etc. • Profitable Since Second Year • Ad revenue now. What next?
Brand Extension: The MUFES Symposium • We attract readers because: • Builds on magazine’s specialized credibility/brand • Nuts-and-boltsy, most tech-intensive spec/purchase symposium in our field • Stringently educational agenda—no product suppliers among presenters unless balanced in a panel • Great networking opp for rivals/peers in spec, purchasing & design functions
Brand Extension: The MUFES Symposium • We attract advertiser/sponsors because: • Attendance is invitation-only, all big-volume “key account” customers and prospects • Meeting size is held down to promote comfortable interaction without “stadium effect” anonymity • Advertiser/sponsors thus get to connect with hard-to-reach “big fish” prospects • Ratio of suppliers to reader/customers is held to 1:1
Brand Extension: The MUFES Symposium • MUFES works for us because: • Content reinforces/complements magazine brand, and vice versa • Invitation-only creates a prestige effect to attendance • Invitees pay an affordable registration fee; suppliers pay a higher one • Sponsorships are popular and generate big revenue • Supplier attendees, including sponsors, must meet advertising requirements to drive magazine business and avoid cannibalization • Profitability per labor hour is significant