Frank N. Magid Associates works with newspapers, magazines, and other publications to help them evolve their businesses in ways that lead to growing revenues. We are engaged to refashion newspapers and magazines and their respective business models for optimal performance, assist in the development and launch of new products, develop and support effective advertising sales strategies, create impactful marketing strategies, and assist in developing products and services that capitalize on technologies and platforms like the internet, mobile phones, and tablet computers. Magid has become well-known for our Newspaper of the Future projects in which we use a highly customized process to explore consumer attitudes and behaviors toward print and online media consumption, which then informs strategies to recapture important consumer and advertiser positions that have been assumed by other media. The results of our work are evolved local media businesses that have reasserted themselves as the leading news and advertising mediums within their desired markets and have once again become growth businesses.
Implementing a Strategic Process to Align Products with Local Reader and Advertiser Needs to Create the Newspaper of the Future
Recognizing Frank N. Magid Associates’ strategic and operational local media expertise, a major US publisher engaged Magid to help reverse the fortunes of one of its local newspapers which was experiencing declining circulation and advertising revenues. Believing that local newspapers could grow by exploiting their unique selling propositions and aligning their products and services with local market needs, Magid developed a process to explore patterns of local media consumption, investigate potential new business models for both print and online, and evaluate opportunities to recapture important consumer and advertiser positions assumed by other media. Through a comprehensive process that included strategy sessions with key personnel and multiple phases of qualitative and quantitative research with consumers and advertisers, Magid developed new prototypes of the print newspaper and ad products. After testing these prototypes with the relevant markets, Magid partnered with the newspaper to develop a strategic roadmap including an operational approach and identification of profit mechanisms. As a result, the newspaper has experienced an increase in year-over-year ad sales, strong positive reader feedback, and internal recognition from its parent company. This engagement has also led to strategy engagements with other local newspapers of major US newspaper holding companies.