economist - final

Created by you, for you.

Alessia Arcuri

Bartlomiej Birgiel

Lina Adade

Niccolo Campa

Shandia Vythilingum

W1512214

W1486165

W1499410

W1496029

W1478506

Digital & Direct Marketing | BMKT607

30/11/16

Client Overview

Brand’s Values

1843

2016

“We provide our readers (student, corporate

and academicians) with short and straightforward articles to smart up their information consumption” (Garber, 2011).

Journalistic Freedom Global Perspective Quality Information

Competitors

Newsweek The Time

The Wall Street JournalThe Financial Times

Marketing & Database Objectives

Acquisition:

To raise the percentage of subscribers from 29% to 40%

by the end of 2017.

Retention:

To retain 40% of existing subscribers by December

2017.

Database:

To retain 40% of existing male subscribers by December 2017

To increase the rate of female loyal subscribers by 40% by

December 2017

To increase the rate of customer lifetime value by 10%

by December 2017

The Current Situation

More Male Oriented:13% of readers are women

(Nieman Lab, 2016)

Businessmen & Well educatedaverage age - 47

(WSJ, 2009)

Associated perceptions

Serious’ (WSJ, 2009), ‘Moderate, quirky and unconventional’

(Time Dorks, 2016).

69% of young people in 2014 had no feelings towards

the Economist (Statista, 2016)

Businessmen, Average age - 47 (WSJ, 2009)

Characteristics

Wealthy (WSJ, 2009)Well educated

Sophisticated and affluent Tech-savvy

‘Globally curious’ (IDM, 2016)Ethical (IDM, 2016)

Professionally minded

Most likely reads

‘Global, political, social, economic and business news’ (Time Dorks, 2016)

Issues that influence and shape our world (IDM, 2016)Banter, debates, expertise, risk, crisis and economy (IDM, 2016)

The Current Target Audience

Females: The Wanted Target Audience

Women aged 21-29

Characteristics

University studentsFinancial aid - Student Finance

Graduate jobs with a steady incomeTech-savvy (The Guardian, 2015)

Keen to learn new things

Most likely reads

Human topics (IDM, 2016)Narrative hooks (IDM, 2016)

Advertisements (INMA, 2013)Business, family, social development, research, seeking

connections and ensuring intimacy (IDM, 2016)

The Economist is currently perceived as more

men oriented

Aim of our communication strategy

- | Redirect The Economist towards business women;

- | Increase female readership;

- | Attract more readers amongst the younger generation

aged 21-29;

- | Build more loyal relationships;

- | Create strong CLTV;

- | Integration and implementation of unisex topics .

Why Now?

Slogan

Creative Idea

Stands Pop-Up Store Social Media Content

University Stands

Subscription Form & Email Template

Pop-Up Shop

Partnerships

Personalised Gadgets

Advert

Advert on Social Media

“ Created by you for you.Personalise your news Today.

Subscribe Now! ”

Social Media Campaign

Online Subscription Form

Social Media Campaign

Demographic

Age 20 - 29

Gender Females - Males

Education Level Degree, Master, PHD

Occupation Students, Academicians, Economics, Finance, Management, HR, Marketing

Geographic

Country The UK

City London

Psychographic / Interests

Pages The Economist, The Telegraph, The New York Times, Forbes, Business Insider, BBC News, Bloomberg, Financial Times, Tech Insider, Entrepreneur, Goldman Sachs, HSBC, Morgan Stanley, Deutsche Bank

Celebrities Richard Branson, Robert Kiyosaki, Peter Sage, Tai Lopez, Keith Weed, T Harv Eker

Books The Little Prince, The Fountainhead, Atlas Shrugged, The Secret, The Art of War, Rich Dad Poor Dad, The Black Swan

Targeting

Customer Journey

1 | Exposure

Geolocation (London,UK) and

exposure to Billboards.

Digital Exposure.

2 | Awareness 3 | Engagement

University Stand & Pop-Up Store

(Direct )

Advertisement, Social Media and Forum.

(Digital )

Customer Journey

4 | Incentives 5 | Evaluation 6 | Subscriptions

Gadgets & Customised Content

Existing & New

Subscribers will be

invited to share on The

Economist’s forum

feedback and

suggestions.

£12 for 12 Weeks:

Print, Audio

+ Digital Version.

7 | Advocating a Bond

Positive WOM & Loyal Relationships.

+40%

Database

DEMOGRAPHIC BEHAVIOURALPSYCHOGRAPHICTRANSACTIONAL

Age & Gender Type of Subscription Interest Occupation

To identify our new target audience

To customise offers and topic available

New Customers

+29%Existing Customers

Testing, Time & Budget

Jan 2017Dec 2016

Focus Group, Message Testing

Campaign Preparation,

Stands at University

Digital Campaign Launch

4 Weeks: Every Monday

1 Year: Jan 2017 – Dec 2017

Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sept 17 Oct 17 Nov17 Dec 17

Pop-Up-Store,5 Weeks : Each

Monday.

Time Lapse Advert

Direct & Digital Campaign

Testing, Time & Budget

Message Testing:

One Focus Group

£3000

(Nielsen, 1998)

University Stands:

£1400 per stand 4 weeks = £5600

Pop Up Store:

Per day - £1255 stations = £625

Billboard and Time Lapse:

Billboard - £500 to £1,500 per month.

Day Shoot - £350 (Construct Films, 2016)

Instagram:

CPM - $6.58 / CPC - $0.44

Facebook:

CPM - $5.21 / CPC - $0.25

(Rodriguez et al., 2016)

Direct Campaign Digital Campaign

(Popup Stands UK, 2016)

(Christie, 2014)

Forecasting

Acquire 11% more subscribers by the end of

2017

Shift attitudes 21-29 year olds have of The Economist

from neutral to positive Raise awareness of the benefits of subscribing: cheaper for students,

personalisationIntegrated topics, professionalism

ForecastingForecast 1

Target Age Group: 21-29

Email Response Female Male Total

Quantity mailed

Total clicks

24000

21500

13500

11500

37500

33000

Response Rate 89% 85% 87%

Forecasted Subscription 29-40% 29-40% 40%

Actual Subscription 36% 32% 68%

Year 2 and 3

● Gathering and analyzing data collected from the campaign run in year 1

● Using this to suggest further improvements to The Economist’s content

● Launch same campaign throughout the whole of the UK

● Maintaining our focus on attracting more women

KPI’s

Retention RateCustomer

Acquisition RateCLTVClick Through Rate

(Total clicks / Sent Emails) * 100

Insight into how many customers engage with

content.

Number of customers retained to the number

at risk.

Track the change in ability of firm to retain

customers.

Total Acquisition expense / total of new

customers.

CLTV = ARPA*% Gross Margin / % MRR

Churn Rate

To track the cost incurred by acquiring

new customers.

To assess the financial value of

each customer.

Return on Investment

Predicted subscribers x 12 - budget / 500,000

To measure the success of our campaign i.e. did our marketing expenditure

translate into sales?

Mandatories

You cannot change or affect the

editorial content in any way and this

should not be considered as part of

your response. However, you do have

the exibility to package together

existing content and tailor /

recommend content for specific

audiences.

To be clear, this isn’t about turning

The Economist into The Economist -

we do not want a campaign that is

patronising or demeaning to

women in any way.

The Economist also doesn’t want to

compromise the integrity of our

Editor, Zanny Minton Beddoes, so do

not use her as a figurehead in your

creative recommendations;

This brief is for a UK pilot only,

running from Jan 2017 to Dec 2017.

Thank you !

Any Questions?Alessia Arcuri, Bartlomiej Birgiel,

Lina Adade, Niccolo Campa,

Shandia Vythilingum.

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<http://www.telegraph.co.uk/finance/personalfinance/11180264/We-made-2000-in-a-month-by-selling-our-clothes-in-a-pop-up-store.html> [Accessed: 24 November 2016]3. Construct Films (2016) Pricing. [online] Available at: <http://www.constructfilms.co.uk/timelapse-pricing> [Accessed 24 November 2016]4. Curtis, J. (2016). Newsweek's Print Edition Collapses, Publication to Focus on Digital. [online] The Content Standard by Skyword. Available at:

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personalized-brand-yet-another-reason-the-economist-is-trouncing-competitors> [Accessed 15 November 2016]7. Good, (2011) [online] Available from: <https://www.good.is/articles/why-should-women-read-the-economist> [Accessed 21 October 2016]8. IDM (2016). The IDM Brief 2016: The Economist. [online] Available from: <https://learning.westminster.ac.uk/bbcswebdav/pid-1634534-dt-content-rid-4420816_1/courses/

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newspaper-advertising> [Accessed 01 November 2016]10. Marketing Mine Field (2016) Billboard advertising buying process and expected costs. Available at: http://www.marketingminefield.co.uk/billboard-advertising-costs/ (Accessed: 30

November 2016).11. Mediatel, (2016) 1843: Economist targets affluent readers with new magazine brand [online] Available from: <http://mediatel.co.uk/newsline/2016/03/03/1843-economist-

targets-affluent-readers-with-new-magazine-brand/> [Accessed 21 October 2016]12. Nieman Lab (2016). Only 13% of The Economist’s readers are female. [online] Available from: <http://www.niemanlab.org/reading/only-13-of-the-economists-readers-are-female>

[Accessed 01 November 2016]13. Nielsen, J. (1998) Cost of running a focus group: Article by Jakob Nielsen. Available at: https://www.nngroup.com/articles/focus-group-cost/ (Accessed: 30 November 2016).14. Nrs.co.uk. (2016). Magazines | National Readership Survey. [online] Available at: <http://www.nrs.co.uk/latest-results/facts-and-figures/magazines-factsfigs> [Accessed 23

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<https://www.popup-stands-uk.co.uk/store/pop-up-stands-tv-monitor-stand> [Accessed 24 November 2016]

List of References

15. Pandey, R. et al., (2016). Wall Street Journal’s new content strategy and what brands can learn from it. [online] Marketing Interactive. Available at: <http://www.marketing-interactive.com/wall-street-journals-new-content-strategy-brands-can-learn> [Accessed 23 November 2016]16. Rodriguez, G. et al., (2016). Home. [online] Available at: <http://fitsmallbusiness.com/how-much-does-facebook-advertising-cost> [Accessed 24 November 2016]17. Statista, (2016). Media brands rated by young people in the United Kingdom (UK) 2014. [online] Available from: <https://www-statista-com.ezproxy.westminster.ac.uk/statistics/314466/favorite-media-brands-of-young-people-uk> [Accessed 01 November 2016]18. TBN, (2015) Opportunity for business media with women readers [online] Available from: <http://talkingbiznews.com/1/opportunity-for-business-media-with-women-readers/> [Accessed 29 November 2016]19. TechTarget, 2016 [online] Available from: <http://searchcio.techtarget.com/definition/C-level> [Accessed 25 November 2016]20. The Economist (2016). “The Economist Group”. [online] Available at: <http://www.economistgroup.com/what_we_do/our_brands/the_economist_brand_family/the_economist.html> [Accessed 15 November 2016]21. The Economist (2015) Annual report 2015. [online] Available at: <http://www.economistgroup.com/pdfs/Annual_Report_2015_FINAL.pdf> [Accessed 8 November 2016]22. The New York Times (2010) The Economist Tends Its Sophisticate Garden [online] Available from: <http://www.nytimes.com/2010/08/09/business/media/09economist.html?_r=0> [Accessed 21 October 2016]23. Time Dorks (2016). Why I ignore the daily news and read The Economist instead (and how you can too). [online] Available from: <https://medium.com/time-dorks/why-i-ignore-the-daily-news-and-read-the-economist-instead-and-how-you-can-too-53f4d255efa6#.evk2paihq> [Accessed 1 November 2016]24. Twitter (2016) [onlone] Available from: <https://twitter.com/theeconomist> [Accessed 21 November 2016]25. WSJ (2009). The Economist Targets U.K. Readers. [online] Available from: <http://www.wsj.com/articles/SB124648859021982843> [Accessed 21 November 2016]

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