How Publishers are Capitalizing on Their Communities
Building a core audience and packaging that audience for advertisers to target has always been core to the success of the magazine industry. However, publishers are discovering new ways to segment and repackage their audiences in order to take this approach to a whole new level.
Publishers are working hard to build not just audiences, but engaged communities around their brands and content—then launching new revenue streams in the form of video products and events that meet the needs of those communities.
At the Publishing Executive Live: Summit on Redefining the New Media Company held in New York City in September, leaders from the consumer and B2B sides of the industry gathered to share how they've homed in on their core audiences for a panel titled, "Capitalizing on Your Community." The featured publishers have launched new products that add user value and bring the level of engagement that is highly valued by marketers.
For Your Benefit
Each publisher on the "Capitalizing on Your Community" panel found different meaning in the title of the panel. For Ryan Begelman, CEO of the real-estate focused B2B media company BisNow, capitalizing on community is the process of accessing key players in the real estate industry in order to reach the community at large. The power of community comes from the power of word-of-mouth and social reach, says Begelman. "We start by celebritizing individuals of a community," says Begelman. "We write about these big, powerful real estate figures in each market. They end up forwarding it to their mom and to their board of directors, and those people forward it, and it grows socially and organically from there."
But using larger-than-life figures in order to draw readers in doesn't work for all audiences. Foreign Affairs publisher Lynda Hammes describes her brand as one that is "about ideas"—creating value out of those ideas, and making a business out of those ideas—rather than about specific people at the forefront of a community.
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