Media Buyer-Turned-Publisher Talks Luxury Titles
INBOX: What are some proven ways of attracting a more influential clientele that you’ve picked up in other forms of business that magazine publishers could take a look at replicating?
MILLER: Whether you are considering readers or advertisers, the luxury industry demands access beyond all else. Regardless of how worldly or knowledgeable your readership base is, they still want to be educated in all areas relevant to their own particular lifestyle. Luxury titles like VEGAS Magazine provide this type of content-rich information in a private venue, providing readers the opportunity to quickly become experts on the hottest trends, venues and people. If you can extend this access beyond the printed page and into an in-person forum, then the magic really begins to happen. I experienced this when I built the Stratus Rewards Club 360 program. Each month we invited members to come together at various events in key cities. The members soon began engaging with each other and built a new community with access to like-minded people.
Luxury advertisers essentially want the same thing. They want access to customers who are aligned with their demographic, or to other non-competing advertisers who have similar installed client bases. As publishers, we have tremendous weight and opportunity to bring these strategic alliances to fruition through networking, exclusive events, and an unlimited number of partnership opportunities. The wealth segment is particularly difficult to reach. By marrying various providers within that niche together, such as a luxury auto manufacturer with a high-end jeweler, both advertisers can enjoy access to each other’s relevant consumers, without in any way competing.
INBOX: What are some ways magazines can boost ad sales and improve impact or response through producing better marketing and promotions to accompany the editorial product? What level of importance should be placed on that side of the business in attracting advertisers?
MILLER: In the case of prestige magazines such as ours, integrity in advertising is one primary key to boosting sales. The products advertised or represented in the magazine must be synergistic with the editorial focus of the magazine and at all times be relevant to the readers. In a sense, we protect the credibility of our luxury advertisers by limiting advertising opportunities only to elite brands which meet our luxe standards. By ensuring an environment that reflects well on all brands featured in the book, advertisers have a greater degree of confidence that they will be well represented, and of course, are willing to pay a premium for that kind of brand protection. It’s the infamous quality or quantity argument. In a recent cross-media study by research company Dynamic Logic, magazines out performed both TV and online channels when it came to brand favorability and purchase intent. When advertising and edit are aligned, it works even better.