Special Report: Publishing Business Conference and Expo
"We have to get over this mentality that everything is corralled," said Forbes. One key to his strategy is to segment and repackage an audience, and the content that reaches segments of that audience, in ways that advertisers can get behind, and then provide metrics that prove the investment is paying off for them.
"Marketing is not one-size-fits-all," said Forbes. "Now you're going in like a consultant," trying to find an advertising solution that's a fit for that client (a sentiment echoed by Cathy Black, below). For example, Forbes recently sold the exclusive sponsorship of an editorial content segment to an advertiser in a deal not unlike the old-time TV version of sponsorships. "It's not enough to have eyeballs anymore. Now you need to be able to break it down," he said. "We may have a smaller audience for certain pieces, but they may be very valuable to certain advertisers."
Proving the value of the investments advertisers make in your publication is essential, according to Forbes. "More and more, marketers want to know what they're getting," he said, and in order to prove that value, publishers must have the metrics set up ahead of time and be ready to educate the advertisers on their implementation and value.
Cathie Black: 'We Have Become an
Cathie Black, president of Hearst Magazines, wanted to make it clear to the world that, despite the difficulties of the past year, magazines "don't have a consumer problem, we have an advertising problem."
Black spoke at the Tuesday "Reinventing Today's Publishing Company" special event with Jane Friedman, CEO of Open Road Integrated Media (and former president and CEO of HarperCollins), and unveiled a magazine industry marketing initiative that will put ads promoting the value of magazines in front of 750 million readers before the end of the year.