Marketing Column: Talking (about digitally marketing) New Media: Getting Started
TNM is pleased introduce a new series of columns on digital marketing by Troy McConnell, CEO of AudienceFUEL. McConnell founded Clever on Demand, an Internet advertising technology company, in 2009, which acquired AudienceFUEL in 2012
Your company is publishing a magazine to a tablet app six or twelve issues a year. It’s available for download and subscription on your site and in the major digital newsstands where you market it. People are downloading. Some are even subscribing. If this is you, congratulations! And, I’m sorry. Because now the problem is how do you expand your digital marketing to grow this business?
IBISWorld says paid subscriptions for print and tablet magazines (not newspapers) in the US is almost $14b annually. That’s about $60 per adult per year. Consider that not all adults subscribe to magazines and suddenly your job is to find people who may be spending $100+ annually to subscribe to content they like.
So, they’re willing to spend money. But, why don’t you just restrict your marketing to your own website? I’m going to say something I think is important and you may not agree: You are looking for the subset of people who are willing to experience your content in ways they can’t by browsing your site (whether on their desktop, laptop, tablet or smartphone) and are willing to pay to get it. What you have on your site are (mostly) the people not willing to pay for it. Because not everyone wants to pay for that experience.
So how can you do it? Look at the below table:
These are the major components you need to consider before you start spending your money to market your app.
1. Landing Page. Once you start advertising, you need to decide whether you are going to send prospects to your own landing page or directly into the digital newsstands when they click on your ads. Simply stated, this is a tradeoff between higher download conversions (direct into newsstand) versus knowing something about your prospects (like their email address or name or more). Unless you are going to simulate the digital newsstands’ ease-of-buying like letting people pay with their Amazon or Paypal account, attempts to get people to buy direct to you are unlikely to be successful.
2. Marketing Objective. I was recently involved in an ecommerce company selling wedding products. One lesson I learned there was that very few people who’ve never heard of you or your offer will click and buy all in one session. They discover you (acquisition via search, display advertising, content marketing on facebook or twitter or tumblr, pinterest boards, etc.) and then they come back (relationship via your outgoing email, more search, display advertising, etc ). Generally, the purchase comes starting at the second visit not the first. No measurement system is perfect but if you are marketing online and are only measuring campaign success by measuring the number of orders that directly result from that campaign, you may overvalue campaigns that don’t acquire new prospects. And, frankly, if you don’t acquire new prospects, your other relationship campaigns won’t have anyone to convert.
3. Media. Where are your campaigns going to run? A lot of media buying for display ads are happening on ad exchanges run by Google, AppNexus and others. But you can also advertise using search keywords, posts on Facebook, tweets on Twitter, ads running inside other Apps (although there is a LOT of controversy there) and, eventually on Instagram, Pinterest and others. There are issues of optimization that need to be considered. And, you need to consider online ad fraud.
4. Devices & OS. Obvious but you run ads for an iPad app on iPads, ads for an iPhone app on iPhones and so on. And, if you don’t have an app for Android smartphones, you should not advertise on them.
This is a simple overview of the market useful for consumer marketers at magazine publishers interested in marketing their tablet subscriptions. There is a lot of detail to cover including the pros and cons of each part. What do you think? Comments are welcome.
Troy McConnell is CEO at AudienceFUEL.