How Magazines Can Build New Digital Brand Extensions At No Cost! - Steve Blacker - MediaBizBloggers

1. NEW SEARCH APPLICATIONS: Magazines have unlimited search attribute applications. For example, a Cosmo or Glamour has a huge repository of articles on different types of relationships from sexual, family and work to friends. An Esquire or GQ has an endless repository of articles on such topics as grooming, fashion, celebrities, etc.

2. THE PROCESS: What's needed is to first establish the backlog of articles by category and then create the right search software to access them easily. Next would be to promote the search capability on a continuous basis both in the magazine, sub offers, renewal offers, the magazine's web site and all other digital applications.

3. ONE WAY TO FUND: Advertisers would be prime prospects to fund different category search listings. Perhaps a major beauty company would want to sponsor/fund the creation of a Cosmo or Glamour search engine offering new search applications. What currently exists at most magazines does not seem to go deep enough or back far enough. The search software that magazines now offer on their web sites needs to be greatly enhanced and offer more options.

4. A SECOND WAY TO FUND: Establish an exclusive partnership with a Yahoo, MSN, Google, etc. whereby they help a magazine develop, improve, expand and pay for new search capabilities. There would be mutual benefits for both parties. The magazine company has no up front investment costs. The Yahoo or Google has a new revenue share opportunity and profit center. Either party could sell the ads for the new search listings. After deducting the search engine company's start up and maintenance costs both parties could set-up a revenue share agreement.

5. A SOCIAL NETWORK: Magazines by their very nature create a social network of people interested in similar topics presented with a unique perspective and point of view. How Elle Magazine might cover fashion is quite different than how Vogue does.

6. HOW TO FUND: The approach here would be quite similar to how a magazine company could fund new search capabilities; either with an advertisers or a Google, Yahoo, MSN, etc. The magazine's new social network could be co-promoted by both parties. Again there would be an agreed upon revenue share after deducting start-up and maintenance costs. While a few magazines have formed relationships with different social networks they do not reflect the full editorial branding capabilities of the magazine.

7. THE CHALLENGE: The challenge and opportunity is to know how to properly market these potential two new brand extensions and profit centers. The value of the magazine's brand equity needs to be clearly and fully explained. A subscription to a magazine is often akin to joining a special club.

8. EDITORIAL VIDEOS: Given the new App opportunities and the fact that videos are much more appealing and engaging then straight text; magazines need to offer a significant number of editorial videos. Without a major inventory of ongoing editorial videos no magazine will be able to fully capitalize on the App potential. These videos need to be updated on a regular basis. At present most videos that are offered on a magazine's website are from and about advertisers' products and services.

9. HOW TO FUND: Form a partnership with a major TV or cable network. They pay for all production. Both parties can use the videos and cross promote. Either party could sell the ads for the editorial videos. Again after production costs are deducted there would be a revenue share.

10. THIS NEEDS TO BE DONE NOW: Because the lion's share of all magazine revenue comes from ad pages; publishers have not been able to invest adequately in creating new digital brand platforms. Several factors create a near term urgency. The media and digital world is changing almost on a daily basis. While magazines are a vital medium there are just too many new options for advertisers and consumers to consider. Currently search sites, social networks and video websites capture a staggering 94% of all advertising and promotional dollars.

Steve's new book You Can't Fall Off The Floor - The Insiders' Guide to Re-Inventing Yourself and Your Career chronicles his 50 year career working for over 25 different companies with 189 lessons learned and insider tips from Gayle King, Cathie Black, Chuck Townsend and 28 others; Blacker is still going strong today as a partner in Frankfurt & Blacker Solutions, LLC. His web site is blacker-reinventions.com and e-mail address is blackersolutions@aol.com

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