Meredith Publishing's Jack Griffin is Reinventing the Print Media Business

Meredith Publishing, under the helm of veteran Jack Griffin, continues to re-invent itself and at the same time redefine the modern media company. Part traditional magazine publisher, part database and direct marketer, part marketing agency, part custom publishing and sales engine, and part digital new media leader, Meredith is in the enviable position of having powerful brands delivering content to adult women through virtually every distribution venue available. Griffin believes "market leadership can be articulated based on how consumers interact with your products and services. You don't need to be the largest to be the leader."

Last month, Meredith acquired Directive Corporation, a customer intelligence and direct marketing firm, enabling Meredith Integrated Marketing to expand its focus on building a lifetime value chain with consumers. Earlier this year, Meredith acquired consumer health search engine Healia(www.healia.com); Genex, an interactive marketing services firm specializing in online customer relationship marketing; and New Media Strategies, an interactive word-of-mouth marketing company. These follow the 2006 acquisition of the O'Grady Meyers Interactive Agency. Last month, Meredith won the Kraft Food and Family direct marketing account.

Griffin has also expanded Meredith Video Solutions, with two current broadband channels: www.Parents.tv and www.Better.tv. These channels reside on all 21 Meredith publication websites including Parents.com, LHJ.com and BHG.com. Meredith sites attract 12 million unique users and 150 million page views monthly.

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When Meredith acquired Gruner & Jahr's Family Circle two years ago, the magazine was fifth in a six book field. "It had a great heritage, but had been neglected," Griffin told Jack MyersMedia Business Reportin an exclusive interview. The magazine now ranks second among what was once called the 'seven sisters' of women's service publications. At the same time, the company closed Child magazine.

Differentiation is the key, Griffin believes. "Having an intimate knowledge of the customer and being able to deliver demonstrable success for advertisers across multiple platforms through great editorial product is the key to differentiation." Unlike competitive publishing companies that are layering digital and integrated marketing onto a print platform, Meredith's focus has been to place digital at the fulcrum and integrate advertising, marketing, event, community building, custom publishing and promotional support services. Video content is increasingly becoming central to Meredith's content development plans with expanding strategies for broadband, DVD, television and mobile.

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"But print has actually never been healthier," he hastens to add. "There is not enough active acknowledgement that there has been successful reinvention of the print business and it is alive and well." The caveat, though, is that the healthiest print publications are those with strong well-defined brands. "There is a stunning divergence between the leaders and the laggers," Griffin suggests, "and strong brands increasingly define vitality. Certain competitors are answering the challenge and are not only succeeding, but thriving." While overall the women's service category looks flat, the category leaders are experiencing strong double digit growth. "Within the category, some are doing great and others are getting clobbered," Griffin explains. Meredith Publishing's revenue growth in calendar year 2008 is tracking at 10%, based on the same publications and same frequency. "We need to be big enough to matter and small enough to maneuver," he adds.

Griffin suggests the advertising business is bifurcated, with 75 percent of Meredith's business following a traditional transactional model and 25 percent being highly strategic and non-traditional. Two years ago, he says, less than 10 percent was non-traditional. "We've taken costs out of the transactional side to underwrite strategic development, and in two to three years we are planning for only 50 percent of our business to be transactional. We can't just hold onto the legacy models; digital is the foundation of our strategic business and experimentation is as important as a clear business model." The Meredith 360 group was created 18 months ago to develop custom solutions for advertisers.

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Unlike Silicon Valley start-ups and unbranded media, Meredith offers depth of relationships with consumers that can be shared with advertisers, Griffin points out. Better Homes & Gardens has extended its brand with a major licensing program with Wal-Mart, which will launch a line of BHG branded home goods in 2008. The Better Homes & Gardens real estate group is also being reintroduced in 2008 by Realogy, parent of Century 21, after a ten year hiatus.

"We're making hard decisions on where to put our horses and that's what smart companies are doing," says Griffin.

For more information on Meredith Publishing, contact Patrick Taylor at Patrick.taylor@meredith.com