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Digital Business Transformation In Practice

Issue

We worked with a traditional financial publisher, producing a monthly magazine free to targeted subscribers, which derived 90% of their revenues from advertising. Their website had almost no traffic or revenues and they had a small events product. As a result, the company earnings were exposed to significant risk, if as anticipated, traditional print advertising revenues declined.

Solution

After substantial research, we identified potential revenue streams, operational savings, and better brand and product marketing opportunities through online initiatives. Additionally, key clients were interested in working with the company to produce specialised events. The first step was to build a new website focused on the specialized needs of the typical magazine subscriber, providing additional content and daily financial news updates.

The first step was to build a new website focused on the specialized needs of the typical magazine subscriber, providing additional content and daily financial news updates. Over 9 months, with constant promotion and the introduction of several specialised weekly newsletters and the launch of a digital magazine, the website traffic grew to the point where the number of unique visitors was 50% higher than the magazine circulation. Online advertising revenues grew considerably and with the implementation of multi-media and cross-selling packages all of their largest clients significantly grew their spend with the company.

Next, we upgraded the subscription service to the point where it was completely automated online. The subscription offer was upgraded to provide additional content, research and searchable articles to the point that 20% of free readers converted to paying subscribers. Subscription revenue now provides 20% of total revenues.

Finally, the digitalisation of the business enabled the company to build an accurate database of subscribers which detailed the specialised financial sectors they followed. The database was used to market conferences far more efficiently and effectively than before. The company were able to deliver more specialised and profitable events, to the point that it has become the largest revenue generator.

Result

The company has built three new revenue streams which have eclipsed the legacy print advertising model and has provided a more sustainable business in the long term.