The Economist attracts young readers with quality journalism and brand promotion

Speaking at Twipe's Digital Growth Conference in Brussels, Belgium, earlier this month, Tom McCave, vice president of marketing at The Economist, said that only about 40% of young people trust the news media, and nearly half of them are turning to solution journalism because they are fed up with the negativity in the daily news.

Traditional news channels are being shunned by younger generations who see little value in them, so naturally they don’t pay for them. Furthermore, 80% of young consumers access news primarily through smartphones, further deepening the shift away from traditional media.

So how do you encourage young readers to pay for news? The power of habit and the power of branding are the best answers.

Illustration: GI

Free for students with paid subscription later

To address this challenge, The Economist focused on creating new formats to meet the needs of Gen Z. For example, in 2014, the paper launched Economist Espresso, a quick, easy-to-digest summary of global news in a concise format. The product appealed to those with limited time, offering five short articles a day along with a few longer ones.

To attract younger readers, the publisher made Espresso free to all students aged 16 and over in July this year. While it initially lost money, The Economist believes that early adoption of the brand will convert students into paying subscribers later.

In the first month, the strategy doubled Espresso’s readership, growing 18-24 year olds 12-fold. The student subscription offer has been adopted by thousands of organizations in over 100 countries.

This prompted The Economist to test AI translation technology, which can now translate Espresso content into six languages, including French, Spanish and Mandarin.

Make money from podcasts

In an increasingly audio-centric market, The Economist is also turning to podcasts as a revenue stream. Starting in October 2023, The Economist will launch a podcast subscription plan for those interested in it. It currently costs £4.90 a month or £49 a year after a one-month free trial.

By expanding its brand into audio, the publisher is tapping into growing demand for mobile content while maintaining its core focus on premium intellectual journalism.

The Economist also found that audiophiles tended to be younger and more female than their current customer base, bringing in a new audience willing to pay for their journalism.

Interestingly, most of the new subscribers had never paid for a podcast before, and about half had only used The Economist for podcasts, giving them a net competitive advantage in a saturated market.

The Power of Branding

The key takeaway from The Economist's strategy is the crucial role of brand promotion in achieving growth in a highly competitive media environment.

“Building brand awareness is important, but building brand preference and value is much more important,” says Mr. McCave.

He says it's important to continually invest in brand marketing, otherwise your customer base will dwindle, your reader acquisition costs will increase, and growth will stagnate.

The Economist's promotional efforts span a variety of channels, including tennis championship T-shirt sponsorships, podcasts, and even radio ads in the US. These efforts build lasting brand recognition, helping them stand out in a crowded marketplace.

The lesson for other media brands: never underestimate the power of brand equity. It’s a long-term game, but it’s essential.

Hoai Phuong (according to Journalism)

Source: https://www.congluan.vn/cach-the-economist-thu-hut-doc-gia-tre-thong-qua-bao-chi-chat-luong-va-quang-ba-thuong-hieu-post316935.html