Maximizing Shareholder Value Through Increased Awareness
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Presentation on Brand Strategy for The Economist Magazine in May 2013. Brand Strategy class at NYU Stern taught by Prof. Scott Galloway. A special video on brand identity was created and embedded into the presentation which can be viewed here http://youtu.be/lpo4us8kfG8.
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Maximizing Shareholder Value Through Increased Awareness
- 1. Jeremy Berens Ariel Brenman Derrick Chu Amy Jaick Michael Kwon Katie Towl Gaurav Venkateswar Xing Yuan
- 2. heritage brand architecture brand identity brand challenges recommendations agenda
- 3. slowing growth transition to new technologies shifts in demographics industry challenges declining print advertising revenue
- 4. low awareness = untapped revenues increase awareness increase subscription i n c r e a s e r e v e n u e has an awareness problem
- 6. US circulation revenue by increase 26% in 5 years doubling awareness amongst millenials opportunity to
- 7. heritage
- 9. free trade internationalism minimum market interference principles founding
- 10. statement mission “ ” to take part in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.
- 11. statement mission “t o l e a d t h e debate in the p u r s u i t o f progress. ” [modern translation]
- 12. master brand sub-brands brand architecture endorsed invisible
- 13. the ?why focus on United States 0 225,000 450,000 675,000 900,000 2005 2006 2007 2008 2009 2010 2011 2012 Asia Europe Latin America MEA N. America Pacific UK North America Rest of the World TheEconomistPrint Subscription Circulation by Country 2005-2012
- 15. brand identity the following slides are from a which can be viewed at http://youtu.be/lpo4us8kfG8
- 16. Brand Identity
- 20. brand as product
- 21. heritage first edition September 2, 1843 brand as product
- 22. brand as product the product high perceived quality and journalistic integrity 1843
- 23. brand as product the product high perceived quality and journalistic integrity 1959
- 24. 1979 brand as product the product high perceived quality and journalistic integrity
- 25. 1994 brand as product the product high perceived quality and journalistic integrity
- 26. 2000’s brand as product the product high perceived quality and journalistic integrity
- 27. brand as product no bylines authors anonymous
- 28. brand as product country of origin: UK
- 29. brand as product one global english language product
- 30. brand as product reader psychographics
- 31. brand as product Intellectually Curious reader psychographics
- 32. brand as product socially minded international affinity reader psychographics
- 33. brand as product global citizens reader psychographics
- 35. brand as symbol
- 36. brand as symbol logo since 1959
- 37. “white out of red” campaign brand as symbol
- 38. brand as symbol Kal’s Cartoons
- 41. brand as organization fiscally conservative, socially liberal ...at the “extreme center”
- 42. brand as organization endorsed Reagan Clinton Dole Bush Obama (twice)
- 43. brand as organization pomposity against capital punishment privilege predictability big government
- 44. brand as organization free trade supports legalization of DRUGS internationalism penal reform gay marriage 2003 invasion of IRAQ gun control combatting climate change free market minimum government interference
- 46. ( ( Who is The Economist ? ?
- 47. ( ( I The Economist. We hang out often. brand as person Reader
- 48. ( ( brand as persons person ~ |) Hmmm...isn’t he that boring finance guy? $ £ €¥ ₹% NASDAQ ~ ~ Reader Non-Reader
- 49. ( ( brand as persons person Au contraire mon frère! He is a very interesting chap! ? conservative intellectually curious open-minded classy liberal worldly political ~ |)
- 50. ( ( brand as persons person ~ |) He sounds smart but I feel like he’s always trying to make me feel stupid... ~ ~
- 51. brand as persons person ~ |) ...I guess that’s what I’d expect from this guy. ~ ~)~
- 52. brand as persons person ~ |) ( O That’s not him!?! He’s not an old stodgy professor...
- 53. brand as person ~ |) ...he is curious about the world around him... s person ( (
- 54. ! ~ |) ...he is well-traveled... ! brand as persons person ( (
- 55. brand as person ~ |) ...and has a lot of diverse friends! s person ( ( ( ( ( ( ( ( ( ( ( ( ( (
- 56. ( ( brand as persons person ~ |) Hmm...whatever, I couldn’t be friends with The Economist, sounds intimidating. ~ ~
- 57. brand identity the preceding slides are from a which can be viewed at http://youtu.be/lpo4us8kfG8
- 59. ?does the core identity clear hurdlesthe globally minded intellectually provocative
- 61. relevance global interconnectedness information age era of intelligencemass globally minded intellectually provocative
- 62. sustainability increasingrelevance heritage+ loyalconsumer globally minded intellectually provocative
- 63. brand is stronger to exposedthan to unexposed strong weak Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study exposed brand stature + strength
- 64. strong weak Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study brand is stronger to exposedthan to unexposed unexposed brand stature + strength
- 65. low the United States brand awarenessin 0% 13% 25% 38% 50% Time Newsweek TheWallStreetJournal TheNewYorkTimes USAToday Forbes None BloombergBusinessweek USNews&WorldReport People WashingtonPost Money Fortune TheEconomist LosAngelesTimes ChicagoTribune TheNewYorker USWeekly Barron’s 3%3%3% 4% 5% 6%6% 8%8% 11% 13% 14%14%14% 18% 29% 36% 43% 48% Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study 6% please list all of the news, business or current affairs publications you can think of. these can be daily, weekly, or monthly. “ ” unaided awareness Time TheWallStreetJournal TheNewYorkTimes TheEconomist
- 66. impact on circulation growth 0 225,000 450,000 675,000 900,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0% 5% 10% 15% 20% North America Circulation Year on Year Growth decline in growth rate
- 67. no exposure some exposure 42% 8% one or one of several that i’d prefer exposure dramatically increases consideration consideration Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study
- 70. recommendations
- 73. over next years objective double awareness in United States Source: BAV Consulting, The Economist USA Brand Equity Engagement Source: The Economist Proprietary Financial data 5 ○ 0 275,000 550,000 825,000 1,100,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $0 $22.5 $45.0 $67.5 $90.0 ∼24% increase circulation 26% increase of revenue dss 3% 5% 6% 8% 9% 11% 13% 14% 16% 18% awareness 9% 18% circulation revenue
- 75. targetmillenials in universities strategy 0 1 2 3 4 6 7 8 9 10 key brand indicators and attributes resonate strongly with students: intellectually curious i am always looking to learn new things when something catches my interest i learn all i can about it being well-informed about global events is in my best interest i care deeply about human rights and social justice i believe most problems have a solution i surround myself with intelligent people who challenge me i actively seek out multiple perspectives on an issue friends and colleagues usually ask for my opinion i am typically willing to pay more for high quality Source: BrandAsset® Valuator USA, 2011 TheEconomistCustom Study
- 76. target market size strategy Source: U.S. Census Bureau, 2011 Interim Population Projections Source:*National Center for Education Statistics, 2010 matrix 23% millenials 25% gen x 16% baby boomers 24% swing 8% world war II 4% US population by generation 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 16.2 16.3 16.4 16.7 17.1 17.3 17.6 14.5 15 15.7 16 16.2 actual + projected university enrollment (millions) (fore.) (fore.) (fore.) (fore.) (fore.) (fore.)
- 77. targeting millenials attending universities strategy 0% 8% 15% 23% 30% 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 19,000 20,000 21,000 22,000 23,000 % subscribers of The Economist population (thousands) population(thousands) percentage median age of current subscribers is 47 age range
- 78. $0 $25 $50 $75 $100 U.S. avg bachelor’s degree master’s degree professional degree doctoral degree $97$100 $79 $69 $45 income range (in $1000s) annual incomes between 50% and 122% higher than average demographic annual income
- 79. demographic value -$60 -$45 -$30 -$15 $0 $15 $30 $45 $60 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 cumulative net present value avg subscriber educated millenials $43 $17 avg. customer lifetime: 14 yrs avg. customer lifetime: 20 yrs estimated clv of educated millenials 153% higher than average subscriber age 47 age 26 customer lifetime value
- 81. high school college graduate job retirement don’t recall Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study majority subscribers ages 18-39 introduced to college blitz targeting college campuses allows control of brand messaging + build appropriate associations that will result in lifetime value in college
- 82. college blitz focus on large (>10K), top-ranked universities within concentrated regions of educated millenials Source: "The Vanderbilt Profile*." Undergraduate Admissions. Vanderbilt University. % education, enrolled private undergraduate college, 2012 0.50%-0.88% 0.89%-1.14% 1.15%-1.36% 1.37%-1.59% 1.60%-5.70%
- 83. use average local media costs as proxy for cost of doing business Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study college blitz to select least cost-prohibitive schools such as Duke University Northwestern University UC Berkeley University of Michigan University of North Carolina University of Texas Austin milwaukee portland phoenix san diego minneapolis detroit seattle denver miami houston dallas atlanta philadelphia chicago austin boston washington san fran new york los angeles cost efficient cost prohibitive high target densitylow target density
- 84. family member fellow student professor co-worker friend no one don’t recall other Source: BrandAsset® Valuator USA, 2011 The Economist Custom Study groups that introduce people to college blitz professors + notable alumni + celebrities as brand ambassadors
- 85. college blitz COLLEGE JOURNALISM CONTEST MONDAY, MAY 6, Renewing the case for electoral reform: the issue of women's representation. The undeniable outcome of the referendum as to whether the Alternative Vote (AV) should be used for elections to Westminster, held on 5 May 2011, was a resounding 'No'. The turnout was low at 42.2 per cent but, of those, 68 per cent voted against the proposal. This may mean that electoral reform is likely to be off the political agenda for the foreseeable future at least, if not for a generation. This could, however, be a myopic standpoint given that there are many who still cite the inconsistencies of the incumbent First Past the Post electoral system and bemoan its continued existence for elections to Westminster. AV may have been decisively defeated in the referendum; but what of the case for Proportional Representation? Some have suggested that the cause is not lost and that there may be further opportunities, perhaps sooner than we think. Analyses of the referendum result include many who believe that those in favour of submit articles taken from different schools + posted on micro-site !!!! !! !! !
- 86. college blitz access issues free from library wifi
- 87. digital outreach -1.7% 24%digital print Source: eMarketer, Gfk MRI as cited by min online, May 30, 2012 US magazine content consumption
- 88. 3M 2.5M 2M 1.5M 1M 500K 2009 2010 2011 2012 2013 $58.0 $60.8 $65.0 $63.5 $68.3 747,254 810,821 822,695 844,387 861,895 revenue (mm) circulation unique visitors online mobile digital outreach Source:The Economist Proprietary Financial & Web Traffic data Source: Quantcast web traffic correlated with revenue (∼94%)
- 89. digital outreach our focus is on reaching educated millenials via digital channels not on changing The Economist’s digital content top 10 digital IQ
- 90. digital outreach >50% millenials spend 5 hours/week online visit 9 different websites+ Source: Experian Simmons NCS / NHCS Winter 2011 Adult 6 Month – POP Source: Mintel CNN NYTimes Time WSJ The Economist 0 5 10 15 20 25 2 6.4 13.1 17.9 21.6 2 comparison of news website monthly US visitors (mm)
- 91. digital outreach build interactive banner ads with rich media content indulge your intellectual curiosity at www.economist.com
- 92. digital outreach internet is the primary source of news for Americans (44%) Source: Experian Simmons NCS / NHCS Fall/Winter 2005,2007,2008,2009,2010,2011 Adult 6 Month – POP 68% of millenials use the internet as the first source for information
- 93. Source: Pew Internet & American Life Project, 2008-2012 digital outreach Source: Mintel social media integration across all branded + digital content #GreatMindsLikeAThink 83% of millenials are members of a social media platform 40% of millenials are likely to engage in viral behavior free-trial digital subscriptions for prominent bloggers and individuals with high Klout scores targeted hash-tag campaigns, sponsored stories + promoted tweets
- 94. digital outreach are you there now? share your story >51% of millenials access the internet via mobile devices 38% of millenials would communicate with favorite store/brand via mobile if given option
- 95. digital outreach develop free game application available on all digital platforms Aung San Suu Kyi is an opposition politician in which country? m y a m a r get help from a friend game 45% of millenials play games on a mobile device
- 96. measuring success metric to track reason for tracking means of measurement US unaided awareness (short-term) are our awareness-building efforts effective? BrandAsset Valuator’s “Brand Stature” (“Knowledge” component) circulation & revenue (short to mid-term) if awareness has increased, is it translating to more subscribers/revenue? TheEconomist’s internal data average subscriber age (long-term) have our targeted awareness-building tactics translated to younger subscribers? TheEconomist’s internal data retention rate (long-term) if average subscriber age has decreased, has our assumption that younger subscribers stay longer validated? TheEconomist’s internal data
- 97. wrapping it all up low awareness = untapped revenues college blitz + digital outreach increase awareness increase subscription i n c r e a s e r e v e n u e has an awareness problem
- 98. questions? Amy Jaick Jeremy Berens Michael Kwon tonight’s speakers Ariel Brenman Derrick Chu Katie Towl Gaurav Venkateswar Xing Yuan other team members