“Are you crazy, starting a new publication in THIS economy!?”
I’d be lying if I didn’t say I have heard that more than once in the past few months. Despite the apparent poor timing and the crumbling state of print media in general, most observers would question our sanity indeed! Though I learned long ago in business, if everyone is telling you what a great idea your new business is, that is the time for a reality check!
Nonetheless, a new business doesn’t operate inside of a spreadsheet and it doesn’t make profits on ideas alone. Execution and yes, timing is where the rubber meets the road. It’s my contention that the timing for this exciting new magazine couldn’t be better. Consider some of the wisdom contained in this recent story on Advertising Age (a great website to stay in touch with for ideas on marketing your business).
Launch a smart media property
Who in their right mind would launch a magazine at the start of the Depression? Time Inc., which started Fortune. Time Inc. has made much of its fortune with magazines launched in recession years: Time (1923); Fortune (1930); Sports Illustrated (1954); People (1974); Entertainment Weekly (1990).
Why is this the case? A few reasons. First, a down economy makes talent and other resources cheaper. We have been able to hire some great talent for 614 that might not have been possible during boom times. Second, mass marketing is not efficient for advertisers during lean times. Times like these demand very targeted spending to ensure you are reaching the consumer profile you need and only that audience. Notice the titles above — all targeted to a specific consumer. Like these, 614 Magazine is published for a specific audience (25-35 in our case) and we have the editorial, distribution and marketing experience to reach them.
Upscale in a down market
The early ’80s were the time of generic beer, 10% unemployment, 13% inflation and record-low consumer confidence. Even in rotten times, there’s a market for trading up.
Carnation (now part of Nestlé) helped pioneer the category of premium cat foods with Fancy Feast, rolled out between 1980 and 1982.
Absolut vodka, introduced in the U.S. in 1979, began a celebrated campaign in 1981 featuring its iconic bottle. First ad: “Absolut perfection,” with a halo over the bottle. By 1985, it was the No. 1 imported vodka.
Calvin Klein in 1982 launched signature designer underwear with sexually suggestive ads. Price: $14.50 for three pairs — a lofty $33 in 2008 dollars.
If you’ve had the opportunity to read through our pilot issue, we hope you’ll agree there is nothing like it in Columbus. From the size, the feel and the quality of editorial, 614 Magazine exudes something higher than the newsprint alternatives that permeate the market. This how a new business breaks though the clutter. It does something different and better than the rest. 614’s commitment to quality is something you can be comfortable associating your brand with from day one.
We understand there are a lot of choices where you can put your advertising dollars to work. When considering where you will put your ad dollars in 2009, consider our track record. In the past two years as other publications have shrunk, UWeekly (our college weekly at OSU) has grown. As others are laying off, we are hiring. As circulation retreats, ours has grown. As advertising revenues decline for print media, ours has increased. We are bringing all of this success and experience to the table for 614 Magazine plus one more thing: hard work. No one will out-work us in our mission to produce the finest publication in Columbus. Put your marketing dollars to work in 614 and we will work our tail off for you. That doesn’t sound crazy at all, does it?
Mr Hannay is a graduate of Hillsdale College. He has over 18 years of retail management experience and is currently a sales manager for a large retailer here in Columbus. He brings to us his deep knowledge of consumer tastes and trends within our demographic. David is single, and resides in the Dublin area.
