Ancillary publications, new digital products, live events, merchandise, oh my! Opportunities abound to diversify and grow your revenue by launching new products.
So how do you sift out the gold nuggets from the gravel in your product ideas?
Paul Reulbach (Publisher, Silicon Valley magazine/San Francisco magazine) has launched many a media product. Here he shares his quick insights on where to direct your focus:
3 top keys for launching new products
1. Determine the market need for your product. How are you different than existing products?
2. Assess price sensitivity. What will the market pay for your product?
3. Create a distribution plan. Anyone can print a beautiful book, distribution is key.
Good ways to get the sales team motivated about selling new products
- Official launch event for staff
- Get entire team involved – edit and business side for launch
- Special spiffs for sales goals met -pay admin and marketing
- Weekly updates on mileposts passed
Revenue trends in publisher ancillary products
Ancillary product revenue streams will continue in these areas:
- Digital, including programmatic emails
- Package deals – one price includes print, digital, events
- Co-op money – watches, jewelry categories
- Single sponsored sections
- Industry awards – congratulatory ads
So there you have it. As you create new products in your line-up, focus on this short list. What new ancillary products are you going to launch in 2019?
Editor’s note: Paul will be a keynote speaker at the 2018 Niche CEO Summit in Phoenix, Dec. 4-5. He will be leading the session, New Product Launches: The Good, The Bad and The Ugly
More about Paul: Paul Reulbach worked in publishing for over thirty years before assuming his current role as Publisher of San Francisco magazine and Silicon Valley magazine and the portfolio in the Bay Area, including San Francisco City Guide, Guide to Private Schools, Charity Datebook and The List. A native of the Boston region, Paul embarked on his career at Lawyers Weekly Publications, where he directed the launch of several new state-wide legal publications.
Paul joined Boston magazine as the Advertising Director and became Publisher, managing a team of sales and marketing professionals. At Boston magazine, he oversaw development of numerous new products, a custom publishing division, sponsorship programs, strategic partnerships, and events. These new products and programs not only increased revenue but also served to build the Boston magazine brand and portfolio of products including Boston Home, Boston Weddings, Vestibule magazine, bostonmagazine.com, Design Home and a wide array of events and social media programs.
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