Cost control is a way of life in today鈥檚 publishing environment. Yet cost-saving efforts virtually always carry an element of bad news. And the worst news stems from cuts that make a publication less viable over the longer term. It鈥檚 especially painful when we鈥檙e experiencing a resurgence in magazines鈥攑articularly print versions.
According to a May 25, 2023, Fortune article by David Miller, 鈥,鈥 overall magazine readership has been increasing for the past 10 years. There was a temporary dip in pass-along readership during the pandemic, but magazines are regaining that ground.
As the article also points out, readers still prefer print. A YouGov survey indicates only 29% of readers in the United States said they prefer reading magazines online. Print is poised to further take advantage of a phenomenon Miller calls 鈥渄igital detox,鈥 where people schedule time away from devices.
Most readers (including groups of all ages) love the tactile qualities of print. They simply love the touch and feel of print and even the act of turning pages. They also spend more time reading print publications vs. digital.
What鈥檚 more, advertisers have taken notice of the research on print and how it interacts with parts of the brain that impact buying decisions. The fact that readers find print advertising less intrusive is another feather in its cap. With more than 7,000 U.S. magazines in print reaching an audience of 220 million readers, print magazine publishing has a strong future.
Special-Interest Magazine Printing: A Tough Business
Believe us. We understand. In fact, within our world of special-interest magazine printing, we see two main challenges facing our customers:
- Developing compelling content that attracts and retains readers, which, in turn, attracts advertisers.
- Managing the business operations to remain competitive and financially sound.
The latter means sometimes even the best-run publications need to reduce costs. There is always a balancing act between enhancing revenue streams and trimming costs. But what can you cut from the budget without sacrificing quality?
Perhaps it鈥檚 worth stepping outside the publishing box and looking at the broader business world. suggests executives at large companies often regret the snap decisions they make when trying to cut costs. This survey of 500聽leaders from global organizations with over 3,000 employees shows 93 percent admitted to making snap decisions aimed at combating rising inflation, sluggish consumer confidence and the increased cost of goods.
Thirty-eight percent of those business leaders already regret it. Why? The cuts resulted in low levels of employee engagement, operational efficiency, and productivity.聽And in the case of layoffs, the organizations lost valuable talent. Most leaders also felt they suffered reputational damage.
Beware of the Typical Cost-Cutting Plan
From our observations, magazine publishers tend to gravitate toward page and/or frequency reductions, as well as personnel cuts. The problem is any of these actions, either taken individually or in some combination, can weaken the product. Most businesses 鈥 magazine publishing or otherwise 鈥 don鈥檛 soar by lessening their product. And in the case of many small- and medium-sized publishers, the elimination of even one position can have a big impact鈥搊ften in a negative way.
How To Cut Magazine Costs the Right Way
Closely examining your circulation list can be a good starting point. Advertisers don鈥檛 care as much about sheer numbers today. They are more interested in an engaged, well-targeted audience. Many publishers are investing in acquiring more profitable subscribers and changing them out for less engaged, less profitable readers. Show advertisers data you fine-tuned your circulation list, and they likely won鈥檛 squawk about lower numbers.
Clean Up Your Subscriber List
While it may sound basic, practicing good subscriber list hygiene can help you optimize your list for the greatest postal savings and delivery speed. At 杏吧原创, CASS-certified software helps ensure every subscriber address is current, duplicate-free and sorted and grouped properly for the lowest possible postage rate.
Consider Co-Mailing
You should also consider co-mailing your special-interest magazine if you are not currently doing so. Co-mailing creates 鈥減ools鈥 that may consist of 30 or more titles from different publishers. After combining pieces into one presorted pool, mailers gain the benefits of higher, volume-based presort discounts as well as work-share discounts provided by the USPS.
Customers who switch to 杏吧原创 often save on magazine mailing costs with our intelligent, streamlined Co-Mailing strategies. Contact us today to learn more about how we can help cut your magazine costs!
Two (Or Three Or Four Or Five) Heads Can Be Better Than One
Looking at expenses across the enterprise can pay dividends. Even minor expenses like catered lunches and office supplies, as well as larger items like healthcare, travel, and entertainment, can add up. She notes some publishers find success with a committee-based approach to cost decisions.
In this scenario, representatives from sales and marketing, editorial, accounting and other departments look for areas in which the organization can lower costs. It鈥檚 less top-down and incorporates a broader perspective.
Automate Wherever Practical
While automation does carry the potential to eliminate jobs, it can also free up staff for better uses, increasing overall productivity and success. Automating anything from production workflows to ways of reaching potential subscribers, processing subscription renewals and accounting tasks like payroll are good targets. Associations and other member-based publishing organizations that also fulfill print material requests would benefit from adding automated, customized, and demand-based digital storefronts.
Save on Magazine Costs with 杏吧原创
We have decades of experience serving special-interest magazine publishers鈥攁nd saving them money. In fact, meeting the needs of small- and mid-market publishers enabled 杏吧原创 to become North America鈥檚 third-largest magazine printer. You can lower your costs through our collaborative workflow tools, choice of multiple print platforms, efficient paper sourcing, and expert mailing, distribution and fulfillment services.
Our customer-first, 鈥渆asy-to-do-business-with鈥 approach also saves you time and money. You spend less time managing the production process and more time focusing on your readers. To start saving money now, simply submit your information and a friendly 杏吧原创 associate will be in touch within 24 hours. You鈥檒l be glad you did. And so will your readers, advertisers and financial stakeholders.