Start a Joint Venture with Other Publishers!
When it comes to advertising, many people may think that ads in print publications are deader than dead.
But that’s not true. And it’s not that online advertising is so alive it beats the pants off of the ROI of print advertising in print. Nope. The truth is, a combination of both digital and print creates the highest ROI for advertisers.
In other words, if you offer both print and online publications, make sure your advertisers know this and allow them to advertise in both. You may want to consider giving them a price break for advertising in both of your media channels: you’ll probably capture more advertisers this way, thereby overcoming any “loss” you may incur with the lower ad rate.
And, while it’s wonderful if you have both online and print ad sales opportunities for your advertisers, what if you don’t? What if you publish online only, or print only? What then?
A joint venture is when two separate but similar businesses join together to offer a service or product their individual customers could use. In the case of two publishers, this would be offering advertising opportunities in both publications, thus increasing an advertiser’s reach – and doing so in a slightly different market.
For example, let’s say you publish an online-only magazine about suburban homesteading. You have 5,000 subscribers and about 20 advertisers. What if you approached Countryside, a magazine with information on gardening, homesteading, farming, and self-sufficiency? One with several “sister” publications related to other homesteading topics (the company is called Countryside Publications) that would help you grow your potential readership as well as your advertisers’ reach.
Now, we know that Countryside and its sister pubs also have a large print presence. And you do not. So what would be in it for them, if they already publish online? Why would they want to engage in a joint venture with you?
Here’s why: while already attracting many folks interested in rural homesteading Countryside Publications could potentially increase their audience base to those interested in homesteading and resiliency in the suburbs. A different niche. A different market.
Engage in an ad sales joint venture agreement with them and it’s the perfect definition of win-win!! And you can sell the increased ROI of advertising in a print pub to your current advertisers! Win again!!
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MagHub is the most updated CRM/ERP Tool for Media Publishers of all sizes. Whether you manage B2B, B2C, or Niche publications, MagHub has all the tools needed to run every department of your business; from Sales to Production. Click Request Information to learn more today, or click One-Click Updates to follow MagHub.