Marketing Plan for Publishing a Magazine - Marketing Essay Example
Marketing Plan for Publishing a Magazine
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The current business plan outlines complete description of the new magazine, detailed feature of product, featured articles, detailed financial projects, market analysis, and detailed analysis of competitive magazines. Business plans for publishing magazine are very different from other manufacturing and business services. Prospective investors, lenders, and business startups need to work wisely and make an accurate plan according to their businesses to make it work. Entrepreneurs who understand the business of publishing might understand how to make a plan that works. The document contains valuable information regarding starting up a new publishing magazine related to computer products and IT education.
Every business setup, magazine publishing, editors and publishers need business plan for setting up and running up their business. It should not be simply dummying the next issue but it needs to have more advanced planning as the process becomes more controversial. However, there have been people around in this business who discourage publishing any advance plan. Some publishers are of the view that planning in advance cannot replace the dumb luck and the plan can limit the flexibility of the business, therefore, there should not be any time wasted on planning in advance.
We cannot deny the benefits of fair and good plan. A good plan allows us to work in group towards the same goal with higher morale and greater productivity. This plan promotes decision making which is necessary for long term business opportunities and growth. While making this plan it is understood that without any driving force of plans, deliberate growth is not expected. Plan clearly aspires and outline objectives for publishing such magazine with all essential elements addressed carefully to achieve such goal. By designing and following such plan will make us feel to progress and reaching our destination after successfully overcoming each objectives in steps.
The Mission Statement:
The mission of the magazine is to establish a computer magazine for spreading information in computer science, IT, education and relevant information regarding computer and networking and awareness of genuine computer products, usage of computer in digital era and much more related topics.
Unbranded computers are to be an open machine, a pack comprise of unbranded parts and variety of products. Unbranded computers are not belonged to any particular company but all software and hardware can be used from any company. This could bring new astounding opportunities for computer industry. In addition, thousands of new smaller companies could invade the new markets factually on the backs of unbranded computers.
However, this openness can create confusion among the users of computer. This can result in assembling many different products from diverse wholesalers to make a complete business computer system for themselves. One of the missions of computer magazine is to provide the computer users a fair advice among choosing their products for their systems. Especially, it would be of benefit to the novice computer users who are also planning to set up their businesses in IT field. Therefore, the information within the magazine would be very specific about products and technical issues. It has to be bright, colorful, eye-catching and attractive like other computers and small business magazine and with informational purpose. The information will be covering complete usage and implications of the products apart from listing their features.
In addition, the computer magazine will expand its horizons to cover other IT related information, educational articles to make it more interesting among its users and increase the number of subscriptions. Further, endeavors will be made to add new attractive features to the magazine to make it successful and expand subscriptions to make it more popular. It will also provide advertising opportunities for small businesses and computer related items to invest in and market their products. These advertisers will form support and financial back up for the magazine to further expand its horizons.
Compared to the competition, the editorial product should be noticeably different and much better than other magazines. Publication’s appearance also matters a lot. Frequency of publication will be one issue per month at reasonable rates. Specific pages and parts of the magazine will be devoted for advertising purpose.
The magazine will comprise of 200 pages, out of which 80 pages will have full pages advertisements at the rates of $10,000 per page black and white and $30,000 for colorful graphic ads. Apart from print edition, it will also have an electronic version and electronic subscription integration. Magazine will be distributed via electronic and print version. Editorial will mainly cover recent launch of new products and their application with computer literacy. The variety of articles will include new products, their technical application, E-commerce, business and tech talk, software reviews, E-government, E-banking, E-universities, and E-libraries. Articles will also cover different companies and their products. There will be separate sections for FAQs section technical problems, net games, news watch, new digital discoveries, entertainment section, education section, humor, ISP index, networking tools, and others. It will also include an annotated table of contents planned for the first issue offers a good way of describing content.
Production plan include handling of typesetting, layout, printing and binding, mailing and other forms of distribution. The schedule for the new publication might mess with the existing responsibilities of staff. Only genuine vendors should be contacted for the distribution of current magazine.
The Market Analysis:
Market analysis is to be done to know the readers of the magazine. Defining specific component groups with number of readers in each group with survey of their specific interests. Clearly defining the target potential buyers will enhance its marketing project. Total circulation potential should grow with increase number of subscription.
Conventional wisdom is that a magazine could achieve a subscriber level of about 10 percent of those in a given market.
Then there is a need to list number and category of the advertisers for their special recognition. The customers to which advertisers want to reach, therefore, adding more features to the publication to attract those customers for full year subscription. Their expenditures and investment into the magazines spending on ads intended at the field in which the magazine will be publishing.
Current market solution
Identification of other publications serving this field exclusively should be recognized and also those which cover the field in part. Publication should keep record of the name of the company owners, their plans, their frequency of circulation and subscription rates. Studying in detail other publishing houses will give major incentives to work according to discrete lines. Detailed analysis of other magazine’s profitability profitablity her magazine’to work according to discrete and their revenues versus expenditures will give important guide for financial data. This includes multiplication of their claimed circulation figure by the subscription rate. If the magazines are a second class mailer, one might want to get a copy of their Form 3541 Statement of Mailing from the Postal Service as verification. For estimating ad revenues, counting ads in their pages excluding house ads and donated ads. Then multiplying them with their rate card figure. Nevertheless, in these days of selling off-card, it might be wise to probe the issue of whether they are selling discounted ads. Finally, estimating their expenses based on knowledge of what things cost. This procedure should lead to a fairly good idea of competitor’s profitability.
Publishing and marketing a computer magazine for corporate and personal users. The company will need to focus on production, subscriber services, sales of ads, dealer sales, and an accounting department. Publishing company needs hire only trustable and hardworking employees.
A reliable staff will be needed to take charge of the art and production process. Then selection of an accounting manager, retail dealer sales person, a bulk of office staff, secretary, and staff for advertising sales department. Selection should be made with great care to prove success.
All staff and editors will require telephones and a place to work. The space might get outgrew after the first issue. By the third issue, the company will need to rent four separate spaces. It should have two offices, a basement apartment space and an off-side Tax office. In addition, the company will be needing affordable fax machines, voice mail, and 20 computers, networking instruments, e-mails set up and 10 telephone lines. All the telephones are needed to be linked together. Clerical staff to run up and down the street for distribution of magazines around the city. With increasing advertising orders magazines would need either to increase the number of pages or the percent devoted to the ads. Around 130 pages will be needed to expand advertising space in future issues.
For looking into potential sources of money, publishers should start making up a list of prospects and then decision should be made to decide the best source for publishing business. In addition, fundraising is a good initial step to practice for showing an efficiency in publishing business. Only those genuine investors should be consulted who are most likely to help in the business.
After having prepared the formal business plan that is normally used to raise money for new ventures, magazine needs to have financial backing, and decision making to cleverly get hold of time. Another important step is to have a budget for the first year.
Another important step will be to run an ad in a renowned computer company website or magazines for the first issue. This will make advertisers eager to follow ad’s lead. Further, placement of an ad in a leading magazine for subscription will cause increase in sales. Running ads in already established leading companies will ensure large support in selling the first issue. About 80% of the subscribers will be expected to come from these ads.
In first issue there is need to create an nine-page, five-color “preview issue” relating to plans for Computer Magazine. In addition, editors, staff, investors and contributors are to be pictured and profiled. Discounted subscription offer should also be valid for limited period.
Advertising is the main source of every business revenues. For selling an advertising space in the magazine to potential clients, it is necessary to understand their overall marketing objectives.
Any business willing to advertise in the current magazine must give careful consideration to product policy, pricing, packaging, production and the method of sales and circulation before settling on the form that the advertising operation will take.
But before giving an advertising space the magazine should consider several points in consideration as it will directly affect the future prospects of magazine publicity. The magazine should consider the company and its products due to the reason that some products will be more suitable than others to be advertised in the magazine. Some companies will target different and larger audience sectors and by knowing who they are trying to promote their products to, publishers will be better situation to match features and benefits of their requirements.
For market analysis, it is necessary to look at different market segments. This includes demographic differences, including, age, sex, income, socio-economic grades; and potential buyers and non-buyers. Segments of markets can be analyzed by industrial or occupational classifications.
Apart from this, a continuous analysis is needed for advertising in previous issues to see the results and future prospects of this advertising. This is necessary to increase the effectiveness of future campaigns. Finally, reviewing all competitors and familiarizing with their marketing campaigns.
Organizational Structure and Staffing:
Many staff employee and editors will be needed to run this business and to keep up with the accelerating demand. Reliable and trustable staff will be needed for arts and designing department. A well-trained staff for production department. Dealers and sales persons, secretaries and office staff will be needed to run this business. esigning department. THne f will be need for arts and
Budget and Projected
For back support of such businesses it is necessary to have appropriate financial support. Because with time things can come to head with investors not willing to work for the corporation anymore. They might claim they are not interested in investing anymore money before profits start generating. Therefore, at that there would be a great risk for the business to collapse. To avoid such circumstances there should be more than two or three investors to have financial support. Selling a thriving magazine would be a successful occasion with bigger back up with publishing expertise and systems to avoid any pressing problems. All financial support is crucial for keeping the selling process work, however, it could be much harder than it seems.
Seeking potential buyers and keeping correct documentation for reports, financial analysis, and cash flow projections.
Financial plans needed to be started with projections. Keeping record of spread-sheets for monthly income and expenditures is important to calculate the profits. This will determine the maximum need of capital. In addition, a quick accounting system with reliable feedback is necessary for fine tuning of business to keep the venture on the track.
Working on developed plan accurately can not only generate large number of sales but one of the biggest magazine success. This magazine can generate millions of readers for one issue per month. This can result in production of some $20 million profit only from ad revenues with every single issue.