The life of a journal Part 2 Marketing

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The life of a journal Part 2: Marketing, sales, and distribution Cara S Rivera

The life of a journal Part 2: Marketing, sales, and distribution Cara S Rivera | KWF Consulting 20 October 2016 George Washington University

Overview 20 Oct 2016 Market size and outlook KWF Consulting Revenue sources and strategies

Overview 20 Oct 2016 Market size and outlook KWF Consulting Revenue sources and strategies Best practices marketing Driving usage and impact Q&A | discussion 2

MARKET SIZE AND OUTLOOK 3 KWF Consulting 20 Oct 2016

MARKET SIZE AND OUTLOOK 3 KWF Consulting 20 Oct 2016

20 Oct 2016 KWF Consulting Way – Gee Chinese symbol for crisis is made

20 Oct 2016 KWF Consulting Way – Gee Chinese symbol for crisis is made up of a symbol for danger and a symbol for opportunity 4

Global market size Geographic distribution • $10 billion in 2013, up from $8 billion

Global market size Geographic distribution • $10 billion in 2013, up from $8 billion in 2008 • CAGR of about 4. 5% • • 55% from US 28% from Europe/Middle East 14% from Asia/Pacific 4% from rest of the world KWF Consulting Annual journal revenues 20 Oct 2016 STM (science | technical | medical) 5

Articles Employees • 28, 100 • Annual growth rate 3% • 2. 5 million

Articles Employees • 28, 100 • Annual growth rate 3% • 2. 5 million annually • Annual growth rate 3. 5% • 110, 000+ 20 Oct 2016 Journals • 5, 000– 10, 000 KWF Consulting Publishers 6

Revenues 71% 93% 29% KWF Consulting 7% 20 Oct 2016 Companies 7

Revenues 71% 93% 29% KWF Consulting 7% 20 Oct 2016 Companies 7

Potential (“what if? ”) game changers China decides to publish OA only, or only

Potential (“what if? ”) game changers China decides to publish OA only, or only in Chinese journals. KWF Consulting Green OA undercuts both subscription and OA business models. 20 Oct 2016 Apple, Google, Amazon or others become major competitors. Other… 8

20 Oct 2016 KWF Consulting REVENUE SOURCES AND SALES STRATEGIES 9

20 Oct 2016 KWF Consulting REVENUE SOURCES AND SALES STRATEGIES 9

 • Members • Personal • Institutional Author – funders • Submission • Page

• Members • Personal • Institutional Author – funders • Submission • Page • APC (article processing charge) Industry support • Advertising • Reprints • Supplements KWF Consulting Subscriptions 20 Oct 2016 Journal revenue sources 10

Online access Open Access Personal subs decline • • 60% in 1977 53% in

Online access Open Access Personal subs decline • • 60% in 1977 53% in 1984 35% 1990 s 18% 2012 KWF Consulting • Articles obtained from personal subs Site licenses 20 Oct 2016 Personal subscriptions 11

Institutional subscriptions • Monographs • Duplicate journal subscriptions • Print journal subscriptions • Journals

Institutional subscriptions • Monographs • Duplicate journal subscriptions • Print journal subscriptions • Journals with lower impact, duplicative subject matter, and narrow focus Survival of the biggest • Top tier journals have—thus far— found ways to weather storm through participation with large publishers’ content collections and library consortia sales KWF Consulting Cancellations 20 Oct 2016 Serials crisis: subscription rate hikes exceed library budget growth 12

Medical surgical journal ad revenue 20 Oct 2016 ($millions) 498 437 328 318 343

Medical surgical journal ad revenue 20 Oct 2016 ($millions) 498 437 328 318 343 372 KWF Consulting 347 377 405 2007 2008 2009 2010 2011 2012 2013 2014 2015 13

 • Using rights granted through a Creative Commons or other license, author can

• Using rights granted through a Creative Commons or other license, author can provide Green OA by publishing and then self-archiving their work in institutional repository or central repository such as Pub. Med Central. Gold OA • Authors make their work Green OA by publishing in pure OA or hybrid OA journal. • Pure OA journals do not charge subscription fees but rely on another business models, often relying on Article Processing Charges. • Hybrid journals are subscription -based and only provide OA for those articles for which their authors or usually their author's institution or funder pay an Article Processing Charge. KWF Consulting Green OA 20 Oct 2016 Open access (OA) refers to online research made free of access restrictions and free of many restrictions on reuse 14

New products l a ob ortia l G s n o c Kn in

New products l a ob ortia l G s n o c Kn in ow te le gr d at ge io n KWF Consulting 20 Oct 2016 Growth strategies 15

KWF Consulting 20 Oct 2016 Embrace product life cycle 16

KWF Consulting 20 Oct 2016 Embrace product life cycle 16

KWF Consulting 20 Oct 2016 Growth matrix 17

KWF Consulting 20 Oct 2016 Growth matrix 17

Screening the idea Concept development End user research Product specifications Financial projections Board approval

Screening the idea Concept development End user research Product specifications Financial projections Board approval Product roll out Success metrics KWF Consulting Idea generation 20 Oct 2016 New product development cycle 18

Planning Concept statement Analytics Competitor analysis Environmental scan Usage data Expert interviews User surveys

Planning Concept statement Analytics Competitor analysis Environmental scan Usage data Expert interviews User surveys Aims and scope Editorial structure Peer review Types of content Specifications Marketing plans Financial projections Launch schedule Better user experience KWF Consulting Research 20 Oct 2016 Identifying end user needs 19

Define roles and responsibilities Identify coordination and handoff points KWF Consulting Formalize process, ground

Define roles and responsibilities Identify coordination and handoff points KWF Consulting Formalize process, ground in strategy 20 Oct 2016 Best practices sales process Drive technology integration forward 20

Evidence-based strategic sales plan • Existing and new • High and low margin •

Evidence-based strategic sales plan • Existing and new • High and low margin • Market gaps and growth Design territories • Geographic • Type of institution • Other Librarian outreach • • Panel Messaging Negotiating License Describe competition • Direct • Ancillary Reassess pricing model • • Site FTE Usage APCs Set rates and forecast sales • • Tiers Single title Collection Consortia Develop sales proposition • Why buy? • By product, customer type KWF Consulting Define customers 20 Oct 2016 Institutional sales Tactical plan implementation • Sales process • Marketing and sales support • Success metrics 21

Technology integration Competitive research Customer support Lead generation, capture, qualification Campaign strategy, execution, analysis

Technology integration Competitive research Customer support Lead generation, capture, qualification Campaign strategy, execution, analysis KWF Consulting Market research, gap analysis 20 Oct 2016 Fortify institutional business development with sales support 22

A fourth swim lane calls out integration points with the Salesforce CRM, with red

A fourth swim lane calls out integration points with the Salesforce CRM, with red arrows identifying information flowing into or out of the system. Below each process, bulleted text gives toplevel recommendations to improve success. KWF Consulting Three swim lanes separate each functional area: institutional sales support, sales, and operations. 20 Oct 2016 Licensing sales process 23

20 Oct 2016 KWF Consulting End users BEST PRACTICES MARKETING 24

20 Oct 2016 KWF Consulting End users BEST PRACTICES MARKETING 24

 • To position journal within portfolio / market • To differentiate journal from

• To position journal within portfolio / market • To differentiate journal from competition • To attract quality authors KWF Consulting Develop set of brand values and unique selling propositions (USPs) 20 Oct 2016 Branding and positioning 25

Attendance at conferences is significant expenditure for publishers to generate exposure. • Distribution of

Attendance at conferences is significant expenditure for publishers to generate exposure. • Distribution of journals and online access codes • Online demonstrations and print brochures • Branded giveaways For top journals, promoting the latest Impact Factor is annual campaign used to reinforce journal brand reputation among readers and authors. KWF Consulting House ads in print and online through internal channels with call-to-action to subscribe or submit. 20 Oct 2016 Brand marketing examples 26

Online registrations lead to growth in opt-in marketing lists, providing opportunities for direct marketing

Online registrations lead to growth in opt-in marketing lists, providing opportunities for direct marketing to engaged readers. Collecting key demographic information aids in email and online targeting. KWF Consulting Publishers are applying techniques traditionally used to build lists for personal subscriptions prospects to grow online registrations. 20 Oct 2016 Building registrations 27

Publishers use free content to generate interest and facilitate usage of subscription journal content.

Publishers use free content to generate interest and facilitate usage of subscription journal content. Some promote one or two free articles from each issue, others create virtual collections of articles and make them free to read for a limited period Another common strategy is to use special issues or article collections to highlight content that illustrates journal’s strength in key subject areas or in geographic regions. This approach not only builds awareness and usage but also encourages manuscript submissions KWF Consulting Notification of journal content through newsletters, table of content alerts, email and social media drives usage reinforces regular readership habits, and supports advertising sales 20 Oct 2016 Marketing content 28

 • To promote content and drive traffic to journal, as channel for reader

• To promote content and drive traffic to journal, as channel for reader engagement, and to amplify news coverage. Optimize visibility of social sharing links Encourage authors to share their articles (Kudos) Involve editors and editorial board members in posting and retweeting Highlight media coverage on social channels to reinforce journal reputation Use video, quizzes, and other interactive elements to increase engagement KWF Consulting Objective 20 Oct 2016 Social media 29

KWF Consulting 20 Oct 2016 Social sharing from article pages 30

KWF Consulting 20 Oct 2016 Social sharing from article pages 30

Meet-the-editor sessions and publishing workshops at conferences to explain submission process, quality article preparation,

Meet-the-editor sessions and publishing workshops at conferences to explain submission process, quality article preparation, and policy issues such as ethics • Doubles as content marketing, showcasing top papers in specific field and overall quality of work journal is publishing and driving citations • Larger publishers produce native language campaigns to target authors, readers and subscribers, including printed publicity at conferences, email campaigns, instructions to authors, Web pages, and geo-targeted banner ads Thanking and awarding authors to build loyalty. Highlighting impact, article metrics, and news coverage Short video of editor talking about journal and its role in research community, to be used on submission site and in social media Profiles of editors and editorial board member to highlight diversity and expertise Author resource pages to provide information and promote benefits • Journal aims and scope, publication and submission guidelines, and a link to the submission site • Benefits of publishing in journal, showcasing key journal metrics such as publication speed, geographic reach, news coverage, and article (readership) metrics KWF Consulting Direct marketing to authors to cultivate manuscript submissions 20 Oct 2016 Author promotion Prepare “why publish” brochure for distribution by editors during conferences and other community outreach activities Make key performance indicators such as time to publication transparent (if they are good!) Offer publication discounts to “new to ASN” authors, student members, or other key constituency Collect author testimonials for use in promotions 31

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20 Oct 2016 KWF Consulting Institutions BEST PRACTICES MARKETING 34

20 Oct 2016 KWF Consulting Institutions BEST PRACTICES MARKETING 34

Product sales sheets Direct-tolibrarian promotions KWF Consulting Library conferences 20 Oct 2016 Generating awareness

Product sales sheets Direct-tolibrarian promotions KWF Consulting Library conferences 20 Oct 2016 Generating awareness 35

Institutional marketing Lead generation campaigns targeting faculty in non-subscribing institutions, driving respectful faculty recommendations

Institutional marketing Lead generation campaigns targeting faculty in non-subscribing institutions, driving respectful faculty recommendations Free trials to demonstrate value; campaigns and promotional material (to librarians) to increase use KWF Consulting Gap analysis to identify and pursue prospects 20 Oct 2016 Usage triggered marketing activities (eg, turnaway prospects and at-risk subscribers) Local language promotions and support materials Institutional Resource portals to manage access, provide training tools and promotional materials to encourage institutional level usage 36

Rate cards Renewal series (agent flip) KWF Consulting Subscription agents 20 Oct 2016 Renewals

Rate cards Renewal series (agent flip) KWF Consulting Subscription agents 20 Oct 2016 Renewals Lapsed subscription campaigns Usage: build and monitor 37

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20 Oct 2016 KWF Consulting DRIVING DISTRIBUTION AND USAGE 39

20 Oct 2016 KWF Consulting DRIVING DISTRIBUTION AND USAGE 39

 • Promote important articles or selection of articles that best represent journal’s scope

• Promote important articles or selection of articles that best represent journal’s scope • Calls for papers • Quarterly email of top-downloaded articles Multimedia Mobile-friendly formatting Link building Table of contents e-alerts 20 Oct 2016 Email campaigns Social media mechanisms KWF Consulting Driving usage Indexing and search engine optimization From the Editor e-mail blasts Discussion forums/blogs 40 “Also read” and “most read” online features

20 Oct 2016 KWF Consulting Cara S Rivera | Managing Partner | KWF Consulting

20 Oct 2016 KWF Consulting Cara S Rivera | Managing Partner | KWF Consulting cara. [email protected] com Q&A | DISCUSSION 41