Internal marketing memo outlining niche magazine advertising strategy

2. Which of the groups you identified have their own magazines? Visit a large bookstore such as Barnes & Noble and browse the magazine rack for smaller specialty magazines to brainstorm additional niches. There are literally thousands of occupation- and interest/hobby-specific magazines to choose from. Use Writer’s Market to identify magazine options outside the bookstores. Narrow the groups from question 1 above to those that are reachable through one or two small magazines. It’s not important that these groups all have a lot of money (e.g., golfers)— only that they spend money (amateur athletes, bass fishermen, etc.) on products of some type. Call these magazines, speak to the advertising directors, and tell them that you are considering advertising; ask them to e-mail their current advertising rate card and include both readership numbers and magazine back- issue samples. Search the back issues for repeat advertisers who sell direct-to-consumer via 800 numbers or websites—the more repeat advertisers, and the more frequent their ads, the more profitable a magazine is for them ... and will be for us. Step Two: Brainstorm (Do Not Invest In) Products Genius is only a superior power of seeing. —JOHN RUSKIN, famed art and social critic Pix the two markets that you are most familiar with that have their own magazines with full-page advertising that costs less than $5,000. There should be no fewer than 15,000 readers. This is the fun part. Now we get to brainstorm or find products with these two markets in mind. The goal is come up with well-formed product ideas and spend nothing; in Step 3, we will create advertising for them and test responses from real customers before investing in manufacturing. There are several criteria that ensure the end product will fit into an automated architecture. The Main Benefit Should Be Encapsulated in One Sentence. People can dislike you—and you often sell more by offending some—but they should never misunderstand you. The main benefit of your product should be explainable in one sentence or phrase. How is it different and why should I buy it? ONE sentence or phrase, folks. Apple did an excellent job of this with the iPod. Instead of using the usual industry jargon with GB, bandwidth, and so forth, they simply said, “1,000 songs in your pocket.” Done deal. Keep it simple and do not move ahead with a product until you can do this without confusing people. It Should Cost the Customer $50-200. The bulk of companies set prices in the midrange, and that is where the most competition is. Pricing low is shortsighted, because someone else is always willing to sacrifice more profit margin and drive you both bankrupt. Besides perceived value, there are three main benefits to creating a premium, high-end image and charging more than the competition. 1. Higher pricing means that we can sell fewer units—and thus manage fewer customers —and fulfill our dreamlines. It’s faster. 2. Higher pricing attracts lower-maintenance customers (better credit, fewer complaints/questions, HOUSE_OVERSIGHT_013895