Top 5 Reasons STEM Publishers Should Look at the E&E Publishing Business Model

 May 1, 2017

Ever heard of E&E Publishing?   They’re a scrappy publication outfit that made the jump from congressional press clipping to serious policy news reporting about the same time that most of you were beginning to put your content online.   E&E Publishing is interesting because they not only survived a huge shift in their industry, they learned to thrive.  Having looked closely and asked around, we’ve learned a lot about E&E Publishing and found:

  1. THEY REINVENTED THEMSELVES. They were agile enough to innovate their way out of the old-school government “press clipping” business - by creating a new type of subscription product based on science policy reporting.
  2. THEY MOVED INTO NEW MARKETS. They managed to penetrate new markets aside from government agencies - academic libraries, think tanks and corporations make up a large portion of their revenue.
  3. THEY ARE COST EFFICIENT. They save big on salaries and employee-related benefits - many of the organization’s 70 writers (and some of the executive leadership team) are part-time.
  4. THEY STAY RELEVANT: They focus on hot topics – energy and the environment – that involve serious research funding, corporate spending and government regulation.
  5. THEY GET CONTENT OUT FAST – AND OFTEN: They produce easy to read, short updates up to five times a day depending on which of the four news products an organization subscribes to.

We all know the story – In the drive to increase revenue, STEM membership organizations have become increasingly reliant on revenue generated by their publications operations.   However, as global library budgets shrink, so too does this revenue stream.

Here’s the truth: Very few of you are going to sell enough advertising or post enough paid placement vacancies on your jobs board to cover what could be a considerable revenue shortfall.  We’re not saying not to do those things – advances in digital advertising technology and service opportunities around these types of offers do make them attractive – but you may also want to consider something you’re more familiar with: Content.

So, here’s the challenge: Content to most STEM membership organizations means peer-reviewed articles or scientific discipline-related news that appears in your flagship news publication.  But look around your organization and see if you can connect your content in a more creative way to grow revenue.  Specifically, think about how you can put the pieces of your organization’s output (Education, News, Policy, Advocacy & Publications) together in new and different ways to add value to your users.

To find out more about E&E News or to learn how Linton Scientific Marketing Associates can help your STEM membership organization identify and develop new business models, contact us by email or follow us on LinkedIn.

 

Top 5 Customer Types Most Non-profit STEM Membership Organizations          Overlook

May 8, 2017

Your non-profit STEM membership organization has sliced and diced its current membership or author base in many ways – PhD. candidates, established researchers, corporate researchers, government researchers, etc. – looking for new product and service ideas.  Unfortunately, so has your competition.  We recently put our heads together and looked at customers one degree removed from your usual suspects to identify potential new customer types and revenue streams.  Here’s what we came up with:

  1. HR professionals. The hiring process can be tricky - especially for HR resources who support research groups in the business world but don’t understand science.  Many non-profit STEM membership organizations are dabbling (by and large, unsuccessfully) in career fairs and job boards while more lucrative recruiting services go unconsidered.
  2. Department heads.  Ok – so this is not a new customer type, since most of you already serve department heads as practicing researchers.  But in their roles as department heads, their needs and pain points (promoting their programs, tracking enrollment trends, managing budgets, etc.) are completely different – and they have spending authority. 
  3. Technology transfer officers.  We all know that where there are patents, there’s usually big money involved.   Look around your organization to see what products, services, content, etc.  you’re producing (some hints: policy updates, social networks) that could help transfer officers keep up with laws impacting technology, promote their IP, connect with their peers, etc.
  4. Advertisers. The bigger ones get it, the smaller ones don’t – digital advertising is here to stay.  Many of your organization’s smaller advertisers lack the marketing savvy to effectively promote their products & services via your advertising programs.  Why not consider design, copy writing or native advertising services for a fee to help them?
  5. Thinktanks. We mentioned this group in last week’s Top 5 List (Top 5 Reasons STEM Non-profit Membership Organizations Should Study the E&E Publishing Business Model).  Many of you already solicit these groups for grants and/or funding, but could you establish more reliable sources of revenue by marketing different variations of products and services you currently offer?

By now, most of you realize that as the traditional boundaries of scientific disciplines blur, your non-profit STEM membership organization is going to face greatly increased competition from a larger number of organizations who, in many cases, come to the table with more money and resources.   What do you do?  You steer your organization toward blue ocean.

Blue Ocean Strategy, first described in 2005, is based on over 150 case studies that illustrate how organizations facing increased competition thrived by moving into new or adjacent markets, as opposed to fighting it out in established markets.  In this week’s Top 5 List, we’ve identified five customer types, with very different needs and pain points, who support your primary customers and represent potential new revenue streams.  If you move fast and make smart choices, you’ll get what’s known as “first movers advantage.”

To find out more about Blue Ocean Strategy or to learn how Linton Scientific Marketing Associates can help your non-profit STEM membership organization identify and understand potential new target markets, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Competitive Overview, Strategy, Blue Ocean, Target Markets

 

Top 5 Branding Lessons Non-profit STEM Membership Organizations Can Learn from a Trailer Manufacturer in Detroit

May 15, 2017

Did the words “trailer manufacturer” and Detroit” throw you?  We bet they did.  But a little branding powerhouse called MRA is about to blow your misconceptions out of the water.  MRA transforms trailers into mobile promotional, meeting or educations spaces designed to create unique customer interaction opportunities for their clients.  After reading up on this company, we’ve concluded that non-profit STEM membership organizations can learn a lot of very valuable lessons from this mobile marketing trend-setter, with the Top Five listed here:

  1. They focus on an experience.   Good brand managers will tell you that a brand is the sum of all the experiences your customers have with a product or service.  MRA’s product is a customer engagement experience they create for their clients – clients that include the likes of Target, Macys & Freixenet.
  2. They evoke emotions. Great brand managers know that positive experiences evoke positive emotions that move products or services to the top of a customer’s “consideration set,” while negative experiences and emotions will have quite the opposite effect. 
  3. They communicate (really, really!) well.  Visit MRA’s website and you’ll see one of the best examples of compelling messaging and visual identity we’ve seen recently.  A simple, eye-catching logo that works well across multiple media, great use of white space, benefits-driven interactive messaging, etc. demonstrate that MRA knows how to promote brands.
  4. They measure results. At the end of each event, MRA gathers quantified information such as total traffic and number of giveaways distributed, as well a qualitative information like first-hand feed-back and anecdotes, to help determine event ROI.
  5. They support a great social cause – yours. MRA cleverly used a concept called “cause marketing” to lobby for increased STEM educational spending in Michigan by outfitting a trailer with a mobile “Fab Lab” outside the Michigan State House. The event was so successful, they now focus on doing the same for STEM organizations of all types.

A brand is so much more than an eye-catching logo, standardized fonts and a clearly defined color palette.   Well managed brands make a promise to your customers to consistently deliver (or, ideally, overdeliver) on a set of benefits they expect from a product or service.  Successful brands, in turn, help your organization successfully execute its strategic priorities.

To learn how Linton Scientific Marketing Associates can help you more clearly define and communicate your brand, contact us by email or follow us on Linkedin.

 

Top 5 Reasons Non-profit STEM Membership Organizations Fail to Innovate

May 22, 2017

There’s no easy way to say this, so we’re just going to rip off the band here: Most of you are really, really bad at innovation.  But don’t worry – a lot of organizations have this same problem.  Having worked for leading for profit and non-profit organizations, we know that barriers to innovation tend to be very similar regardless of which sector you work in.  The rank order of these similarities, however, vary greatly.  We’ve put our heads together and identified the top five barriers to innovation that pose a problem for non-profit STEM membership organizations, as follows:

  1.  You don’t really feel it’s necessary.   Most of you have been very successful at growing publications revenue streams - so much so that innovation is one of those things you know your organization should be focusing on, but never seriously commits resources to.   That will change drastically the first year your publications revenues take a hit.  You stand a much better chance of survival if you really commit to learning how to innovate now. 
  2. You already know everything there is to know about your customers.  No, you don’t – and you never will.  You and your employees should constantly be talking to current and potential customer groups, paying close attention to three things associated with their use of your products or services: Wants, needs and pain points.  Focus on understanding your customers pain points and you’ll be surprised what you can learn.  
  3. You operate in silos (and that’s not all bad).  Silos are one of the most vocalized and lamented problems we’ve run across working with organizations like yours.   They’re also one of the biggest problems we’ve encountered in our years of working in corporate environments.  When you throw in the fact that your silos generally fall into the two camps of “mission-driven” and “profit-driven,” you may think it’s a total loss.  You can turn this into a positive if you think about how to leverage those silos, instead of smashing them. 
  4. You operate in committee mode.  Committees kill innovation.  And from what we’ve seen, organizations like yours tend to have a lot of committees.  Teams that innovate need to be small, nimble and empowered.  The next time you have the urge to create a separate department or new committee charged with innovation for your organization, don’t.  Instead, gather a small, five-person team of strong employees from a couple of different silos and present them with a customer pain point for which they must find a solution.   Give them authority, deadline and a budget and watch what happens.  
  5. You fear failure. The truth is, we all do.   But our most valuable learnings often come from failure, so use that to your advantage when coming up with a new product or service.  Beta testing, fast failure and the iterative product design are all about testing a product or service with a small test group of target customers multiple times during the design or development stages, with each successive version incorporating customer feedback prior to a wider product launch. 

We know that launching innovation initiatives can be frustrating and scary.  But if you commit resources to identifying new product or service opportunities based on well-informed customer insights, you’ll be putting yourself on the right path.  Start with small products or services implemented by small teams until you’re ready to move up to larger products.  If we can help, let us know.

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization jump innovation barriers, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Innovation, Customer Insights, Product Management,

 

Top 5 Reasons Non-profit STEM Membership Organizations Should Take Note of C&EN BrandLab

May 30, 2017

A new service from the American Chemical Society recently caught our eye – and you really should check it out.  Rarely does a new product or service from a non-profit STEM membership organization so perfectly illustrate what we promote as “best practice” in introducing new products or services from organizations like yours.  C&EN BrandLab is now offering native advertising to advertisers who want to make the most of their advertising dollars with C&EN by helping them tell a story about their product or service.  Here’s what we love about it:

  1. They focused on a (somewhat) overlooked customer group.   Most organizations like yours focus mainly on current researchers, future researchers, educators and librarians.  Like a lot of you, the folks at C&EN Media Group looked for revenue growth opportunities associated with their advertisers.  The difference?  They’ve gone the extra mile(s) to really do something new and different for these customers, as laid out in the rest of this week’s list.
  2. They understood their customer’s pain points.  Many of the medium and smaller advertisers with organizations like yours lack the budget to fund marketing teams large enough to understand the complexities and benefits of digital advertising, native advertising and online lead-generation.  C&EN BrandLab helps them navigate these complex waters and do things their budgets otherwise would not have allowed.
  3. They make a promise to their customers.  As we’ve discussed in past Top 5 lists, a brand is often described as a promise to consistently deliver (or over-deliver) on a set of customer expectations around a product or service.  These folks do this very well, and then go the extra mile by guaranteeing lead generation from their C&EN BrandLab marketing efforts.
  4. They invested in serving their customers.  In addition to funding what we know is a top-notch digital advertising team, C&EN Media Group has also hired four full-time PhD researchers to serve as resources to write scientifically accurate and engaging stories their advertising customers can rely on to demonstrate the value of their products and services and create leads for them.
  5. They message the service exceptionally well. From the look and feel of the C&EN BrandLab logo and collateral, to messaging that speaks directly to customer needs, to the cross medium promotions they’ve undertaken to promote this service, the C&EN Media Group has done a great job of getting the word out about this new service.

Most importantly, the folks at C&EN BrandLab are willing to try something new and different.  Whether they succeed or fail with this most recent venture (and we’re betting they’ll succeed), they will undoubtedly learn something that they will use in the future to better serve this group of customers.

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization more cleverly identify new customer groups, develop new products and increase revenue, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Innovation, Customer Insights, Product Management, Branding

Top 5 Reasons Education Leaders at Non-profit STEM Membership Organizations Should Know “Science Bob”

June 5, 2017

We’ve been huge fans of “Science Bob” Pflugefelder ever since we started watching him create foam geysers with dish washing liquid and launch film canisters with Alka Seltzer on the late-night TV show Jimmy Kimmel Live! a few years back.   His recent “diaper polymer” experiment (using a propane pop gun to shoot ping-pong balls out of a liquid nitrogen cannon) got us thinking about how adopting some of Science Bob’s tactics could breathe new life into your organization’s educational efforts.  From what we’ve seen, most of you tend to focus on encouraging the study of your discipline at the university level.  But what if you lowered your sights a little – maybe to the elementary school level?  We think you’d get more kids interested at a younger age, creating a larger funnel of future scientists to help solve the world’s growing problems.  These are the Top 5 things we think you should know about Science Bob:

  1. He provokes a palpable passion for science.  Don’t let the quiet demeanor and glasses fool you – Science Bob knows how to wow a crowd whether he’s in the classroom, at a science fair or on late-night TV.  While he remains calm and even-keeled, it’s awesome to see the excitement he and joy he elicits from the people watching his cool (and informative) experiments.
  2. He draws in kids of all ages.   Whether it’s the eight-year-old students in his classroom that use the “destruction table” (literally a table with pieces of machinery and electronics kids can take apart and explore) or on the set of a TV show where he’s blowing up pumpkins for 48 year old viewers, Science Bob’s formula for explaining science definitely captures attention.
  3. He got his start on social media.   Science Bob captured the attention of TV producers after posting some of his early experiment videos on YouTube.  Since Jimmy Kimmel took note and invited him to appear on his show, Science Bob has made frequent appearances on other TV shows such as Live With Kelly, The Dr. Oz Show, The Today Show and Nickelodeon’s Nicky, Ricky, Dicky and Dawn.  Some of his YouTube videos have over 1 million views, with the most popular garnering nearly 3 million.
  4. He has a head for business (and the heart of an educator).   If you check out Science Bob’s website, you’ll see he has an awesome online store that sells science kits and science toys for teachers, parents, homeschoolers and youth organizations to get kids interested in science.  We have no idea how much he makes, and we’re pretty sure he’s not in this for the money, but it’s proof positive that being mission-driven and profit-making are not mutually exclusive.
  5. He promotes science resources like yours. While you’re on his site checking out the Science Bob Store, be sure to check out his “Research Help” section.  If you’re producing content (videos, articles, interactive online experiences) aimed at helping the general public understand science, this could be a great place to do it.  We don’t know what it takes to be listed there, but it might be worth your time to find out!

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization more effectively communicate science or generate revenue from educational activities, contact us by email or follow us on LinkedIn.

View past Top 5 Lists from Linton Scientific Marketing Associates.

To learn more about Science Bob, check out his website or browse his videos on YouTube.

TAGS: Education, Customer Insights, Branding, Marketing

Top 5 Product Development Lessons Non-profit STEM Membership Organizations Can Learn from the Swiffer Product Line

June 19, 2017

In the late 1990’s, Procter & Gamble was looking for a way to shake up the sluggish residential floor cleaning market.  It had recently developed a new cleaning agent, as well as a “trap and lock” cloth technology that it wanted to turn into commercially viable products.  Knowing that the old “mop and bucket” and “sponge on a stick” concepts were less than ideal, the company began looking for better ways to clean floors.  They enlisted the help of Continuum – a design firm that studies human behavior to create better products – to help revolutionize the way we clean floors.  Here’s what we think you should take away from the Swiffer story if you’ve been given a mandate to create or improve product offerings for your non-profit STEM membership organization:

  1. They sought a different perspective.   When it comes to product innovation, P&G is no slouch.  For over 100 years, it has been creating and marketing products that improve consumers’ lives through a range of household products.  Maybe it was the wisdom gained from this long history of success that gave that gave them the incentive to seek the help of Continuum to find an innovative solution that they knew they couldn’t creatively solve on their own.  Being too close to a customer problem for too long often blinds an organization to potential, innovative solutions.
  2. They watched. And watched.  And then watched some more. Continuum helped P&G to see customer behavior in a different way.  Specifically, they conducted what’s known as ethnographic research (or contextual inquiries) to film and watch hundreds of hours of individuals cleaning floors and learned three key things: 1) it wasn’t the chore of mopping that turned people off, but dealing with the dirty water, 2) most people swept before they mopped, and 3) a mop and bucket were “overkill” for most spills and floor cleanings.  The solution?  Don't make the consumers touch the water.   Continuum suggested that P&G put the spray cleaning solution on the stick, combined with the "trap and lock" cleaning pad that trapped dirt, dust and hair, thereby eliminating the need for consumers to touch dirty water entirely.  And the Swiffer was born.
  3. They implemented a smart business strategy. Borrowing a page from the old “razors and blades” and “printer and ink cartridges” models, P&G hooked consumers by practically giving away the cleaning mechanism in order to make money on the pad and solution refills.  In so doing, they created a $500M a year business with very, very nice margins.
  4. They leveraged success.   Starting with the Swiffer Sweeper and followed quickly by the Swiffer Wet Jet, P&G has gone on to introduce additional sub-brands that include the Swiffer Sweep + Vac, the Swiffer Sweep & Trap, the Swiffer Duster and the Swiffer 360 Duster.  They’ve even partnered with Bissell to create a Swiffer Steamboost Powered by Bissell steam mop.
  5. They marketed exceptionally well.   You may remember the Swiffer commercials that P&G has run for years.  They usually include some variation of a household mop or broom being put outside near the trash can along with other rarely used household items.  The announcer usually says something along the lines of “Buy the Swiffer Wet Jet and you’ll never use your old mop again.  But don’t worry, he’ll find someone else.” Then “Who’s That Lady” starts in the background as the mop turns to make a new friend in the pink flamingo in the neighbor’s yard.  P&G has also recently turned out a hit ad with the “Swiffer Effect” ad that features a 90-year-old couple who, upon discovering the “joy” of cleaning with Swiffer, spontaneously start dancing in their kitchen.  Very heartwarming!

Here’s the thing:  you don’t have to be a multi-billion dollar conglomerate in order to develop successful new products.  What you do have to do (as we’ve mentioned a time or two in the past) is to focus on knowing your customers and their pain points.  If you start there, and prepare yourself for some productive trial and error (we call it “fast failure” in other Top 5 lists), you’ll be surprised what you can come up with.  If you need help, let us know.  We have years of experience in STM market research, product management, marketing and sales that can bring a fresh perspective to your non-profit STEM membership organization without upsetting the apple cart.  And we have a strong, proven network of associate partner organizations we can bring in to help you start learning more about your customers.

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization more effectively develop new or improve current products, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Customer Insights, Product Marketing, Product Development, Branding, Innovation.

 

Top 5 Content Strategy Lessons STEM Membership Organizations Can Learn from Netflix

June 27, 2017

Don’t think your non-profit STEM membership has much in common with a tv show about the dark side of politics?  Think again.  When you get right down to it, tv programming is content creation – and content creation is something most of you are (or should be) talking about these days. If you’re looking for examples of how a strong content strategy can turn an organization around, it’s hard to beat the case of how Netflix developed its hit series House of Cards.

In 2012, Netflix was facing two big challenges – one of its largest content providers was signaling its intent to leave the Netflix “library” of offerings and its traditional DVD mailing service was quickly losing momentum (as co-founder and CEO Reed Hastings had predicted it would, years earlier).   Saddled with a stock price that was bumping around the $11 to $13 per share mark for the better part of the year, Netflix decided it was time to implement a bold new strategy to grow its streaming business and assure strong, profitable growth in the future.  Here are the Top 5 strategy lessons we think STEM membership organizations can learn from how Netflix nailed the implementation of this strategy:

  1. They opted to start creating (great) original content.   Faced with having some of the most popular content yanked from its lineup, Netflix decided to minimize the threat by creating original programming – something other streaming services (Amazon, Hulu, etc.) had already started doing, with limited success.  Most of these shows failed to register meaningful interest with the viewing public and none had been taken seriously by critics.  Before Netflix began producing shows, no program from any other streaming service had been nominated for a major primetime Emmy award.  That changed in 2014 when the first episode of the company’s critically acclaimed House of Cards became the first online-only episode of a program to win not one, but two - one for Outstanding Cinematography and another for Outstanding Director.  Since 2014, Netflix has stacked up more awards with other original programming, winning Emmy awards, Golden Globe awards, SAG awards and more.
  2. They used Big Data to create a show for a specific demographic. Nothing Netflix did in creating House of Cards was done by the book.   For starters, they used a triangulation of data to pinpoint the director, star and type of show that would appeal to the largest number of streaming members at the time.  Specifically, they knew that: 1) members who watched movies directed by John Fincher or starring Kevin Spacey finished these movies more often than those of other directors or stars, 2) these members watched lots of movies from Fincher and Spacey, and 3) the original BBC version of House of Cards set in the UK was extremely popular with people who watched movies directed by Fincher and movies starring Spacey.  Netflix was so confident in its data-driven content development strategy that it also took a big risk and ordered two entire seasons of the show (normally, a pilot is produced to test viewer reactions before a commitment is made) with the stipulation that it be directed by Fincher and star Spacey.  Netflix outbid every other network vying for the show, paying $100M for seasons one and two.  In addition, Netflix data showed certain “dead spots” in viewers schedules, so they decided to make the unprecedented move of releasing all the episodes from season one at once, betting the program would be so well received that it would be “binge watched” – and it was.
  3. They had a long-term growth goal in mind. Netflix knew its future success depended on being able to build a stronger, more international subscriber base for its streaming service.  The introduction of House of Cards proved their data-driven content development strategy could work, and the series is credited with increasing the company’s streaming subscriber base by nearly 10% (4M new subscribers) from 2013 to 2014.  Replicating this success with shows like Orange is the New Black and expanding this concept internationally has more than doubled the number of Netflix members to over 100M in 2017.
  4. They invested big money to make big money.   There’s not a lot to say here except that the $100M price tag paid for House of Cards was recouped in less than a year by the number of new streaming members it brought in.  With monthly streaming plans that start at $7.99/month (basic plan) and top out at $11.99 per month (premium plan), we estimate they made a minimum of $320M on their $100M investment.
  5. They learned from their mistakes.   With so many customers streaming the entire first season of House of Cards in a short period of time, Netflix put a noticeable strain on network traffic in the US. The company already accounted for a large portion of internet traffic anyway – House of Cards being issued as an entire season all at once just made the issue more visible.  To limit the strain on world-wide internet traffic and minimize download interruptions for their customers around the globe, Netflix created nearly 1,000 “upload stations” near their most promising international markets where they upload entire seasons for release.

While your STEM membership organization may not have $100M to invest in developing new content, that shouldn’t keep you from trying to establish new and different sources of revenue, apart from what you’re making with your peer reviewed publishing programs.  Many of you already put other content out there in the form of discipline-specific news publications, public policy newsletters on science funding, videos that are aimed at educating the public about advances in science, etc.  Much like Netflix, you should be following who is using what content to determine what kind of original content you could create for specific overlapping audiences.   Your content strategy should support strategic goals in well thought through one, three and five year strategic plans you update annually.

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization more effectively develop a strategic plan or use customer insights to more effectively create new content products, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Strategic Planning, Customer Insights, Content Strategy, Revenue Generation.

 

Top 5 Product and Service Lessons STEM Membership Organizations Can Learn from The Economist

July 11, 2017

We’re betting that a good number of you read The Economist.  It may not have crossed your mind, but your non-profit STEM membership organization has a lot in common with The Economist circa 2010.   Case in point –your publishing arms are both very well known to a very select group of highly intelligent people and, like The Economist of a few years ago, your subscriptions revenues are increasingly under threat.  While The Economist continues adjust the pricing and strategy around their transition from print to digital (they are trying to hang on to print advertising revenue like most of you), we think the most relevant lessons for you coms from the efforts they’ve made to establish new sources of revenue outside of subscriptions and advertising.  We’ve looked through annual reports and news reports to identify what we think are the Top 5 high-level product and service moves they’ve made in the last 10 years to help them make a strong entry into the digital age of publishing.  Here’s what we came up with: 

  1. They grew their events business.   You already have something very important in common with The Economist: you both host events.  The differences?  They put on a lot more, charge a lot more and target a different audience.  As of the date of this article, The Economist Group reports putting on 80 events annually in 30 different countries.   Cost to attend ranges between $800 and $2,200 per person.  With about 200 people attending each conference, on average, you can do the rough math to get an estimate of what they’re making on these – and that doesn’t include the sponsorship fees (sorry, we don’t know anything about those).  So if you’re looking for a way to engage and recruit corporate members, offering events aimed at corporate leaders interested in your areas of science with presentations by leading researchers from around the world might just be the ticket.
  2. They really beefed up their advertising offering.  In 2012, The Economist Group acquired London based TVC, a leading UK digital media and public relations firm to offer additional integrated marketing services for Economist clients by adding digital advertising and PR expertise to their existing event sponsorship and thought leadership offerings. Revenues for these services have been growing at double digits since TVC was acquired, and this group is constantly cited in the company’s annual reports as having strong, profitable growth in revenue.
  3. They moved into new subject areas.  In 2012, The Economist Group acquired two health care related information companies: Clearstate and Bazian.  Clearstate offers market insights and strategic consulting for clients wanting to grow their business in the healthcare markets of 14 countries in Asia, while Bazian analyzes medical research to advise healthcare providers and government agencies to help improve existing treatments and services.  
  4. They doubled down on things they’re known for.  Influencing government policy has been at the core of the company’s mission sing it began publication in 1843.  Having acquired the US-based Roll Call in 1993 and Congressional Quarterly in 2009 (thereby creating CQ-Roll Call Group), The Economist Group acquired a small startup called Illumen in 2011.  Illumen provided CQ-Roll Call group the ability to offer innovative solutions to client organizations seeking to encourage their constituents to engage with policy makers – not just read about policy.  This acquisition led to the introduction of the advocacy products Engage and Ignite from CQ-Roll Call.  These tools allow organizations such as yours to embed links to automated, pre-filled letters that match the individual’s zip code with their designated congressional representatives, urging them to vote “yay” or “nay” on specific legislation.  With a few clicks, a constituent letter can be electronically sent to their representative’s office. 
  5. They sold off things that weren’t going to bring growth.   Many times, strategic decisions include divesting certain products that no longer serve your organization’s current or near future goals.  To pave the way for some of the acquisitions, above, The Economist Group had to make some tough decisions along the way, including a 2010 decision to sell its award-winning CFO Publishing group to a private equity firm.  While The Economist Group still maintains a minority stake in the company, it was a brave (and most likely necessary) decision to sell off a finance-oriented product and venture into new and uncharted waters.

We strongly suggest that you take the time to read through The Economist Group’s annual reports and financial statements from the past few years.  By design, we limit ourselves to five discussion points in these articles so that they remain quick and easy to read.  But trust us – there’s a lot more to learn about how innovative these folks are by reading through those reports.  Like our lists, their annual reports are fairly easy reads – and full of additional ideas you may want to explore.

To find out how Linton Scientific Marketing Associates can help your non-profit STEM membership organization more effectively develop a strategic plan or use customer insights to more effectively create new products or services, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Strategic Planning, Products & Services, Revenue Generation.

 

How the Mile High City is Getting Miles Ahead

(and why it's important to STEM non-profits)

January 23, 2018

We love turn-around stories from unlikely places!  Inheriting a budget deficit4 of $80 million when he took office in 2011, newly elected Mayor Michael Hancock had his work cut out for him.  Taking a cue from for-profit Six Sigma lean management practices, His Honor started the Denver Peak Academy with the goal of training city employees to use iterative process improvement to fix some of the city’s most time-consuming processes. 

The results are impressive – city employees have reduced the time required to get a business license to a mere 20 minutes (down from two hours) and the average wait at the DMV has dropped by an hour (from 80 minutes to 20 minutes).  More importantly, these and other improvements are now saving Denver taxpayers nearly $20 million a year. 

Here are the Top 5 “innovation behaviors” Mayor Hancock uses to change the way city employees work:

  • He empowers employees:  Knowing that the city employees closest to the public have a front row seat to the problems and issues citizens have with city services, he has empowered them to start looking for (and implementing) solutions to save time in city services.
  • He listens: Not just to a select few, but to key stakeholders that represent different employee and citizen groups.  He’s genuinely interested in what they have to say.
  •  He adapts (and gets city workers to, as well):   By bringing in lean management techniques and allowing employees to earn official Six Sigma Green Belt and Black Belt certifications, he has increased their value to the city and given them transferable skills that can advance their careers
  • He works across silos: Every organization has them – and Mayor Hancock uses them to the city’s advantage.  When he has a specific problem he’s trying to solve, he picks a small group of high-performing Peak graduates from across different departments and lets them find a solution.
  • He partners: The Mayor has partnered with philanthropies and businesses, such as Bloomberg Philanthropies and Panasonic Enterprise Solutions to introduce high end technologies that can help find solutions to more complex problems, such as traffic congestion.

Government organizations like Denver’s city government are not usually noted for their creativity and ability to emulate for-profit best practices, which makes the achievement so much more impressive.  And it we think it proves that other organizations such as STEM non-profit membership organizations can make the change, as well.  If you are interested in finding out how Linton Scientific Marketing Associates can help your organization implement for-profit best practices around Customer Insights, Product Development or Branding, contact us by email or follow us on Linkedin.

View past Top 5 Lists from Linton Scientific Marketing Associates.

TAGS: Customer Insights, Product Development, Branding.