DALLAS (18 December 2018) – The news industry embrace of digital subscriptions and the need to reduce churn to maintain a growth path is driving publishers worldwide to re-think how they communicate core value propositions to ensure long-term relationships. A new report released today by the International News Media Association (INMA) examines nurturing reader value.
“Nurturing Value for News Consumers” is the first of four pillars to be announced by INMA as part of its Readers First Initiative, which aims to surface best practices in the art and science behind digital subscriptions and create a road map toward the next generation of consumer monetization through 2020. INMA leads the news media industry in the emerging fields of content economics and digital subscriptions.
INMA Researcher-in-Residence Grzegorz (Greg) Piechota heads the Readers First Initiative and is the author of the new 53-page report.
Key findings of the report include:
The INMA report focuses on the differences between reader engagement and value nurturing. Both are separately important in subscriber retention, yet Piechota treats them as separate but equal functions. Reader engagement is mostly a newsroom function, while value nurturing is mostly a marketing function. Inside today’s news media company, organisational lines are blurred.
“Relationships that aren’t nurtured fall apart,” Piechota writes in the report’s executive summary. “That truth is no different in your home than it is at your news media company. A monthly subscription is nice. A lifelong relationship is what sustains us.”
The report leans heavily into value propositions and nurturing strategies at Amazon, Netflix, and Spotify with Piechota’s research at Oxford University’s Reuters Institute creating intersections with news media companies.
Drawing on research from media companies worldwide, the INMA report looks at:
“The seismic shift toward consumer revenue in the media company’s business model is forcing a re-think in content economics,” said Earl J. Wilkinson, executive director and CEO of INMA. “This new INMA report looks at the post-purchase customer journey in ways no report has previously done in the media industry. Much of this is strategic marketing through the prism of digital subscriptions, yet make no mistake that value nurturing is a high-level discussion about news brands that is long overdue: differentiation, identifying perceived value, figuring out ‘jobs to be done,’ and focusing on ‘winning every session,’ and ‘forming a daily news habit’.”
Piechota announced the customer value nurturing results during a Webinar last week with INMA members, which can be viewed here. INMA members may also download Piechota’s presentation, which was part of the Webinar.
The four pillars of the Readers First Initiative, to be released over the next nine months, are:
“Nurturing Value for News Consumers” is available for free to INMA members and available to non-members for US$795 – which includes one year of association membership, all strategic reports, Webinars, and access to all INMA content and peer connection tools.
INMA members may download the report, and non-members may order the report by going to www.inma.org/reports.
The International News Media Association (INMA) is a global community of market-leading news media companies reinventing how they engage audiences and grow revenue in a multi-media environment. The fast-growing INMA community consists of more than 10,000 executives at 700+ media companies in 70 countries. INMA is the news media industry’s foremost ideas-sharing network with members connected via conferences, reports, Webinars, and an unparalleled archive of best practices.
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Dear Dave,
I’m on Baby Step 1 of your plan, and I work at a community college that takes a mandatory 20 percent from our pay for retirement. I know you say retirement contributions should be put on hold until all debt except for your home is paid off, so do you have any thoughts on this kind of system? It feels like it’s hard to get traction with getting control of my money when so much is being taken out of every paycheck.
Kristi
Dear Kristi,
That is a lot to take out. I’ve heard of a few places that have a mandatory 12 percent contribution, but 20 percent? That’s very unusual. And it’s unusually high.
I’m not sure what to tell you. I mean, you took the job. It’s what you signed up for. But if it becomes enough of an issue with your finances, you may have to decide at some point if you still want to work there. My recommendation is to begin setting aside 15 percent of your income for retirement after you’ve paid off all debt except your home, and you have an emergency fund of three to six months of expenses in the bank.
At least you’re not losing the money, so it’s not the end of the world. It’s your money that’s going in there for your use some day. I don’t know the exact structure of the retirement account, but it is going toward retirement savings of some kind—and that’s important!
—Dave
(Return of premium?)
Word count: 208
Dear Dave,
I’m thinking about signing up for a return of premium life insurance policy. It costs more per month than other policies, but it allows you to get all your money back after 30 years assuming you live that long. Is this too good to be true?
Tommy
Dear Tommy,
It’s not too good to be true, but it is a rip off. Never buy a return of premium life insurance policy.
You said it costs more than other policies, right? Well, if you were to take that extra money you’d be paying and put it into a good mutual fund, you’d get all the cost of your policy back after 30 years 100 percent of the time. Return of premium policies are just a gimmick.
When it comes to life insurance, always go with a good, 15- to 20-year level term policy. And always stay away from that return of premium garbage!
* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 14 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey
he countdown to Christmas is on at JCPenney with the final shopping weekend just days away. Capture the last-minute shopping scene at JCPenney as customers rush to find the best gifts for everyone on their list this holiday season. Early morning customers on “Super Saturday” will be greeted with an envelope containing a $10 off $10 coupon giveaway, while supplies last. We look forward to working with you on live segments, in-store interviews, trend stories and more. News photographers are welcome.
WHEN:
Friday, Dec. 21 – Sunday, Dec. 23
WHERE:
Local JCPenney stores (visit jcp.com and click “find a store” for nearest location)
STORY ELEMENTS:
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o $14.99 Tzumi virtual reality pro headset (reg. $29)
o $14.99 Men’s St. John’s Bay sweater (reg. $40)
o $19.99 Women's Arizona boots (reg. $60-$80)
o $27.99 Women’s Xersion puffer coat (reg. $72)
o $49.99 Cooks 2.5L air fryer (reg. $100)
o $55.99 ea. 1/10 CT.T.W. white, champagne or color-enhanced black diamond in sterling silver or 14K gold over silver (reg. $124.98)
o $99.99 1/10 ct. t.w. diamond in sterling silver or 14K gold over silver (reg. $124.99)
o 25 percent off Nike for the family
o 20 percent off select toys
