The last session at this year's Indian Magazine Congress, brought together Shashi Sinha, chief executive officer, IPG; Ambi Parameswaran, founder, Brand-Building.com, and Manoj Sharma, chief executive officer, India Today, to underscore the transformation of magazines into an omnichannel content force and the vantage point of integrating print and digital to amplify magazine business scalability.

The session was moderated by Riyad Mathew, chief associate editor and director, The Week. 

Balancing digital and traditional marketing strategies

In his opening remarks, Parameswaran shed light on the dichotomy between performance marketing and brand marketing. He shared, “There is a need for marketers to understand and integrate both performance and brand marketing approaches, which is the ‘yin and yang of marketing.’ While performance marketing focuses on metrics-driven results, brand marketing encompasses a broader perspective essential for long-term success. The importance of striking a balance between digital and traditional marketing strategies offers unique benefits.” 

Parmeswaran then went on to highlight a scenario where a venture capitalist (VC) sought guidance on transitioning from digital to traditional media like television, showcasing a gap in marketers' knowledge. 

Talking about the challenges faced by businesses transitioning from digital to traditional marketing channels, Parmeswaran said, “There is a lack of understanding among marketers regarding brand marketing strategies, this can be attributed to the shortcomings of traditional marketing education. There's a whole generation of marketers out there who do not have a clue on how to do brand marketing for traditional mediums which poses a huge challenge for the industry.”

Measuring engagement and reach 

Providing context, moderator Mathew revealed compelling statistics. He noted that 61% of magazine readers take action after viewing print ads. They actively search online and on a publisher’s website about the advertised products. Furthermore, he cited that magazine ads yield a 36% increase in brand favourability and a 47% increase in awareness. Whereas, 70% of readers acquire vital information from magazine ads.

Notably, Matthew went on to share that a staggering 99% of 19 to 29-year-olds find magazine advertisements influential, a demographic highly targeted by advertisers. Moreover, 60% of individuals in this age group perceive print magazine ads as credible, while 50% of older demographics share this sentiment, Mathew prompted Sinha to express his thoughts on reach and engagement during the discussion.

Offering insights on reach and engagement, Sinha reflected on the challenges faced by traditional organisations in adapting to evolving media landscapes. He remarked, "The reliance on readership surveys should be the primary data source, which has been absent in recent years. There should be the primacy of time spent as a metric." 

Sinha drew parallels between television and digital media regarding measuring engagement, advocating for a similar approach in print media. 

"The print industry should establish the element of stickiness and engagement to enhance the effectiveness of its advertising efforts. There is however a challenge of evangelising these metrics in an environment where numerical data holds sway. Numbers are very difficult to evangelise when we have young marketers at agencies looking at hardcore data in front of the machine instead of qualitative reach," shared Sinha. 

In the context of digital measurement for print, Sinha expressed, "The proposition to the industry is to consider using digital products as surrogates for the main magazine. There's a concern regarding the tendency to lean towards programmatic approaches, which can undervalue digital offerings. However, by leveraging digital product profiles differently, one can potentially enhance their value. The focus is on ensuring that all engaging content receives proper recognition, countering any potential reach discrepancies observed with traditional metrics like those from The Times of India."

Quality content and omnichannel distribution

Sharma accentuated the evolution of media and magazines amidst a chaotic media landscape inundated with misinformation. He said, "The importance of qualitative aspects is often overlooked in favour of quantitative metrics. The diversified consumption of magazine content across various platforms showcases the magazine's role as an omni-channel content powerhouse. This iterates the retention value and credibility of magazine content compared to social media platforms." 

Exploring the dynamics of credibility and distribution channels within the media industry, the discussion delved into revenue disparities between newspapers and magazines across different regions.

In the US, newspapers lag behind magazines by USD 28 billion in revenue. In the UK, magazines surpass newspapers with a USD 6.2 billion industry compared to newspapers' USD 5.2 billion. Similarly, in India, magazines account for only USD 0.15 billion of the industry compared to newspapers' USD 3.9 billion, representing a mere 4%.

Sharma correlated the consumption of magazine content to a fine dining experience, contrasting it with the snacky, transient nature of social media content. "Magazines have evolved to deliver news to different cohorts, offering a fine dining experience amidst snacky social media content. Fine dining ensures retention, unlike fleeting social media posts. Despite social media's credibility issues, magazines remain dependable sources. Ironically, media planning allocates more funds to non-credible platforms," Sharma voiced. 

Credibility and delivery channels

Sinha emphasised the responsibility of communication lying with the communicator, advocating for collaboration among competitors to address industry challenges. 

"The onus of communication is the communicator. If owners are in business, we compete by day but collaborate by picking each other's brains by night. Our business model isn't working, operating at positive margins when we lack funds. Youngsters in agencies need guidance to leverage mediums like television for reach. The TV medium prioritises measurement, allocating 8.1% of revenue to it. The magazine industry must take responsibility for addressing structural issues and finding solutions collaboratively,” Sinha stated. 

Providing insight into the evolving landscape of magazine measurement and consumption, Parameswaran remarked, "We used to measure every week. Today, with platforms like Magzter, it's unclear what's being counted. Awareness among media planners about varied consumption channels like Magzter, websites, or traditional print remains uncertain. To address this, evangelisation with clients and media partners is crucial. Brand marketing, best executed through magazines, demands a holistic approach encompassing physical, digital, and app formats. The challenge lies in ensuring brand managers grasp this broader perspective and leverage it effectively."

The future of magazines 

Parameswaran expressed, "Magazines have a great future. But publishers need to believe in it first and have to start investing in it. There is a dire need to evangelise to scale."

Sinha highlighted the potency of print, both in its physical and digital forms. "The power of print, which is your magazine, in both its physical and digital forms, is a very powerful way if it is sold in the right way. They feed off each other. The combination of digital and print is deadly and can help scale the print business," he signed off.