A Q&A with Format-Studio’s Jeremy Davis

I received a ton of positive feedback and emails on this post yesterday and wanted to repost it for those of you that missed it. 

Enjoy.

Mark

The publishing industry is under enormous pressure on all fronts.

One of the biggest issues of 2008 continues to be the Internet and how to develop a successful long-term digital publishing strategy.

CoverAwards sat down with Jeremy Davis, partner Format-Studio, which has worked with leading publishers including New York Magazine, New York Times, Prevention, and Glamour, among others.

CoverAwards:  What is the right way for a publisher to develop its digital strategy?

Jeremy Davis:  Every publisher needs to step back and think about what their core value proposition is and how they can leverage it to make money. 

Whenever possible, publishers should be thinking about how to leverage their current brand and content, but there are also times when they need to think about new ways of reaching their audience that doesn’t necessarily replicate how they present themselves in print. 

A good example of this can be seen in publishing sites that make effective use of user generated content.

CoverAwards:  How should a publisher develop a digital publishing strategy?

Jeremy Davis:  Treat your digital division as a separate business and dedicate the right staff and resources to make it a success. 

If you launch a magazine, it costs tens of millions of dollars.  And while you may not need to spend that kind of money to launch a digital strategy, publishers need to understand that they are now also in the software business. 

At least a third of their online effort requires designing and building new applications in order to compete not only with other publishing web sites, but also Internet-only brands that are much more nimble, and in many cases have had a big head start.

CoverAwards: Which publisher is seen as an innovator in the digital publishing space?

Jeremy Davis:  There are many examples of innovative thinking on the web from community driven sites like www.tasteofhome.com to application-driven sites like www.nymagazine.com to advertising network sites like www.glam.com. 

The key is to understand your strengths and weaknesses and develop an insightful economic plan before deciding which model will work best for you.

CoverAwards: How important is web site design?

Jeremy Davis: It’s extremely important but both the information architecture (navigation systems) and the visual design should serve the strategy.  Otherwise, while the site may have a great design, it may not accomplish the business purpose.  We call this “putting on a show.”

A magazine should be receiving at least the same number of unique visitors as it has subscribers.  On average, magazines today are only seeing visitor levels that are 1/3 of their subscription base.  And to be really successful, magazines will need to deliver at least 3x the amount of traffic as its print publication’s circulation.

CoverAwards:  What types of campaigns should publishers be offering advertisers?

Jeremy Davis:  Advertisers are not only interested in integrated campaigns, but they also know that run of site campaigns are not producing the kind of results that they did just a few years ago. 

The trend is toward sites that enable advertisers to reach vertical niche markets where the click through rate is considerably higher.  Publishers will find the more specific the audience, the higher the cpm rates that they can charge.

For more information on Format-Studio, please click here. 

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