For business periodicals to grow audience via direct marketing, good digital customer and prospect data is now essential. Consider a case study from The Economist, named one of the eight best business magazines of 2019 by The Balance reviewers. It isn't only content that makes The Economist stand out. It's a data-based audience-building strategy that has quadrupled subscription revenue over the last three years. Facing challenges in growing subscriber and advertising revenue, The Economist contracted with a customer data platform, Lytics, to shift from a print-focused to a digital subscription strategy based on customer data management, per a recent What's New in Publishing (WNIP) post. For example, the publisher used data analytics to create content hubs, or individual pages that display digital content based on a reader’s interest for particular news topics. Tactics also included displaying offers based on the reader’s subscription status and predictive engagement score, meaning their likelihood to subscribe, derived from other readers with behaviors like theirs. In addition to a 4X bump in The Economist subscriber revenue, the data-centric effort decreased cost per acquisition by 80%, tripled digital subscriptions, and increased time-on-site and engagement measures. The development of ongoing and adaptive customer profiles using machine learning allowed for individually tailored and timed advertising and engagement strategies, such as predicting when a reader is more receptive to certain kinds of advertising or content, or when subscribers were likely to stop visiting or subscribing. The Economist is not alone in embracing a digital subscription and data-management publishing model. The New York Times used similar strategies to boost digital subscriptions and revenues last year via AI-based data tools, analytics and segmentation. Data-driven strategies generated more than $709 million in digital revenue in 2018, with online subscription revenue up nearly 18% from 2017 and digital advertising up 8.6%. Out of its 4.3 million paid subscriptions for digital and print in 2018, more than 3.3 million people paid for its digital products, a 27% jump from 2017. For more, see our onsite blog post at https://www.acculist.com/digital-data-feed-publishers-subscription-growth/
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