Know-How Exchange : Strategy

here are a couple of ideas...

1) use your magazine to promote other businesses that are capable of producing money.
examples:
Trade Show, Software, Marketing Research, website membership etc.

2) save on production cost by offering an electronic version to people as a convenience...

3) dont pay for writers.. get submissions for free from consultants who work in this industry.

Good Luck

You really only have four possibilities: 1) Charge more 2) Cost improve 3) Live with it 4) Stop.

You say that the advertisers and subscribers want classy and don't want to pay. What have you done to find this information? Have you raised prices and people dropped off? Or have you asked them, "Hey, how do you feel about paying more?" If I were selling you this answer - and right now it's free and I said, hey, how about paying me $400 for it? What would you say? "Yes, I'd be happy too. But could you make it $1000?" Who's your competition? What do they charge? If they are charging higher rates, then I'd ask you why you don't think you can. What would happen to your subscriptions if you made it "free?" If this increases your subscriptions, could you charge more for the advertising for a higher readership? If you tell me the competition doesn't produce as good quality, I'd tell you that your advertisers and subscribers apparently don't care because they are buying.

That brings me to point 2. So cost reduce. Find a cheaper printer. Find cheaper ways to mail. Find ways to knock down your overhead costs. Find alternatives to "classy" that are cheaper. For instance, make it an eZine.

Or, point 3 - just put up with the hand to mouth if publishing the mag gives you satisfaction. Not everything in life has to be about making a profit to be rewarding. If you are living a comfortable standard of living and are happy...then keep going....

Or, 4 - stop and go do something else that is rewarding in the way you'd like it to be.

For your situation, you need to look hard at the needs of you subscribers and understand your value proposition. You need to look at the competitive offerings (not just magazines, but online offerings, manufacturer brochures, etc. Figure out how they are satisfying the subscribers' needs and where they aren't. Make your magazine offering such that it satisfies the needs better than the competitive offerings and delivers value the subscribers and advertisers are willing to pay for. What are the needs of the advertisers and how can you deliver better to them? These are the areas in which to work.

I hope this helps.

Wayde

Sounds like the business plan was flawed. Anyway, here is a new one. And go to the website at www.subscriptionsstrategy.co.uk, because publishing is what I advise on:

1. Re-launch with less frequency, say as a quarterly, to buy time.

2. Get an expert direct marketing person to create a powerful subscriptions offer (don't try to do this yourself unless you have the experience)

3. Get an expert advertisement sales person to sell ads into the magazine (don't try to do this yourself unless you have the experience)

The subs income should pay for the printed copies and delivery via the web. Charge around the same for both forms of delivery. Your ad revenue will be your profit.

The reason most new publishers give for not doing any of the above is they 'can't afford' the personel or marketing costs. The logic that they go under without it seems to escape them. The alternative to the extra investment is either to fold, or to offer those experts a piece of the equity.

That should sew your problem up. Best of luck: I know how anxious you must be!

Peter Hobday