Editor’s note: Last week we shared some of CEO Mark Hintz’s Niche Media Conference presentation on how to deal with difficult disruptive change in your niche market. He showed us how to clean house to eliminate failing products, leaving you with only profitable flagship brands!
Here is what Mark had to say on how to use change to launch new products and make your media company more profitable:
So you’ve cleaned house and you are ready to launch a new product. What’s next? Here are 6 key areas you should focus on in the determination phase for new media properties:
- Why should this magazine exist, and will people pay for it? Is the market under served? Is there room for another title?
- Can we provide an adequate product to satisfy the market? Look at these 3 areas: Do we have the editorial and design staff? Do we have the know-how? Do we have enough money to produce the product we need to?
- Are there enough viable advertisers to pay the print bill?
- Can we get enough circulation to make the advertisers happy?
- If everything looks good, do a newsstand test. Tell the world it’s a launch, not a test.
- Read the results, and budget based on those results.
Okay, you are not Warren Buffet, but you have gone through the above 6 steps and you have determined you are ready to launch your new magazine. How do you set your launch up for success? [Read more…]