What The Economist Direct offer can teach us about selling
Did you think of the country? Or did you think of the thoroughly over exposed parody that is Katie Price? Or perhaps you recognised the iconic white text on red background that is the trademark appearance of The Economist.
Besides clever witty adverts The Economist has the accolade of being the only print publication that I subscribe too; the only national magazine or newspaper that I will not leave it to chance that I will remember to buy. Significantly The Economist is the only literary offering that I do not feel I can get sufficient reward from by simply reading online.
I like the in depth articles and analysis, the fact that each and every week I find myself going: ‘Huh? I did not know that!’ The investment in my knowledge bank is positively booming thanks to a modest spend of less than half the £4.00 per week cover charge through a lucrative subscription. I can also take it into the bathroom!
So I was intrigued to discover that The Economist now offers an on demand service where you can buy a single issue, at the full cover price with free first class postage. For something that is on sale in the newsagents, at the same price. Go figure!
Is this convenience enough? Would next day delivery at the newsagent’s cover price really be enough of an incentive to get someone to buy the magazine? Perhaps if there was a specific article or someone else was talking about it? Or close to the Friday publication date when on shelf stocks dwindle?
Actually, it doesn’t matter what motivates someone, or indeed if it motivates many at all. What The Economist has done is expanded its offering; in a stroke increasing the way that people can buy the magazine. Absolutely a speculative purchase might lead to a subscriber, but ultimately it is a relatively cheap way to make it easier to buy, and making it easy to buy is a fundamental in any business.
How do you make it easy to buy? It can be simple if you sell a magazine, but whatever you sell by making it simple you increase the likelihood that people will buy. That's great PR, because making things easy helps people talk about you and public relations is getting people talking and then they too will buy! That makes good economic sense!