Marketing The Economist
In a recent CMRC book chapter on future sustainable news models, the authors point to the recent success of The Economist as an example of a print product that has thrived in the digital age. In spite of declining circulation rates throughout the magazine industry, its circulation has doubled in the past seven years.
How has the news magazine managed to flourish in these digital times? New York Times Reporter Jeremy W. Peters looks at the clever marketing campaigns that have helped The Economist establish itself as a status symbol. It sells itself as a necessity for personal and social advancement.
“Once upon a time, there was an ambitious young man who didn’t read The Economist. The End,” read one particularly audacious ad from 2004. Another, from 1988 said, “I never read The Economist — Management Trainee. Age 42.” One from 2001 said, “Look forward to class reunions.”
Economist Managing Director Paul Rossi says the British weekly does not define its audience according to demographics such as affluence. Instead, it defines its audience by “what they think.” In fact, the British weekly is becoming known as a hip product in some U.S. circles.
Until recently, The Economist could be bought at, of all places, Freemans Sporting Club, a high-end Greenwich Village boutique that sells $189 plaid button-downs and $396 suede boots. Explained the store’s manager, Jesse Johnson, “We started carrying it because we just felt it was relevant to have.”
NYT Article: The Economist Tends Its Sophisticate Garden