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Case Studies: Building an Online Publishing Community
A financial services publisher needed to cross-pollinate readers and advertisers across multiple complementary brands.
"Adroit Consulting was the architect in designing an online content and advertising strategy to drive readership and revenue with creative online information tools with high value that are frequently used."
President and CEO, Financial Services Publishing Company
Business Issue
A financial services publishing company had acquired many market leading products that were competing for readership and advertisers. They also needed to offset declining print revenue by growing online revenue. They needed a strategy that fostered online communities of interest across newspapers, magazines that would attract cross-product circulation and subscription sales as well as advertisers.
Adroit's Role
Adroit was hired to create a community portal strategy and new online product development process, with supporting processes to align with the various print publications and enabling technology to rapidly deploy new online tools and features.
Stages in the engagement included:
- An assessment of the people process and technology of the current mix of print and online readers and advertisers
- An assessment of the current technology life cycle with organization and process improvement recommendations for speed and quality of delivery as well as project portfolio management
- Defining a new online product development strategy - governance for determining which online features would be funded and prioritized across the publication portfolio
- Defining a business strategy to aggregate multiple brands and audiences into seamless communities of interest
- Crafting an online community design that would drive:
- A rich user experience with longer website visits
- Multiple website visits per day with valuable online tools and fresh content
- Community interaction with virtual events, education sessions by subject matter experts, and social networking
- Ample advertising real estate that was seamlessly blended into the content presentation
Outcome
The results of Adroit's recommendations led to:
- A process to prioritize new online features across communities and brands
- A process to re-use online tools across banking, securities, mortgage, investment advisor, and other brand groups to leverage the IT resources effectively
- An IT organization structure optimized to deliver online features rapidly with high quality and reusability
- Consistent processes to measure online visit behavior to sell more advertising at higher prices
- Online product managers for the major communities to cross-pollinate readership and advertising
- Significant online revenue growth
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