The WALL STREET JOURNAL
Content
1
THE WALL STREET JOURNAL
Yin Chen Gaspar Giacomini Ze Monteiro Scott Rubino Jun Xu October 25, 2010
2
WSJ Overview
WSJ primarily covers U.S. and international business, and financial
news and issues
Largest newspaper in the United States by circulation
2.1 million copies circulated daily as of March 2010 400,000 online only paid subscriptions Suggesting revenues of roughly ~$300M for FY10
Average reader profile
Average time spent reading WSJ: 58 minutes each weekday and 54
minutes on the weekend 56% of WSJ subscribers hold a top management position Average annual household income: $257,100
Note: Assuming $99 per online subscription, $119 for print, and $155 for print and online and very minimal discounting Source: Audit Bureau of Circulation, Wall Street Journal Subscriber Study 2010
3
Market Overview
Daily circulation of Top 100 US newspapers 35 M 30 M 25 M 20 M 15 M 10 M 5M 0M 2004 2005 2006 2007 2008 2009 2010
-4%
Overall, top 100
newspapers circulation down 4% in US from 2004-2010 (30.6 million users to 23.3 users)
WSJ became number
Daily circulation of Top 5 newspapers 2.5 M 2.0 M 1.5 M 1.0 M 0.5 M 0.0 M 2004 2005 2006 2007 2008 2009 2010
WSJ USA Today NYT
CAGR -1% -3%
-3% LA Times -7% Washington -4%
Post
1 circulated daily newspaper in 2010, surpassing USA Today
However, still shrunk
1% versus 2004
Source: Burrelles Luce ³Top Media Outlets´, 2004-2010
4
Objective: Increase revenue by 5%
Estimated WSJ revenue
$350 M
+5%
$300 M $250 M $200 M $150 M $100 M $50 M $0 M 2010
Paper only subs Paid Online subs
Currently 68% of revenue from Print only, 8% from Print and online subscriptions and % from online
To grow revenue by % require
wp i 117K p i / li s bs ip i , or w 149K s bs ip i li s d
2011
Print and online subs Total revenue
Note: Assuming $99 per online subscription, $119 for print, and $155 for print and online and very minimal discounting Source: Audit Bureau of Circulation
5
Usage: customers consume free news
Do you read newspapers?
£¢ ¡ ¦
Non
Pr n on
Total online only: 41%
Total print and ³print & online´: 58%
Upgrading consumers of ³free news´ (55% of total) an opportunity
Source: Based on survey responses (Total N=66)
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Pr m um on n on
¢ £¢ ¦
¦
Pr n an r m um on n
¢ ¤ ¡
¦ ¥
¦
¢
£¢
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Fr
on n on
6
Segments: Adopters largest segment
Women vs. Men
100% Adorer 90% 80% 70% 60% 50% 40% 30% 20% 10% Available 0% Female (N=19) Acceptor Acceptor Available Male (N=37) Adopter Adopter Adorer
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Financial Services General Management Management Consulting Marketing Acceptor Acceptor Available Acceptor Available Acceptor Available Rejector Other Adopter Adopter Adopter Adopter Adopter Adorer Adorer Adorer Adorer 100%
Career aspirations
(N=16)
Source: Based on survey responses (Total N=66)
(N=10)
(N=16)
(N=5)
(N=19)
7
Key target: Adopters who want content
Which of these reasons would most likely make you choose another brand?
100% 90% 80% 70% 60%
Adopter
Other Lower price Available Rec. by others
Adorer
Other Lower price Available Rec. by others
50% 40% 30% 20% 10%
Available
Better content
Acceptor
Be tte r conte nt
0% Reasons
All responses Reasons
(N=66)
(N=66)
(N=38)
Content top selection criteria, price is 4th
Source: Based on survey responses (Total N=66)
8
Target Alternatives to drive 5% sales growth
Current plan targets 8% of conversion of non-WSJ users within ³Adopters´ Only other viable alternatives are converting 24% of ³Adorers´ Or 10% of ³Available´ Online as a channel will likely be insufficient to close gap on its own
*Rejectors assumes average penetration of other segments given insufficient data points Source: Based on survey responses (Total N=66)
9
Consumer Insight
Issue How to motivate adopters to pay for content Information Consumers Recognize that being knowledgeable is key to success in the business world Often opt for free online content, but recognize the value of better content WSJ Loses potential revenue from ³free users´, but is viewed as the trusted source of business news Is perceived as reliable, informative, and conservative Insight
Consumers are willing to convert from free to paid news for content they
perceive will give them an edge in the business world.
10
Target Consumer Understanding
Demographics
Men and Women, 25-35 years old Upwardly mobile middle class and upper class Urban/suburban professional Ambitious, focused, professional Likes feeling knowledge, educated, and informed about business
Attitudes
Lifestyle
Works long hours Enjoys socializing with educated peers Stays current with latest news Professional achievement Knowledgeable (about the conservative opinion) Desire to be informed and act confidently At home or in the office Commuting to work or traveling Online, mobile or paper
Needs and Motivations
Consumption Behavior
11
A Few Examples«
Meet June.
June is a young professional searching for her next career challenge. After working 100 hours a week, June is looking to leave behind investment banking and get a job in a leading pharmaceutical company. She knows that in order to make it into such a competitive position she will have to know what¶s really happening in the industry.
Meet Scott.
Scott is a dedicated stock market follower. Outside of his day job, Scott spends most of his time carefully managing his own portfolio of stocks. He¶s a risk taker, but he knows that in order to make good bets he needs to have access to the best insights and analysis available.
Meet Gaspar.
Gaspar is a newly minted executive. No longer just responsible for crunching numbers, Gaspar needs to learn about his competitors and the trends in the overall industry. He has to find the best business news source.
12
Brand Perception Diagram
Provides exclusive content Educates Helps make better decisions Provides analysis of issues Informs Professional Pretentious Corporate Greedy Conservative Finance Focused Rich Banker New York Bull Professional Old Respected Serious Ambitious Market Savvy Conservative Ticker Tape ³WSJ´ Black & White Pictureless Reliable MBA Student CEOs $ Suit Conservative Staid Informed Formal Educated Intelligent Ambitious American
13
Key Brand Benefit
The Wall Street Journal has the most insightful business news content
Brand Positioning
The Wall Street Journal is more than just headline news. It is the most trusted and respected provider of business insight and analysis.
14
Advertising Brief
Brand: The Wall Street Journal
Date: 10/25/2010
Consumer Goal: Increase revenue by 5% over 12 months by converting free users to paid users Advertising Activity Goal: Change the attitude of 8% of adopters from mixed to enthusiastic, by persuading them that free content is not enough in a competitive market. Target Consumer Understanding: Male and female professionals in their late 20¶s to early 30¶s. Typically consumers that are socially and professionally ambitious. They are well educated and are looking for a competitive edge in the business world. They want to be successful professionals. Insight: Consumers are willing to convert from free to paid news for content that will give them an edge in the business world.
What our target consumers think and /or do now: While I read the WSJ headlines today, I don¶t have a paid subscription or access to premium content. I search the Internet for free business news content. I¶m willing to shift my consumption habits for better content.
Key Brand Benefit: The Wall Street Journal has the most insightful business news content
What we want them to think or do as a result of advertising: I need to subscribe to the WSJ. It is my favorite business newspaper because: WSJ gives me the business insights and analysis that I need to make informed decisions. As a result, I am able to reach my professional goals.
Permission to Believe: It is the best selling business newspaper. WSJ holds 33 Pulitzer Prizes for outstanding journalism. 56% of WSJ subscribers hold a top management position.
Brand Personality: Professional, Old, Respected, Serious, Conservative
Evaluation Criteria: Generate increase in paid subscriptions Minimize utilization of WSJ for free headlines only
Approvals: Client and agency
15
Creative Idea
Move Beyond the Headlines.
Bringing the Key Brand Benefit to life« 1. Relying only on free content = being restricted to the headlines. 2. This is not enough to an individual that wants to achieve greater success. 3. Headlines are shallow and don¶t allow you to truly understand what is behind the headlines. 4. WSJ full subscription (= moving beyond the headlines) offer unique and insightful content that give reader an edge in the competitive business world 5. Thus subscribing to WSJ is an investment in yourself .
16
Media Connections
Media/Lifestyle
The target consumer is a fast-paced ambitious business professional. The target always keeps him/herself connected online through computer or mobile device, while television viewing is generally limited to early mornings, evenings, and weekends. The target travels very frequently. Among all media channels, news websites and business oriented television are the primary and effective way to approach them. The target also highly relies on word of mouth to collect information to make important decisions. When consumer is making a decision to manage his personal finance: online banking websites, stock market website, mutual fund ranking website etc When the consumer is making a life decision to pursue their ambition: Career search sites, grad school application/prep sites, entrepreneur magazines When consumer is engaged in business activities: client meetings, industry conference, negotiations When consumer is travelling: waiting in the airport, sitting in the plane or a taxi When consumer is actively looking for market information: 20 minutes before the stock market starts and closes Online media will include WSJ online websites, stock and business news sites, Facebook, LinkedIn, and online resources for career search, graduate school and entrepreneurs Television media will primarily focus on news channels such as Bloomberg and CNBC. The time slot will be around morning news time Print media will include the most highly circulated newspaper and magazines such as Wall Street Journal and The Economist
Connection Moments
Media Strategy - Online Media Strategy ± Cable TV Media Strategy - Print
17
Creative Executions ± Online Ad
The user would start by clicking on the banner ad below«
«and would then be presented with the following promotional offering.
18
Creative Executions ± TV Commercials
19
Creative Executions ± TV Commercials
20
Creative Executions ± TV Commercials
21
Creative Executions ± TV Commercials
22
Creative Executions ± Print Ad
THE WALL STREET JOURNAL
Yin Chen Gaspar Giacomini Ze Monteiro Scott Rubino Jun Xu October 25, 2010
2
WSJ Overview
WSJ primarily covers U.S. and international business, and financial
news and issues
Largest newspaper in the United States by circulation
2.1 million copies circulated daily as of March 2010 400,000 online only paid subscriptions Suggesting revenues of roughly ~$300M for FY10
Average reader profile
Average time spent reading WSJ: 58 minutes each weekday and 54
minutes on the weekend 56% of WSJ subscribers hold a top management position Average annual household income: $257,100
Note: Assuming $99 per online subscription, $119 for print, and $155 for print and online and very minimal discounting Source: Audit Bureau of Circulation, Wall Street Journal Subscriber Study 2010
3
Market Overview
Daily circulation of Top 100 US newspapers 35 M 30 M 25 M 20 M 15 M 10 M 5M 0M 2004 2005 2006 2007 2008 2009 2010
-4%
Overall, top 100
newspapers circulation down 4% in US from 2004-2010 (30.6 million users to 23.3 users)
WSJ became number
Daily circulation of Top 5 newspapers 2.5 M 2.0 M 1.5 M 1.0 M 0.5 M 0.0 M 2004 2005 2006 2007 2008 2009 2010
WSJ USA Today NYT
CAGR -1% -3%
-3% LA Times -7% Washington -4%
Post
1 circulated daily newspaper in 2010, surpassing USA Today
However, still shrunk
1% versus 2004
Source: Burrelles Luce ³Top Media Outlets´, 2004-2010
4
Objective: Increase revenue by 5%
Estimated WSJ revenue
$350 M
+5%
$300 M $250 M $200 M $150 M $100 M $50 M $0 M 2010
Paper only subs Paid Online subs
Currently 68% of revenue from Print only, 8% from Print and online subscriptions and % from online
To grow revenue by % require
wp i 117K p i / li s bs ip i , or w 149K s bs ip i li s d
2011
Print and online subs Total revenue
Note: Assuming $99 per online subscription, $119 for print, and $155 for print and online and very minimal discounting Source: Audit Bureau of Circulation
5
Usage: customers consume free news
Do you read newspapers?
£¢ ¡ ¦
Non
Pr n on
Total online only: 41%
Total print and ³print & online´: 58%
Upgrading consumers of ³free news´ (55% of total) an opportunity
Source: Based on survey responses (Total N=66)
¦¦
Pr n an fr on n
¦ ¤ ¢ ¡
¦
Pr m um on n on
¢ £¢ ¦
¦
Pr n an r m um on n
¢ ¤ ¡
¦ ¥
¦
¢
£¢
¦¦
Fr
on n on
6
Segments: Adopters largest segment
Women vs. Men
100% Adorer 90% 80% 70% 60% 50% 40% 30% 20% 10% Available 0% Female (N=19) Acceptor Acceptor Available Male (N=37) Adopter Adopter Adorer
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Financial Services General Management Management Consulting Marketing Acceptor Acceptor Available Acceptor Available Acceptor Available Rejector Other Adopter Adopter Adopter Adopter Adopter Adorer Adorer Adorer Adorer 100%
Career aspirations
(N=16)
Source: Based on survey responses (Total N=66)
(N=10)
(N=16)
(N=5)
(N=19)
7
Key target: Adopters who want content
Which of these reasons would most likely make you choose another brand?
100% 90% 80% 70% 60%
Adopter
Other Lower price Available Rec. by others
Adorer
Other Lower price Available Rec. by others
50% 40% 30% 20% 10%
Available
Better content
Acceptor
Be tte r conte nt
0% Reasons
All responses Reasons
(N=66)
(N=66)
(N=38)
Content top selection criteria, price is 4th
Source: Based on survey responses (Total N=66)
8
Target Alternatives to drive 5% sales growth
Current plan targets 8% of conversion of non-WSJ users within ³Adopters´ Only other viable alternatives are converting 24% of ³Adorers´ Or 10% of ³Available´ Online as a channel will likely be insufficient to close gap on its own
*Rejectors assumes average penetration of other segments given insufficient data points Source: Based on survey responses (Total N=66)
9
Consumer Insight
Issue How to motivate adopters to pay for content Information Consumers Recognize that being knowledgeable is key to success in the business world Often opt for free online content, but recognize the value of better content WSJ Loses potential revenue from ³free users´, but is viewed as the trusted source of business news Is perceived as reliable, informative, and conservative Insight
Consumers are willing to convert from free to paid news for content they
perceive will give them an edge in the business world.
10
Target Consumer Understanding
Demographics
Men and Women, 25-35 years old Upwardly mobile middle class and upper class Urban/suburban professional Ambitious, focused, professional Likes feeling knowledge, educated, and informed about business
Attitudes
Lifestyle
Works long hours Enjoys socializing with educated peers Stays current with latest news Professional achievement Knowledgeable (about the conservative opinion) Desire to be informed and act confidently At home or in the office Commuting to work or traveling Online, mobile or paper
Needs and Motivations
Consumption Behavior
11
A Few Examples«
Meet June.
June is a young professional searching for her next career challenge. After working 100 hours a week, June is looking to leave behind investment banking and get a job in a leading pharmaceutical company. She knows that in order to make it into such a competitive position she will have to know what¶s really happening in the industry.
Meet Scott.
Scott is a dedicated stock market follower. Outside of his day job, Scott spends most of his time carefully managing his own portfolio of stocks. He¶s a risk taker, but he knows that in order to make good bets he needs to have access to the best insights and analysis available.
Meet Gaspar.
Gaspar is a newly minted executive. No longer just responsible for crunching numbers, Gaspar needs to learn about his competitors and the trends in the overall industry. He has to find the best business news source.
12
Brand Perception Diagram
Provides exclusive content Educates Helps make better decisions Provides analysis of issues Informs Professional Pretentious Corporate Greedy Conservative Finance Focused Rich Banker New York Bull Professional Old Respected Serious Ambitious Market Savvy Conservative Ticker Tape ³WSJ´ Black & White Pictureless Reliable MBA Student CEOs $ Suit Conservative Staid Informed Formal Educated Intelligent Ambitious American
13
Key Brand Benefit
The Wall Street Journal has the most insightful business news content
Brand Positioning
The Wall Street Journal is more than just headline news. It is the most trusted and respected provider of business insight and analysis.
14
Advertising Brief
Brand: The Wall Street Journal
Date: 10/25/2010
Consumer Goal: Increase revenue by 5% over 12 months by converting free users to paid users Advertising Activity Goal: Change the attitude of 8% of adopters from mixed to enthusiastic, by persuading them that free content is not enough in a competitive market. Target Consumer Understanding: Male and female professionals in their late 20¶s to early 30¶s. Typically consumers that are socially and professionally ambitious. They are well educated and are looking for a competitive edge in the business world. They want to be successful professionals. Insight: Consumers are willing to convert from free to paid news for content that will give them an edge in the business world.
What our target consumers think and /or do now: While I read the WSJ headlines today, I don¶t have a paid subscription or access to premium content. I search the Internet for free business news content. I¶m willing to shift my consumption habits for better content.
Key Brand Benefit: The Wall Street Journal has the most insightful business news content
What we want them to think or do as a result of advertising: I need to subscribe to the WSJ. It is my favorite business newspaper because: WSJ gives me the business insights and analysis that I need to make informed decisions. As a result, I am able to reach my professional goals.
Permission to Believe: It is the best selling business newspaper. WSJ holds 33 Pulitzer Prizes for outstanding journalism. 56% of WSJ subscribers hold a top management position.
Brand Personality: Professional, Old, Respected, Serious, Conservative
Evaluation Criteria: Generate increase in paid subscriptions Minimize utilization of WSJ for free headlines only
Approvals: Client and agency
15
Creative Idea
Move Beyond the Headlines.
Bringing the Key Brand Benefit to life« 1. Relying only on free content = being restricted to the headlines. 2. This is not enough to an individual that wants to achieve greater success. 3. Headlines are shallow and don¶t allow you to truly understand what is behind the headlines. 4. WSJ full subscription (= moving beyond the headlines) offer unique and insightful content that give reader an edge in the competitive business world 5. Thus subscribing to WSJ is an investment in yourself .
16
Media Connections
Media/Lifestyle
The target consumer is a fast-paced ambitious business professional. The target always keeps him/herself connected online through computer or mobile device, while television viewing is generally limited to early mornings, evenings, and weekends. The target travels very frequently. Among all media channels, news websites and business oriented television are the primary and effective way to approach them. The target also highly relies on word of mouth to collect information to make important decisions. When consumer is making a decision to manage his personal finance: online banking websites, stock market website, mutual fund ranking website etc When the consumer is making a life decision to pursue their ambition: Career search sites, grad school application/prep sites, entrepreneur magazines When consumer is engaged in business activities: client meetings, industry conference, negotiations When consumer is travelling: waiting in the airport, sitting in the plane or a taxi When consumer is actively looking for market information: 20 minutes before the stock market starts and closes Online media will include WSJ online websites, stock and business news sites, Facebook, LinkedIn, and online resources for career search, graduate school and entrepreneurs Television media will primarily focus on news channels such as Bloomberg and CNBC. The time slot will be around morning news time Print media will include the most highly circulated newspaper and magazines such as Wall Street Journal and The Economist
Connection Moments
Media Strategy - Online Media Strategy ± Cable TV Media Strategy - Print
17
Creative Executions ± Online Ad
The user would start by clicking on the banner ad below«
«and would then be presented with the following promotional offering.
18
Creative Executions ± TV Commercials
19
Creative Executions ± TV Commercials
20
Creative Executions ± TV Commercials
21
Creative Executions ± TV Commercials
22
Creative Executions ± Print Ad
