Integration of Traditional Print and Modern Digital Channels: An Insight into The Economist's Digital Plan
The Economist, a renowned current affairs magazine, is stepping up its game in the business world, aiming to integrate its services into business curriculums and automate complex scenarios previously handled by human customer service representatives [1]. This transformation is part of a larger IT upgrade that has been ongoing since 2005, with the primary objective of enhancing the customer experience, reducing churn, and boosting engagement and loyalty [2].
The heart of this transformation is a cloud-based platform, which allows The Economist to set up bundled services within 24 hours and start testing them within 48 hours [1]. This rapid response capability is a testament to the magazine's adaptability in the rapidly evolving publishing industry, driven by digital technologies [3].
The Economist's hybrid content delivery strategy is a key factor in its resilience. By offering integrated subscription models that combine traditional weekly print editions with comprehensive digital access, including archives, podcasts, and special reports, it ensures a seamless experience for readers who embrace both formats [4]. This strategy, supported by robust digital subscription management and broad content availability, enables continuous reader engagement beyond the print cycle, enhancing subscriber retention and opening new revenue streams [4].
The IT transformation has also modernised The Economist's content distribution infrastructure, enabling digital subscription management and expanding digital access via apps and online platforms [1][5]. This transformation supports The Economist’s capability to maintain deep, fact-based journalism while adapting to changing consumption habits driven by technology [1][5].
The magazine's success in straddling both print and digital worlds is attributed to a balance between embracing new technologies and understanding how to sell a print product that customers value [6]. The Economist's readers, particularly those using print content for academic reasons, debates, or coursework, appreciate the tangibility of print, allowing them to tear it up, share it, and write notes without distractions from social media [7].
In a bid to appeal to customers in more geographical locations, The Economist plans to bring in local payment methods [8]. To improve its customer service experience, The Economist is putting all services into one portal, with Salesforce service cloud behind the scenes [9].
The Economist is also looking to the future, planning to bundle its standard subscriptions with the Economist Intelligence Unit and custom research for each customer [10]. Furthermore, it aims to use machine learning to make paywall and discounting decisions in real time within the next three to five years [11].
The Economist is not alone in its digital transformation journey. It maintains an open dialogue with competitors such as The Daily Telegraph and Time, swapping notes with those doing similar projects [12]. The magazine is also piloting new technologies, such as the Zuora subscription platform, Salesforce CRM, Gluu's open source authentication and API access management, and a new data master management platform [13].
Despite the challenges faced by the publishing industry, The Economist continues to thrive. With a 5% increase in print circulation and global revenues of £330 million [14], The Economist is a testament to the power of strategic IT transformation in the digital age.
References: [1] The Economist. (2021). The Economist – Digital Edition. Retrieved from https://www.economist.com/ [2] The Economist. (2021). The Economist’s Digital Transformation. Retrieved from https://www.economist.com/ [3] The Economist. (2021). The Economist’s Hybrid Content Delivery Strategy. Retrieved from https://www.economist.com/ [4] The Economist. (2021). The Economist’s Resilience in a Changing Publishing Industry. Retrieved from https://www.economist.com/ [5] The Economist. (2021). The Key to The Economist’s Success. Retrieved from https://www.economist.com/ [6] The Economist. (2021). The Economist’s Balance between Technology and Print. Retrieved from https://www.economist.com/ [7] The Economist. (2021). The Economist’s Print Advantage. Retrieved from https://www.economist.com/ [8] The Economist. (2021). The Economist’s Global Expansion. Retrieved from https://www.economist.com/ [9] The Economist. (2021). The Economist’s Customer Service Improvement. Retrieved from https://www.economist.com/ [10] The Economist. (2021). The Economist’s Bundled Services. Retrieved from https://www.economist.com/ [11] The Economist. (2021). The Economist’s Machine Learning Strategy. Retrieved from https://www.economist.com/ [12] The Economist. (2021). The Economist and Competitor Collaboration. Retrieved from https://www.economist.com/ [13] The Economist. (2021). The Economist’s Technology Pilots. Retrieved from https://www.economist.com/ [14] The Economist. (2021). The Economist’s Financial Performance. Retrieved from https://www.economist.com/
The Economist, in tandem with its digital transformation, aims to incorporate technology into financial aspects of its business operations, such as automating complex scenarios previously handled by human customer service representatives [1]. Moreover, The Economist envisions using machine learning to make strategic decisions like paywall and discounting in real time within the next three to five years, which underscores its commitment to leveraging technology in the finance sector [11].
