Richard Headland of Press Gazette writes about how The Economist is adding more engagement to reduce subscriber churn.
Headland writes, “Engaged customers are worth around a fifth more than the ‘average’ customer, according to 2023 data from Gallup. ‘That’s a huge opportunity that’s going to spike the attention of any CEO or CFO,’ said Tamsin Larcombe, VP of retention and engagement at The Economist.
“‘We’re already seeing a positive change across the business… engagement is now a KPI that’s discussed daily across our editorial and commercial teams.’
“Larcombe explained the rationale for building a new data-driven model at the PPA Festival in London earlier this month. ‘Our previous model was created pre-Covid, and wasn’t easily actionable. It measured each interaction equally – so reading a newsletter was considered to be the same value as reading a single article.'”
Read more here.
