Shelley Seale of the International News Media Association writes about how The Wall Street Journal uses data and engagement to drive digital subscriptions.
Seale writes, “The objective was to monetise the WSJ’s high-quality journalism with new and diverse audiences to deliver on short-term goals and build a foundation for long-term growth. Buckley said to do this, the company focused on three pillars of growth: habitual scale and reach, customer choice, and habit.
“‘The No. 1 primary goal to grow is understanding the importance of scaling and fattening the funnel,’ Buckley said. This focus also applies to their media-buying strategy.
“WSJ developed a wave acquisition funnel strategy to amplify and optimise owned and paid media efforts to effectively and efficiently acquire new members. The aim of building the prospect funnel was to increase awareness and consideration to subscribe. To do this, driving up frequency of return visits is key. Most of their time is spent not in trying to get potential subscribers to buy, but in warming them up.
“‘We focus on finding net new, and then once they’ve come to the site or they’ve been engaged with The Wall Street Journal, get them back more often,’ Buckley said. ‘It’s a frequency play.'”
Read more here.
