??Your December 2022 update from FT Strategies

A note from our Managing Director?

Thanks to the brilliant work of our FT Strategies team, incredible clients and supportive partners. In the past 12 months we’ve supported over 200 organisations –?double the number of clients we worked with last year.?We expanded our global footprint to over 40 countries (35% increase from 2021) across Europe, Africa, Middle East, Asia Pacific and North America. We worked with amazing organisations within and beyond media including?Google, the?National Theatre,?Nation Media Group,?Adweek, and many more - helping them with complex challenges and opportunities.

I’m particularly proud of our talented, passionate and hardworking team; to quote one of our clients - “we worked with other consultancies in the past and it felt like we were given a menu to transform into a healthier organisation. Working with FT Strategies feels like we have an excellent menu AND more importantly, an experienced fitness coach to guide us on the journey”.?Check out this?inspiring video?from Público following our work with them on subscriptions growth.

Our unique, blended consulting model of experienced consultants working with operating SMEs - across analytics, product, editorial and more - provided clients with valuable support to help them achieve their most ambitious goals. Whether it’s growth in customers, revenue and profit, or equally importantly, in clients’ confidence and capabilities.?

Here are some of my reflections from some of the most successful strategies we’ve seen clients adopt to fuel growth and head into 2023 in a healthy position:

1. Set a compelling North Star goal to align and galvanise teams.?This is an art and a science - your North Star strategy needs smart KPIs and a strong governance structure to track performance and drive accountability.?Check out our report?that shares how several publishers structured their business to maximise the effect of their North Star strategy.
2. Be inspired and guided by data.?Many organisations we worked with successfully unleashed their potential by building a strong first party data strategy that allowed them to better understand their target audience. They tailored necessary tactics (eg, marketing campaigns and pricing) to deliver positive revenue and profit results. You can learn more about 3 practical ways to start using data in this?article here.
3. Retention Retention Retention.?As we head into a highly likely tougher climate, those who retain loyal and valuable segments will have a distinct advantage. Ensure you have a robust retention strategy that allows you to measure engagement, anticipate and proactively manage churn. This was key in our work with the?National Theatre.

I wish you and yours an amazing end to the year and 2023.??

Tara Lajumoke

CASE STUDY

Developing a North Star strategy and implementation plan with Público

We are delighted to share key lighthouse case studies. The first of which is of Público, who are participants in our Subscriptions Academy in partnership with the Google News Initiative. Público identified their North Star goal to grow subscribers and subscriber revenue by 2023. Watch here.

CASE STUDY

Supporting the growth of the National Theatre’s new on-demand streaming platform

This year, we had the privilege of working closely with the National Theatre to evaluate the value proposition for subscribers in their National Theatre at-home programme. We worked collaboratively to create a roadmap towards a sustainable subscription model and provided practical advice on reducing subscriber churn. Read here.

REPORT

Report on the Google News Initiative Subscriptions Academy Europe 2022

The GNI Subscriptions Academy Europe is a collaborative effort by the Google News Initiative (GNI), the International News Media Association (INMA) and FT Strategies to help publishers strengthen their digital subscriptions capabilities and grow reader revenue.?We've published a report that focuses on how our participating publishers from 2022 structured their business to maximise the effect of their North Star strategy. Download here.

ARTICLE

“The market will never be ready. You have to push the market”: An interview with The Hindu's Pradeep Gairola

News industry veteran,?Pradeep Gairola (VP, Head of Digital, The Hindu Group),?is a key member of this years Subscriptions Academy India cohort, known for speaking up and sharing ideas. On a recent trip to Chennai, Senior Consultant, Aliya Itzkowitz had the chance to interview Pradeep in the offices of?The Hindu. Pradeep shared insight into The Hindu's journey to going digital and the unique Indian market. Read here.

ARTICLE

The foundations of audience data: 3 practical ways to start using data in your newsroom

Data is a central part of many newsrooms as a result of the shift from print to digital. Although, plenty of newsrooms are still at the start of their data journey, unsure of which data points are useful and how to put them into action. Our Data Analyst, Sarah Dear shares three practical ways for newsrooms to start using data in decision-making in this blog. Read here.

INDUSTRY NEWS

Recommended Reading

Monetisation & Subscription strategies:

• Semafor will generate 30% of its first-year revenue from events (Adweek)
• Washington Post considers selling tech business it built up on Jeff Bezos’s Watch (WSJ)

Customer Engagement & Value:

• How publishers are learning to create and distribute news on TikTok (Reuters Institute for the Study of Journalism Report)
• Journo-influencers are good for newsrooms, but they need support (Journalism.co.uk)

Customer-Centric Transformation:

• Is this the end of TV? Broadcasters prepare for online-only switch (Guardian)
• Ad growth expected to slow further in 2023 (Axios)

New Product Development & Ventures:

• Pink News tackles news avoidance with positive news filter (PressGazette)
• Two years after launching a local news company (in an Alden market), here’s what I’ve learned (NiemanLab)