Research recently carried out by the PPA showed that magazine buyers spent 34% more on other products in-store than non-readers. Meanwhile, the likelihood of customers going elsewhere if they cannot find their chosen magazine is higher in smaller convenience stores than any other shop type, including supermarkets.
So what can do you do to hold on to your lucrative magazine buyers?
For retailer Robert Madden, who runs a Costcutter in Manchester, it’s a case of observing his customers’ purchasing habits and reacting to the trends he picks up on. Recently, for example, he noticed a decline in the number of magazines purchased by older women. This drop, he remarked, was balanced out by the sharp rise in magazines purchased by ‘yummy mummies’ and people in their twenties.
Consequently, he prioritised more up-market women’s celebrity weeklies, such as Grazia, and put them at the front of his display, close to the ever-popular TV magazines.
For publishers, on the other hand, a key tool is data analysis. Time Inc, for example, has just created a customer strategy team that includes data, analytics and insight teams, customer marketing, e-commerce and subscriptions – all of which work to turn customer insight into sales revenue.
Director of insight Amanda Wiggington, who is part of the team, gave one example of the data analysis they conducted for women aged over 40 – one of their key customer groups – which they found were obsessed with the 5:2 diet. They jumped on the opportunity immediately and released a one-off special. Unsurprisingly, the launch was a success.
Whether it’s reacting quickly to trends, or doing your own data analysis through your EPoS system, it’s well-worth holding on to these valuable customers.