Chemical Watch recently switched from a subscription to a membership model, and they'll be coming to the perfect place, SIPA Annual 2019: Make More Money, to talk about it.
The session is titled, Repositioning a B2B Information Business Within the Value Chain: A Customer-Centric Approach to Maximizing Recurring Revenues and will star Richard Butterworth, sales & marketing director, Chemical Watch (CW Research Ltd), and Julian Rose, their director and co-founder.
"It was a long time coming; it's a big change," Danielle Howe, Chemical Watch's content marketing manager, just told me on a phone call from one of their offices, in Bath, England. "We've put a lot of customer research into this; it's not just a case of a new website. A great deal of effort has to go into to making clear what it means for our customers. There's a brand new analyst team behind the scenes, we're expanding coverage. We'll be covering Latin America now and other emerging markets. But it's still the early days."
She took a big sigh knowing there's exciting work to be done. Here are some takeaways from the change—more Xs and Os will be revealed June 3 in Washington, D.C.
A newly formed analyst team. The new service comes after 12 months of development. It will feature the company's SIPAward-winning global news and intelligence, alongside a comprehensive library of resources, diagnostic tools and customer support from a newly formed analyst team, all of which will be accessible via a brand new online platform. This will be part of a corporate membership package.
A new brand identity. The identity features an "iris" logo and turquoise and charcoal brand colors (abandoning the brand's previous red). The new tagline, "Intelligence to transform product safety," reflects its shift from news publisher to insight and intelligence provider.
A consolidated brand. The company has consolidated its three sub-brands (AsiaHub, BiocidesHub and Chemical Risk Manager) into the single Chemical Watch brand.
Customer feedback. This was not a quick decision. It came after 12 months of looking at how Chemical Watch could best meet the needs of its customers in the long term. Feedback was gathered from customers representing sectors from electronics and IT to retail, food packaging and cosmetics. What they learned was that the increasing complexity of global regulatory regimes is driving a need for reliable intelligence and expert insight. "We did a big survey of users and members of our community who attend conferences, at the end of 2017," Howe said. "That was a catalyst for everything we changed."
Regulatory compliance. In the chemicals management community, regulatory compliance is becoming more complicated. People want answers.
Do the right thing. There is a growing integration of chemicals risk management with wider corporate and societal needs to achieve sustainable development. "I now invite all of our members to partner with us for the next decade of chemicals management to meet societal needs while protecting human health and the environment," said Chemical Watch CEO Mamta Patel.
More Revenue Strategies
Here are more words of revenue advice from SIPA Annual 2019 speakers:
Don't underprice, said Krystle Kopacz, CEO of Revmade. She will co-present a session titled The Future of Media: Evolving Editors into Product Managers. "In media we're so used to discounting, and then not accounting for all costs." She also said that ignoring program management is a huge pitfall. "Great customer service can overcome a lot" of negatives. She added to be careful not to disrupt yourself too much as you move forward. "The key is to be on the side of your client."
Find new revenue sources. Here are the new sources of digital revenue that a transformation orchestrated by January Spring CEO Charity Huff for the northern Colorado magazine NOCO Style:
- Email sponsorship from new and existing advertisers;
- Website banner and tiles ads;
- Recruitment and classified ads;
- Dining guide;
- Business directory;
- Event calendar;
- E-commerce integration for online subscriptions, merchandise, event tickets;
- Contests sponsored by advertisers that promote reader engagement.
Huff will present a session titled Lift Your Event Attendance By 50% Using Multi-Media Marketing Tactics.
Tear down that silo. Sales should give editorial actionable information so "they can sound as intelligent as possible to our customers," said Brian Cuthbert, group vice president, Diversified Communications. "I want sales to talk in an open way about what's working and what isn't. What were customers asking for that we couldn't serve?" And it goes the other way as well. He wants editorial telling sales, "Here's what we're hearing—a big trend in xyz." Editors are also required to talk to five renewals, five new leads and five cancelled members every month. "We've picked up 3% of cancelled members by doing this," Cuthbert said at the time. "If I can save 5-10 members a month, that's thousands of dollars."
Cuthbert will present Launching a New Event and Reinvigorating Existing Ones on June 5.
Last week's quiz asked what percentage of podcast listeners stay tuned for all or most of each episode? The answer is 80%
Longtime SIPA member Warren Communications' Communications Daily participated in a demonstration that made it, according to then-publisher Al Warren, the first newsletter ever to be delivered by satellite. What year was this?
Look for the answer next Wednesday!