‘The Economist’, a weekly magazine that provides global news and analyses, has roped in O&M as its creative agency for its upcoming campaign to be launched by March 2008. The account size is estimated to be around Rs 3-5 crore. The magazine’s move to roll out a campaign in India has come with its plan to increase its circulation from 17,000 to 50,000 over a period of two years. It is because of this objective that the magazine had decided to rope in Suprio Guha Thakurta as Associate Publisher to spearhead increased sales in India.
The insight given to agency is based on the fact that global news was a necessity for Indian readers, especially for those who aspired to build their own brands and be identified internationally. The target audience includes an intellectually curious audience who was looking for the unique perspective and analysis that the magazine brings into different domains like politics, business, and technology and science.
Thakurta informed that the communication plan was chalked out after a quantitative research conducted by the marketing team. The survey brought to light issues pertaining to relevance and awareness. “Our communication strategy is first to drive awareness among Indians, especially our target audience. Secondly, it is to make them realise the relevance of the magazine in their lives.”
‘The Economist’ has a partnership with ‘Business India’ where the latter contributes in getting ad sales running. Commenting on the partnership with ‘Business India’, Tim Pinnegar, Publisher-Asia Pacific, ‘The Economist’, said, “We have our business associations with ‘Business India’ since two years now, and I think they are contributing fairly to our progress in terms of ad sales revenues in India. Roughly, we have seen an increase by up to 70 per cent of revenues coming from the ad sales operations since two years.”
Currently, ‘The Economist’ has a presence in Mumbai, and is planning to start operations in Delhi and Bangalore. On the distribution front, Thakurta informed that they have tied up with The Times Group to distribute the magazine across India in all major metros and cities.