Just as I’m sitting down to interview Jacqui Kean, brand marketing director of The Economist, she drops what from my perspective is a bit of bombshell. “You know, we’re not actually a B2B brand,” she says. We’re sitting in a spacious corner office in one of the three towers which make up the Economist Plaza, a prime piece of Mayfair real estate and the magazine’s headquarters since 1964.
The location says everything about The Economist’s status and clout as the gospel of free market economics. We’re above the treetops, and the view behind me expands to take in St James’ Park, Buckingham Palace and some of the most expensive and sought-after parts of London.
Understandably, given that I’ve singled her out to be the subject of this key profile piece on a leading B2B marketer, I’m more than a little concerned by this news.
“You’re not?” I respond, rather inanely.
“No,” she says firmly, “have you seen The Economist lately?”
“I see it from time to time,” I stammer, increasingly on the back foot. Which is true I do pick it up occasionally, but it’s not a magazine that I’ve ever felt drawn to or interested in, for the simple reason that it has no direct bearing on my working life and I prefer other subject areas for my leisure reading. But it is a publication that I have admired in terms of the strength of its brand and the consistent excellence of its marketing; and this, rather than the product itself, is why I’m sat in its offices interviewing its brand supremo.
Surely, I ask, The Economist is as the name suggests largely focused on business and economics, and read by senior executives of large organisations?
“Business and finance is part of our content, but so is politics and current affairs, and we also write about science, technology and the arts,” she says. “To say that we are solely focused on business and economics would be to misrepresent us.”
She continues, “People read The Economist because they want to read outside their timezone, and because they want to become well-rounded individuals. They are reading it for business, but not exclusively.” On this point, it is clear, the lady is not for turning. Kean’s soft Scottish accent is underpinned by steely determination and clarity of vision, which one would have to develop working for a magazine like The Economist, if it did not exist already.
Then, just as I’m considering apologising for my mistake, thanking her for her time and beating a hasty retreat, she offers a ray of hope, or possibly an olive branch. “Where we are B2B is in our ad sales proposition: B2B advertisers want to reach the audience that we have constructed.”
Now we have a basis for a conversation and I’m extremely relieved. It also suggests that she may have a specific business agenda from this interview, rather than personal aggrandisement: in short, she sees this as a chance to communicate with the magazine’s prospective advertisers.
Whatever the reason, I’m happy to steer the conversation on towards marketing and branding, and temporarily put aside any questions about whether I should be here or not. Whether it’s B2B, B2C, both or neither, this is where The Economist has a fantastic story to tell, and Kean’s role has been central to the latest chapter.
Whilst The Economist can trace its history back to 1843, Jacqui Kean’s involvement only extends back to 2001, when she arrived as brand marketing manager for the UK and continental Europe, having spent much of her career previously in the travel industry.
She is clearly immensely proud of the history and reputation of The Economist, and the high standards it has maintained. The Economist, she explains, was founded as part of the campaign for the abolishment of the protectionist Corn Laws which for those without an in-depth knowledge of early nineteenth century history, can probably best be compared with the Poll Tax in terms of the controversy, debate and unrest that they caused. “We still stand for minimal state intervention, free trade and freedom of the individual and freedom of expression. Our great strength is that the brand and the editorial product are inextricably linked. It comes from our editorial principle which says it was launched in order to ‘take part in a severe contest between intelligence, which presses forward, and an unworthy timid ignorance obstructing our progress.'”
Although this statement has its origins in editorial, from a branding and marketing perspective it is a dream come true to have such a statement enshrined in the very ethos of the organisation. It has doubtless proved to be a critical asset in The Economist’s clear and focused communications. Kean continues, The Economist serves up intelligent debate and provides analysis of issues behind the stories without hysterical journalism, and we are free from proprietorial intervention. There is no pandering to the latest fad.”
Although with a 160 year pedigree The Economist is a byword for longevity and stability, the six years of Kean’s tenure in the brand and marketing function of The Economist have been one of the most successful periods in its history and have marked a gradual transformation.
So what exactly has changed? The product has evolved comparatively little, she maintains, in terms of content, tone or philosophy. Put simply, The Economist has dramatically expanded its readership, and consequently its fortunes. Twenty years ago its circulation was 85,000 in the UK it is now twice that at 170,000. In a publishing market that has generally been under pressure from falling ad revenues, declining readership and circulation wars and under attack by new forms of media, this is an astonishing performance.
The methodology used to achieve this dramatic turnaround in its domestic readership was simple: sell the product to a broader market. “We recognised that the audience for The Economist was bigger than we had previously realised,” Kean says. She suggests the magazine’s traditional target readership was senior business executives such as CEOs precisely the audience that I had personally assumed it was still focused on. “We realised that we could go beyond this niche we are the architects of our own audience.”
The sales figures testify to the success of this strategy, but Kean adds that editorially The Economist stuck to its guns in no way was content amended, evolved or refocused to appeal to this new audience. It was all about shifting perceptions of readers and potential readers.
The primary means of recruiting this new audience has already been well established, the ‘White out of red’ campaign the iconic poster ads characterised by brief, simple but utterly incisive copy. A major part of Kean’s role over the last six years has been the evolution of this campaign, which she explains has developed quite considerably during this period, although imperceptibly to the untrained eye. “Customers probably wouldn’t notice any difference,” she says.
‘White out of red’ first appeared 20 years ago, the brainchild of David Abbott of ad agency AMV, who noticed that The Economist’s logo was the same size and shape as a 48-sheet poster, which explains the historical reliance of the brand on outdoor advertising. “It’s counter-intuitive, but the genesis of this campaign was a media idea,” comments Kean. “Poster and outdoor advertising probably wouldn’t have been the medium of choice at the time, bearing in mind who we were seeking to target i.e. business people. It was a brilliant idea we were able to talk to a niche audience but create fame by doing it in a broadcast way. No other media organisation was using that media at the time. We were able to ‘own’ outdoor.”
One of Abbott’s first executions featured the copy, “‘I never read The Economist’, Management trainee. Aged 42. As Kean explains, this set the tone for the campaign going forward. “One of the main reasons we’ve remained distinct from the clutter is that even then the brief was not to tell people what’s in [the magazine] or how much it costs. Right from the start, we were telling people what it can do for them.”
The precise nature of the message, she continues, has changed with the times, reflecting the evolution of trends and tastes and falling in line with the zeitgeist. Whilst Kean is adamant it was in no way tied to the governing political philosophy of their day, the political climate unquestionably has an impact on individuals and their preferences, desires and aspirations. This in turn was reflected in the magazine’s subtly changing marketing.
The first ads appeared during the height of the Thatcher years, where the proposition was that The Economist could help the reader get ahead in business. “Things that worked then would appear slightly cringe-worthy now,” she says. The Major years were characterised by recession, and fear of redundancy and The Economist proposition became more negative to reflect this. “We were saying things like ‘don’t get found out’, and ‘keep your job’.” A further evolution was required for the outset of the Blair years, reflecting the greater sense of optimism, the rise in inclusiveness in society and the relative decline in the perceived importance of money.
However, since 9/11, The Economist’s advertising has evolved again, reflecting business uncertainty, although she denies that they have become more pessimistic.
“We’ve probably had five or six different propositions over a twenty-year period,” says Kean, insisting that this development is not down to the whim of its marketing function, and that all are supported by extensive research. “You can’t evolve in a vacuum.”
Although expansion in domestic readership has been a major objective, Kean’s objectives have increasingly been focused beyond the UK. For a magazine seeking new readers, and with a strong global perspective, focusing overseas is an obvious solution.
“When Andrew Rashbass arrived as publisher in April 2005, we knew that we needed to do something significant brand wise in the US, but the question was what,” says Kean.
The existing regional structure was strengthened, with the appointment of regional publishers designed to bolster the brand in core areas (Europe, AsiaPac, Middle East/Africa) enabling the utilisation of local knowledge to leverage commercial opportunities.
Meanwhile, in the US what Kean describes as a ‘multi-local’ strategy was developed, involving a concerted ‘blitz’ of one city, using all available media and techniques to generate a buzz around the brand over a specified period. To date Baltimore, Denver, Boston, San Francisco and Washington have all received this treatment and it is about to rollout in Chicago.
This strategy has proven highly successful, says Kean not only does the US now represent 53 per cent of The Economist’s global circulation, it is also growing fastest here 12.3 per cent against nine per cent year on year globally. Of course, the magazine already had a significant base of readers in the US, but Kean is confident that this approach will take its penetration on to new heights.
All non-UK activity also uses the ‘White out of red’ theme, but with local adaptations. “We’ve tried to incorporate an element of the place,” says Kean. “In San Francisco we used ‘Lift the fog’ and in Washington we used ‘Climb the hill’. We want to do more than just get the message out we want to get the media working as hard as possible.”
She continues, In Germany our ads have to be very straight the British sense of humour used on UK ads goes straight over their heads.” In France they are legally required to advertise in French, even though the product is published in English, and this is the only market where translated advertising appears.
But perhaps most interestingly is the executions designed for the AsiaPac region, which are more closely related to the Thatcher-era ads used in the UK. “The proposition here is all about getting ahead. India is so like the UK was in the 80s in terms of the target audience. It is the most brand-centric audience you can imagine. How we communicate in different regions varies because of the different levels of maturity of these markets.”
The Economist now has over 1.2 million subscribers worldwide. “We’re read in over 200 countries we even have three subscribers in Cuba, says Kean. She adds that her team is constantly looking at new markets, such as Australia, and expanding The Economist’s presence there.
With such an established brand and coherent strategy for growth not to mention the prevailing economic trend of globalisation and free trade the future would appear to be bright for The Economist.
Whether its new subscribers are based in London, Sydney or Mumbai and whether they are most attracted by its comprehensive business and finance content or its more limited coverage of the arts, they will almost certainly be recruited by what is, in many respects, a marketing idea which is over two decades old. How many other brand campaigns from the mid-80s are running almost unchanged in 2007?
But despite its antiquity, it would be unthinkable for The Economist not to persist with ‘White out of red’, as it has been well managed and provides the perfect platform to continue building its readership. After all, age is a relative thing, particularly when your brand dates back to 1843. There is clearly life in this old campaign yet.
Given the effectiveness of ‘White out of red’ over the last twenty years, it is highly unlikely that The Economist would seek to stray far off-piste with its marketing. So how restrictive is the format, and how much freedom is there to innovate? I don’t feel very tied, she says. We are guided by what the brand is and we won’t try something just because it is innovative. But that’s not to say it won’t try to be different. The latest campaign, which breaks this month, features a ‘magic eye’ poster of red and yellow cogs that appear to move when stared at for a few seconds. Such a technique is not what many would expect from The Economist and although Kean’s enthusiasm for it is clear, she says use of such unconventional techniques must be limited. It’s good to have a couple in every campaign, but although they’re great for people already in the club, you have to consider new prospects and use ‘bankers’ like the classic, ‘Learn to count’.
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