The two principal shareholders of
magazine stared back at me in disbelief as I calmly explained
simple rescue plan we would use to save
ailing monthly business magazine. Exhaustion and desperation were written all over their faces and in a way I felt pity for them. The pair had already lost a small fortune in just one year of operation. The only reason why they had not shut down
damned thing was that they were hoping for some miracle that would recover at least half their life savings. But then theirs is
story of hundreds of thousands of would-be-entrepreneurs
world over who continue to launch thousands of new magazines every year without
very special skills that are required to run this complex and yet extremely potential business. All they had left at this bankrupt magazine now was a small demoralized sales team ready to quit
moment they found jobs elsewhere. No reporters, no writers, no budget to get good writers on board.
I quickly called a meeting and tried to inspire
shabby remnant, assuring them that
magazine was now in good hands and that things would improve. Luckily they did not sense
cold fear creeping up my spine nor did they seem to realize that I had already broken into a cold sweat. In business there are no guarantees - you win some and you lose others. What right did I have to make all these promises? What if I failed in this assignment?
I proceeded to swiftly train
handful of sales people and changed them from advertising sales persons into "reporters". They were to go out and gather information.
Gather information!? When you need revenue so badly?
Hold your horses and read on.
We developed a simple system consisting of
following steps,
1) "Reporter" calls up a potential client and books an appointment for an interview.
2) I accompany them to
interview and I do both a thorough and professional job of it.
3) After
interview, we make an editorial decision whether
material merited a feature article in
magazine or not. And if it did whether
story will end up being positive or negative. (Any publisher will tell you that bad news sells much better than good news.)
If it merited a positive story, we would go ahead and write
story and then later approach
same client to book an advertisement so as to get a double maximum impact in
same issue. Alternatively they would have their advertisement appear in a future issue.