We designed and conducted strategy workshops for the management team of a well-known publishing house aimed at developing work plan to respond to increased competition
The flagship glossy magazine in the publishing house portfolio had suffered from declining demand in both subscription and advertising segments that negatively impacted profitability and market share. This situation was complicated by increased investments and activities by the main competitor. The client’s management team was experiencing a lack of mutual trust and internal communications, and an increased level of internal politics and inefficiency. This resulted in a high level of misalignment and uncertainty, and an inability to develop turnaround strategy and respond to the increased competition and changing market demand. The client needed to redesign the vision and mission of the magazine and redefine the brand image, market positioning and target audience, develop a new strategy and detailed business plan for each business unit/function for the one year horizon.
The MCG team conducted an analysis of market reports, open sources market information, recent trends and the competitors’ situation and positioning. Also the MCG team conducted a diagnostic of the client’s organization capabilities and present-day situation assessment through a set of individual interviews and meetings. They analyzed the client’s historical and present-day performance indicators, including financial data, P&L, market share and position, sales and distribution, as well as qualitative research reports including brand recognition and positioning, customers’ geographies, demographics and behaviors, clients’ segmentation and profiles.
Then the team designed and ran a two-days workshop for the management team, senior executives and key people in the client’s organization. During the workshop, the client’s team improved internal communications, trust and involvement. The MCG team, together with the client, developed a new strategic vision and positioning of the brand/ product for the next year that included target audience, brand image, positioning, distribution plan, advertising and marketing strategy as well as visual and content product components. The key problems and enablers were identified, structured, prioritized and the work plan with detailed actions to answer the challenge was developed. KPI’s, targets, key decisions, action plan and next steps were developed and approved by the board and executive team.