“It may seem to be verging on madness to make this move during such unusual times, but we have found this new currency, properly communicated, has given everyone involved a new sense of purpose at a strange time.”
That quote comes from Tim Part, a manager at FT (Financial Times) Strategies in London, in an article on the INMA website yesterday.
The new currency he is talking about is the introduction of a reader lifetime value (LTV) into their editorial lexicon. “Long ago we realized the story of reader engagement was a better one to tell to the newsroom compared to a simple volumetric yarn about pageviews,” Part wrote. “Quality reads and RFV (revenue, frequency, volume) scores have long been embedded in the newsroom, but it was important to move toward LTV as a key metric.”
Interestingly, I looked up reader lifetime value and came across pre-pandemic research from Northwestern University’s Spiege ...
By Abe Peck, Director of Business-To-Business Communications, Professor Emeritus in Services, Medill School at Northwestern