Each day this week I will post about magazines from an overall business perspective in newsagencies. I am doing this because some suppliers think my submission to the ACCC of the proposed trial of new magazine supply rules I made on behalf of newsXpress reflects a move against magazines. Nothing could be further from the truth. I am fighting for fairness because of believe in magazines for the long term.
How to make magazines more profitable in your newsagency.
- Manage your space effectively – i.e. NOT full face for slow moving title. This works well in special interest areas.
- Track theft – look at the discrepancy report when doing your returns. Act on titles being stolen from you.
- Track and manage the time you spend on magazines. Automate all processes.
- Do not label weeklies and high volume monthlies – save time and money.
- Look for bulk sale opportunities: nursing homes, businesses, community groups.
- Offer putaways. Cutaway magazine customers are the most valuable type of magazine customer.
- Early return when warranted – don’t become a lender to publishers on titles you don’t make money.
- Pitch outside your business to show off your point of difference.
- Review your floor space allocation for magazines. Is the amount of space allocated appropriate? Is it in the right location in-store?
- Work your magazine traffic by placing products at each entrance to magazine aisles which magazine shoppers could purchase on impulse.
- Place other products next to magazines.
- Only use magazine fixtures which can be used for other products. Do not have fixtures purpose made.
For too long newsagents have been treated by magazine publishers and distributors in a paternalistic way. Just because we ask for fair and equitable supply so we can compete with others selling magazines does not mean we want to turn our back on the category. It means the opposite. We see a bright future for magazines if we can achieve fair supply.
Footnote: I am calling this magazine week for no reason other than to label the series of posts.
I reckon I loose money supplying all my subs.