Q: How do I find advertisers for my new magazine? I'd
like to do an initial printing of 1,000. I also need to find
customers. I have no budget to speak of, and I'm worried.
A: You should be worried. You're at the point of
printing the first issue without knowing how to pay for it or who
will read it. Here are four suggestions:
1. Put together a mock issue of your magazine to show
potential advertisers. It will need to be complete with samples of
articles, interviews, reviews and reports similar to (but not
exactly) what you'll have in the first issue. On the pages,
indicate the various sizes of ads that will be available with blank
areas clearly defined by borders. Inside each space list the
ad's size and cost per issue. This kind of presentation allows
the buyer to visualize his or her ad right on the page.
Content Continues Below
Create a rate sheet you can leave with each potential
advertiser, one that gives per-issue costs as well as discounts
available for multiple-ad purchases and long-term contracts. The
rate sheet must also include deadlines for copy and other pertinent
information--check out the rate sheets of competitors if you're
not sure about what to charge or about design.
2. Approach potential advertisers who have businesses
that will tie into specific articles in that first issue or into
ongoing topics that will be covered in each issue. Encourage them
to purchase 3 to 6 months worth of ads by offering lower prices for
long-term contracts.
Have the ability to put together camera-ready copy for those
clients who don't use an ad agency and will depend on you to
have someone on staff to do the design and layout work.
3. You didn't say whether you're working alone or
if you have help, or if this is an e-zine or one that will be
mailed to people's homes. Either way, you need salespeople to
cover the masses of potential advertisers.
Build a sales force of part-timers who will work strictly on
commission until your circulation is high enough to pull in
meaningful advertising dollars-sufficient enough to support a
payroll, whether it's salary only or salary plus commission.
Look to college students and sympathetic friends and family members
for part-time help.
4. You'll undoubtedly take a loss at the beginning of
this venture. Whether your magazine is subscription-based or will
be free to the public with your revenue coming solely from
advertisers, you need customers before you can make any money, and
you indicated in your letter that you don't have a customer
base yet. Advertisers will want circulation figures before they
turn over their advertising dollars--they'll want to know how
many people their ads will reach. Yours will be projected figures,
and they'll want to know how you arrived at those numbers. You
must build a customer base before you can begin approaching
advertisers.
Here are a few facts of life that will cost you:
- Free issues are the best way to get people to read your
magazine, so your very first printing will have to be a
freebie.
- You'll have to pay top-flight people to write articles for
you. This will eventually pay off because you'll be providing
quality content to your readers, and they'll be encouraged to
pick up or even pay for the second magazine.
- You have to get some kind of promotion going to bring attention
to your new publication. Potential advertisers are going to want to
know what you'll be doing in that regard. If you tell them you
don't have a budget to do that, you'll find it almost
impossible to attract advertising dollars, so start putting
together an advertising budget right now rather than trying to work
around not having one.
Kathy Kobliski is the founder and president of Silent Partner
Advertising, where she oversees multimedia advertising budgets for
retail and service clients. Her book, Advertising Without an Agency, was written
for businesses owners who are working with small advertising
budgets and can't afford professional help. You can reach Kathy
via her website at http://www.silentpartneradvertising.com.
The opinions expressed in this column are
those of the author, not of Entrepreneur.com. All answers are
intended to be general in nature, without regard to specific
geographical areas or circumstances, and should only be relied upon
after consulting an appropriate expert, such as an attorney or
accountant.