Reprt

2013

H – High, M – Medium, L – Low

Hammad Fasih, Danish Hassan, Curtis Stewart, Aaman Dudani

[BOSS MAGAZINE REPORT]

Contents Disclaimer................................................................................................................................. 2 Executive Summary ................................................................................................................. 3 Methodology............................................................................................................................ 4 Current Situation ...................................................................................................................... 5 Local Target Market ............................................................................................................. 6 Recommendations .................................................................................................................. 8 Recommendation 1 Join Magazine Canada ........................................................................ 9 Recommendation 2 Tracking ................................................................................................10 Recommendation 3 Marketing .............................................................................................11 Year 1 Budget and Risk Analysis ...........................................................................................12 Appendix 1 A Market Research ............................................................................................. 1 Canadian Magazine Publishing Industry Profile ................................................................ 1 Keys to Success .................................................................................................................... 4 Boss Magazine SWOT ........................................................................................................... 5 Competitor SWOT................................................................................................................. 6 Appendix 1B Secondary Data ................................................................................................ 7 Survey Summary .....................................................................................................................10 Appendix 3 Marketing Plan ...................................................................................................11 Positioning Statement .............................................................................................................12 Product Presentation ..............................................................................................................12 Pricing Strategy .......................................................................................................................12 Social Media ........................................................................................................................13 Public Relations ...................................................................................................................14 Sales Force ...........................................................................................................................14 Marketing Objectives .............................................................................................................15

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Disclaimer The findings, conclusions and recommendations indicated in this report are those of the authors, a George Brown College student field-based consulting team. These do not necessarily reflect the views and opinions of Boss Magazine or the George Brown Institute of Entrepreneurship and Community Innovation.

Boss Magazine is not bound by the recommendations found in this report.

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Executive Summary The forthcoming analysis was conducted on behalf of Boss Magazine for the purpose of developing its core business function into a profitable, marketleading product.

The company began its operations in 2011 housed in the Jane and Finch community with the aspiration of one day becoming Toronto’s leading Fashion and Lifestyle magazine. As a youth-led initiative, the people at Boss Magazine have always believed in providing a product to consumers that depicts their organization: fresh, unique, trendsetting, and community oriented. Thus far the company has managed to stay afloat, but now it is searching for ways in which to grow its customer base and expand its geographical scope.

The consulting team has provided three ways in which Boss Magazine can turn its youth-led community based product into one of the top Fashion and Lifestyle Magazines in Toronto.

Boss must join Magazine Canada. This will provide the company with tailored business development personnel as well as a proper distribution channel for its print magazines.

2 The organization must begin tracking multiple aspects of its operations, in order to understand consumer demand and implement a full-scale sales plan.

3 Develop a marketing strategy aimed to increase online demand for the magazine at a cost effective price point. The strategy focuses on social media, public relations, and a sales force plan.1 1

Through extensive primary and secondary research conducted by the consulting team, it was determined that these were the main challenges preventing Boss Magazine from growing into the market leader it wants to be.

Understanding Boss’ main goals and needs, these were the most logical recommendations, considering the company’s current financial situation. The company’s vision of having a youth-led enterprise is sure to help develop the brand. By following these recommendations, Boss will have the opportunity to expand its business and become financially viable as a business.

1

Appendix 3 Marketing Plan

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Methodology The recommendations found in this report are based on extensive research that was conduct by the consulting team. The team conducted both primary and secondary research to reach its final conclusion and recommendations.

Secondary research was focused on the Canadian magazine industry and its best practices. The research centered on: A report by the Ontario Media Development Corporation on the overall magazine industry in Canada and an analysis of trends the industry faces ● An analysis of the Jane and Finch community that Boss Magazine operates out of ● Current best practices employed by fashion and lifestyle magazines that are sold in Toronto ● A competitive analysis of fashion and lifestyle magazines currently sold in Toronto ●

Our primary research was conducted through a survey that was distributed via Boss Magazine’s Social Media and was further promoted to potential readers of Boss Magazine. The survey was centered on: Identifying the current and potential market of Boss Magazine ● Understanding how the current readers identify Boss Magazine ● Analyzing current and potential social media engagement strategies ● Understanding current market perceptions on the magazines quality ●

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Current Situation Since its inception in 2011, Boss Magazine has expanded to raise awareness in its target market community through a push by its founding members and staff; the push has led to a nearly 65% female readership with a strong interest in fashion and lifestyle. 2 However, the organization faces several major issues that need to be addressed to ensure its future success.

Issue 1: The magazine has yet to introduce and implement a full scale sales plan. Thus far, Boss Magazine prints ten thousand copies for each edition (except for the Winter 2012 issue which ran five thousand copies) that is distributed for free every quarter.3 The recipients of the free magazines include members of the Black Creek community and local schools, while further distribution is also made through referrals from managements’ family and friends. Further, the magazine is circulated by staff members by hand. While this strategy has been executed to increase awareness of the product, it is not a sustainable model for a prospective business that hopes to compete, initially, in the local market, and then challenge on the global landscape.

Issue 2: Boss Magazine faces the lack of crucial information regarding its target demographic. This information includes readership levels, readership growth rates and online customer statistics from its print and digital platforms. No existing framework has been arranged to acquire this information. Without the knowledge of current readership rates, it is impossible to understand the demand for their magazine. Consequently, determining the supply of magazines required to meet this consumer demand truly becomes a guessing game. Any sales plan requires a thorough analysis of customer demand so that the best strategy can be created and implemented to guarantee measurable results.

Issue 3: Boss Magazine faces shortcomings on the online platform. The last decade has seen a significant growth of Internet use, with people spending more of their time online. Businesses have ignored expanding their services through this 2 3

Appendix 2 Primary Research Survey Results Appendix 1 B1 Secondary Data Boss Magazine Sponsor Kit

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medium only at their own peril. Furthermore, online magazine readership rates have been booming, with 75% of readers reporting that they believe online magazine editions complement a company’s print versions.4 By utilizing an online strategy designed to fully leverage the internet medium to Boss Magazine’s own advantage, this will not only solve their current problem but enhance their business presence with their target audience by delivering a unique value proposition via an exclusive, differentiated approach.

Local Target Market Boss Magazine positioned its target market of 14-24 year olds to reflect the values of its organization: to be a youth-led initiative that is dedicated, trendsetting and tech savvy.5 As a youth-led initiative, Boss Magazine’s immediate market primarily consists of the youth in the Jane and Finch community. The organization began its work in the Black Creek community before expanding its range to Glenfield-Jane Heights. The neighbourhood has a population upwards of 53,000 people, with 41% of it being within Boss Magazine’s target market, 14-44 years old.6 That is a potential for just under 22,000 customers within the immediate region alone. After doing some primary research, however, it was discovered that over 90% of individuals who completed the survey were between the ages of 25 and 44.5 This is not necessarily a serious issue. Boss Magazine has a demographic of users it is targeting, while also being able to appeal to another age group. Based on the findings from the research conducted, Boss’ target market has been expanded to include 14 to 44 year olds, in order to satisfy its new users.5 Boss Magazine does need to realize, however, that it is primarily targeting a younger generation. And in order to do so effectively, it must cater to the needs and interests of its market. As Boss claims to be trend setting and tech savvy, it must deliver on those promises to a market that is becoming more inclined to digital media rather than print. Boss must not only recognize this trend, but act on it. Though print is still the top choice for most individuals currently, this will not be the case in the coming years.4 Most consumers are gravitating towards digital media due to its convenience, cost, environmental impact and overall accessibility. If it wants to stay current and afloat, Boss must act upon these

4

Appendix 1 A1 Market Research Industry Profile and Outlook Appendix 2 Primary Research Survey Results 6 Appendix 1 B1 Secondary Data Toronto Demographic Data 5

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trends and deliver results to its target market in order to grow the organization into one of the leading Fashion and Lifestyle magazines.

The geographic scope includes, but is not limited to, the Jane and Finch community. As an organization in the growth stage of the lifecycle, the goal is to penetrate the immediate market and slowly grow into the neighbouring communities, before eventually expanding to other parts of the city. Extending into parts of the Greater Toronto Area (GTA) and Downtown core would be the ideal situation for Boss Magazine. The total population of Downtown Toronto and the GTA (Durham, Halton, Peel and York Region) is over 6,000,000 people.

Of that, 2,760,250, or 43.2%, are within Boss’ target market.7 The potential customer base for this magazine within the neighbouring cities alone is crucial to the future growth of the company. Boss Magazine has been in business for the past two years, learning and growing its customer base with each issue. The organization has begun to expand its reach and total number of impressions to 40,000 per quarterly production.

Basic advertising and marketing performed by the volunteers and members involved with the magazine can help spread the word about the publication within this integrated community. The Jane and Finch neighborhood has a very young and diverse population that tends to be quite involved within its locality.

Having a youth-led initiative only brings more attention to the organization and motivates the members to succeed.

7

Appendix 1 B1 Secondary Data Census Divisions in the Greater Toronto Area

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Recommendations Recommendations 1) Join Magazine Canada

●

● ●

2) Begin collecting and tracking data

● ● ●

3) Online Magazine

● ● ●

8

Justifications Addresses major issues such as distribution, professional and business development and networking and growth opportunities.

Membership with trade association that assist Canadian magazines provides credibility Increases magazine reach and does not substantially affect costs Analytics and data will be used to paint accurate representation on rate card Financial tracking is required to understand supply and demand forces Work logs will increase quality control standards and accountability Annual savings of $12,591.62 Increases readership through strategic marketing plan8 Increases engagement and acts as continuous feasibility analysis.

Appendix 3 Marketing Plan

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Recommendation 1 Join Magazine Canada Purpose

Cost

Benefits

Relation to problems

Process

9

To become a member of Magazines Canada, an industry leading magazine association that provides access to professional development services as well as other programs and resources.9 $25 sign-up fee, 18 copies of the most recent issue of the magazine, and then filling out an application and sending it in.

There is a $500 membership fee, per issue of the magazine, as long as the issue has a circulation of less than 25,000 copies.9 Professional Development services (elaborate), Circulation Marketing & Distribution services, Distribution through Subscriptions and newsstands (retail), Advertising services and Tracking of the readership through UPC codes.9 ● Relates to the problem of 'where is money going to come from?' by giving Boss an avenue and platform to start generating revenue (selling in stores, advertising space, subscriptions, etc). ● Relates to the problem of business development by giving Boss Magazine access to resources that will help develop the business side of the company.

1. Magazines Canada's Membership committee meets five times each year with applications due the first Monday of January, March, May, September, and November. The earliest Boss Magazine can apply is September 2nd, 2013.

2. Applying for Magazines Canada membership (download, review to make sure magazine meets criteria). Complete the 6-8 page application and submit it with 18 copies of the magazine's most current issue with a non-refundable $25 fee (cheques made out to Magazine's Canada).

3. The membership committee will review the application and make a recommendation to Magazines Canada Board of Directors. If the application is approved, Boss Magazine will be sent a letter of welcome and more information on how to access the member programs and services. If the application is denied or deferred, Magazines Canada will explain why in a detailed letter. All decisions are final, but in the case of being denied, Boss Magazine may reapply at a later date. 9

Appendix 1B Secondary Data: “Magazines Canada Membership Kit”

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Recommendation 2 Tracking Purpose

Boss Magazine needs to find out how many people are reading the magazine, visiting the website, where the website traffic is coming from and, demographic of the all those people. Physical copies of Boss Magazine also need be tracked (via UPC code) to understand the supply and demand forces for the magazine.9

Method

The website traffic statistics to be tracked and collected through Google Analytics.10 The magazine circulation data is tracked by Magazines Canada through UPC codes on the front of the magazine and retailers selling copies of the magazine. The online magazine readership statistics are tracked through Issuu, the online magazine reader.11 The finances for Boss Magazine will be tracked using Mint.com, a free expense tracker.12

Costs

The tracking through Google Analytics for the website is free. The tracking provided by Magazines Canada is included in the price for the membership. The tracking of the online magazine statistics through Issue requires a monthly fee of $19.99. Mint.com is free.

Benefits

Analytical and statistical data on the website and the online magazine. Detailed sales information on the print magazine from retailers.

Relation to Problem

Relates to the problem of not knowing the volume of traffic going to the website, how many people are actually reading Boss, where readers are Boss from, how readers are getting to the website and which pages they're viewing, along with all the other problems associated with not having analytical information. Would also provide a better idea of the actual readership for Boss Magazine.

10

Appendix 1 B1Secondary Data: Google Analytics Appendix 1 B1Secondary Data: Issue 12 Appendix 1 B1Secondary Data: What is Mint 11

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Recommendation 3 Marketing Purpose

To generate demand for the magazine and the Boss brand.

Reduce the number of print copies and focus on developing the organization through digital platforms. To start making money for the organization.

Cost The cost for building a basic online magazine can be anywhere from $0 for free sites (such as Wordpress and Yahoo Sitebuilder) to $2,000 for midrange solutions (such as SubHub).13 Benefit Less expense due to the reduced number of print issues for the magazine. As well as determining demand for the magazine within the community and neighboring cities. Can start to make money by charging for online advertising.

Relation to Directly relates to the company shortcomings of printing more Problem magazines than needed to meet actual consumer demand, not having a loyal customer base that is anticipating and willing to purchase each issue and not making money in order to grow business and pay staff.

Requirements Focus resources on developing company brand and designing online magazine to gain loyal customer following. Individuals who are technologically savvy and experts in developing brand image among the multiple social media platforms. Publish less print magazines.

13

Appendix 1 B1 Secondary Data How To Start A Profitable Online Magazine

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Year 1 Budget and Risk Analysis Considerations ●

●

●

● ●

Average printing cost was estimated by dividing the total printing costs in 2012 by the number copies that Boss Magazine printed in the same year, which is $0.79 per copy. All financial projections revolve around these estimates.

Most of the major expenses underlined in Boss Magazine’s 2012 Financial Statement will be kept constant considering that it was not possible to break down total cost structure. The only variable cost to keep in mind is the total printing cost which varies according to the number of copies printed (keeping the average price fixed).

Printing costs for the first year was made by considering our third recommendation, that number of print copies should be reduced to 500 issues a quarter, amounting to 2000 issues a year.

Of 500 copies: 100 copies are donated to the community, 200 sold in Ascend store, 200 magazines are sold through Magazine Canada.

The below breakdown is the minimum requirement for Boss Magazine to break even.

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Expenses Salaries Employee Benefits Building Occupancy Office Expenses Volunteer Expenses Transportation Snacks Distribution Horoscope for Magazine Casual Support Professional Fees Staff Travel Magazines Canada Printing Other Expenditures Total Fixed Costs Total Cost

Revenue Magazine Sales from ASCEND Magazine Sales from Magazine Canada Advertisements Sponsors Total Revenue

$ $ $ $ $ $ $ $ $ $ $ $ $

Fixed Costs 474.00 32.57 25.99 270.79 540.00 76.06 254.32 80.00 100.00 4,514.00 9,816.00 96.66 2,025.00

Variable Cost

$

1,580.00

Annual $ 718.20

Price $ 3.99

Units Per Quarter 45

Units Per Month 15

$ 3,192.00 $ 8,739.10 $ 8,739.10 $ 21,388.40

$ 3.99 $ 2,184.78 $ 2,184.78

200 4 4

67 1.3 1.3

$ 1,503.00 $ 19,808.39 $ 21,388.39

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H – High, M – Medium, L – Low

Item

Recommendation

Risk

Likelihood

Impact

Contingency Plan

Impact Analysis

Budget

Perception of Company

Users

Magazine Canada

1

2

Professional development not as great as perceived to be.

Does not increase readership or help drive magazine revenue.

L

Money and time wasted on Magazine Canada seeking professional and business development.

Will cost $25 plus $500 for every issue Boss stays with them.

M

L

L

L

Money spent trying to develop business without any change in demand or readership of

M

L

L

Boss Magazine will look to continue developing the company with the resources that are available to it.

Utilize its strengths to build multiplatform magazine. Can seek separate professional help/ guidance if needed.

Continuing building online magazine to see if it may influence interest in print magazine. If it does not,

Does not help with increasing advertising revenue through print.

3

M

magazine.

Costs outweigh benefits.

reconfigure company focus back to print.

Resources invested in developing online magazine not providing any substantial returns. Money spent registering for Magazine Canada did not benefit the company by increasing readership or advertising revenue.

Continue to develop print magazine by enhancing content and creative marketing strategies that will help bring advertising revenue.

Money will be used to clear deficit attained from Magazine Canada, and to contract professional development, if needed.

M

M

L

Tracking

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4

Does not help understand overall demand for Boss magazine.

L

Company resources (human, time and money) will be used trying to implement a tracking system that does not help the company understand the demand for its magazine.

Resources will be wasted and company will be further from its goal.

H

L

H

Goal of tracking needs to be understood prior to implementing tracking systems. If they do not work, the company could take an alternate route, primary market research, such as the survey that was conducted. It will cost money, but it will definitely help to identify the customer base and demand for the product.

It will also help provide an idea of the type of content and subject matter needed in the magazine to interest its users.

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Lack of efficient logging; costs more money to have systems in place.

5

L

Limited budget wasted on a tracking system that does not benefit the company. It is costing more to keep and update the system, than it is providing benefits.

H

L

L

Get rid of system. If it is not providing any benefits, there is no point in paying to keep and implement it.

Use money elsewhere within the organization.

Online Magazine

6

7

Customers prefer print magazine.

Organization not equipped with resources to go fully digital.

M

Resources used to develop digital magazine instead of print.

Users may no longer be interested in reading the magazine.

L

M

H

L

Company may take too long to transition from print to digital due to lack of resources and trained

M

L

L

Revert back to original plan of print as primary focus and digital as secondary. Try to re-brand and re-launch print magazine while focusing on online and social media, as well.

Begin transition of focus from print to online.

Hire tech savvy volunteers to help the process move along. If 3|Page

volunteers.

May result in lost readership from users looking for fashion media on digital platform.

8

9

Online platform fails to generate advertising revenue.

Online magazine does not generate any more demand than print magazine did.

M

M

Boss is not able to make any more money through online than it was able to through print.

Cannot expand company the way it would like to.

Wasted effort trying to generate demand from online when company could be focusing on ways to develop current print versions.

M

L

L

L

L

L

needed, hire online developer on short-term contract basis budget will come out of money saved from printing.

Develop extensive marketing and PR schemes to build awareness and enhance company image in order to generate advertising revenue.

Refocus back to print magazine and develop ways to generate buzz around company through marketing strategies.

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Appendix 1 Market Research & Secondary Data

Appendix 1 A Market Research Canadian Magazine Publishing Industry Profile Boss Magazine’s operates/will operate in the magazine publishing industry in Ontario. The magazine industry in Ontario serves materials to a diverse, competitive market that is constantly evolving.

Ontario’s periodical magazine publishing industry recorded operating revenues at $1.39 million in 2008; an increase over the previous two years, illustrated on the graph below:14

14

Appendix 1 B1 Secondary Data OMDC MAGAZINE PUBLISHING INDUSTRY PROFILE

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The number of Canadian consumer magazine titles has been rising. In 2000, there were 941 magazine titles while the number of titles in 2011 has risen to 1,286:15

An important statistic is that a higher percentage of younger readers have read a magazine in the past ninety days; 88 % of readers aged between 12 to 17 and 18 to 24 years while 87% of readers aged between 25 and 34 have read a PMBmeasured magazine in the last ninety days as of Spring 2012 (PMB).

Advertising effectiveness has also been increasing with 59% of surveyed magazine consumers recalling ads in 2010, as opposed to 53% of readers recalling ads in 2005; an 11% increase. Similarly, actions taken after reading ads have also risen as illustrated in the figure below:

15

Appendix 1 B1 Secondary Data MAGAZINE 2011 TRENDS

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There is still a gap in consumers’ reading experiences between print and digital versions of magazines. 75% of magazine readers feel that digital versions complement the print versions of magazines; however, a vast majority of readers interested in reading digital versions still prefer a print copy:15

According to PriceWaterhouseCoopers, the compound annual average advertising revenue growth rate between 2011 and 2015 for the Internet medium is estimated to be 14.9%.15 The key insight in this case is that Boss Magazine can leverage this opportunity to incorporate ads into their digital content.

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Keys to Success For Boss Magazine to become successful it will have to implement the same key elements that other successful magazines have used. The magazines that were researched all have high quality targeted content, a source of income, and are available to readers. The successful magazines have also found other ways to engage their readers outside of just their magazine through things like blogging, podcasting, and engagement through social media.

Magazine Shameless Magazine16

Keys

FutuRéale Magazine17

●

Reader supported through subscriptions.

Accepts donations.

Caters to and understands the needs of their readers. ● Magazine is sold in select stores. ● Has a beautiful website ● Has a blog that’s read by its readers ● ● ●

●

● ● ●

16 17

Receives operating money through partnerships and sponsorship.

Owned by a non-profit that also owns a printing company from which the magazine is printed.

Digital copy of the magazine available through Issuu Has a large dedicated staff Has a podcast

Website www.shameless mag.com

www.futureale.c om

Appendix 1 B1 Secondary Data Shameless Magazine Appendix 1 B1 Secondary Data FutuRéale Magazine

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Boss Magazine SWOT Strengths Low price

Weaknesses Lack of distribution plan

Low printing cost Lack of advertising Community centric Relatable to target market Professional, attractive design Variety of topics with focus on fashion & lifestyle

Lack of organizational structure Lack of strategic business direction Not enough consumer engagement via social media Lack of sales

Strong ethical and moral stance Supportive of Toronto culture Digital editions available

Readership not tracked No confirmed rate card or media kit on their website

Opportunities Digital editions offered through apps with interactive media functionality Attract industry sponsorship Membership with Magazine Canada Build and extend community centric focus online

Threats Increase in printing price Unable to meet requirements to enter Magazine Canada Target market saturated by competitors coverage of fashion Unable to attract sponsorship from industry due to competition

No retail presence Social media platform available for consumer engagement Handed out in schools

No Industry experience Lack of company strategic direction and vision

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Competitor SWOT Fearless Magazine18 Strengths Weaknesses Multi-platform Poor quality of brand digital version Print Digital Website Retail compromised for Online Marketing period of time; Publicity prevents potential Outreach (MTV, interested BET) customers and clients from Very clean, obtaining colourful and information about attractive the magazine magazine Flare Magazine19 Strengths Known as “Canada’s Fashion Magazine” Available in print and digital versions

Weaknesses Website tends to have a lot of information and articles, which can be overwhelming to users

Opportunities Expand market share through multi-platform brand; can take advantage of increased digital usage by customers

Threats Highly segmented audience– most business comes from readers of African American ethnicity (70%) between the ages of 18-35 (79%) – may cause detrimental impacts if target audience numbers drop-off

Opportunities With current reach over 1,100,000 people, Flare can further penetrate the magazine market by developing multiplatform brand (i.e. Retail)

Threats Niche magazines can steal readers not being catered to by the large magazine.

Well researched and developed statistics about readership and customer demographics

18 19

Appendix 1 B1 Secondary Data: Fearless Magazine Appendix 1 B2 Secondary Data: Flare Magazine

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Appendix 1B Secondary Data Works Cited "About." Issuu. N.p., n.d. Web. 08 Apr. 2013. <http://issuu.com/about>.

"Boss Magazine Sponsor Kit." Boss Magazine. N.p., 2012. Web. Apr. 2013. <http://www.bossmag.biz/documents/Boss-Magazine-Sponsor-Kit-Nov2012.pdf>.

"Canada Post - Fashion Magazine Subscriptions." Canada Post. Government of Canada, n.d. Web. <http://www.canadapost.ca/cpo/mc/personal/subscriptions/fashion/index.jsf>.

Fearless Magazine. Vibe Interactive, n.d. Web. 08 Apr. 2013. <http://fearlessmag.com/>.

Flare Magazine. Rogers Digital Media, n.d. Web. Apr. 2013. <http://fearlessmag.com/>.

FutuRĂŠale Magazine. N.p., n.d. Web. Apr. 2013. <http://www.futureale.com/>.

"Google Analytics." Google. N.p., 2013. Web. 08 Apr. 2013. <http://support.google.com/analytics/answer/1008065?hl=en>.

Greater Toronto Area. Ontario Ministry of Finance. Population by Five-year Age Group, 2011-2036 - Reference Scenario - Census Divisions in the Greater Toronto Area. Government of Ontario, 15 June 2012. Web. Apr. 2013. <http://www.fin.gov.on.ca/en/economy/demographics/projections/table10gta .html>.

"How to Start a Profitable Online Magazine." Squidoo. N.p., n.d. Web. 08 Apr. 2013. <http://www.squidoo.com/how-to-start-an-online-magazine>.

Industry Profile Magazine Publishing. Rep. Ontario Media Development Corporation, 2011. Web. Apr. 2013. <http://www.omdc.on.ca/Industry_Profiles/magazineEng_1.html>.

MAGAZINE 2011 TRENDS. Rep. Magazines Canada, 2012. Web. Apr. 2013. <http://www.magazinescanada.ca/uploads/File/AdServices/Research/Trends/T rends2011July2012.pdf>.

"Magazines Canada Membership Kit." Magazines Canada. N.p., n.d. Web. Apr. 2013. <http://www.magazinescanada.ca/>.

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The Shameless Magazine. N.p., n.d. Web. 08 Apr. 2013. <http://www.shamelessmag.com/>.

Sport Magazine. N.p., n.d. Web. Apr. 2013. <http://www.sportmagazine.co.uk/>.

Toronto. Social Development, Finance and Administration. Social Policy Analysis & Research. City of Toronto Neighbourhood Profiles - Black Creek (24). City of Toronto, May 2012. Web. Apr. 2013. <http://www.toronto.ca/demographics/cns_profiles/2011/pdf1/cpa24.pdf>.

"What Is Mint?" Mint. Intuit, 2013. Web. 08 Apr. 2013. <https://www.mint.com/what-is-mint/>.

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Appendix 2 Primary Research

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Survey Summary Sample Size: Purpose:

33 respondents Identifying the current and potential markets of Boss Magazine.

Understanding how the current readers identify Boss Magazine.

Analyzing current and potential social media engagement strategies. ● Understanding current market perceptions on the magazines quality. ● ● ●

Key Findings ● ● ●

58.82% Female readership 52.95% readers aged 25 to 34 “I have read one boss magazine and it was not inspiring.

Canada and Toronto are far more diverse than boss makes it out to be. if boss is not a representation of the city and if it is representing a community a community then it is failing at both. the black community is far more diverse than "boss" represents. the community deservers a more grown-up magazine that has a global view with a local perspective”

Considerations Sample size is not representative of the population 2 respondents deleted due to incompleteness – not reflected in survey below ● Cross tabulation cannot be shown from Survey Monkey without payment ● Does not account for Boss Magazine readers not on Facebook. ● ●

(Survey Questions and Results are in a separate document)

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Appendix 3 Marketing Plan

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Positioning Statement Boss Magazine is a fashion and lifestyle magazine with a voice that represents the Jane and Finch community through both its print publication and online presence. It is a universally accessible publication which features well-crafted articles, photos, and social media that speaks to the hearts and minds of tech savvy trendsetting men and women between the ages of 14-24 and 24 to 44.

Product Presentation The online and digitized copy of Boss will be made available through Issuu as an online magazine that can be read on computers, tablets, mobile phones and any other device with a browser on it. The physical copy of Boss Magazine will be presented the same way pending recommendations from Magazines Canada.

Pricing Strategy There are many different price ranges that competitors charge, however the magazines most similar to Boss Magazine charge an average $4 print price and distribute 12-10 issues per year. Boss Magazine matches the industries hard copy price. This allows the magazine to remain competitive and viable for operations.

The digital subscription is available for $1.50 to increase the magazineâ&#x20AC;&#x2122;s online readership, open a new revenue stream and cover costs of creating a digital version of the magazine. The subscription price is lower than the industry average as Boss Magazine only has a quarterly release cycle.

Competitor Average Price Boss Magazine Price

Print Copy

Digital Copy

Subscription

$4

$3.75

$36.67

$3.99

$1.50

$11.99

Marketing Strategy The marketing strategy for Boss Magazine will employ 2 main tactics (Social Media, Public Relations) with an overall goal of increasing demand by driving traffic to the website. Boss will use a personal selling strategy to sell advertising space and acquire sponsorship on its business to business front.

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Social Media Objective

Cost Facebook

● ● ● ● ●

Justification

● ● ● ●

YouTube

   

Justification

● ● ● ●

Twitter

● ● ●

Justification Instagram

Justification

● ● ● ● ●

● ● ●

To increase Boss Magazine’s awareness with target demographic by posting relevant material and engaging consumers through contests, questions and comments.

To be determined Post upcoming relevant company news/updates/blogs Encourage conversation through questions Post photos to generate awareness Promote upcoming events Host contests and giveaways to increase “likes” Eg: Share this picture for your chance to be a model in an upcoming photoshoot. (This also acts as a free model casting call) Will drive traffic to Boss Magazine Will keep audience constantly engaged Cost and time effective Will deliver analytics Offer behind the scene videos of photo shoots Mini video interviews that show segments of much larger interviews Have 5 minute blogs about hairstyle and beauty tips Engage, cross-promote and write about biggest beauty channels.

Will drive traffic to Boss Magazine Visual medium will compliment print and digital Will deliver analytics Beauty channels have millions of unique viewers daily that are all prospecting readers of Boss Magazine Micro-Blog during live fashion events Create a unique hashtag and engage in a twitter chat once a week Seek out fashion and beauty hashtags and engage in most trending ones Repost best of material from other social media posts/blogs Connect with potential readers of Boss Magazine Reinforce material to drive new traffic to Boss Magazine Post Fashion related pictures using hashtags Engage fashion audience through contests using a unique hashtag. Ex. Repost the best picture of a user’s high heels with the hastag #BossMag on Instagram.

Instagram community thrives on reposts and hastags Reach potential readers of Boss Magazine Drive traffic to Boss Magazine 13 | P a g e

Public Relations Objective ● ●

Cost Methods

● ● ● ● ● ●

Justification

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To increase Boss Magazine awareness with target demographic Generate publicity and word of mouth To be determined Organize a fashion-show flash mob that highlights Toronto designers and youth Sponsor community and relevant events that potential readers will attend Contact relevant blogs to write articles about Boss Magazine Organize a make-over day, provide health and beauty tips and fast transformations Attend networking and industry specific events Ask for reposts, re-tweets and likes from celebrities covered in the magazine Boss Magazine aspires to be a fashion and lifestyle magazine that represents Toronto. Therefore it should engage those in Toronto that have a passion for fashion and lifestyle.

Get noticed by retailers and other companies for potential partnerships and sponsorships

Sales Force Objective Cost Justification

To locate and secure advertisement and sponsorship for Boss Magazine To be determined Builds skills for youth volunteers ○ Communication ○ Negotiation ● Opens up much needed revenue streams for boss magazine ● Magazine is to unknown for potential advertisers to find the magazine

Method Train youth run sales force Create a rate card for print advertising and digital advertising.

Create a sponsorship package that highlights benefits and incentives ● Send youth to local stores, relevant fashion stores, hat stores, shoe stores to acquire leads ● Email companies targeted for potential sponsorship or advertisement with attached sponsorship package or rate card ● Should be done at least once every two weeks and as frequently as possible during release cycle gaps. ● ● ●

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Marketing Objectives Monthly Objectives

Quarterly Objectives

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Annual Objectives

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Post 4 blog updates Begin tracking website traffic and increase traffic at increasing rates Sell 167 magazines Track audience engagement levels Host minimum 1 PR event with an effort to promote magazine to targeted individuals Get minimum 1 relevant blog or celebrity shout out Acquire a minimum of $702.71 in sponsorships or advertisements Acquire minimum sponsorship or advertisements of $2810.82

Potential Sponsors Listed are two Toronto based clothing companies that expressed a strong interest in sponsoring Boss Magazine.

Company Contact Information OFE IYEINU Fisayo Olowolafe (647) 628 – 0067 NOZO Toronto Eric Ing info@nozo.ca

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