In class on Monday, as we discussed the pricing strategies of “skimming” versus “penetration,” the infamous “diamond-encrusted iPod” came up as an example of a product geared toward a very particular customer — a small, wealthy, or at least indulgent, segment, to be sure.
This is admittedly a ridiculous analogy, but I wonder if longform journalism in the digital age has become a bit like a blinged-out mp3 player — and I hope to change that.
The craft is clearly not commanding a premium price — at least not in the $2 or $3 price tag it sports on several new longform platforms — but it is still a product that appeals to a relatively niche audience. That audience, as I found in my market research and certainly many others have learned before me, is willing to pay for in-depth content at a time when there’s an endless supply of journalism available for free on the Internet. There are plenty of other stories, other iPods, available to them, but they opt for the premium, hand-crafted product.
Enough with iPod metaphors. But I am seriously thinking a lot about how to appeal to new customer segments — segments beyond those who faithfully subscribe to The New Yorker and other tried-and-true outlets of high-word-count reportage. For this reason, and several others, I’m thinking beyond “longform” and am considering branding my product as “in-depth,” as some stories might be much shorter than the typical magazine-length read.
As I found in my market research, the idea of an “in-depth” story resonated a lot more with certain readers than did the word “longform,” especially with an older crowd that was not particularly familiar with the term.
I suppose there are products out there that emerged as “skimmers” and ended up penetrating an entire market, like the first computers, for instance, or trans-Atlantic travel. Somehow, I can’t see diamond-studded iPads becoming the next “it” aftermarket product for Apple, but maybe in-depth, original journalism, produced and sold for tablets and platforms of the future, might just become that hot must-have commodity. You never know…