Wall Street Journal Insights
This paper serves to identify and glean information from relevant areas of inquiry through desk research for designing a future marketing campaign. The overarching theme is the Wall Street Journal brand, top competitors, and millennial readership but also shows insight into legality, digital media, and exploring cultural memes.
The Brand: Trust VS Innovation
The Wall Street Journal (WSJ) operates under Dow Jones, which was acquired by News Corp. News Corp is a media conglomerate owned by Rupert Murdoch since 2007. WSJ is the leader in print circulation and currently offers over 20 products that delivers news and information to both individuals and institutions in 12 different language. WSJ is seen as trustworthy and traditional but does not project innovation or tech savviness which millennials crave.
Delivering quality content is key for WSJ because its brand is built on its trustworthiness. According to News Corp, WSJ has a strong goodwill compared to its competitors at $4.911 billion compared with $ 3.346 billion for USA Today (USAT), and $122.7 million for The New York Times (NYT). NYT and WSJ have charged for some, or all, of their website content and kept their total circulation fairly stable over the turbulent past few years.
WSJ is making efforts to use social media and other digital applications such as Storyful, to help newsrooms source, verify and distribute breaking news and viral content. The growth of digital is significant but print is still important to most newspapers which means that print will continue. But if majority of readers are going mobile, it will be time to change the business model in order to keep up with subscribers.
WSJ’s major competitors in the digital/print newspaper market are NYT and USAT. However, it is arguable whether USAT is a credible competitor as it was ranked 12th in a recent Nielsen survey. USAT, primarily a media and cultural news source, is viewed as having shorter articles, glossy pages and has been called a “McPaper” for the masses. Online comments include things like “dumbed down”, “garbage”, and “comparing USATODAY to other papers is like comparing a comic book to war and peace.”
NYT circulation executive states, “readers are politically different and culturally different from Wall Street Journal ones...The Times has a lot of women, and they like the paper’s soft news.” It caters to a median annual income of more than $70,000. Whereas, BrandChannel.com says WSJ is seen as targeting the 1%, very high end and wealthy individuals and is rather exclusive. WSJ Money magazine has been branded as the “worlds largest lux magazine” which may alienate our target audience of millennials. They sell 1.6m copies daily, and the average reader is a 49yr old male with income of 272k and net worth of 1.4m.
A consumer’s identity usually influences decisions and it seems NYT is feminine and WSJ is masculine. A hypothesis is that, NYT is for...