"I'm not saying there aren't obvious challenges presented by the current state of the market, but it is a fact that traditionally in times of difficulty - be it following 9/11 or during previous recessions - people turn to the Economist and we see a lift in our readership as demand grows for intelligent analysis and informed opinion," she says. "All news weeklies are performing well at the moment for this reason."
News weeklies have also benefited from the growth of online media in recent years and are continuing to do so, despite the recession, Ossman continues: "All of us have benefitted from a general shift in readers' behaviour as people consume more news online and more analysis and context from magazines."
Circ up, profits up
The figures speak for themselves. In February 2009, the Economist, printed each week in just one single edition although ads differ by territory, reported its 55th consecutive rise in six-monthly ABC figures with year-on-year growth up 6.4% to 1,390,780 in the 200+ countries in which it is sold. UK-only circulation also rose over the same period - up 3.1% to 186,995.
The Economist Group's year end operating profits reported in June 2008, meanwhile, showed a 23% year-on-year increase to £44.3m with group businesses' revenues up 8% to £266.4m. A strong performance, then, and one based not just on the resilience of its marketplace but on global reach - at a time when interest in the global village and how one national economy can impact on another has never been higher; growing numbers of younger readers; and, of course, brand heritage.
The Economist was launched as a weekly newspaper in 1843 by Scottish politician and economist James Wilson. Now owned by the Economist Group - half of which, in turn, is owned by the Financial Times - the title's founding principles remain core elements of the brand in the 21st century shaping both how the business is run today and how it will evolve moving forward.
"Intelligent opinion and informed analysis informs every aspect of what we do," Ossman explains, clearly warming to her theme. She joined the business back in 1995 starting out in the marketing department before becoming circulation and marketing director and then UK publisher, a position she took up early last year. And her passion and enthusiasm for the Economist brand is palpable despite her softly-spoken, under-stated style.
The Economist has always been independent and liberal in its outlook on the world and is committed to remaining so, she adds: "Independence is an important strength at any time, but all the more so in a marketplace where one could be drawn into commercial compromises."
Pressure on advertising
Advertising revenue, of course, is a major challenge for all print publishers at a time when ad spend on newspapers and magazines is being hit hardest of all media by the recession. In the final quarter of 2008, UK advertisers' spend on magazines slumped 19.2% and on newspapers by 18.9% year-on-year, according to figures published by the Advertising Association in March.
Despite what's happening elsewhere, however, the Economist is holding its own commercially with a loyal base of blue chip advertisers still eager to capitalise on its growing readership and the quality and heritage of the product. And it is now working to develop further its offering to advertisers to better meet their needs as market conditions grow increasingly tough.
The starting point was an organisational restructure last summer, Ossman explains. Different parts of the group's business - which also includes website Economist.com, the Economist Intelligence Unit (EIU) and a conferences division - were united under a new worldwide tier of regional managing directors.
The advertising sales department was restructured, too, with a 'Strategic Sales' offering introduced in January 2009 to meet growing advertiser demands for integrated ad solutions across more than one part of the business's portfolio. While cross-platform advertising had been offered before, the new structure means tailor-making bespoke client solutions is easier, more coherent and better co-ordinated.
"From the customer (advertiser) point of view, we now provide a one stop shop opportunity across all Economist products," she says. "For example, a brand owner might work with the EIU to produce a White Paper then advertise this within the newspaper and online. It's about leveraging our opportunities - something every publisher must do more effectively in difficult trading conditions."
Economist.com
Economist.com, overseen by New York-based worldwide online publisher Ben Edwards, has become an important pillar of the Economist brand in recent years as well as a growing business in its own right. The site is notable for charging for content yet, despite this, unique users grew by 39% year-on-year in 2008 and there are now 3.6m unique users.
The online business has a three-tiered approach to pricing. Non-registered users can see all content up to 365 days old free, though cannot receive newsletters or comment on articles online. Registered-only users see content up to 365 days old free, receive free newsletters and they can comment on articles. Meanwhile premium users, who can be print subscribers (the standard full subscription in the UK is £127 pa) or web-only (£61 pa), enjoy free and online access to the entire site which also includes an archive of more than 55,000 articles dating back to 1997, a full range of site newsletters, and a weekly audio version of the week's printed magazine.
"The philosophy is very much that value should be charged for," Ossman explains. "The immediate priority now is to build community activities online - through online debates between like-minded people, for example. The next step is to understand what value users place on this, then we will address how best to monetise it."
Targeting the curious
Another 'next step' is to better capitalise on the growing potential audience for news weeklies. Recent research conducted for the business identified significant scope for growth in the UK by better appealing to an estimated three million potential readers classified as "the intelligent curious".
"The Economist is not a niche product," Ossman insists. "Nor are Economist readers a particular demographic - they are no longer defined by their job title or salary but by their appetite for the ideas that define our lives. The Economist has always been a brand that moves with the times, and if we are to address this three million we must consider what media they consume now, how they consumer it, and how best we can reach them."
True to her marketing background, she sees the solution to this conundrum lying in the presentation of the brand rather than the product itself: "The Economist's view on the world remains unchanged regardless of changes in staff or editor. At launch, it was based on free trade and freedom and remains so - consistency is another of the brand's important strengths."
Another illustration of consistency is the magazine's design and presentational style. The last makeover in 2001 - when printing switched from black and white and red to full-colour and its typeface, Ecotype, was re-drawn to make it easier on the eye - was the first major redesign in almost 15 years.
And yet, it seems, consistency is a double-edged sword. "The downside with being consistent," Ossman points out, "is that some people mistakenly equate consistency with conservatism." There is a preconception amongst some potential readers that the Economist "isn't for them - that it's someone else's read," she admits.
Brand advertising
"At the moment, we have great recognition. What we must do next is get the message out there about how well we fit into our readers' lives and what the Economist means to them: the emotional connection readers have with us; their passion; the fact that we are enjoyable."
To this end, work is now underway on a brand new advertising strategy likely to replace in coming months the long-running, iconic and much-awarded white on red print advertising created by advertising agency AMV BBDO.
"It would be naive to say we could achieve what we want to by carrying on the white on red campaign for another ten years," she says. "This year will be a step change: the plan is for substantial growth. And in a year or two, I hope far more people will have a far greater understanding of what the Economist is and the interest and enjoyment it can bring."
Of course it's a tough time to be making what Ossman will only say is "a significant investment" in the brand, but it's all about commitment. "Some people have described circulation and marketing as a science and ad sales as an art, but I now don't see either as being true," she elaborates. "I've found the two have more in common than not, and my past experience as a client (buying advertising for the Economist brand) now proves invaluable when it comes to seeing our clients' perspective."
It's make or break time for all brands at the moment, and investing in its own brand when times are tough is the firmest demonstration the Economist can give its customers of its belief in the value of brand-building.
"Investment now is essential to energise and differentiate a brand as only by making it stronger can you carry a business forward," says Ossman. "Recession provides an opportunity as it forces you to be more creative. Of course you've got to acknowledge the market is difficult, but your response must be to think how to tackle it. Believe that and opportunities will come."
