Panelists at the “From Cover to Copy” Seminar organized last week in New York City by Magazine Publisher of America agreed that it is in the best interest of publishers to target diverse audiences (Hispanics, African Americans, Asians, Gay-Lesbian-Transexual etc…).
Marcus Mabry (chief of correspondents & senior editor of Newsweek), Cynthia Leive, (Editor-in-Chief Glamour), Alvaro Saralegui (Vice-Chairman, Latina Media Ventures), Rishi Shah (Publisher & CEO Rave Magazine), Rebecca Swift (Director of Creative Planning-Getty Images) and Luke Visconti (Partner and Co-founder of Diversity Inc.) all agreed that it is imperative that print media vehicles increasingly reflect America's diverse audiences in their publications. Improving the recognition of multicultural audiences both through editorial products and advertising targeting these audiences is going to be central to the survival of many publications in the next few years.
Luke Visconti of Diversity Inc. magazine pointed out that CPM's (the cost of advertising to thousand readers) have decreased by 50% during the last 10 years. A substantial part of that decrease can be attributed to the fact that “print media does not represent diversity very well."
Rebecca Swift of Getty Images, presented the results of a recent Getty Images study. According to the study, important concepts of advertising targeting Hispanics are: family, identity, group over individual, belief in fate/nature.
The panelists also highlighted the importance of recruiting a diverse workforce.