economia and faculty magazines
The Institute of Chartered Accountants in England and Wales (ICAEW) is one of the world’s leading professional membership organisations. Challenged by ICAEW to reinvigorate its member communications, Progressive launched a brand-new global business media brand, economia, and relaunched all ICAEW’s existing specialist faculty publications.
ICAEW wanted to help celebrate the profession and recognise the place chartered accountants hold at the heart of key policy and business debates. It was important to appeal to all members, re-engaging members in business, many of whom felt the existing title, accountancy, no longer reflected their needs. ICAEW also wanted to strengthen its specialist faculty publications and the student magazine, Vital, to a consistent quality.
Progressive and ICAEW together decided that at the heart of this new approach should be an editorially independent, multi-platform proposition. Named after the figure on ICAEW’s crest, economia combines general business content with technical updates on key aspects of finance and accountancy. Since launch it has become an integral part of the financial media landscape.
Produced to newsstand quality, content is offered across several channels. A monthly print magazine is backed up by a news-based website, which has become a trusted source of news for the profession. A weekly email and breaking news alerts help boost engagement and a monthly app allows members to access content on all major devices. Members can decide where, when and how they engage with economia.
The faculty magazines and Vital were all given a major overhaul and the combination of ICAEW technical expertise and Progressive’s magazine craft has helped them flourish.
The new all-member magazine, economia, has transformed the way ICAEW engages with members. As the only all-member communication, it has been well received with several senior business figures citing it as the first engagement they have had with ICAEW for years. This engagement of the business members has been matched within the practice community, where regular reader research shows it is also highly valued.
Readership research showed an average read time over 53 minutes for each issue (against a market average of just 24 minutes), while approval scores for relevance, well-written content and authoritative insight range from 84% to 91%. Importantly, 82% of members consider economia to be a valuable part of their membership.
The site gets 90,000 unique users and over 100,000 page views a month with site traffic growing 39% year-on-year. Since launch, it has received over 3,000,000 page views, half of which came in 2014 when that figure topped 1,500,000. A weekly newsletter (economiasevendays) has over 40,000 subscribers and achieves 40% open rates and 25% click through rates. There are over 6,000 followers on Twitter, over 1,000 LinkedIn members and over 1,000 Facebook followers. Traffic from social was up 62% in 2014. The app has 26,000 unique subscribers.
Reader research conducted by ICAEW with faculty members shows that reader engagement is high across the portfolio, with consistently strong scores for relevance, readability and authority.