If you are too busy or not a big fan of watching recordings, here is an edited transcript that you can browse through at your convenience:
Francesca (00:00) Hi Bence, welcome to Redefining Engagement! Could you tell us a bit about yourself and your work?
Bence (00:06) I’m in media, having started my own magazine in 2016 and since then working in business development for various Hungarian publishers. My focus is on the publishing side, not editorial.
Francesca (00:42) What does audience engagement mean to you?
Bence (00:54) Initially, it was all about reach – page views, unique visitors. But we realized that a large audience isn’t as valuable as an engaged audience. Engagement means bringing people back to your platform repeatedly.
Francesca (02:13) How has your definition evolved?
Bence (02:31) As we diversified revenue streams (beyond ads), we understood that engaged users are more valuable for selling services – both B2B and B2C.
Francesca (03:19) What are the aims of your audience engagement strategy?
Bence (03:32) Our ad revenue wasn’t strong, so we focused on content monetization and other services. Engaging users makes acquiring traffic much cheaper than using platforms like Google or Facebook. Many publications are moving towards integrated service models.
Francesca (05:31) So, retaining existing users is cheaper than acquiring new ones?
Bence (05:42) Exactly. The future of media is as a service provider, not just a content provider. Engagement strengthens those other services.
Francesca (06:31) How do you measure engagement?
Bence (06:37) Key metrics include time spent on site and pages visited per user. Comments are also a powerful measure, though they require more moderation effort. The ideal approach involves a cost-benefit analysis of different metrics.
Francesca (09:07) What are the biggest hurdles to better engagement?
Bence (09:20) Tradition and mindset are key. The industry used to be a one-way broadcast; now, with social media, a more interactive approach is possible. The challenge is training teams to use the available tools effectively.
Francesca (11:37) What strategies have worked best?
Bence (12:07) Authenticity and credibility are crucial, especially with younger audiences. Hire people who represent your target audience. Ask your audience what they need and develop services accordingly. Many media companies have a narrow focus; they should be more open to diverse needs.
Francesca (14:43) Are you suggesting many brands don’t know their audience well enough?
Bence (14:43) My experience suggests many don’t actively ask their audience what they need, focusing instead on monitoring trending topics. A conversational, multi-directional relationship is needed.
Francesca (17:03) How should engagement take shape?
Bence (17:14) Start with affordable technology. Then, optimize the balance between technology, user needs, and editorial capabilities. This approach allows designing new products and verticals effectively.
Francesca (18:34) Can you share an example of a successful engagement initiative?
Bence (18:47) Non-traditional verticals (e.g., cooking) are great examples. At my outlet, we held events (both online and offline) that connected readers with journalists and content creators. This targeted highly engaged users (15-20% of the audience), not the whole audience.
Francesca (21:59) How did you arrive at the decision to target only highly engaged users with events?
Bence (22:08) It’s about a tiered approach – offering progressively more engaging content as users move down the funnel. It’s not about targeting everyone, but providing a higher value proposition for the most engaged users.
Francesca (24:16) Are events the main way your audience interacts directly with editorial teams?
Bence (24:28) Events are one way. We also publish books written by our editors/journalists, fostering a personal connection between authors and readers. This is especially effective in smaller markets. Other methods include WhatsApp groups and masterclasses.
Francesca (26:18) Were there any surprising engagement outcomes?
Bence (26:32) The strong connection between readers and authors surprised me. It highlighted the importance of personality and personal connection in driving engagement, beyond the content itself.
Francesca (29:33) Where do you see audience engagement going in the next three years?
Bence (29:51) We’ll see more discovery of new verticals, along with more sophisticated technical tools (like improved commenting). There will also be an increased focus on vertical expansion, offering diverse services beyond core content.
Francesca (32:33) What skills will media professionals need?
Bence (32:51) A flexible mindset that balances technology, editorial aspects, and user needs is key. Media companies should be mediators, not just tech companies or publishers, finding the right equilibrium between these elements.
Francesca (35:06) What’s the impact on the bottom line?
Bence (35:32) It’s difficult to directly connect engagement metrics to financial results due to external factors and the “noise” in digital data. While we see positive results, a direct correlation remains challenging.
Francesca (37:01) It’s hard to sell engagement upwards if the ROI is unclear…
Bence (37:10) Precisely. It’s hard to quantify the cost of engaging a user or the return on quality content. The focus shouldn’t solely be on profit; quality and cultural value are also essential.
Francesca (41:04) What’s an engagement hack for those just starting out?
Bence (41:18) Ask your audience what they need! Do it publicly – on your website, social media, etc. This is incredibly simple, but often overlooked.
Francesca (42:44) Thank you so much, Bence!