The Wall Street Journal has just announced it is starting a new service called “Wall Street Journal Professional” which will link its already existing B2B news databases to new online services.
By offering specific in-depth services to a distinct customer group WSJ attempts to broaden their product line. This new service will be priced between the current WSJ and more expensive services such as Bloomberg.
The immediate reaction by some subscribers was that they were not interested in continuing to receive the “Amateur” edition of the WSJ, many threatening to drop their subscriptions. They were insulted, for the most part, and angry at any price increase that would accompany this change.
The venerated WSJ has changed dramatically over the past several years, partly due to the change in ownership to Rupert Murdoch (News Corp) but also in response to the ongoing struggle of the newspaper industry to continue to attract subscribers. Some of the changes have been to add a Personal Journal section, more features, travel, food, areas that give the newspaper a broader appeal.
Does WSJ really know what their paper’s appeal is? How many subscribers actually delve into the technical financial analysis, and how many tuck it under their arms or leave it on their desk as a career accessory? Will creating a “professional edition” by definition make the existing paper a publication for lay people? Are they eliminating more readers with this strategy than they gain?
Just one of the dangers of segmentation of customer base – you have to be careful not just how you define, but how you label.
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