“What does it take to bring new audiences into an established brand?” 

This was the question posed by Sophie Devonshire, CEO of The Marketing Society, to Finola McDonnell, Chief Communications and Marketing Officer at the Financial Times (FT). 

“If you are serious about business, return on inclusion is really important,” explained The Marketing Society's Devonshire.

When the FT hit one million subscribers, McDonnell did not sit on her laurels. Instead, she launched a campaign entitled ‘Capitalism: time for a reset’, which sparked a global debate and helped the FT attract new audiences. McDonnell was subsequently named business leader of the year by Campaign magazine.

Sharing the key to success with the RISE audience, McDonnell explained: “The key to making progress in anything is to make one change, do one thing at a time.”

The importance of building trust

Devonshire shared that trust is at the very top of the business agenda, pointing to the fact that younger, underserved audiences are increasingly sceptical.

McDonnell pointed to the impact of the 30 years of ‘utter disruption’ which has seen the newspaper industry shift from a one-way broadcast to consumers, interrupted by the occasional letter to the editor, to an age of constant feedback and uncertain ground.

Yet throughout that change, constants remain. Amid the shift to multiplatform businesses, with an increasingly diverse range of events and digital offerings, the importance of truth is the red thread that builds trust. “Truth has merged into trust. But it is still about earning that trust from your readers, clients and sponsors,” explains McDonnell.

New pathways to attracting new audiences

To ensure that the brand is future-fit, the FT set up a dedicated future audiences initiative. The group came up with the concept of ‘FT Explains’, a dedicated multimedia section of the FT which breaks down complex global news, finance, economics and tech events into clear, easy-to-digest visual explainers, articles and short videos.

The initiative has been successful in providing readers with a step up into the brand, without being patronising. An FT Explainer take on why Donald Trump cares about Greenland is one example of the brand successfully attracting new audiences with this approach.

McDonnell clearly has a deep respect for the product and the importance of factual journalism. She notes that the FT Explainer approach ensured that the product could meet the audience. 

The power of the pivot 

For legacy brands, the fundamental truth remains that it is not always easy to turn the tide. Particularly when it comes to attracting new audiences, when arguably the existing audience is the proven consumer.

For journalism, the transformation of distribution platforms is having a huge impact on the way content is being consumed. Yet McDonnell is clear about the importance of not diluting the original product in order to grow audiences on platforms like TikTok.

“With the digital ecosystem, you can show what works really fast and pivot really quickly,” she explains. 

This test-and-learn approach is driven by readers. “You have to listen,” she explains, adding: “Our subscribers are vocal. It is important not to be afraid of that constant feedback.”

In an era in which trusted journalism has never been more vital, Devonshire shared her belief that all marketers should read the Financial Times.

While the impact of AI sparks existential questions for the industry, there is no question that keeping informed is vital for progressive marketers. The brands that don’t create the space to build future audiences will quickly become yesterday’s news. 

Photo credit: Bronac McNeill Photography

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