Term Paper: Wall Street Journal Online

Pages: 15 (4848 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Business  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] "We do not view news and information as a commodity, but rather as a valuable product that editors and reports enhance with their judgment, perspective and analytical skills. The process of filtering and analyzing information is an asset to busy people who are being deluged with information, much of it misleading or irrelevant" (Palsho 1997). She stated that most readers do not have the time to search and gather news on their own and they trust the staff to do this for them. There have been several other newspapers that tried putting their paper on the Internet with paid subscribers and have failed. Palsho says that the Interactive Journal will be different from other newspapers because one of their most important assets is credibility.

The relationship between credibility and trust is a vital asset regardless of what new forms of media develop. Assessing the variety of news and information sources available online, she said that no matter how fancy the delivery method, or how attractive the pricing (even free), serious customers won't tolerate content that isn't completely reliable and credible" (Palsho 1997).

Palcho states that there are over 60 million documents and access to around 400 separate databases. Many publishers are skeptical concerning the Wall Street Journal Online. The Interactive Journal is placing it within a larger matrix of specialized information, services, and partnerships within a wide variety of distribution channels.

When the Online version started it had over 30,000 paying subscribers within the first 30 days. Budde's team believed that regular users would pay the premium for the quality service they would receive. The design of the online wsj.com offered valuable service and features that people would be willing to pay the subscription rate. The beginning rate was $49 annual or $29 for paid subscribers of the Wall Street Journal. Gradually the number of paying subscribers has increased. The Wall Street Interactive Journal was the only online news service that required payment. "A 'quick search' option reaches more than 1,000 sources (newspapers, magazines, trade journals, transcripts, and newswires) in the database....The full search of 5,500 publications offers more search options" (Paul 1999).

The Journal was prepared daily by a staff of 150 full-time professionals, sixty of them editors and reporters, the online version gave subscribers far more than a recycled version of the Wall Street Journal. It provided information about politics, economics, technology news, marketing, travel and sports. It integrated various geographically targeted Wall Street Journal publications with online readers with a comprehensive global resource for business news.

Technology News

Technology news is important to the Online Journal more than the Wall Street Journal in print. Dow Jones expanded its online offering in technology and personal finance. It developed a special page called the "Tech Center." Budde's team knew that technology and advertising had to be important for the online journal.

Advertising

Advertising on wsj.com was going to be a premium ad arena for two reasons. The readership of wsj.com represented a global community throughout the world. The readers are remarkably influential businessmen who would influence other readers. These businessmen demanded the best in news, analysis, and commentary. The Online journal could be an advertising medium that demanded a price premium. "Initially, the Interactive Journal had to emulate its buyers -- not just the subscribers, but the advertisers" (Steinbock 2000).

The Interactive Journal (wsj.com) was unique, but that would not be the selling point. It had to give more than quality or uniqueness. The team working on the Interactive Journal must give attractiveness of the product with the vast knowledge of market news and the team had to communicate this to subscribers for the wsj.com to be successful. In August 1998 the journal launched an affiliate program that earned money for bringing subscribers to the journal. The rates of the journal increased from $49 to $59 per year. Other papers such as the New York Times did not have paid subscribers on their online papers.

The Interactive Journal had many financial sites with charts, graphs, and other database information. During this time the digital economy was being "mobilized." The Interactive Journal followed in the footsteps. Now the Journal would have to offer "unwired" services. News came from a variety of mobile technologies and devices. Mobile users could now use this around the clock.

Making the Wall Street Online with Customization and Personalization

Budde saw many challenges in the future of the Online Journal. He says, "We must make it ever easier for those, who are already subscribers, to locate the information they need and want from the vast collection of information we have. We need to get new people to sample WSJ.com and understand its value" (Steinbock 2000). The need was to personalize the Online Journal for the customers. The Interactive Journal needed to raise switching costs that would then raise entry costs to deter rivals.

The largest paid circulation in the fourteen-year history of the Interactive Journal was in 2000 with 438,000 subscribers. This was a gain of over 55% over the first quarter of 1999. There were several reasons for these gains ranging from traditional marketing and direct marketing to the emulating success of AOL in shipping millions of diskettes to people to get them to take AOL. Budde says that campaign of AOL taught him how important it is to put something in the customers' hands.

WSJ.com was now a market leader in Web publishing and commerce. The Online Journal had 461,000 paid subscribers. "With a paid circulation of more than 461,000, WSJ.com maintained its position as the largest paid circulation on the World Wide Web. A worldwide leader in electronic publishing, Dow Jones & Co. had developed the world's first electronic news ticker 1897. Starting in 1993 it had developed the most successful subscription model on the Web" (Steinbock 2000). Dow Jones knew when to listen to their customers and made the changes needed to keep the company going. Definitely the online journal helped the printed version of Wall Street Journal. Budde's team met the challenge of the international global activity by producing the Asian Wall Street Journal. "Just as the Second Industrial Revolution gave rise to Dow Jones & Company and its flagship brand, the Wall Street Journal, the Third Industrial Revolution led to the creation of the Interactive Journal, through technology and marketing integration" (Steinbock 2000). Dow Jones met the challenges and succeeded with the Wall Street Journal Online.

Changes to the Wall Street Journal Online from 2001 to 2002

On October 8, 2001, Dow Jones & Company announced it would raise the cost of advertising, but it would be a better quality of advertising with new opportunities for color ads. The Wall Street Journal will offer new color creative options, color pages, color center spreads, color half pages and 4-page and 8-page color center pullouts.

Paid subscribers for the Wall Street Journal on March 31, 2001 were 1,943,601 (Goldstein 2001). Paid subscribers for the Asian Wall Street Journal were 84,249.

On December 13, 2001, the Wall Street Journal Online announced that it would be using net Score - TM- for Internet Audience Measurement. This will measure the purchasing power of its consumer franchise. This will help in making decisions concerning audience evaluation, promotion planning, and advertising sales generation. "The net Score service is based on data obtained from the continuous, unobtrusive and confidential capture of activity across a global cross section of over 1.5 million opt-in Internet users as they browse and buy on the World Wide Web" (Goldstein 2001). This will measure the online purchasing power of consumer audiences.

On January 29, 2002, the Wall Street Journal Online at WSJ.com announced that it has new designs, new features, and new content. It had been working on a $28 million project to be anchored as a part of the technology infrastructure that would enable it to add new features and functionality as it improves its news to the paid subscribers of the Interactive Journal. "With nearly one million pages available at WSJ.com, the new Wall Street Journal Online offers readers new editorial features, better navigation, and improved personalization" (Goldstein 2002). This includes exclusive online columns from the Wall Street Journal's most esteemed writers such as Tom Herman, Scott McCartney, Steve McKee, Sue Shellenbarger, and others. The WSJ.com allows its subscribers to personalize by using tools to track their portfolios, view headlines, and updates to information that they need quickly. The WSJ.com has news and information for over 27 industries ranging from accounting to telecommunications. The Journal has shorter headlines, wilder pages, and a better layout that allows for faster reading. It has intuitive navigation that allows users to click a link to various articles, stock price information, online discussions, relevant Web sites and many other interactive tools. It has search tools that allow users to quickly find the information needed.

The re-designed Journal offers a better advertising environment to reach its 626,000 subscribers. "Enhancing advertising and branding opportunities for marketers, the site's improvements offer cleaner advertising formats on less cluttered pages,… [END OF PREVIEW]

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APA Format

Wall Street Journal Online.  (2002, September 28).  Retrieved July 22, 2019, from https://www.essaytown.com/subjects/paper/wall-street-journal-online/5282507

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"Wall Street Journal Online."  28 September 2002.  Web.  22 July 2019. <https://www.essaytown.com/subjects/paper/wall-street-journal-online/5282507>.

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"Wall Street Journal Online."  Essaytown.com.  September 28, 2002.  Accessed July 22, 2019.
https://www.essaytown.com/subjects/paper/wall-street-journal-online/5282507.