{"id":530525155,"date":"2019-11-05T14:37:33","date_gmt":"2019-11-05T19:37:33","guid":{"rendered":"https:\/\/contently.com\/?p=530525155"},"modified":"2019-11-14T12:58:34","modified_gmt":"2019-11-14T17:58:34","slug":"money-magazine-email-newsletter","status":"publish","type":"post","link":"https:\/\/contently.com\/2019\/11\/05\/money-magazine-email-newsletter\/","title":{"rendered":"How an Email Newsletter Helped Money Magazine Reinvent Itself"},"content":{"rendered":"<p>In the 1970s, Money Magazine appeared on the coffee tables and nightstands of America&#8217;s wealthiest high rollers, investors, and executives. For decades, Money editors assigned stories aimed at the &#8220;haves&#8221; instead of the &#8220;have-nots.&#8221; But when the digital revolution started to change the magazine business, Money found itself in a bit of a bind. It had to go digital, of course, but it also needed to attract a new readership. And many of the younger readers Money needed to entice entered the workforce during the 2008 recession. They weren&#8217;t exactly the type to read Money&#8217;s front page while wearing ascots and drinking scotch.<\/p>\n<p>&#8220;We&#8217;re speaking to a more diverse audience now,&#8221; said Mike Ayers, executive director at Money, &#8220;but we still want readers to feel that they&#8217;re getting sound financial advice. That&#8217;s been at the core of our brand for over forty years. The difference is that it&#8217;s now approachable. I don&#8217;t think friendly is the right word, but I&#8217;ll say conversational. It&#8217;s like being in conversation with a <a href=\"https:\/\/contently.com\/2019\/10\/30\/innovation-leaders-financial-companies\/\">trusted authority<\/a>.&#8221;<\/p>\n<p>Part of that conversation includes <a href=\"https:\/\/contently.com\/2019\/10\/24\/best-email-newsletters-financial-services\/\">email newsletters<\/a>. Money Magazine expanded its email program under Ayers&#8217; leadership, now offering three newsletters: a daily content update, biweekly retirement advice, and a weekly personal finance project called <a href=\"http:\/\/money.com\/money\/5648816\/dollar-scholar-money-newsletter\/\">Dollar Scholar<\/a>.<\/p>\n<p>This last newsletter is the brain child of Ayers and reporter Julia Glum, and it lives exclusively in the inboxes of subscribers. Each issue begins with a few paragraphs of Glum explaining her newest financial lesson\u2014one she&#8217;s teaching herself at the same time. The emails end with <a href=\"http:\/\/money.com\/money\/5661402\/the-most-expensive-pokemon-card\/\">a goofy celebrity purchase from the news<\/a>. There&#8217;s also a line asking readers to tell Glum what they think.<\/p>\n<p>&#8220;I really do get responses from people all the time,&#8221; Glum said. &#8220;They&#8217;ll request that I explore certain topics, or they&#8217;ll gently give me context I was missing.&#8221; Glum&#8217;s Dollar Scholar is an educational tool, but Glum herself is a student alongside her readers. &#8220;We&#8217;re owned by Meredith, of course, and Meredith does so well focusing on younger women. When I started Dollar Scholar, I thought, well, I&#8217;m a woman and I know what I like to read and don&#8217;t like to read. I just write honestly from that place in Dollar Scholar.&#8221;<\/p>\n<p><a href=\"https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-530525158\" src=\"https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter.png\" alt=\"\" width=\"800\" height=\"417\" srcset=\"https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter.png 800w, https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter-768x400.png 768w, https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter-460x240.png 460w, https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter-200x104.png 200w, https:\/\/contently.com\/wp-content\/uploads\/2019\/11\/dollar-scholar-newsletter-600x313.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<p>It turns out Glum isn&#8217;t alone. The newsletter isn&#8217;t just cut and dry money advice\u2014she has covered Spencer Pratt from The Hills, WeRateDogs on Twitter, and Amazon. As long as it touches on financial a topic young people should learn more about, Glum will consider any topic.<\/p>\n<p>Ayers is pleased with the newsletter&#8217;s open and engagement rates. Unlike the other two Money newsletters, he doesn&#8217;t require a click through for Dollar Scholar. &#8220;Dollar Scholar is its own product,&#8221; he said. &#8220;As far as success metrics, we&#8217;re just looking at subscriber numbers and response rate. In the future, we&#8217;ll try out a forwarding campaign and have [Julia] ask her readers to send an issue along to folks who might need it.&#8221;<\/p>\n<p>The question of <em>needing <\/em>Money&#8217;s content is what seems to keep the magazine&#8217;s digital strategy alive. Unlike other mainstream publications, Money is an educational tool. Though reporters may cover entertainment or pop culture from a financial lens, most of what they&#8217;re writing about applies directly to the audience.<\/p>\n<p>Money Magazine has become a little more empathetic in recent years, covering <a href=\"http:\/\/money.com\/money\/5660619\/target-best-black-friday-deals\/\">Black Friday deals<\/a> with as much gusto as it covers <a href=\"http:\/\/money.com\/money\/5649951\/millennial-financial-advisor\/\">Wall Street<\/a>. This shift was intentional.<\/p>\n<p>&#8220;I want us to cover both the aspirational and anxiety-inducing parts of money,&#8221; Ayers said. &#8220;Aspirational content is great when it&#8217;s done well, but anxiety-focused stuff is more relatable. We tap into both mindsets, and a lot of what we&#8217;re doing is calming the anxious readers and validating the aspirational ones. And we&#8217;re going to stay relevant that way. There&#8217;s a recession coming, right? What should you do, stay the course, change up your saving strategy? We&#8217;ve got calm, level-headed advice on all of that.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Money Magazine wasn&#8217;t always the go-to financial advisor for a younger audience. But Dollar Scholar has helped the publication change course.<\/p>\n","protected":false},"author":349,"featured_media":530525159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9910],"tags":[9874,9797,9375],"class_list":["post-530525155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-storytelling","tag-digital-transformation","tag-email-newsletters","tag-financial-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How an Email Newsletter Helped Money Magazine Reinvent Itself<\/title>\n<meta name=\"description\" content=\"Money Magazine wasn&#039;t always the go-to financial advisor for a younger audience. 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