Big Idea - Randall Lane
President, Doubledown Media
Doubledown Media, a New York-based media company that focuses on the financial community with an array of events, Web sites and magazines, has set its sights on rounding out its product portfolio by the end of 2007 with the release of a new magazine called Corporate Leader. Targeting the C-suite with Doubledown's characteristic mix of ultra high-end business and lifestyle content, the magazine fills the last spot in the company's current product line-up. "It completes the set in terms of access to the crĂ©me de la crĂ©me of the financial community," says Randall Lane, president of Doubledown Media.
The company has been ramping up quickly. Started in 2004 with an estimated $5 million, Doubledown has since grown from one magazine ( 150,000-circ. Trader Monthly) to two (100,000-circ. Dealmaker) to four (with the acquisition of Private Air and the pending launch of Corporate Leader). "We're basically doubling down in print," says Lane.
But filling in the print gap is not the last stop for Lane. The company has been simultaneously building out its online and event properties to supplement its print reach, grasping for the Holy Grail of the integrated sell. With the high net worth of the financial community and C-suite corralled into its controlled-circulation titles, the company also wants to involve them on other platforms. "Now that we have all these channels, we're able to offer very comprehensive solutions," says Lane.
In a sense, this is the company's true Big Idea,launching Corporate Leader, finally defines the company's goal, which is to be in a position to close the loop on its market and begin offering a full set of products to its customers. "It's something where all of a sudden when we have multiple channels, we can do things that are much bigger and more comprehensive and touch our community on a level that is pretty far along," says Lane.
The biggest benefit in Lane's opinion is Doubledown's ability to offer clients a "bespoke" approach to reaching his highly-sought community of readers. "By expanding, it gives us more levels of opportunities to deliver. Two years ago, when we had one title and one Web site, that was more of a template. ï¾‘Here's what we've got. Hopefully it fits for you,'" says Lane. "Now we have enough tools that we can actually listen and come up with something customized"
A lockdown on a community of high net worth individuals.
The growth is a capital-intensive endeavor.
Achieve the scale to offer a custom set of solutions for clients.
Without a complete product mix, the company won't have the scale to sell the big-ticket ideas.