min magazine\'s Hottest Launch of 2007: Portfolio

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min magazine's Hottest Launch of 2007: Portfolio
Jeremy Greenfield & Courtney Barnes

Publisher: Condé Nast
Frequency: Monthly
Concept: A business publication that chronicles how business shapes the world, and who wields the power
Target Audience: Anyone interested in business, with a rate base of 350,000

Since 1776, when the nascent United States of America faced off against the big bad Brits, we have been a nation that loves the underdog. In that vein, every magazine publisher would love to be a Davy Crockett at the Alamo—either succeeding or failing against impossible odds, but always giving it one heck of a try. Enter David Carey, who went from the underdog in leading The New Yorker to profitability during his 1998-2005 tenure to being a magazine "Daddy Warbucks" in having an estimated $100 million of S.I. Newhouse, Jr.'s money to spend to make a go out of Condé Nast Portfolio. The magazine would be the publishing company's entree into the business/personal finance sector.

It was a potential perfect storm for Carey, and for Editor-in-Chief Joanne Lipman, with the press ready to pounce on any faux pas. And when that long-awaited first issue appeared in April with the 1930s rendition of the New York City skyline on the cover, the knives came out against the absence of a "killer story" that got the proverbial "buzz." But Carey has told min that CNP "is a marathon, not a sprint." Proof that the formula is working came with the November and December 2007 issues, each exceeding 100 ad pages after Carey had budgeted them for much less.

In 2008, the challenge for Carey will be to continue the ad momentum as the competitive knives from BusinessWeek, Forbes, Fortune, Money, Fast Company, and his SmartMoney alma mater (that he launched in 1992) are clearly thrust. The challenge for Lipman is to make headlines that go beyond Page 6. While it took time for Tina Brown and Graydon Carter to make VF "hot" (ditto David Remnick with TNY), the fast-paced 21st-century world is not as patient.

Especially when you are facing Great Expectations.

Publisher of the Year

Questions with Portfolio Publisher David Carey

① What is the single most important achievement of CNP?
Condé Nast Portfolio has energized a sector of the publishing business that many had thought was moribund. By introducing a print magazine that made sense in the context of how people consume information these days, we’ve been able to deliver a new experience for readers. Building both the magazine and Web site simultaneously, we were able to demonstrate that “new media” can be print as well as digital.

② What was the biggest pleasant surprise?
While the launch was intensely covered by the media, we were pleasantly surprised how quickly this new media brand was included in the small collection of mainstream business media. Just a few months into its existence, Condé Nast Portfolio quickly joined a short list of publications founded long ago. Add cultural reference points like a quote from the magazine on "Meet the Press," and we felt we weren’t just the new kid on the block, but part of club.

③ What was the most important hurdle you were able to overcome?
Given how fast business news moves, some people at first couldn’t understand how a monthly magazine would work. But by collecting a diverse portfolio of stories every month, we’ve been able to demonstrate that deeply reported narrative journalism with big picture perspective has the ability to put today’s and tomorrow’s headlines into context.

④ What is the biggest challenge you are facing today?
While we did little to generate it, we benefited from a tremendous amount of media attention as one of the most high profile new launches in years. And that has helped us build great momentum with both advertisers and readers. Maintaining that excitement as the magazine matures and establishing the unique benefits of the product in the marketplace will be our biggest challenge in the coming year.

⑤ Describe your magazine as a human being.
The embodiment of Condé Nast Portfolio would be a forward-thinking entrepreneur. The type of executive who might build a great brand from the ground up, take it public, and then start all over in an entirely different industry. A man or woman who enjoys the intellectual challenge of business and who also savors the game of it.

⑥ What advice do you offer to someone wanting to start a magazine?
Do your homework and stay close to bothyour readers and your advertisers. When we set out to develop Condé Nast Portfolio, we had a clear idea of the opportunity. But we inv ited both potential advertising partners and readers into the process. Intensive focus groups and research both pre-publication and between our first two issues yielded vital feedback that proved integral in shaping the product you see today.

⑦ Finish this sentence: In 2011, your magazine will be …
Continuing to explore the business stories of the day. By then, the technology may have evolved a bit since our launch and some yet to be formulated brands may be shaping the economic conversation, but CNP will be delving deeply into the people and phenomena driving business.

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