Hi Jon,
I worked with Mun-Keat on 'I,Science' at Imperial College, with the role of Advertising Manager on the magazine. It sounds like you have been doing a lot already in terms of seeking funding and I applaud your efforts in keeping the publication going through self-funding… we did it and we know how difficult it can be (and that was before the recession!).
I speak from the position of knowing nothing about your magazine, except for a very quick look at your website. I noticed you don't have any ads on your site, so a relatively quick and easy thing to do is sign up for Google AdSense. Online advertising is a massively growing area and effects are measurable.
You said "A web-only format is a consideration, but we'd like to stay in print.", but didn't explain why. You don't have to go online completely, but you can increase your web presence and decrease print presence, which will help to bring print costs down.
There are various ways of reducing print costs. Things like, check that your total page numbers is in multiples of 16 pages. If you are printing in CMYK, you can reduce the number of colours to 1 or 2. That does not mean boring old black and white, this opens a massive palette of Pantone colours you can use, which CMYK can't emulate, such as metallics and fluorescents. Or you can have a full colour cover, with one colour pages inside. Match this with the type of paper you are using. An understanding of print and a good design eye would really help. The art college at Edinburgh is well-known, so see if you can get a graphic design student on board. Speak to your printer and also shop around. The print industry's revenue is in decline, they are likely to want to help you to get/keep your custom.
If you reduce your print presence, you can print to a smaller size or print less: booklet, leaflet, brochure, flyer, digital printing for smaller print run. You can use the print part as a teaser to drive your audience to your website. Use each medium to its own strength.
It sounds like a good time for an audience survey when the academic year starts, so sign up for a free on-line survey service. Find out how they feel about a more web based publication, what they like or don't like about the publication so far, etc.
Whatever you do, make sure (1) do not compromise on the quality of your publication (2) really understand who your readers are and never lose focus on them. These are the 2 things that will ensure longevity whether you are in print or on the web. If you have a really good publication on the web, you could find that your audience increase beyond your university, which could help with attracting advertisers. Get web analytics which will in turn help you to get advertisers.
If your big headache is with print then reduce it, you can always bring back a full publication when times get better. Be creative and embrace the change.
Viviane Li
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