Reimagining Live Events to Expand Audience & Diversify Revenue
Fortune is a global media organization that drives the conversation about business, helping its readers, viewers, and attendees succeed through unrivaled access to best-in-class storytelling. Alongside the famed Fortune 500, Fortune magazine, and more, our client also hosted Fortune conferences. These intimate events were designed to inspire CEOs and executives from the world’s most powerful companies.
But with the COVID pandemic fundamentally changing business, live events, and networking, Fortune needed to diversify their revenue streams and innovate to retain and grow their audiences. Fortune partnered with 3Pillar Global to develop a digital product—and get it into the market as soon as possible.
Challenge
Innovating to Diversify Revenue Streams and Grow Audiences
In early 2020, the CEOs who had attended Fortune’s in-person events explained that while they valued the insights and networking, people a few levels down would benefit from them even more. Fortune CEO Alan Murray says the challenge was scaling these intimate executive conferences to a much larger audience: “How do you do what we do for 400 people at a five-star hotel for 10,000 people who are distributed all around the world at a lower price point?”
Solution
Building a Membership Community for Titans of the Future
The answer was Fortune Connect, a unique membership community connecting high-potential executives with like-minded people to make businesses better. 3Pillar came on board to build the product, with a focus on minimizing time to value.
That meant understanding the customer’s deepest pain points and unmet needs and then using that insight to pinpoint the most valuable solution for both customers and the business as quickly as possible. The Fortune Connect MVP included only the features that would solve for their new members’ highest-order needs, leaving many other desirable features on the cutting room floor.
Outcome
Moving from Product Strategy to Launch in Just 6 Months
Fortune captured about $1 million in new revenue from Fortune Connect in the year it launched, enabling them to offset some of the revenue lost due to the pandemic.
“This launch is probably the most successful launch I’ve ever been involved with. And certainly 3Pillar Global deserves a good part of the credit for that.”
Fortune Connect is just one example of the innovative digital products that Fortune Media has launched in its ongoing efforts to diversify revenue streams and build new audiences. Learn more about 3Pillar’s strategic partnership with Fortune Media throughout the company’s continuous evolution—from a magazine with a website to a leading omnichannel content delivery company.
– Alan Murray, CEO, Fortune Media
Get in Touch
Digital transformation is never done. See how our high-performing teams can partner with you to develop new products and continuously innovate to deliver great customer experiences.
