The concepts of building a community and long-term value creation ensure that your company has a strong foundation. So, today, we’re diving into a bit of a philosophical question.
But it is a very important.
Our natural inclination might be to say something like “I don’t need to think about philosophy, I need to draw customers and make money”. And this is absolutely true. The long-term survival of your business depends on your success and growth. But this is why the question matters: the question lies at the very core of your journal’s values:
What do you stand for?
It is a surprisingly simple question, but the answer can be extremely complex. What your journal “stands for” (or, in other words, what values does your journal hold) directly translates into a number of different factors. For example, it will help you to assign value to things like conferences and places to invest your money. You will be able to know which experts you want to draw to your editorial board (and which to avoid). Having a strong foundation will also let authors know what they can expect from your journal.
And, importantly, your values lead to the formation of communities, which in turn lead to value creation.
What is value creation?
When we talk about the idea of creating value there might be many different values to keep in mind. Value can be in the form of money, but it also comes in many other forms. For example, your journal’s reputation is a value. Who you have drawn to your journal’s editorial board is a different value.
The idea of long-term value creation is a strategy of focusing on core principles that can lead to numerous benefits.
You can look at a company’s mission statement as a way to putting its values and principles into actionable form. Let’s take a moment at one company’s mission statement in particular:
“To bring inspiration and innovation to every athlete in the world.”
Some might recognize this as Nike’s mission statement. You will notice that the mission statement isn’t “sell shoes”. The purpose of a mission statement is to give a company a grounding principle with which it navigates complicated business decisions. Your journal, like Nike, needs to have some foundational direction.
How does this affect value creation?
Focusing on a mission statement and stakeholders allows a company to establish itself (and its reputation). Companies usually are not interested in “one and done” sales. Companies want return business. They also want their reputation to spread by word of mouth. A smart business plan remembers that looking forward and playing a long game is important to success.
Accomplishing this degree of value creation needs you to be aware of what matters to your customers (or, in the case of journals, authors). So, starting by asking about what matters to them is a good first step. Is open access important to them? Is it transparency in peer review? What about global movements such as the Sustainable Development Goals (or SDGs)?
Your company’s value in the academic community will be determined based on how it acts. JAMS, for example, has flexible pricing for non-profits and journals in the Global South—because the JAMS mission statement is to empower all publishers using powerful tools.
Consider carefully what value you want to create for yourself and your method of achieving this goal.
Benefits of long-term value creation
There are many benefits to value creation. Some of them are simple, yet critical. Enhanced brand reputation and awareness, for example, are major rewards. When your company is well known (especially for good reasons), this can influence your marketing budget. You need to spend less money promoting your business when your business is well known. Related to your reputation is loyalty. Your company’s values can be a major driver of brand loyalty if it aligns with those of your authors.
More loyal customers means repeat business. It also means that they will recommend your journal to colleagues. These authors may be willing to speak on your behalf or to serve as members of editorial boards. We can see that the benefits of these long-term value creation strategies can have far reaching impacts.
Where does community building come in?
Community building is the act of fostering relationships in the long term. It doesn’t necessarily mean that you need to establish a “communal area” for everyone to get to know each other. In fact, members of your community do not necessarily need to know each other face-to-face. But all of them should have a strong relationship with you and what you do.
This is another reason why your mission statement and the long-term value creation you’re aiming to achieve with your company matters so much. Customers (in this case your authors) will always gravitate towards products that they believe in and companies that represent their ethical/moral/social positions. Conversely, companies that become associated with negative practices or opinions can have the opposite effect occur. They might lose customers based on decisions that they make.
Building your community is the other side of the long-term value coin.
The positive impacts of community building
There are quite a few important reasons for having a strong community.
We’ve talked about the importance of building a loyal community in the context of securing a long-term client base. This means that you have a more sustainable long-term source of income for your company, but you also have advocates for your company and its vision.
Here are some of the other benefits that you will gain from having a strong community:
- Customer satisfaction and insights;
- Relationships and collaboration;
- Employee happiness and retention.
Having the right editorial tools can also help you to spend more time focusing on long-term value building.
Satisfaction and insights from your community
Long-term value created by your mission statement is important. But it can be guided by feedback from your community as well. As times change, you may need to update your mission statement to reflect changes in the market, your customers, or even the wider journal publishing industry.
Having a community also allows you to actively reach out to them and ask questions. Surveys are an excellent source of information for companies. A loyal and invested community will be far more willing to fill in a survey for you than people who don’t have an attachment to your journal.
Relationships and collaboration with your community
We touched on this earlier, but having a strong community lets you draw potential candidates to further support your journal and company. This could be in the form of speakers or advocates for your business, it can also be in the form of editors-in-chief for your journals. If your journal hosts special volumes or sections, members of your community can serve as guest editors. Many academics might not be in a position to devote time on an indefinite basis to serve as an editor-in-chief, but might be more willing to serve in a shorter-term capacity.
These collaborations will further benefit your journal’s reputation by showing that you value your community and involve them in many different roles.
Employees happiness and retention
Companies spend a lot of time thinking about their customers, but a strong community can also lead to happier employees. Happier employees mean a greater employee retention rate, which in turn means less costs associated with training. It is very challenging for employees to work in environments that have poor interpersonal relationships. And this includes situations where your journal is at odds with authors. Remember, no one likes being yelled at in emails all day.
By fostering a strong relationship, where employees and authors interact in positive and meaningful ways, you can ensure that your employees want to continue to work in such an environment. Remember to check in with your employees to see if they have ideas to improve or change elements of your community to make it better.
Long-term value creation and your community
Because of how important these ideas are, it’s important to make sure that you’re focusing on them. Building these communities and networks will help your journal to grow in sustainable ways. Don’t forget that these communities can take on different forms. You might be talking about editorial networks one day and partnerships with societies and institutions the next. It can be a lot of keep track of, so make sure you use whatever tools you have at your disposal to help you manage everything.
Using a powerful journal management system like JAMS can help you to focus on what really matters, your journal’s reputation, your community, and creating the long-term value you want.