Understanding what assets your news media company owns and your brand’s attributes are key places to start as you expand your brand to position it for new revenue and growth, Alice Ting, vice present of brand development, licensing, and syndication at The New York Times, said at the recent INMA Business Strategies 2020 Conference in Chicago.
“I think it’s important to understand what assets you own, as well as the attributes of your brand, so that when you do expand into new markets or new geographic regions, it makes sense,” Ting says.
“More importantly it has to be aligned with your strategy. So if your strategy doesn’t include brand extensions, you probably shouldn’t be doing it.”
Ting also emphasised the importance of internal commitment, which helps you find partners to help with expansion plans.
“In many cases, as you expand your brand, you may not be the expert in that field. Rather than create from scratch, it’s just much more efficient and operationally better to partner with somebody who has that competency so that you can focus on what you know best, which could be the content or the marketing or delivering the audience.”