This blog post is inspired by my recent visit to the Seven West Media group in Perth, Australia. I had the privilege of staying a week in five-star accommodations at the Crown Metropol, which is adjacent to the magnificently appointed Crown Casino.
Although I’m not a gambler myself, strolling around the gaming tables brought to mind what publishers operating amidst today’s challenging media milieu need to do to future-proof themselves.
To always remain on the cutting edge of things, I am constantly reminding myself that “organic is lethargic.” These days, attempting to grow the business on our own is so passé and hugely Jurassic; collaborating with qualified and valued partners is now the new chic!
For those who have not yet delved into the art of roulette, let this rant serve as an alarm bell of sorts to encourage you – more specifically, the organisation you work for – to take a step forward and put down a few bets!
Don’t get me wrong – I am not recommending in any way that we should gamble away our ...... [more]
06 May 2015 · by Scott Stines
Musician and entrepreneur Jay Z dominated the news recently with the product release of Tidal, a music streaming service that would pay artists directly with higher royalty fees. While the announcement generated a lot of publicity, it also generated immediate pushback from bloggers and others online in the days that followed.
While the new streaming service now has nearly three quarters of a million customers, Tidal management admits they “stumbled” out of the gates due to a number of missteps.
News media companies can learn valuable lessons from the Tidal music streaming story, the first of which is the importance of telling your story before others start telling your story for you.
Tidal may very well be a better music streaming service, but the nature and tone of the product release failed to communicate relevant benefits to potential users of the service and opened the door for others to position the new music streaming service in an unfavourable light.
The failure of Tidal to immediately address questions and criticism only served to make matters worse.
The first tenet of marketing is ...... [more]
13 April 2015 · by Geoff Tan
I’ve spoken at more than a few media and publishing conferences around the world (in Vietnam, Hong Kong, Philippines, Middle East, Denmark, Canada, Australia, and Ukraine). One of the topics constantly discussed and debated at these encounters is how publishers and media owners should be re-purposing their content to connect with consumers at large.
Across most legacy businesses where print content is still thought of as king, the most common practice across the industry is for editorial head honchos (who see exceptional value in their stories) to rush head-long into fashioning these into topical Web sites and branded apps.
I term this the “inside-out” approach, which stems from the fundamental belief that our content is so well researched and written that consumers are just waiting to lap it up no matter what shape or form it comes packaged in.
When editorial content is re-purposed from the inside out, there is usually very little consideration as to how well readers will take to it; the assumption is that it will always be received well. Formal testing and research is rarely done to assess ...... [more]
09 April 2015 · by Scott Stines
There’s no arguing that the way consumers and businesses buy today has changed dramatically over the past decade with the evolution of the Internet, the proliferation of information, and increasing financial pressure on business.
Classified advertising has migrated to the Internet with self-service advertisement placement and search capabilities.
A considerable amount of display advertising has also migrated online as well. A recent survey of media executives suggested that future growth in programmatic advertising could lead to the extinction of advertising sales staff.
Some argue that these changes have led to the devaluation of the sales function and its role in ensuring the news media organisation’s ongoing financial success.
Do news media organisations need “sales” staff?
To some, “sales” is a dirty word and a less than admirable profession. “Sales” connotes pushy, aggressive, and unethical behaviour focused on ...... [more]
07 April 2015 · by Bob Provost
Two years ago, I posted a blog post called Time for newspapers to start “talking the talk” of their own digital success. The blog post references the well-kept secret of the digital strength and success of many modern multi-media news(paper) media organisations.
It briefly suggests that one way to get the word out effectively is to present professional programming to current and prospective clients in the business community.
I’d like to revisit the topic today, specifically addressing the power of being the convener if not the presenting expert, thought leader, and/or innovator at the front of the room.
Although we are slowly changing perceptions, the dominant reality today is that most newspaper media companies are perceived as ...... [more]
25 March 2015 · by Phil Schroder
“Failure is not an option.” This line became famous after the movie Apollo 13 was released and is one of those ubiquitous lines that many, many in business have used for years.
However, is that still true? Isn’t some failure really a measure of success?
In today’s world, projects fail every day. Google has shut down multiple projects in just the last year, but I don’t think they considered this a failure. In many ways, this has shown them what works, what doesn’t, and how to improve on the next project.
Even Apple, as perfect as it may seem, has had multiple failures in its past. The Apple Newton, the Pippin, and “Hockey Puck” Mouse are products that many of us have never heard of, but Apple actually released these to the general public.
What it has taught a company like Apple is to develop fewer products, but ...... [more]
15 March 2015 · by Lon Haenel
People love video. With its moving colour and sound, brands today tell their stories on a seemingly unlimited canvass.
For as long as nearly the oldest among us remember, video has been a part of our lives. It has entertained, educated, provoked emotion, announced wars, showcased sporting champions, announced current events, and provided a forum for every imaginable topic.
It’s no wonder that video is surging now online.
Machines love video, too. Google is one such a machine. It loves video so much it operates YouTube, the world’s biggest video search engine. If you’re running a digital agency — or if you’re just in the media space helping small- and mid-sized businesses with digital — sit up and pay attention to the benefits of online video.
In 2014, digital video advertising spending grew 56%. By 2018, the U.S. online video ad market is expected to reach US$12.8 billion. Currently YouTube owns about 20% of the marketplace.
But why should our local SMBs care about video? Because people love video and ...... [more]
09 March 2015 · by Geoff Tan
The best tactics in the world, the most creative of ideas, and spirited exuberance among colleagues – these are the ideal ingredients to guarantee your company a bright future and continued success, right?
Sorry to disappoint you, but all these positive attributes and more will all come to naught if it lacks the right – yes, you know it, so just say it – culture.
Strategy for breakfast
Now, let’s take it one meal at a time.
Wasn’t it Peter Drucker who said that “culture eats strategy for breakfast?” Although most of us can attest to the importance of both strategy and culture, anecdotally most organisations seem to pay more attention to the former rather than the latter.
I like the way assistant marketing manager Elise Mackay put it when she wrote on her blog that “culture is going to be the driver of your business, and strategy is the road map. So if we don’t have the engine, we’re not going to ...... [more]
04 March 2015 · by Bob Provost
This is the third in a series where I have advocated for an expanded vision of the marketing mix that embraces several additional and obvious, yet undervalued, strategic factors necessary for success today.
Many media companies today have addressed the traditional four Ps (price, product, promotion, and placement) of the marketing mix. They have developed a robust array of digital and traditional solutions for both advertisers and content consumers (products).
For the most part, they have priced them competitively. And they have communicated their availability comprehensively (promotion and placement). Yet success eludes them.
In today’s media environment, there are too many competitors offering comparable solutions. Successful differentiation and positioning relies on an expanded definition of the marketing mix.
My December blog post urged marketers to recognise that success today and in the future is rooted more than ever on the human resources, talent, and workplace culture (the fifth “P” – people) of your organisation.
Too often, marketing strategists overlook ...... [more]
26 February 2015 · by Phil Schroder
Audience is one of the top key metrics at media companies in the world now. While it used to refer to just the print newspaper, it now encompasses paid print, free opt-in products, Web sites, mobile apps, and social media sites.
In fact, the Alliance for Audited Media (AAM) is now encouraging media companies to report on all of these metrics with its consolidated media reports, which really tell a picture of the brand and the audience that we reach on a multitude of platforms.
Over the last several weeks, I began noticing a hashtag on my Twitter feed called #AdviceForYoungJournalists. Some of the tweets were humorous in nature, while others offered some serious advice.
However, one thing that I found missing was what focus journalists should have to reach their future audience. That’s when I decided ...... [more]