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Media Entrepreneur

What would Google do with your media company?

27 October 2014 · by Pit Gottschalk

When Executive Chairman Eric Schmidt joined Google in his 40s, he was sure to know anything needed to run a successful company. Leadership skills, business plans, and an innovative approach: He looked well prepared in 2001.

After a short period of time at Google HQ, he became aware of the Socratic paradox: “I know that I know nothing.“

Today, he says, “we quickly learned that almost everything we thought we knew about managing businesses was dead wrong.” He saw several companies handling the digital challenge and describes his observation this way:

  • “Their design is a vestige of an era when failure was expensive and deliberation was a virtue.”

  • “Information and data [are] hoarded, not shared. Decision-making power lies in the hands of the few.”

  • “Most companies are slow by design.”

These days, he puts his learning in a breath-taking presentation that has spread around the world and delivers more than just a few insights on how to align a company. It’s a blueprint for ...

...[more]




From Fifth Avenue to Tahrir Square: How a single reporter shakes the media industry

02 October 2014 · by Pit Gottschalk

It isn’t possible not to like Richard Gutjahr.

He’s always smiling, joking, and charming. His kind of storytelling is based on a great experience as a television journalist and inspires anyone listening to him.

He’s about 40 years old, but he successfully plays with his childish attitude and says sentences ready to be broadcast. He promotes his own lifestyle of journalism.

When my editors met Richard Gutjahr in Berlin for the very first time, they were sure he was an alien.

Although employed as a journalist at a traditional public television station in Munich, he told them strange things like:

  • Build your personal brand with a blog on the Internet.

  • Share with other people publicly what you’re thinking about.

  • Create your own videos.

  • Get paid by vendors with stuff you can honestly recommend.

My editors asked: Is he still a journalist?

Yes, he is. He is probably the most modern one. That’s the reason he left the comfort zone of his television station.

I’m thrilled by his story: From Fifth Avenue to Tarhir Square, a single entrepreneurial journalist can shake the industry – and even ...

...[more]




How to get 80,000 digital subscribers by publishing one story a day

08 September 2014 · by Pit Gottschalk

Fany Péchiodat is probably younger than 30 years old and lives in Paris. She wore a beautiful red dress when I saw her on stage for the very first time, and she presented her online idea as lovely as a kid would do with his Christmas present on Boxing Day.

To be honest, before her presentation in Berlin, I’d never heard anything about her online idea called My Little Paris. I expected to come away saying this is just another crazy thing we see a lot of these days thanks to the digital age, which lets people launch their ideas so easily.

But, after Fany Péchiodat’s presentation of facts and figures, I’d like to add: All media companies should be scared.

Fany Péchiodat started My Little Paris by publishing just one story a day. She didn’t care about any search engine optimisation at all. She just sent this one and only story to ...

...[more]




Looking for a new audience? Segment your brand’s traffic

17 August 2014 · by Pit Gottschalk

A newspaper brand, as we know it, is created like a dinner in the Sizzler’s restaurants in the United States: Pay once and you get all you can eat.

Politics, culture, economy, and sports, some additional supplements and extra sections, enriched by the digital line extension – a huge range of editorial stuff, small pieces, big pieces, more or less hot, made for the day to fit the needs of a hungry audience.

Newspapers offer a lot for quite a little amount of money and put more and more pieces of content on the table, at least digitally. Why the hell has this audience decreased?

The fundamental mistake media companies can make is to just trust the strengths of their brands and the quality of their journalism in the news room. It’s worth a lot, no doubt about that. But it’s just one side of the coin.

To use the Sizzler comparison: For dinner, do you always go to a restaurant where you get food from all parts of the world at one place?

Some people do, of course. But most people avoid ...

...[more]




Just for INMA members: Exclusive analysis of your newsroom’s transformation

10 June 2014 · by Pit Gottschalk

During the INMA World Congress in San Francisco, publishers from all over the world considered the one and only question: How to shape their media companies for the digital challenges they already face.

No one has ever undertaken such a huge transformation before. Where’s the starting point? Where are the strengths and weaknesses in your own organisation? Are they in the newsroom determined to create the core products of a media company?

Here’s the gift: This story helps you modernise your newsroom. It’s just for INMA members: Click here and invest some time, and you will get an exclusive analysis.

Of course, a lot of consultants and so-called internal experts make suggestions, give hints, puzzle plans, and conduct change management. And after the change is completed, any change agent will tell you that his solution was the best of class, at least the best of ...

...[more]




An old equation for a new time: Content + network = relevance

13 April 2014 · by Pit Gottschalk

Dressed like a college girl, shy eyes and black hair, Kara Swisher is an inconspicuous person you might not notice at a Saturday night party. But listen to her for just a moment, and you likely won’t stop talking to her for the rest of the night.

Swisher worked at The Wall Street Journal, where she wrote the popular blog, “All Things Digital,” before leaving to start her own media outlet, recode.net, which reports on things happening digitally, especially in Silicon Valley.

She will tell you: “In a media company, there are a lot of people in the way,” preventing others from working. Her recommendation? “Don’t be lazy!”

Swisher and her small team are doing now what once was the task of traditional media companies in the past: becoming relevant by content.

...[more]




Successfully rethink your media business in 8 steps

17 March 2014 · by Pit Gottschalk

Rethink your business and be innovative.

It’s easy to say, but how can media managers be innovative when they’re drilled to match the key performance indicator (KPI) goals over years? They have to learn as kids do – by trial and error.

Or they can use the guide developed by the smart guys of Stanford University and the Hasso Plattner Institute, which includes eight steps for rethinking your media business. It’s called “The new city experience: An Introduction to Design Thinking.”

Step 1: Create a quick interview guide – with open-ended questions. First, chat with someone and ask him anything about the latest experience in a new city. It’s just to build a bridge to him. “How are you today?” Or: “Tell me where are you from?” 

Next, seek stories. “Tell me about your time in…” Or: “What would I find surprising about how you…” Then, go deeper. Talk about feelings. “Why do you say that?” Or: “How did you feel at that moment, when…”

You see: It’s far away from product development. Please wait and take notes. Yes, you need time.

...[more]




5 steps to establishing your media business in the digital age

02 December 2013 · by Pit Gottschalk

In the old economy, there were three leadership rules to set up your own business in collaboration with your staff:

  1. Define your vision in less than five words to let the world know what your company’s business is all about.

  2. Tell your people the exact mission of your business so that any member of your team can share your value to capture value.

  3. Set the business goals you and your staff members are committed to.

These three steps, taught to us as part of Peter Drucker’s basics of modern leadership, worked quite well.

But nowadays it’s different.

In the digital world, the way to success demands five steps you likely don’t like. But, as an entrepreneur of a small business, you capture value by making presents – free gifts to a lot of potential customers.

No, we aren’t talking about traditional promotion; you have to give what is essential to your business.

Step 1: Write a white paper. Tell people what you think about the challenges companies face on the market. Explain the opportunities and threats, as you would do in an old-fashioned Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis.

And don’t be shy. Defend your point of view and your approach to fix problems. That’s the way to show how people could benefit from you personally. It’s an idea you share.

Yes, you get feedback. Yes, you earn critics. But it’s the cheapest way to rethink your business, and you can adjust your approach quite easily.

...[more]




Finding common ground with digital nerds in Silicon Valley

04 November 2013 · by Pit Gottschalk

There are two provocative questions media executives should be asking themselves nowadays: What would your company look like if you’d founded it today? Would it be the same as it is right now?

Certainly not. But how can you get closer to that perfect version you have in mind? Of course, you can create a vision to see how different it is from reality.

Axel Springer in Germany did this in March 2013, when the entire top management was sent to Silicon Valley for a couple of days to think about the gap between traditional media companies and the way things are done in Palo Alto. Can the old newspaper world and the world of digital nerds find common ground?

At first, this thought sounds ridiculous. Both cultures are too different, aren’t they?

But then Jeff Bezos of Amazon bought The Washington Post, and now the whole industry is wondering: What will happen to the famous Washington Post? Who can benefit from this clash of cultures?

Watch this little video to get an idea what this kind of connection with Silicon Valley really means… 

Of course, it’s fun. But this comedy has a serious message: Don’t ignore what is going on in the digital world. Embrace the change; be part of it. Get to know and understand as much as you can; see the opportunities offered.

...[more]




Your content marketing business model should start with smart blogs

09 October 2013 · by Pit Gottschalk

Content marketing is a modern phrase for what we called “advertorial” or “sponsored by” in the analogue past. The business model is very simple: Publishers create a context in which advertisers love to present their products, and advertisers then enrich the context with their own content.

Both sides have to work hand-in-hand – a reality that journalists resent because they see their independence put at risk.

In the past, journalists’ point of view was clearly defined: They reported and wrote stories, safely to one side of a line that advertisers were not allowed to cross. Publishers, meanwhile, protected journalists by safeguarding that line.

Nowadays, in the online world, this line is hard to define. Because of analytical tools such as Google Adwords or Searchmetrics, online journalists known well what content users are looking for and they write stories optimised for search engines. This workflow helps earn money: Google Adsense (CPC) or even affiliate networks (CPO or CPL) deliver the appropriate advertisements ready to click.

Of course, this knowledge impacts which stories a freelancer chooses to write; his financial situation depends on that. And these bloggers increasingly take ad money out of the market.

Some publishing companies, such as Forbes, mimicked emerging online companies, such as The Huffington Post, and built businesses around the ecosystem of the blogosphere, to capture the value of content bloggers create. Well-organised bloggers can shift the business model of content marketing to a very high level.

As I noted in a previous post, (“Can we afford quality investigative journalism in the digital age?”), no one in a newsroom is capable of producing the amount of content needed to satisfy all niches. Let 1,000 bloggers write about 300 stories a day – and you have about 100,000 pieces of content at the end of the year. Even optimised newsrooms cannot do this.

...[more]




About this blog

The Media Entrepreneur blog is a platform to show, explain and evaluate new ideas to respond to the increasing challenges news media companies face today. The blog's author is Pit Gottschalk, managing director of content management at Axel Springer in Germany and a member of the INMA Board of Directors. Looking at advertising, content, audiences, human resources, and trends, this blog delivers a meaningful context about what is really important and deserves a closer look at, always considering the needs of our peers in the news industry and contributing to the public discussions of INMA conferences worldwide.


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