Read Betweeen The Lines

As a former journalist, the recent flurry around declining newspaper revenues and the potential shut down of major news institutions like the Boston Globe (NY Times Threatens to Close Boston Globe) doesn't surprise me. The news, however, has reinvigorated the discussion around the business model of print media. The disruption has been fueled by many changes, but primarily by the advent of the web as a free content resource: craigslist.org, for instance, that ripped big chucks of revenue from local newspapers that fed off classified and print display ads to underwrite their production and circulation as well as the proliferation of citizen journalism and blogging.

Local TV News now finds itself searching for answers on attracting and monetizing local coverage in light of declining television viewership and a rise in mobile. It faces an equally challenging landscape as studios and networks are bypassing affiliate stations to take content direct.

We have needed changes to journalistic practices and business models for years -- far longer than the slow erosion we're seeing now. Granted, the NY Times, NPR and the handful of credible news outlets have kept the journalistic bar high, but the reason most media companies have failed to navigate is that they -- like many other companies -- are more inwardly focused on operations and margins than on satisfying the appetite of their consumers. Hence, we see the death march for media companies continue.

As a marketing consultant to high-tech as well as media companies -- I have been pressing on just this point. In fact, late last week I was talking to a prospective client, this one a new media company. I asked the President early in the call, "Who is your primary customer?" The answer that came back was alarming -- he couldn't tell me who his prime customer was and what they wanted. When I pressed him to spend some focus and time on figuring that out, he told me that wasn't as important as trying to figure out how to grow that ad network. I knew in that second that we couldn't work together if the consumer isn't even a priority, let alone the driver for innovation and monetization.

Read between the lines: A lot of new online media as well as the dinosaur local TV or regional newspapers have done what many in the high-tech field have done -- they forgot at the end of the day who it is all about. Read between the lines: Connecting your content to customers will unveil monetization and business models that may not only help these companies to survive, but to thrive as well.

Later...Lisa

Yeah, Yeah...It's Still About Doing More With Less...Again?!?

March came in and left like a lion, from the conversations we've been having, and April promises more economic optimism.

Companies have cut as deeply as they can to preserve cash. Venture capitalists examined every company asking some tough questions that may have gone unasked two years ago. Instead of, "Is there a pony in there," now it's about, "Can this dog really hunt?"

What does this mean to us as marketers? We need to look beyond just budget cuts...we need to cut unproductive processes. I've been in marketing in other economic downturns, the budget shrinks. This time, budgets are being cut across the board, not just within marketing. At the end of December, Gartner wrote a great note about the the impact of cuts for sales and marketing, estimated at an average of 20% across the board.

I've always operated from a zero budget perspective because bottom line matters, and so does cash. As marketers, there is always a way to accomplish goals and not let budget dictate marketing effectiveness. The trick is to manage the internal barriers -- power struggles, time managing up , down and sideways -- and not let them become an inhibitor to overcoming market barriers.

But don't stop at the budget: Cut unproductive cycles that cost marketers time and money. Stop using powerpoint and start having conversations with your customers and sales constituents on the message you're conveying. Really understand if it works. Is there proof to back up your message? If not, use the imperative to prove your message as a catalyst to reach out to your customers and learn the real value of your product or service. Then you can leverage the customer community to tell that story. That is way more effective and and less expensive than banner ads, major rebranding and big trade show investments.

We've worked tightly with one company who, because of early work to craft compelling market-based messages and demos for sales requires less "push" marketing because we've crafted that holy grail of "pull" in the market. It is hard work and requires innovative approaches and a methodical process to unearth the messages or story. But once you have it, the market will market for you.

Downturns are great times to innovate processes and achieve focus: On your story and your market. And with that comes results...more with less!

Lisa