Get Ready for a Comeback!
Posted on Wednesday, February 10, 2010 at 3:41 PM
Priorities are now shifting from how to cope with the economic crisis to
how to make a comeback.
Most of you out there are probably in one
of two categories: The first includes those publications that held their
own -- or even did better -- during the recession. Yes, there really are
publications that actually improved their revenues during the tough
times! The other category consists of those of you whose fortunes faded
as the economy fell deeper into recession. Some of you had to reduce
staff, reduce pages, and reduce expectations. You've had to deal with a
lot of painful choices.
Regardless of which category you're in,
and regardless of whether this recession looks to you like it's ending
or not, you need to start focusing on making a comeback. Those who
experienced little or no hardship may be thinking, "There's no need for
a comeback, we're still good." But your competitors may be preparing for
a comeback. Competition is bound to be getting stiffer, and you've got
to prepare for that.
On the other hand, if you're in a place from
which you need to make a real comeback yourself, now is the time to
start planning your return.
A New Landscape
It's
important to realize that things aren't simply going back to how they
were pre-recession. I don't mean just for you, but for the whole field
or community that your publication serves. The recession has been an
event that has made its mark. There will be a different post-recession
landscape.
For one thing, reading habits of many have changed.
With favorite publications folding or dropping in page count, many
consumers have had to rely more upon online alternatives. Some may
welcome a return of more print content. Others won't. Many will have
developed a preference for online content consumption. There's a general
trend in that direction, anyway. You'll need to find out what's been
going on with your readers and prospective readers. That will give you a
clue as to how best to serve them with an appropriate mix of print and
online content.
Not only have a lot of readers developed a taste
for online content, many advertisers have also acquired new respect for
online advertising. Some may want to resume a heavier print schedule.
Others will be looking to expand online. Start looking at the directions
in which your advertisers are going. There are likely many ways you can
provide a real service to advertisers by offering added online
opportunities.
While this all may require adapting to new
circumstances, a sometimes uncomfortable process, it is nonetheless good
news. The new landscape portends an increased demand for content on the
part of readers, and an upswing in spending by the advertisers.
Focus
on Efficacy
Despite whatever the reader and advertiser
predilections may be for print vs. online, don't regard what they're
thinking and saying as the whole picture. It's still your responsibility
as publisher to evaluate how you can provide the greatest value to them.
Here's
an example of what I mean. If an advertiser wants to move a lot of
advertising from print to online, help him to define his sales or
marketing objectives, and to analyze what mix of channels will be the
biggest help in achieving the goals. Some advertisers may be focusing on
online just because it's trendy. The concrete result of counted clicks
also leads many to a greater sense of getting something for their
advertising dollars. If image and brand promotion is an important
objective, however, you might recommend that they keep print as a key
element of their program. Conversely, some advertisers just like print.
They're reluctant to use online. But if they are looking for a direct
response from their advertising, it would behoove you to get them to try
online advertising.
Time of Opportunity
After
facing a perhaps bleak existence for some time, it's all too easy to
fail to recognize the opportunities ahead. Indeed, this is a time of
opportunity. It is an opportunity for you to correct flaws in your
business model that may have limited your success of late. It is an
opportunity to retool for the new media landscape that has been
developing and will continue to develop. And it is an opportunity for
you to make strategic plans for riding the wave of economic recovery.
Most
importantly, it is time for you to make a comeback. Get ready now. Don't
miss that opportunity!