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Issue for October 2021

Democratizating Data

Posted on Saturday, October 30, 2021 at 3:35 PM

In the news: What is data democratization, and why is it important for your publication?

Data democratization, as defined by data intelligence website Alatron.com, is the “process of making digital information accessible to the average non-technical user of information systems, without having to require the involvement of IT.” This week, What’s New in Publishing examines how the practice is crucial to digital publishers.

So how would this play out in the office or newsroom? According to WNIP, “Giving teams widespread access to information -- and keeping it all within the same platform -- is a must for any business that wants to empower its employees to make informed decisions.” In order to be truly democratized, data must be collected and available, easily retrievable, and usable in such a way that it powers decision-making, says WNIP. Structuring staff, developing sound data governance practices, and optimizing technology are key drivers of success. Read more here.

Also Notable

Sports Publishers Partner with Sports Betting Sites

A lot of sports publishers are cashing in on partnerships with sportsbooks, but, as Kayleigh Barber asks in a recent Digiday.com piece, what are the sportsbooks getting out of the deal? “The short answer is they are able to quickly acquire new sports bettors in the U.S. as states continually legalize online sports gambling,” she writes. But there are long-term risks for publishers, who may find themselves competing with sportsbook partners. Barber notes: “Sports bettors are becoming media companies in their own right, and the potential for consolidation could eventually take stacks of revenue chips off the table.” Read more here.

Ebony Reimagined in Digital

Last year, Ulysses Bridgeman purchased both Ebony and Jet, two prominent Black magazines. Ebony had gone out of print in 2019 and relaunched this past March as a digital-only publication. The magazine is charging ahead with a new editorial point of view, reports Andrew Craig of NPR, “evoking [the] spirit of organizing around issues such as abolition, voting rights and opposing racist housing and labor practices with its new focus: ‘Move Black Forward.’” Craig also reports that new CEO Michelle Ghee is emphasizing Black generational wealth: “Ebony isn't abandoning celebrity and entertainment,” he reports, “but is doubling down on content that builds financial literacy and wealth and promotes business ownership.” Read more about the relaunched brand here.

Working from “Roam”

Editors in the UK are exploring the limits of their new remote and hybrid work arrangements. Nicola Smith of Digiday.com examines how UK editors in particular are embracing the global remote work revolution: “Research [2,262 respondents who worked remotely in October 2021] released today from British media and telecom group Virgin Media O2 has revealed that of the top 15 alternative working locations, 27% of British people are logging on from friends’ and family’s houses, and one in ten have worked from the pub.” On the stranger end of the spectrum, some editors are working from “gardens, train journeys, the school run, the supermarket and even while exercising at home.” Read more here.

Top Reasons for Subscription Cancellations

Last week, the Nieman Lab staff examined the top reasons readers ditch their subscriptions. Polling 500 readers, they homed in on the New York Times in particular, which saw more canceled subscriptions than other individual publishers. Money is the number one reason, Nieman Lab says -- either readers canceled at the end of trial or promotional subscriptions or they had to cut the subscription price from COVID-strained budgets. Ideology and politics were another top factor, with readers on both sides of the aisle and in the middle canceling over controversial op-eds and other content complaints. A smaller number of ex-readers cited insufficient time to read and customer service issues as reasons to cancel. Read more about the survey here.

Improving Editorial Workflow

Last week in Poynter.org’s The Lead newsletter, Taylor Blatchford examined the pillars of effective editorial processing. The tips are geared toward first-time editors and reporters but are useful even to veteran publishing executives. Blatford first differentiates between macro and micro editing and then offers a step-by-step guide to editing articles. Read more here.

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Selling Ads: Closing the Deal -- Part II

Posted on Saturday, October 30, 2021 at 3:35 PM

Bringing in ad dollars with a sophisticated master plan.

By William Dunkerley

"Strategizing for ads" is a term we've given to a variant of what's commonly called feature-benefit selling. The premise of F-B selling is that prospects will be motivated to buy if given a one-two pitch: a feature followed by a benefit.

But that's still not an optimal approach. Now we'll ramp things up to a higher level of sophistication, one that will yield far better sales results.

Common Feature-Benefit Selling Mistakes

One of the most common mistakes feature-benefit sellers make is that they assume what benefits an advertiser is looking for. As a result, they go into a sales presentation with a pat list of features and benefits. They rattle them off to the prospect and then expect to get an order. Often they come up short.

Why? It's because they led with the wrong feature-benefits. It is far better to not prejudge what will strike a responsive chord with any particular advertiser.

So how will you know what features and benefits to pitch? You've got to get the advertiser to tell you. This will require a bit more sophistication than just asking an advertiser, "What interests you?" You need to start by establishing rapport with the advertiser and creating a sense of trust. If you sound like you're just after a sale, you may be perceived as a predator. That won't get you very far.

Building Rapport: Three Approaches

Rapport building can be established by a variety of styles. I'll illustrate this with three scenarios:

1. Pauline is a loquacious person with an open and friendly personality. People find it easy to like her right from the start. A risk in her approach is that some might think she is frivolous. So Pauline has to be alert to how her prospect is receiving her and adjust her level of outgoingness to what is comfortable for each prospect. But given that, the Pauline style of rapport building can be very productive.

2. Herman, in contrast to Pauline, tends to be more on the introverted end of the spectrum. His personality is quite reserved, and he shies away from small talk. If he is not careful, he can come across as cold and boring. Herman has a very sincere quality to his voice, however, that can make him sound reliable and trustworthy to his prospects. He just has to learn some kind of small-talk vocabulary for when he faces a prospect who wants to hear some friendly-sounding talk.

3. Judith has a very different approach. It can be very effective, but it comes with a strong caveat. She starts off a call to a prospect by asking a set of survey questions. Two valuable things come from that: First, she is starting the conversation with a focus on the advertiser, not on herself or her publication. Generally, prospects are far more interested in talking about themselves. Second, by asking key questions she can discover directly what things are important to the advertiser.

This will allow her to eventually pitch exactly the right feature-benefit statements when the time comes. Both Pauline and Herman will have to find those hot-button issues through less direct means during conversations with their prospects. The basic questions will be similar, but Judith's method gets right to the point.

Now here's the strong caveat: If Judith is representing that she's conducting a survey, there really has to be a survey and, ultimately, a survey report that can be shared with each prospect she's contacted with her questions. Otherwise, she will end up sounding like a phony. That won't be good for her or her publication.

The Value of Survey Reports

An ongoing survey with periodic survey reports can be a positive thing for everyone. To show what such a survey report might contain, let's consider the kinds of questions Judith might ask. (Note: Prospects should be assured anonymity for what they report.) For example:

--What position do you see your company playing in the market?
--How long has your company been active in this market?
--How long have you personally worked in this market?
--What do you think your company's best accomplishments have been?
--What competitive threats do you face?
--What are your expectations for the market in the future?
--What are you aiming to accomplish in the next twelve months?

Answers to these kinds of questions will give Judith valuable insight into how to customize a future sales presentation aimed right at a particular prospect's needs and objectives.

But what about the survey report? There really must eventually be one to keep this sales approach on the level. It can be called a state of the market report or a market update.

For report preparation, a publication might elect to turn over the research data acquired by their "Judith" to a research or consulting firm. That firm then compiles the information and presents it in an interesting format for the intended audience.

Some publications can actually incorporate the report as content into their publications, something of interest to readers. Otherwise it can be distributed to advertisers and prospects as a standalone publication.

In a subsequent issue we'll deal with how to turn survey insights into a targeted sales presentation.

William Dunkerley is principal of William Dunkerley Publishing Consultants, www.publishinghelp.com.

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Free Assistance and Recovery Help

Posted on Saturday, October 30, 2021 at 3:34 PM

During this time of crisis, we stand ready to answer privately any specific questions our readers may have, time permitting. You can contact us at:

crisis-help@stratnewsletter.com

When the national health crisis subsides, publishers unfortunately should not expect to easily resume business as usual. Economists are predicting tough times ahead. In addition, the impact of the crisis may well result in different expectations of us on the part of our audiences. STRAT is providing a series of articles to help you all through the period of recovery and readjustment.

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