Reinventing print media
Print media such as newspapers, consumer magazines, and business-to-business trade publications saw a dramatic decrease in print advertising - and in 2009, that trend is continuing.
Two major forces are contributing:
- There is an ongoing shift in where marketers are spending. More is going into their own web sites, word-of-mouth campaigns, and other "below the line" marketing programs.
- The rise of digital media has hit print profitability hardest, since print ad pages are more expensive than other types of advertising, and they don't offer the sound and movement that other forms do.
Print media companies have tried a couple approaches to expand their share of marketing budgets, including:
- Charging for online content
- Moving content entirely online and counting on online advertising to make up for the loss in print publication revenue
According to an article at www.strategy-business.com, "A growing body of research — tracking media companies that are succeeding in the new marketing environment and leading marketers who have successfully pursued innovative new digital strategies — suggests that at least four strategies are available for the media company of the future."
- Build Deeper Relationships
- Tap New Revenue Streams
- Reinvent the Content Model
- Innovate with New Products and Pricing
"The goal in all four success strategies is to build stronger relationships with audiences around their most passionate interest areas. Through bolder innovation, media companies can build communities around these interests, serving up the right combination of content and applications to provide real utility to consumers."
Read the article here.
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