Knowledge, Branding
& Survival
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How
much do you really know about your audience?
And how much do they know about you?
Traditional
print publishers need to embrace the fact that their audiences must be provided options in selecting how and when they access
information. And to a degree, allow them to define the context as well. That means strong
editorial brands should consider expanding their platforms and partnering with other content providers and distribution channels
to build content interactions that fulfill the needs of their audience. It also requires a commitment to
investment in research and development (a curiously absent undertaking in the professional publishing modus operandi).
How can you possibly deliver to people what they want, if you don’t have that information on hand?
Once you have
in hand the knowledge you need to guide your business into the future, you can map out a branding strategy that will resonate
with your audience. One crucial departure from traditional thinking is that publishers must now think and
act as Brand Managers. When you think about it, the functional title “Publisher” hardly has
relevance anymore.
Part
of the goal of brand mangers is to build a business by going deeper into existing markets, constantly redefining their target
market(s), and developing new products and services to serve the evolving needs of their customers. They
must be nimble, decisive, and forward-thinking. They are also keenly aware that brands need to be nurtured
and constantly assessed in relation to their market and competitors. If you are not continually defining
your brand, you leave it to your competitors to do so. The bottom line is strong brands have a much better
chance of not only surviving, but growing as well.
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Will you be
standing?
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We’ve watched as some larger companies have embraced
a “last company standing” strategy in the hope that an economic turnaround will occur within a survivable time
period. The thinking is that their sheer size – and dramatic cost-cutting measures – provides
the resilience they require to survive. The assumption is there will be fewer competitors to share the
advertising spoils when budgets rebound. The problem is, scale no longer provides the advantages it once
did. Legacy cost structures are hard to shake. And any assumptions regarding the rebounding
of ad spend is nothing more than wishful thinking. Innovation is the only way out of this economic trough.
But often times an organization’s culture does not reward innovation and risk-taking. In the
face of needed change, they are seemingly paralyzed. Many have not initiated transformative changes within
their organizations and certainly have not invested in their brands - or their future. A sound approach
would be to open up thinking beyond long-standing beliefs, change the corporate culture to be forward-thinking, focus on and
reward innovation, and constantly stay in tune with the ever-changing needs of your audience. The future
landscape of business will undoubtedly be changed. Will you?
